PWM interview questions?
Part time internship, have a bit of prior work experience.
Is it just going to be 1 interview? Also if any of you could throw some sample questions my way I'd really appreciate it.
I purchased the WSO behavioural interview guide- is that enough?
They're not going to ask you anything technical. It's mostly based on fit
If it's a BB/public company, just know how they are trading. other than that, 100 percent fit.
As said, the majority of the questions will be fit. PWM is alll about being able to communicate well. Just have answers ready for why you want to work there, why you like investing, etc. Of course, be able to take someone through your resume and relate it back to the job you're intervewing for. Finally, you should be prepared to give some thoughts on the economy and how you would invest a client's assets.
They may also ask you if you had meaningful experience with high net work clients or perhaps even institutional clients.
Otherwise I completely second tan86
Thanks a lot guys, I'll be sure to keep going over fit questions, remember the stock price on the day of, and have a few stock picks set.
I wouldn't focus only on "stock picks". Rather, what any good PWM shop will sell is asset allocation/portfolio diversification. So yeah, having a good stock or two will bode well, but if you really want to shine, I'd recommend focusing on what asset classes you would be under/overweight based upon the current investment environment (hint; one of the big themes right now is where to get yield in an environment where traditional asset classes are highly correlated and are offer lower than historical yields).
i was asked population of the US, china, and where the dow was in my pwm interview the other day. you should be fine with the wso guide.
What do guys think my chance is of landing this gig? I've heard mixed opinions but I've generally heard I'll be going against sophomores and even some juniors, which might be tough.
is this pwm or local branch? people always bunch the two
PWM at the head office
Any other tips guys? Interview tomorrow!
Thanks guys! I got the job. Everything you guys said was spot on.
congrats
Boutique PWM firm, potential interview questions and salary? (Originally Posted: 12/29/2014)
I have an interview next week with a PWM firm for a "junior associate" position. I got the interview through networking.
From what I know, they have about 20 employees, and most of their clients are high-level employees in the education system. (Think school district superintendents, college deans, etc.)
1.) What potential questions should I be prepared for? I'm an economics major with very little financial experience. Are PWM interviews usually technical?
2.) I was told the salary for the position is $60K. Is this fair pay for a boutique PWM firm? (I'm in Texas, if it matters)
Worked at a similar place a few summers ago. Shouldn't be technical at all, know how the markets are doing (which ever ones they invest in, mine was equities) and why you want to do PWM. Know the basics of equity research (or again, whatever they invest in) and asset allocation principles. It might be a good idea to skim through Graham's Intelligent Investor and get the key ideas, they had me read that over the summer. Typical behavioral stuff, you'll need to stress the relationship building aspect of PWM I think. Can't really comment on salary. Good luck
They're not going to ask you anything technical. It's mostly based on fit
Show that you have a good handle on markets and some general macro thoughts as well as showing you're a social person is basically what you'll need. 60k base seems good
Show that you have a good handle on markets and some general macro thoughts as well as showing you're a social person is basically what you'll need. 60k base seems good
PWM interview questions (Originally Posted: 03/06/2008)
What types of questions are asked in a Private Wealth Management first round interviews, are they strictly fit questions or are technical questions asked as well? UBS is the firm
Thanks
Strictly fit...
Why did you choose your undergrad? 3 strengths/weakness What types of magazines/books do you read? Where do you see yourself in 5 years?
There may also be a few macro/market questions so read the journal and follow blooomberg or cnbc a few days before the interview to get a handle on the economy.
thanks
Three words to describe yourself? Tell me something not on your resume?
and of course, Walk me through your resume.
