Partner tells me PWM will be Boiler Room Style Cold Calling

Husky32's picture
Rank: Gorilla | 670

Went for a PWM interview, apparently its going to be purely cold calling. He literally calls it a sales-marketing type of internship, brahs got any ideas of how to spin it off into something slightly more professional/finance related for pre-ibd experience or am I screwed? I'm a frosh

Comments (16)

Mar 22, 2012

Well at least he was honest. Topic has been brought up. put this in Google.

site:wallstreetoasis.com PWM AND spin

Mar 22, 2012

op thought i was joking/trolling

Best Response
Mar 22, 2012

dude i wish they let me cold call in my PWM internship. i mostly filed away papers, organized files, and even ran personal errands for my boss: called credit card companies , dropped off packages, brought food for the whole team, etc.

my favorite was when he called me into his office for a "big project". basically he was throwing a marketing event, and some of his old signs/banners had some sticky adhesive residue on them from last year. he gave me a bottle of chemical, told me go outside and clean the banners. yea... it was fucking awesome.

on top of that, not only was it unpaid, but i also had to pay for my own parking. so yeah.... PWM internships are pretty crap, your's doesn't sound so bad.

Money Never Sleeps? More like Money Never SUCKS amirite?!?!?!?

    • 2
Mar 22, 2012
sayandarula:

dude i wish they let me cold call in my PWM internship. i mostly filed away papers, organized files, and even ran personal errands for my boss: called credit card companies , dropped off packages, brought food for the whole team, etc.

my favorite was when he called me into his office for a "big project". basically he was throwing a marketing event, and some of his old signs/banners had some sticky adhesive residue on them from last year. he gave me a bottle of chemical, told me go outside and clean the banners. yea... it was fucking awesome.

on top of that, not only was it unpaid, but i also had to pay for my own parking. so yeah.... PWM internships are pretty crap, your's doesn't sound so bad.

i LOL'd...

Mar 22, 2012

I thought it would be somewhat like asset management, like the FA said he'd pay $14 an hour which ain't bad but said "sales intern" damnnn

Mar 22, 2012

actually cold call/sales not bad. it will build your char and at the end the day, "sales job" got paid the most, i.e. ceo, chief investment officer, md, etc.

Mar 22, 2012

oh and the $14 is only for "in office work" which is only like 6-7 hours a week, I also have to cold call a list in a potential client book of his on my free time and all in all I'm guesstimating to be around 15-20 hours per week of work. So not even kidding its straight up no finance and he will stop paying if I'm not getting enough people to come-which means overtime work

Mar 22, 2012
Husky32:

oh and the $14 is only for "in office work" which is only like 6-7 hours a week, I also have to cold call a list in a potential client book of his on my free time and all in all I'm guesstimating to be around 15-20 hours per week of work. So not even kidding its straight up no finance and he will stop paying if I'm not getting enough people to come-which means overtime work

this is typical mssb. they SUCK.

Mar 22, 2012

@CaliforniaAnalyst

ya I don't mind sales, used to be a grocer in hs and also held a blue collar job with a construction company senior year, just don't have a great deal ammunition for the resume though haha

Mar 22, 2012

I'm curious as to how many people become clients when they hear college kids giving them stock advice.

Mar 22, 2012
Connor:

I'm curious as to how many people become clients when they hear college kids giving them stock advice.

More like, when college kids ask if they want an informational packet / email.

Mar 22, 2012

Lol UBS and ML are horrendously shitty as well according to others I have heard from, MS is definitely the strongest firm of the trio though so better than nothing, although I am seriously thinking about working in Home Depot (potentially a manager position) if nothing else

Mar 23, 2012
Husky32:

Lol UBS and ML are horrendously shitty as well according to others I have heard from, MS is definitely the strongest firm of the trio though so better than nothing, although I am seriously thinking about working in Home Depot (potentially a manager position) if nothing else

As someone in the industry every firm is pretty much the same. You wind up going to whoever pays you the most. Out of those three I'd say ML has the best name to it, UBS is probably the top PWM shop, MSSB is kind of a mess right now

Mar 22, 2012

The group I worked for had one guy cold calling all the time-that's all he did. Some days he didn't set up any meetings, some days he'd set up a few. See if your FA would allow you to do anything more analytical for the potential clients you set up meetings with.

Mar 22, 2012

i did ML freshmen summer and spinned it pretty alright. doing boutique ibd now (soph spring). i tell interviewers that i always read the ML equity research reports (which was true) and discuss what was happening in the economy with potential clients to help develop portfolio stances. and i really did start to integrate economic news into my cold calls. i also asked my boss if i could sit in on meetings with him, and thats something i often mention

Mar 22, 2012
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