First Year MBA -> PWM

widowson's picture
Rank: Monkey | 33

Greetings fellow monkeys.

I am a 1st year MBA student beginning Sept 4, 2012. I have decided to pursue a career path of becoming a private banker in PWM. However, I do lack much relevant experience, and was hoping some fellow monkeys can go ahead and critique/destroy my resume into bits and pieces.

A couple questions would be: What are my chances of becoming a Private Banker? Am I currently taking the correct steps? What should I provide in my resume? Should I strive for a summer internship as a Summer Intern Private banker associate, and then apply for some private banker developmental program? What should I be doing to further dive into my career path of becoming a Private Banker?

All comments are appreciated, and I thank all of my fellow monkeys for the guidance and support!

http://www.razume.com/documents/27252

Comments (8)

Aug 29, 2012

You want to start as an associate in PWM without knowing anyone? I mean, every PWM person I know of can "add-value" by immediately bringing over a client or two plus a dozen or so (prospective) contacts.

Most PWM teams operate with a few figureheads and quite a few VPs and Associates who keep their clients and contacts happy. If you lack these, it's likely it may be tough to get into PWM unless you take a few years developing your client book.

Additionally here are a few pointers for your resume:

  1. Add sports, i.e. are you a golfer? do you play tennis well?
  2. Add your high school if it's somewhat well known. That's a possible network there.
  3. Beyond the languages, find a way of adding if you worked in another country. Several PWM guys come into the US with a book of foreign clients or contacts.
  4. Are you studying for a CFA or any other qualification? This is helpful for Portfolio of management.

You can condense what you did in your recent job to four or so points. Frankly, PWM people only care if you can bring in the network and/or you understand portfolio management.

Aug 29, 2012

Thank you for the suggestions G.M.Trevelyan. In response, I do currently have a book of clients that I take care of at the moment as a banker. If necessary, I am able to bring in a dozen or so of UHNW clients, and it is most definitely not a problem. Does my resume show that I don't have such?

In regards to your pointers:

  1. Would sports have anything to do with PWM or help me become a private banker?
  2. I spoke to my mentor who is a VP for PWM. He mentioned that many PWM Associates at least have a master's degree. What is the purpose of adding my high school?
  3. This may be a great idea to show exposure to other countries. Unfortunately, I have only resided and worked in the United States :(
  4. I am currently studying for my MBA in Accounting so that I can at least have a master's degree before becoming a PWM Private banker associate. After that is done, perhaps I will go for my CFA / CPA.

PWM people are about what I can bring into my network, so I assume that I should have more numbers and provide what I currently manage in my resume?

To WalmartShopper: Unfortunately, my company wont sponsor my Series 7/65 unless I became a Financial Advisor.. But I want to stay as a Private Client Banker. It's just that the assets I deal with (500k-5mil) is just 1 level below PWM (5mil+). The ultimate goal later on is to be part of PB (25mil+)

"Let us endeavor so to live that when we come to die even the undertaker will be sorry."
-- Mark Twain

Aug 29, 2012

is there anyway for you to grab the 7 and 65 before you graduate? that will allow you to hit the ground running more than 6/63.

If the glove don't fit, you must acquit!

Aug 29, 2012

I see. Well, your resume talks about what you do with your clients but not your network. Honestly, what you should have is the following:

  1. Trust services something
  2. Portfolio allocation something
  3. Network of people something
  4. personal-skills something, possibility of getting a bigger network

The stuff you have on there is rather unnecessary. You're right many require a masters, although quite a few get that while via on the job.

You'd be suprised how many clients go through the door due to playing golf, squash, etc. but if you were no an all-state athetle or belonged to a frat it's not really worth mentioning.

Aug 29, 2012

I worked for Merrill as PWM and know some within PBIG and US Trust, is that what you are shooting for? Honestly if you have a decent book/potential book, reach out to an MD directly and I think you can get a desk fairly easily. Not sure if you should wait til after your degree, but I'm sure you can get in.

If the glove don't fit, you must acquit!

Aug 30, 2012

If I have a potential book worth $30 million, would that be sufficient or is that just peanuts?

"Let us endeavor so to live that when we come to die even the undertaker will be sorry."
-- Mark Twain

Aug 31, 2012
widowson:

If I have a potential book worth $30 million, would that be sufficient or is that just peanuts?

$30m would graduate you from FA and you'd be making about $100-120k with 40-45bps payout. If you go independent, which you should if you don't need Merrill's brand, you would make about 60-75bps = $180-200k. Depending what the avg client is, you might be able to get in US Trust/PBIG. I'd shoot for Goldman Sachs as they have a high minimum but better payouts/brand/international support. This is coming from Florida so north might be different.

If the glove don't fit, you must acquit!

Aug 31, 2012
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