PWM Interview; what to expect? What to wear? What to review? (Originally Posted: 03/21/2012)
Hey guys,
I have searched this topic but other threads have been pretty un-informative. SO I know its going to be mostly behavioral, walk through the resume, why you want to intern, etc, but I'm just worried since I don't have a finance background. I know pwm is all cold calling about investment advice (correct me if I'm wrong) and technically investment research but ends up being 90% paper work/grabbing coffee and then 10% of finance stuff. In the interview how could I answer what I want to learn or what I would like to do? (I honestly have no idea what the FA actually does)
cliffs:
What the hell I am "supposed to do" in PWM excluding cold calling- need to state reason in interview What the hell is PWM? _might help me understand better
I'm primarily interested in Asset Management and investing in stocks, should I mention this? Any chance my internship can be stock research and recommendations? kinda like equity research lol?
hope I don't get flamed for this, but I was just wondering to make sure I'm not going about this all wrong
I can't stop thinking about this: How To Cold Call The Boiler Room Way,
What I did (no cold calling for me, they had another intern do that)-used 2-3 different tools to update clients' quarterly reports, created a bunch of lists for them to cold call from, updating random things in clients' accounts, looking at small recent mergers or acquisitions that the FAs would then try to call-trying to set up 401k stuff I think. Then they gave me 1-2 outlook reports issued by BAML (I worked at a ML office) on different stuff most days-just to read over.
My FAs weren't really looking for stock recommendations from me, mostly because they use a lot of mutual funds and ETF type stuff, but they still talked with me about their views on certain stocks and sectors. It all depends on the guys you're interning for.
This sounds very similar to my PWM experience too. I enjoyed talking about stock pick ideas with my boss (when he was interested), but it wasn't a core part of the job to come up with pitches or anything.
@sxh6321 Lol I Love Boiler Room
@jrt336 SO basically you didn't do anything in your internship other than read reports and make minor changes to accounts. How are you planning to spin that on your resume?
Also Bump for more experiences/advice pretty please :D
• Created and analyzed quarterly client reports using Merrill’s Portfolio Analysis, BlackRock Morningstar, and Lipper analysis tools • Analyzed economic outlook reports and summarized the data for financial advisors • Presented a self-researched report regarding local merger and acquisition activity to financial advisors, and targeted over 1,000 local business owners as potential customers • Assisted financial advisors by creating and updating client accounts
^Looks legit
Any way to include cold calling on the resume? being a good salesman is actually a kind of an attractive trait in bankers I feel like for the sell side
Also how difficult are the interviews? I've heard some are jokes because the FA's are looking for free labor but never want to underestimate the competition and fuck it up
Would you go suit and tie or say jacket with khakis?
Also bump for more input. I was pissed when I was searching for PWM threads cause their all like 2-3 comments, kinda want to get some more brah's experiences up to help the next guy thats looking for advice for this type of position
Can't go wrong with a suit and tie. My interview was super laid back. They basically just asked what I was involved in at school, why I wanted to intern there, what I knew about PWM, and what I would want to do there during the summer.
Cool Cool and I assume you never mentioned "other aspirations" in finance but just focused on the beneficial experience of stock research, working with clients, etc. What would be beneficial things or at least related to M&A or ECM I could ask to do? I feel like presenting on a stock idea to potential clients would be a great talking point for the resume (but they might interpret that as cold calling sadly)
And would the FA be down to teach me financial modeling, valuation and DCF's since I don't have a finance background? or would you bring that up after you start working in the internship
I don't think FAs have to use modeling/DCFs at all. At least I never saw it-don't know why they would need to. There are not a lot of things in PWM that would help in banking. Maybe doing some kind of analysis on stocks would allow you to familiarize yourself with the financial statements and certain ratios that you would come across in banking. I just contacted my bosses from last year to try to set up informationals with some of their contacts in banking & AM, but I wouldn't mention it in an interview.
Also, my FAs we're pretty busy guys. They were out quite a bit at meetings and conferences. They'd show me how to do something once pretty quickly, and I kind of had to go back and figure it out myself sometimes if they were out. They certainly didn't have hours to spend teaching me how to use software or anything else.
Gotcha with all that said, would you still have gone with PWM with a reputable brand name firm
OR
Would you go with 40 hour per week Student Endowment stock investment analysis, where they would work you hard in Asset Management type stuff
for the freshman internship: I feel like the brand name PWM might show banks your serious especially if its PWM of a firm and then going into their IBD
but the student endowment would allow you to learn things
-Also my pwm is regional and officially the internship is labeled wealth management summer branch analyst and not private wealth management summer analyst. That a big difference in how recruiters would view it?
