Initial phone interviews + PWM -> IB lateral recruiting

I've been reading these forums for a while and finally decided to make the push into IB.

Currently looking to lateral internally (or externally if it doesn't work out) from a PWM rotational program into Investment Banking. I've been doing my homework and following the guides posted on here and M&I. Through my networking efforts, I secured a phone interview in ~ 10 days to "ask a few questions about your background". I assume this will be a behavioral style interview with the typical "Walk me through your resume" and "Why IB?/Why this group?" questions. Am I under the right assumptions or will it likely be more intense?

Any thoughts on what to expect and how to stand out are greatly appreciated.

A few of my other questions:

  • Should I invest in Pearl & Rosenbaum's Investment Banking textbook at this point or is it too late for that

  • What are the best financial modeling & valuation resources/courses available? And are these types of courses helpful for interviews or would my time be better spent reading over technical interview guides/networking? There are so many different modeling courses at this point it's tough to compare

  • Resources to learn the Internet, Media, Entertainment industry 


Graduated last year from a non-target with an undergrad in finance & specialized master's. Completed 2 finance internships, but none in IB.

Comments (3)

Most Helpful
  • Analyst 1 in AM - Equities
May 28, 2021 - 4:15pm

This is coming from someone who had a PWM internship at MS/GS in one of the highest AUM NYC groups. 

PWM skills will not directly translate to junior IB positions. Ever. 

From PWM you can go into AM if you are lucky, or S&T. But even S&T is often a stretch. Lastly, people in PWM are usually able to land investor relations gigs. 

The thing is you can make millions in PWM, but 99% of people don't make more than $400k, and the majority make less than $150k. 

If I was in your shoes I would transition to S&T through tons of networking, or get an MBA. Because it is moronic to think you will be able to lateral into a respectable IB group. 

May 28, 2021 - 4:52pm
richpianaslastscoop, what's your opinion? Comment below:

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