PWM Career Path

Rank: Chimp | 13

Was wondering what the possible career paths are post internship in PWM at GS.

-Enter and stay for life?
-If it doesnt feel right go full time into S&T
-Can you make a jump to being a PM at some sort of fund after putting in time?

Comments (19)

 
2/12/11

PWM --> S&T seems very difficult IMO (PWM is very salesy)

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2/12/11

FairView, I'm confused at what you are asking. You are giving no real details concerning what you are trying to do as well as what the relative time frame is? Are you a Freshman? Are you looking at FT now? What's the deal and we can give better advice.

 
2/12/11

PWM: need to bring in a rolodex of wealthy clients. Which generally means you are very well-off yourself. I worked for a BB PWM VP who came in no earlier than 10 and left no later than 2 on a regular basis. IF you do not have said rolodex, you will be making cold calls all day.

There's no free lunch in this business.

 
2/12/11

Sorry, let me elaborate. I am currently a junior with a few internship offers to do S&T and a PWM offer for GS. I always have been strongly interested in investing and have had a dream of being a PM at a hedge fund someday. Was wondering if that route is possible after sometime at GS PWM (assuming I have the skills).

I am worried about going into a contracting industry (S&T) as well as going to GS PWM and not being connected enough with investing and possibly getting stuck with few options if I am unhappy.

I am considering interning as my route to FT as most places say they try to fill full-time out of the internship.

 
2/12/11

PWM --> hedge fund PM is not a likely path. I am not saying it's impossible, just unlikely, as the skills you learn in PWM won't teach you to be a successful PM. Ideally, if you want to be a PM you should get into ER or IB.

Also, at a junior level in PWM you aren't expected to bring in clients yourself (maybe at firms like Edward Jones and Ameriprise you would be, but not at GS, JPM, CS, etc). Rather, you are going to be doing a lot of analysis on current client and prospect portfolios -- seeing where there is opportunity to increase revenue, putting together pitch books, etc.

 
 
2/12/11

A decent prop shop doesn't ask you to put up "risk capital". That's an arcade. Take the PWM role.

 
2/12/11

PWM doesn't have any exit ops to be honest... what I mean is that it won't open any doors to IB or PE because you obviously are doing completely different things... however, PWM can be a good experience (you get out of it what you put in) but you really have to create the exit ops for yourself by dedicating your free time to networking and doing WSP or BIWS financial modeling self study courses so you can show I-Banks that you've been building that skill set. Also if you don't want to do PWM for the long term but don't have any other options I would suggest trying to make the jump within a year or so, the longer you stay the harder it will be.

Here is my story that posted on a thread a few weeks ago:

"I ended up getting a full-time offer from my PWM internship, worked there for a little over a year while getting licensed and polishing my excel/modeling skills to build my resume, all while studying for the GMAT to get into a solid MSF program. Once I did that, I began networking my ass off, prepping for technical/fit interview questions, and secured a 4.0 in my MSF summer term so I could take advantage of OCR in the fall."

For your situation you can substitute GMAT/MSF with networking with boutique and MM IBs since you will be in NYC and have plenty of opportunities to do some proactive networking.

 
2/12/11

How's your GPA? If you have a sub 3.5 gpa at a non target majoring in sociology then yeah I'd take the PWM role as more education might be a long shot. Prop Shop would look better on a resume though if you don't mind losing cash potentially (I'm not risk averse at all and would go that route).

 
2/12/11
Hopkins55:

How's your GPA? If you have a sub 3.5 gpa at a non target majoring in sociology then yeah I'd take the PWM role as more education might be a long shot. Prop Shop would look better on a resume though if you don't mind losing cash potentially (I'm not risk averse at all and would go that route).

3.5, majored in poli sci, minored in economics.

 
2/12/11
RodneyBro20:
Hopkins55:

How's your GPA? If you have a sub 3.5 gpa at a non target majoring in sociology then yeah I'd take the PWM role as more education might be a long shot. Prop Shop would look better on a resume though if you don't mind losing cash potentially (I'm not risk averse at all and would go that route).

3.5, majored in poli sci, minored in economics.

That isn't bad at all. People don't "hate" on poly sci the way they do on other soft majors. I'd just post the prop firm on here and let the "starred" users give you their input. However, don't be swayed by the "risk capital" part alone. Lots of prop firms require that you pay in, it isn't like whatever firm your dealing with is trying to scam or rip you off or anything. If you don't mind the stress/risk, then it could be a decent option and certainly a lot more impressive than PWM

 
2/12/11

its very similar to LYNX Capital Partners

 
 
2/12/11

click on my profile, look at past threads I've created, I wrote 4 threads on the space a couple years ago, the info is all still correct. feel free to follow up with questions

 
2/12/11

These are great! Thanks so much, I'll be sure to send any questions your way

 
2/12/11

A major question I have is how do the summer internships, analyst/ associate roles figure in to the path. Is that mostly a PB thing?

 
2/12/11

yes, that's more a of a PB thing to my knowledge, but I'm not in NYC so I can't speak for home office internships

 
2/12/11

Great, thanks so much. I'll be sure to contact you with anything else that comes up. Super helpful!!

 
2/12/11

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