Thanks for your help thus far man, appreciate it
Yeah no problem. Mine was regional too. No one will care about what the label for it is. They'll just look at your bullet points to see what experiences you had there. I think my title was technically Global Wealth Management Associate, but my resume says ML PWM Summer Analyst because that's basically what it is and people are more likely to recognize that than some GWM Associate title. Is the student endowment thing like a 10 week program? If it's 40hrs/week for most of the summer that would be pretty good. If it's just a week or 2, try to do both.
As for the PWM helping more with banking if you try to do it with the same bank-My regional ML internship wouldn't give me a leg up on anyone else applying for BofA IBanking. Maybe PWM in one of their main offices would have-dealing with more $ and generally more intelligent people-but not for the regional ones.
Seems like everyone here is posting about ML PWM...is there a reason why this is so common? Any things to share about UBS PWM?
I think UBS, ML, and MSSB are all fairly similar. All are good for regional PWM, but the experience you get at any of them will largely depend on who your boss is and what he needs help with.
PWM interview, what kind of questions? (Originally Posted: 08/06/2014)
Hey Guys, I'm still a high school student, but because of the prestige of my High School (alumni in MBB and BB's). I got the chance for meeting with the CEO of a small boutique (former MD of a BB) and asking him some questions during a Interview. My goal is it, to hit my first internship there, and then move on to bigger places, till I'm graduating so I can get a Internship in a BB even before I'm going to college. So my question is, what could I ask him to impress him and how could I persuade him to give me the chance to get an internship?
Do you know how to change printer tone?
I highly doubt, that I will be that "kind" of intern, or else the CEO wouldn't talk to me about my questions.
If you're going into this with the idea to try to just impress him, you're likely blowing a great opportunity for this guy to let you learn something. Why not just try to talk to him like a normal human being and possibly gain a mentor, regardless of whether or not he gives you a shot at an internship.
you're doing this the wrong way. ask open ended questions (his background, why he chose this field/how he got here, favorite part of the work, how he got started, thoughts on economy/markets, most memorable moment from his career, stuff like that) and he'll talk your ear off. close the meeting with asking for advice for someone like you. if you listen and are a good questioner (piggy back questions off of his answers), he'll be impressed. most high schoolers are dolts and have no idea how to talk about anything but themselves. if you are inquisitive and genuinely curious (but not annoyingly so), mind your manners, etc., you're ahead of your peers.
if this is an interview for an actual internship and not an informational interview, then ask some closed end questions like responsibilities, goals, expectations, etc., and so forth. if not (I got the indication that this is not a formal interview), do not ask this stuff, he'll get the picture if you ask for advice for "someone like me who wants an internship at a place like this."
Thanks you're right, it's only a informal interview. But still never to early to start networking!
But what should the conversation be about? I don't really want to waste the time of the guy, to be true I don't even know why he is ok with talking to me.
What to expect in a PWM summer interview...its TOMORROW. (Originally Posted: 03/01/2007)
Just wondering what should I expect for a PWM summer financial analyst interview tomorrow?
Thanks.
They will probably do something like this to you:
check breathing (look, listen, and feel)
check carotid pulse
If you can make it past that, they'll happily take you.
lol, I feel so informed.
I've had a couple
nothing much...just bs and rudimentary knowledge about the financial markets...just be personable in general
Be friendly, open. Know about the market (the recent drop). www.marketwatch.com
PWM internship interview (Originally Posted: 01/16/2012)
I'm interviewing for a UBS internship in NYC, I was wondering if you know what types of questions/specific questions I might be asked.
Can't answer your question, but I was just wondering when you were contacted. Did you do an on campus interview first? Sorry I also applied to UBS and was just wondering.
