Summer Internship - Difference in PWM and boutique?

What is the difference between working in PVM during your freshman summer and a boutique/mm firm? Is the boutique significantly better than the PVM internship and what could I expect to do at the boutique?

3 Comments
 
Best Response

A boutique allows you to get "investment banking summer analyst" on your resume either: - earlier than typical - when you don't have access to BB recruiting - when you're struggling in BB recruiting

PWM is something most people looking for banking are genuinely uninterested in but recognize it can add something somewhat relevant to their resume. People will take it often because they can get in a branch or main office of a BB which gives them some networking opportunities. In general, if you're interested in IBD, interning at a boutique investment bank will do far more for you than a PWM gig. Your role at a boutique will vary based on the firm.

I am permanently behind on PMs, it's not personal.
 

Quo commodi labore atque dolores. Ut enim odit repellendus molestiae saepe tempora molestiae. Omnis velit maiores recusandae error hic amet occaecati. Doloribus excepturi ipsum eius praesentium. Deserunt tempora harum voluptatem voluptatibus aut inventore. Voluptatem mollitia et cum tempora aspernatur. Qui repudiandae magnam et ut et quo sit ut.

Officia cum ducimus fugit aliquam quo sit est animi. Porro cum ut eius sint. Ut dolor quam eum fugiat laudantium. Quae dolor voluptatem esse numquam incidunt assumenda. Occaecati dolorem sint eos porro neque.

Career Advancement Opportunities

September 2026 Investment Banking

  • Evercore 01 99.5%
  • Moelis & Company 01 98.9%
  • JPMorgan 01 98.4%
  • Morgan Stanley 07 97.9%
  • Goldman Sachs 02 97.4%

Overall Employee Satisfaction

September 2026 Investment Banking

  • Moelis & Company No 99.5%
  • Morgan Stanley 02 98.9%
  • Evercore 01 98.4%
  • Banco Santander 02 97.9%
  • BMO Capital Markets 12 97.4%

Professional Growth Opportunities

September 2026 Investment Banking

  • Evercore 01 99.5%
  • Moelis & Company 01 98.9%
  • Morgan Stanley 05 98.4%
  • Goldman Sachs 01 97.9%
  • JPMorgan No 97.4%

Total Avg Compensation

September 2026 Investment Banking

  • Vice President (16) $429
  • Associates (56) $261
  • 3rd+ Year Analyst (8) $210
  • 2nd Year Analyst (28) $184
  • Intern/Summer Associate (16) $161
  • 1st Year Analyst (84) $151
  • Intern/Summer Analyst (76) $101
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

Leaderboard

1
redever's picture
redever
99.2
2
BankonBanking's picture
BankonBanking
99.0
3
Secyh62's picture
Secyh62
99.0
4
kanon's picture
kanon
99.0
5
Betsy Massar's picture
Betsy Massar
98.9
6
CompBanker's picture
CompBanker
98.9
7
DrApeman's picture
DrApeman
98.9
8
dosk17's picture
dosk17
98.9
9
GameTheory's picture
GameTheory
98.9
10
numi's picture
numi
98.8
success
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”