Wealth Management Internship?

Hello,
Im a sophomore (transfer) at a target school. My ultimate aim to get a job in global markets however I have absolutely NO experience in finance at the moment. I was looking at Wealth Management Internships and I was wondering if they are any good for getting a junior year internship global markets or even Ibanking (if i decide to change later). I understand I should be looking at global markets internships for sophomores for the summer right now but like i said I dont think im gonna get one since the soph ones are uber competitive. Any input will be appreciated. Thanks!

 

You're absolutely right about it being very difficult to get an internship in Global Markets or IBD as a sophomore. It's all about getting your foot in the door, and getting any respectable finance internship (not just Wealth Management) after your sophomore year will set you apart from many others. My buddies who had finance experience going into junior year internship recruiting found it very easy to break into IBD or Global Markets. For what it's worth, I know someone who worked in Private Wealth the summer after soph year and got a BB IBD internship summer after junior year

 
gimmeshelter43:
do you mean difficult to get a global markets or ibd as sophomore in general or just at a BB firm?

BB or top boutique. It might be easier to land an internship as a soph at a MM shop not in NY

 

THank you so much for ur replies every1! I guess ill put in my all for this! Anyway do u guys know what kind of questions I can expect in the interview? Fit questions or really technical ones ( considering im a sophomore and this internship is for the SPRING) and do have like a superday or just like 1 or 2 interview process? I managed to snag an interview in a BB firm for it luckily. Thanks!

 

I never did a Spring internship so I'm not too sure about the process. As for the interview, Wealth Management is all about fit so expect some behavioral questions (Why Wealth? Why you? Why us?). Be ready to go through your resume and explain how your relevant experiences (if any, since you are a soph) make you a good fit for Wealth Management. Being up to date on the markets wouldn't hurt. If you have time, try to get your hands on a Vault guide and learn more about the industry in general. If I were interviewing you, I would be very impressed if you understand the industry (know what you're getting into) and can speak intelligently about it.

 
Best Response

The whole internship / full-time recruiting for finance is nonsense. Your full-time job depends on your junior summer, which depends on random internships you may have gotten by luck or through a friend in sophomore/freshman year. As previous posters said, it is all about getting your foot in the door. Work any finance internship you can (as close as possible to IBD, S&T, etc). and you will have a leg up.

Although everyone knows that the PWM internships are useless, they are still better to have on your resume than having nothing. People who do those internships are the ones who get most of the interviews for real junior summer internships.

 

Not all PWM cold call all day. But I would imagin big 5 would have a structured internship--so yes, chances are high that you will be cold calling. The internship is what you make of it. What year are you in right now?

 
Mr.Saxman:
Not all PWM cold call all day. But I would imagin big 5 would have a structured internship--so yes, chances are high that you will be cold calling. The internship is what you make of it. What year are you in right now?

First year of a 4 year program. I can meet the director of the fund before I accept the offer and ask him what I will be expected to do during the internship. At that point, I can make my decision. Would it be better to take classes in the summer and try to find something in the Fall, if it turns out i'll be mostly doing cold calls? What's the difference between summer internships and fall internships, if any?

 

If its for one of those "Business Development Associate" roles then its basically all cold calling. I interviewed at BMO in my freshman year and they made me do a cold call during the interview and I was pretty much told "successful" hires make about 200 calls a day. If this wasn't what your interview experience was like I wouldn't worry too much about it being all cold calling.

 

Cold calling and marketing will most usually be for full timers rather than interns. Interns may help out with producing marketing materials, but don't usually conduct cold calls themselves. I've been a WM intern for 2 summers now and have had to cold call in one instance.

Day-to-day life for a WM intern is not as structured as other parts of a bank. I pretty much do whatever is needed by my FA for that day. Whether it be make an excel list of this portfolio or a powerpoint for this fund. All I can say is that you will be most helpful if you are more knowledgeable of financial products or retirement vehicles. Other than that, just be proficient in excel and microsoft office.

 

I can't actually answer your question, but I met a guy there who started in AM and moved over to IBD. It took a while, but it's possible. Also, the networking opportunities will be much easier if you're on the inside of the company.

Do you have an offer yet?

Get busy living
 

Thanks for the replies. I am looking at going into investment banking as cliche as it may be. I realize that its probably nightmarish, but I need to at least sample it. But I like the work this firm does and I could for see myself doing investment management in the future. They are a fixed income/etf shop, so no gangbuster trading going on here, but its still interesting to be surrounded by it. My true ambition is to get my MBA, and create something worthwhile. I am unsure as to my exact plans for the future, but I know MBA/IB will be something I aim for.

 

I have had several of the same internships before my IB internship now and it's always the same now matter how much you kill it. The Partners aren't going to trust a sophomore they brought on for an internship with anything above cleaning up spreadsheets most likely - it just wouldn't make sense when they have other more experienced people to do it. They want you to do the shit they don't have time to do and you want them for a resume boost, maybe experience if your lucky. As for your resume, it all matters how you spin it; stapling together presentation packets could be 'Compiling detailed pitch books for use by key Associate in client presentations.'

 

Alright well I am glad that this is indeed the norm. I will definitely present what I am doing in a positive light. I am glad to have the opportunity so soon. It is definitely not an intellectually challenging position, but I have to pay my dues I suppose.

 

Hey OP, I am desperately looking for an Internship for this summer, I finished my Freshman year at a non-target. Is your firm still looking for interns? Hell I'll perform janitorial duties if I have to.

 

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