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
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.
Thanks again. Im crammin up on vault then all night :P
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.
Wealth Management for a first internship (Originally Posted: 04/15/2013)
Hi All,
I recently got an offer in wealth management for an internship at one of the Big 5 in Canada think (BMO, CIBC, RBC, Scotia, TD). My question is how respected would this be as an internship. What are some of the roles that will be tasked to an intern. Do all PMW internships involve cold calling all day? Do some involve analysis?
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.
congratulations!
Advice: Wealth Management Internship (Originally Posted: 05/30/2012)
Hello all,
Just had my first day of work for a UBS PWM internship in New York. It's clear to me that the position is very open-ended, and the members of the group are primarily interested in giving me tasks that can help me learn/develop. To all who have done internships like this; what kind of work should I be asking for and gravitating towards? So far, it looks like I will be doing a fair amount of researching/pitching stocks.
Background: Sophomore at a target school, interested in getting a position next summer in either IBD or buyside/sellside research.
PM ME
Who are you working with 8th,11th or 26th?
I can pretty much tell you what to expect.
Best work in Wealth Management internship? (Originally Posted: 06/12/2013)
I understand that a lot of Asset Management, even for full time, involves marketing, cold calling or networking to get new clients, etc . . That being said, what types of work should I be aiming towards or trying to get during this internship? What is the most worth it?
For example, in an IB internship, you should try to do modeling, etc . .
Thanks!
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.
Internship - Internship with WM (Originally Posted: 01/17/2012)
Is an internship with Lazard Wealth Management good? Currently a sophomore planning on recruiting for IBD next year..
Good compared to what?
Compared to working at a boutique investment bank, hedge fund, or private equity firm. Thanks for your help.
Is doing a private wealth management internship better than doing a boutique Ibanking internship if you're trying to go into investment banking? That's what you're asking? Do you have internship offers from these other places? Is this just an academic excercise? Do I like talking in questions?
I've already worked at a boutique investment bank - am wondering whether this internship will make me any more competitive because of the Lazard name? Hope that clarifies things for you.
wealth management internships are pointless....unless you are somehow working with the investment manager/director/whatever the title may be..
^^pointless unless you want to be in PWM...I've done 2 of them and have no interest in PWM, thus I am having trouble getting a job elsewhere..
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?
If your looking to do IBD, why wouldn't you just do another internship at a boutique? Friend took a PWM internship @ GS with hopes of IB didn't work out.
Wealth management internship (Originally Posted: 06/13/2011)
Hey all,
Working an internship this summer at a Wealth management firm, basically doing menial tasks. I am a second semester sophomore (started in spring 10). I was hoping to do something more interesting i.e.) not cleaning up excel sheets and researching leads on finra. Just wondering if these are common tasks for first internships, or if this will be a pointless venture in regards to bolstering my resume.
Thanks
Most internships for freshmen will sophomores will be pretty easy but the fact that you have one will set you up very nicely for SA recruiting
Indeed. It's better than simply not doing anything. Are you looking to get into WM in the longer term?
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.
I'm doing the same thing for ML right now. However, I'm sure you can still learn a lot of things. It is boring, but it is one of the steps that you can't avoid to build your professional career.
Yea Im learning a lot. Its a good place to be daily. Surrounded by the lingo, talking with people about the market etc.
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.
It seems as though we are filled. They usually only hire two to three interns and that is what we are currently at. I can ask though.
After Wealth Management Internship (Originally Posted: 10/05/2016)
Hi. My internship at a wealth management firm is coming to an end. My question is what kind of positions i can apply to after that? I’m actually interested in either investment banker or financial analyst, but i want to figure out if there are more interesting positions than those and what jobs does the market need in the meanwhile. I’m a little lost. Before the internship, I spent 8 months applying to financial analyst positions with no success. Any opinion is appreciated. Thank you!
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