This is a PWM internship, so it should be different from the S&T internship you are asking about but they just contacted me a few days ago...no campus interview
BB phone interview for PWM (Originally Posted: 02/05/2008)
What kind of technical questions should I expect? Should I expect the same questions as ibanking?
fit questions:- tell me about yourself why pwm? why our bank? cv questions..
yeah i would like to know as well, since I have a phone interview for gwm with MS
For interns it will be a complete joke. No prep necessary. I have no idea what it's like for FT.
Had a telephone interview for PB, and it focused on fit and cases (e.g. 'If you were in such a and such situation, how would you react?').
What are PWM summer internship interviews like? (Originally Posted: 01/29/2013)
I have a GS PWM interview coming up too. Will they ask specific questions: stock pitch, recent M&A's, etc? I know they will ask these for ib interviews, but I don't know what PWM interviews will be like.
First round or final round?
They're not gonna ask M&A questions for a PWM interview
it's my first round, on campus interview. It's for their sophomore analyst program. btw I'm at a target (HYP)
It's all behavioral and fit questions. Make sure you can speak to every bullet point on your resume. Have a stock pitch ready and know about recent market trends.
I just had PWM superday with GS. it was pretty much all behavioral and fit. They just want to work with someone they like.
Which city was your super day in?
Tell them you give good rim jobs and come from a wealthy family.
I just got an SA offer from BAML PWM. They asked how you would go about constructing a portfolio and more critical thinking questions (how many taxi's are hailed from LGA each day). Other than that, be prepared to talk about anything on your resume and fit questions like "name a time when you had to do something unpopular". Very straight forward, generally very laid back.
PWM interview HELP (Originally Posted: 06/10/2010)
What sort of questions should one expect on a PWM interview. I tried searching previous posts but had no luck. I'm looking for more technical questions that would come up and what is the process for the interview like? Are there multiple interviewers? Any help is appreciated. Thanks
Can you read, write, and strategically kiss ass?
^ lol was looking for something with more substance
Thats all the substance you need!! Not much else happens.
bump
Be prepared to talk about a few investment ideas. Why you recommend them, etc
Also, if a client has X dollars, what sort of asset allocation would you recommend (i.e. moderate risk client should have 30% in equity, 40% in fixed income, etc...not saying that's a good answer btw).
^thanks
expect the basic interview questions for ANY other kind of jobs, mostly fit...
have a good idea of how you will get clients and raise assets. (ie: i'm willing to cold call all day and make x amount of dials and speak with 75 people everyday etc). All they will care about for the first several years is if you can bring in assets and open accounts.
That really depends on the firm. Yes, the goal of PWM is to get new clients/assets. But as far as the analyst's role, some firms will have them prospect more than others.
thanks for the feedback guys
dont mean to hijack the thread, how did you (one point twenty...) make that transition?
I'd actually be very interested in this as well.
PWM vs. ibd interviews (Originally Posted: 12/27/2010)
Hi folks,
From what I've read, it seems as if the interviews for PWM (internship or other) tend to be less technical than for Investment Banking or even other areas within Asset Management (ie Institutional).
Can anyone confirm, reject or otherwise comment on this? I'd appreciate it greatly.
Thanks.
PWM groups such as ML in NJ accept kids as early as high school as long as they are aggressive. Of the three kids (two I went to high school with and one in college) I knew, both said interviews were non technical and all fit/behavioral. IBD is technical ... a lot more technical (as the threads will indicate).
I'm guessing you are a senior with no job lined up once you graduate and have no banking experience (lucky guess, could be wrong). My advise is to learn modeling now and network for the remainder of the school year.
Are you psychic, or do you just like making haphazard guesses? My unsolicited advice is to not do that again.
To answer the question, though: yes, PWM is less technical. There's a much greater sales-ish component to PWM, even at the lower levels, so they care more about fit.
PWM is incredibly broad. Dont give advice unless you specify what you are referring too. Aggressive sales = broker / FA at a wirehouse / discount broker Aggressive sales = PM at a pwm firm
Then you have more technical areas in the investment products / solutions / on the retail trading desks
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