PWM v. Insurance Underwriting
I have finally been offered a few internship offers. I can accept a Private Wealth Management internship with a bulge bracket bank in a New York Suburb. Otherwise I have also been offered an internship with AIG in New York City right near Wall Street working as an underwriting intern. The AIG program offers seminars, training, networking, etc, that the other internship does not offer. I am interested in going into corporate finance or consulting next year when I graduate, since I do not think I can get an investment banking job. What do you think would look better on my resume/ be a better experience?
Insurance Underwriting at AIG.
Underwriting. It is a solid job with real experience. It is actually not a bad career, if finance is not for you.
PWM could be you getting coffee; they are mostly unstructured.
OP, I'm not sure if you're referring to MS's program in Purchase, NY but I know friends who went through that program. MSSB PWM I think is really on the rise. Within PWM they have a rotational program at the analyst level where you move through S+T, research, capital markets etc. The internship program is definitely solid as well. I know of someone who went through this program from a non-target at the internship level and moved into IBD afterwards. There are also a number of ivy-leaguers who interned there.
If you're not referring to MSSB, then ignore my post. I don't really know much about PWM at other places.
That being said, underwriting is going to be solid experience as well. Good luck.
You can definitely make a lot of money from underwriting, I was strongly considering that path before deciding on bank. My family member works 9-4:30 and makes just under $.5 million. Of course you have to be good at what you're doing but I see successes in the area very often.
That said, PWM likely has a lot of good exit ops as well.
How long has he been an underwriter?
What group are you going to be w/ underwriting. I worked in underwriting and some of those groups might not be worth your time. Also, do you know if you will be a part of a structured program?
Ah, sorry, just re-read what you said, if AIG has a program its' worth it.
Underwriters party really hard, they are a really good time. I'm sure you'll become a Stone Street regular in no time.
What about Travelers underwriting program?
Don't get the idea that all underwriters make 500k.
http://www.payscale.com/research/US/Job=Insurance_Underwriter/Salary
Summer Job: Insurance or PWM? (Originally Posted: 05/30/2013)
This summer will be the middle of my transfer from a community college to UCLA, and since I didn't have the opportunity to get a sophomore SA gig I was planning on returning to a job I had in the past - which is a full-time position at a local insurance company where I work in the accounting dept and reconcile sales revenue.
I was perusing financial opportunities in the area (I live in a rural area with no IB activity and a few PWM firms) and found an opening for a temporary/part-time position at a PWM firm titled "Client Service Associate". Job duties include providing account info to clients and advisors, learning the business and products to aid advisors, and clerical work. After initially looking at it, I was contemplating on applying.
Would the PWM job this summer be more beneficial for my experience and resume in the future? Or should I stay with the current job I have lined up, which is not really finance related (unless the basic bookkeeping I'm involved with helps in any way).
Also, I'll only be working the summer (June-Aug) because I'll be moving after August, so that's something I'm keeping in mind too.
Apply and interview for the job first. Then you can contemplate. If nothing else you'll have another interview under your belt.
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