This looks like a highly involved administrative assistant role. PWM is a better bet IMO. If you had a chance to participate in research and making the roadshow materials, I would say this since you would have a chance to network with the buyside, but that doesn't seem to be the case. This is more like a corporate travel agent. Exit ops will be weak.

 
Best Response

Given this is in Jacksonville, I assume it's DB? That's where you go when your dreams die. It's a lot worse than GS SLC and will be tough to move out of. Additionally, we work with these corporate access people constantly when doing non-deal road shows and there isn't much respect for those guys. Same level as the admins that book our hotels and flights.

I would steer clear of that role if possible. Do PWM if it's in one of the main locations with opps to network or possibly advance.

Under my tutelage, you will grow from boys to men. From men into gladiators. And from gladiators into SWANSONS.
 
JeffSkilling:
FO>BO>UBS

Hey Jeff, can you please elaborate as to why BO>UBS PWM?

I know that in my complex, alot of the top performing FA's drive S550's Audi A8's to work. However I have never seen a VP in the back office driving nice cars or living in nice homes. I feel like starting a job in the BO will just make me just another average American living in the suburbs driving around in a Ford Focus...

 
financialnewbie:
JeffSkilling:
FO>BO>UBS

Hey Jeff, can you please elaborate as to why BO>UBS PWM?

I know that in my complex, alot of the top performing FA's drive S550's Audi A8's to work. However I have never seen a VP in the back office driving nice cars or living in nice homes. I feel like starting a job in the BO will just make me just another average American living in the suburbs driving around in a Ford Focus...

If your reasoning is automobiles and nice houses then you have a wake up call coming

 

First thing, if you have an offer at a BB in BO, why would you look for a different BO opportunity?

Second, you need to really think about what it is you want to do. If you want to make money, that's fine, everybody does, but you're most likely not going to make a shitload of money doing something you don't like. PWM is very dependent on your skills as a sales person and to a lesser extent your personal connections (people you can build your book with). Ops provides a good lifestyle, you won't be driving a Ferrari, but an A4 isn't out of reach by any means if you manage your own finances well.

"You stop being an asshole when it sucks to be you." -IlliniProgrammer "Your grammar made me wish I'd been aborted." -happypantsmcgee
 

The starting salary for BB ops outside of NYC is 45-50k. Let's say the salary increases 5k every year, it will take over 10 years to hit the 100k mark.

I feel like doing PWM, if I just push harder than everyone else, even know my sales skills are terrible, I will be able to make a better living than in ops... What do you think?

And if I fail at PWM, can't I always go back to Ops?

 

I like PWM because I am interested in investments, but NOT to the extent of IB (analyzing financial statements, etc.)

You get to play around with investments, read morningstar reports to allocate 401k plans for clients, follow the market, but nothing crazier than that and I enjoy that. But in Ops, all you do is process trades, and paperwork all day. I feel like anyone can do that and it will be a waste of my finance degree...

 

You need to understand that PWM is a very sales-heavy role. Yes, having investment knowledge will help, but honestly for PWM, being a good salesperson is probably more important. There is a very high failure rate, but if you're successful you can do very well. Anecdotal, not in industry

"You stop being an asshole when it sucks to be you." -IlliniProgrammer "Your grammar made me wish I'd been aborted." -happypantsmcgee
 

What kind of PWM program are you refering to? Did you get into an analyst program such as the ones that JPM and GS have OR are you talking about a financial advisor training program where you are expected to produce (bring in clients) within 6-12 months after starting? There is quite a difference between the two and the answer to your quesiton really depends on this.

 

We can't actually give you a good idea about what your experience is going to be like without knowing generally what type of program it is. Yes, PWM is sales, but no it's not used car sales. You will need to keep up with the markets in a general sense, as well as what you're investing people's money in. The exit ops aren't the best, but if you network your ass of you may be able to turn it into some other FO position, depending on the firm you're working for.

"You stop being an asshole when it sucks to be you." -IlliniProgrammer "Your grammar made me wish I'd been aborted." -happypantsmcgee
 

I have had 2 BB PWM internships as well as a summer analyst internship coming up for BB Ops I go to a non target with a 3.3 GPA~ do you think I would be able to break into maybe private banking at JPM or GS at graduation? Or maybe even corporate finance at a big 4?

 

I guess it would depend on what role exactly you would be doing at UBS and the location. If its just cold-calling, going to Wells and busting your ass may be the better option. There are some more analytical/market roles within PWM though (although I don't know how UBS structures their program) so if you can get something like that, it may be a better opportunity.

 

Now, I have nothing against Operations; but, certainly Operations is less helpful to have on your resume than PWM; and for the record this statement isn't accurate: "it seems that PWM is the typical path to take in order to secure a IBD SA position." Although PWM can turn into IBD with a good gpa and relevant leadership skills, Operations will put you at a disadvantage at FO recruitment. At the end of the day, IBD is a sales job that is very much devoted to servicing clients as opposed to the firm's employees' travel arrangements.

----------------------------------------------------------------- “It's all nonsense. Firms use titles to pander to the egos of the employees without giving away the store. If you are getting the money, who cares about the title?"
 

I think there may be some misconceptions here. What I mean to say is whether Ops or PWM would be more applicable as a sophomore summer stint in preparation for a IBD SA internship junior year. I understand that in preparation for a FT position, PWM would make more sense (but still weak compared to a direct IB internship) because by that time, an interest in FO financial services is the main selling point. However, I thought that for the types of skills recruiters for junior year internships look for, operations internships (data ops) is more relevant compared to PWM internships (a lot less exposure to asset management, mainly cold calling).

 

i would still advise you to go for PWM. Look....you will be doing the cold calling grunt work thing in PWM. But you get to see money makers make money!

You are there in part to do their bitch work and in return you get a front row seat. Looking at it from that angle what front seat ticket do you want? Do you want to watch a guy process payments, MTM statements, wire money, etc. in ops? Or would you rather soak up knowledge watching a revenue generator operate and run a business....you may even pick up some sales and finance skills along the way.

The skills and experience you will gain in PWM are superior to ops if you want to be a summer analyst in IBD

 

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