PWM Research Analyst questions
I recently received an offer from a PWM firm in the midwest for their Investment Research Analyst internship. They have $9 billion AUM. Now I've heard a lot of bad things about PWM, but this position isn't a FA position, which I definitely don't want as my career, and the research team is kind of separate from the FAs.
This firm doesn't sell any products. Basically from what the job description says and what I was told at the interviews was that the team does a lot of research on portfolio managers, stocks, SMAs, etc, and you need to know how to use programs like Factset, Morningstar, and Bloomberg.
My main question is this going to be a typical FA job, or will it be more like a AM job, which is what I'm looking for. Would this help me transition to AM or IB at all? Also, what can I expect to make if I'm offered a full time position? For the internship they're paying me $24/hr.
The fact that its an internship and judging by your description I would say this is definitely not a typical FA job.
I used to work FT in PWM so I can help if you provide some more info:
-I'm a Junior,currently, but will be graduating in December of 2013 -No other prior internships or experience -I'm not sure what my top goal is yet, still doing a lot of research. Working as a PM or in a HF does heavily interest me though.
A few more things. The firm requires (once FT) that you get your CFA if on the research team and will pay for it
As for my school, they are not a target school, but may be a semi-target. JPM, BoA, WF all recruit out of the business program, as well as a few HFs and other smaller firms like Robert W. Baird, SRR, etc. The Big Four also recruit heavily here.
Well since you are graduating in a year and don't have any other prior internships I would strongly suggest taking this position (assuming you don't have any other offers). Getting real-world experience and also having something to put on your resume going into FT recruiting next fall should be your top priorities, and the pay is a nice cherry on top.
PWM gets beat up on here, but I think this would actually be a very solid step in the right direction for you. You won't be cold calling and you will be somewhat close to the markets on a day-to-day basis which will naturally help you figure out what really interested you and what you would like to pursue FT.
Everything I mentioned is all very general, but if you have any specific questions let me know.
Yeah experience is definitely what I need right now. I just wanted to make sure that this internship would actually be helpful in transitioning me to a FT position I really want come next year's recruiting season (not in PWM). I'd eventually like to move to a large city, preferably NY or Chicago (which the firm has an MM IB division in). I love all my finance classes and am involved in the finance association as well as the student investment association. I keep up with the markets everyday and do my own research, whether it be reading articles, books, etc. So a FT where I can be involved in work like this is highly preferable.
Can I ask what you did after you left PWM and how you did it?
I just found out that GS is interviewing on campus in January for a Sales & Trading SA. So I'm unsure of whether I should accept this offer from the PWM or try for the GS internship.
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