What to put on resume for PWM internship

Just did a PWM internship and did almost absolutely nothing but make calls. The most interesting this I did was sit in on an IPO (pitch?), where executives of the company going public tried to convince our advisors to push their shares to their clients. How can I word this?

Comments (69)

Aug 13, 2014

I'd mention the AUM at the firm, how many brokers you worked with, how many clients you worked with, say something about "assisted in biz dev efforts in ____ investments" something like that. I'd also scour LNKD to see if anyone else had this internship and what they put.

Aug 13, 2014

If you want to do PWM in the future. Yes.

If you want to do IBD/PE. No.

A friend of mine worked for GS PWM. He took it thinking that GS would look great on his resume. However, when he applied to some PE/IBD firms, the other candidates knew more because they had some real experience and deal flow they could talk about. Goldman looked good to the firm...atleast until they read PWM, then things changed.

One last note, if its UBS PWM, then its a no go. It won't help at all.

Aug 13, 2014
ValueInvesting:

If you want to do PWM in the future. Yes.

If you want to do IBD/PE. No.

A friend of mine worked for GS PWM. He took it thinking that GS would look great on his resume. However, when he applied to some PE/IBD firms, the other candidates knew more because they had some real experience and deal flow they could talk about. Goldman looked good to the firm...atleast until they read PWM, then things changed.

One last note, if its UBS PWM, then its a no go. It won't help at all.

Doesn't UBS PWM look better than ML PWM?

Aug 13, 2014
ValueInvesting:

If you want to do PWM in the future. Yes.

If you want to do IBD/PE. No.

A friend of mine worked for GS PWM. He took it thinking that GS would look great on his resume. However, when he applied to some PE/IBD firms, the other candidates knew more because they had some real experience and deal flow they could talk about. Goldman looked good to the firm...atleast until they read PWM, then things changed.

One last note, if its UBS PWM, then its a no go. It won't help at all.

this is false fyi

Aug 13, 2014

As a freshman, I wouldn't worry about it too much. If you want to do banking, it seems to be a pretty standard path - freshman year PWM, maybe a boutique internship sophomore year, and hopefully get that BB SA your junior year.

Aug 13, 2014

For the summer after your freshman year, PWM is fine.

Aug 13, 2014

PWM will show that you had a demonstrated interest in finance as a freshman and took the initiative to get some professional experience in the industry. That's it. It will teach you next to nothing and all interviewers know that. You'd be much better off aiming for a boutique or BB Ops/BO. There are some perks, however of BB PWM. It will give you connections, a recommendation, and a job to fall back on if all else fails come junior/senior year.

Aug 13, 2014

bank of america - merrill lynch pwm/im is gold standard. ubs is not as good bc the swiss have given into obama tax evasion demands. ms-sb is good as well.

Aug 13, 2014

You can get a soph year IB internship, I have one now at a boutique in my hometown. It took about 250 cold emails, 100 responses, 4 interviews, and 3 offers, but it's possible.

Aug 13, 2014

PWM usually has offices in smaller towns and is easier to get when you are early in your college career. It also gives you a bank name on your resume as well as basic business/market knowledge. I also think cold calling and dealing with client requests is a good way to get used to what it sometimes takes to get a real banking internship/job. Yeah, you won't be modeling or working on deals, but the experience is better than nothing.

Not everything is perfectly related to IB, but that doesn't mean you won't take away valuable skills.

Aug 13, 2014

Hey guys is there a difference between doing PWM in your own town then actually doing on in the HQ office (both for BB)? I heard there was a difference between those 2 but I am not sure. Also is a boutique IB internship really hard to get as a freshman?

Thanks.

I want a lady on the street, but a freak in the bed,

Go Bucks!!

Aug 13, 2014

PWM internship is not massively helpful in terms of skills and what you will learn in PWM and being able to apply that to banking, but it's better to have a PWM internship than some random summer job. Not many people have finance related experience before doing an IB internship.

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Aug 13, 2014

So based on these responses, should I begin cold-calling/networking/applying to IB internships now or should I get another PWM internship at a more prestigious, probably BB firm?

Any recommendations for said PWM or IB internship firms? Or simply the usual BB and boutique firms?

Aug 13, 2014

BB IB > Boutique IB > BB PWM > Boutique PWM > Something unrelated to finance > Nothing

That's how you should prioritize your search.

Aug 13, 2014
Tar Heel Blue:

BB IB > Boutique IB > BB PWM > Boutique PWM > Something unrelated to finance > Nothing

That's how you should prioritize your search.

Right here, at least for freshman/sophomore year.

"I did it for me...I liked it...I was good at it. And I was really... I was alive."

Aug 13, 2014

^^^ very accurate IMO.

Aug 13, 2014

So I did a pwm internship this summer as well. From what I've heard, you can get an IB internship post-sophomore year as long as you can network well enough to get the interview. As long as you are as capable of doing the work as a junior, I don't see why they wouldn't hire you.

Aug 13, 2014

I would do the PWM internship simply because its another way to network. You never know if that HR person could refer you to a banker later on in your career.

Aug 13, 2014

I'm finishing up a PWM internship at a BB firm right now in one of the local offices in the midwest. You'd be surprised at how many connections you can get in NYC and Chicago even at local branches--you just have to take initiative to network and ask around.

Aug 13, 2014

Hi, would like to know whether PWM interns in a BB require prior technical knowledge, say in accounting? Also, what are the criteria typically used by HR in assessing if a candidate is suitable for a PWM internship? Thanks!

Aug 13, 2014

I feel that PWM is only helpful if its a BB. You will most likely not do anything significant in the internship, and even if you do, it's not really related to i-banking. The most important factor from this internship is the name of your resume. Having a large bank on your resume will give second glances from people who take like 10-30 seconds scanning your resume.

In the long run, however, I don't feel like PWM is really that helpful at all. After all, resumes are only one part of getting the interview. Networking and being an interesting person is so much more vastly important.

Aug 13, 2014

I honestly think BB PWM is a great thing for Freshman/Sophomores. You come in, do work for a great firm, make contacts and if you kill it, you have people willing to go to bat for you. Whatever you end up doing, just know how to sell yourself. Why PWM at a BB? Just say you wanted to get the biggest bank you could on your resume. What did you learn there? How does that transition into IB? Why do you want to do IB after PWM?

Your questions:
1) Yes
2) Maybe, have a great story.
3) Yes

Aug 13, 2014

How about PWM for your career?

Aug 13, 2014

m&i has a great article on this. just make up DCF models at work and show a senior. so you can say on your resume I built a DCF Model I'm so PwnAGe

Aug 13, 2014

PA,

do you happen to have to link? (sorry lazy right now and don't want to search)

Aug 13, 2014

Well the best perspective to take on this is what you are thinking: what I do to make the most out of this experience.

When I worked at a BB for a PWM division, I also had periods of downtime where there was not a whole lot to do. I learned to search their articles on the company databases and read up on a lot of things. They have a lot of marketing material stored on their system that can be very interesting. Also, help with as much busy work as you can. It is the first step in gaining the trust of the Financial Advisors. (Favors can be cashed in later when you need a reference) Lastly, a good resource is the BB job database. This can be a prime chance for you to explore in-depth about where you might want to head into the future.

Aug 13, 2014

Always ask yourself, "Does this hurt or help my future?" I have to believe that building networks at UBS isn't a bad way to kill some extra time.

Aug 13, 2014

Why would you NOT do it, it's experience and contacts for little time committment

Aug 13, 2014

What the hell? You have a FT IBD job secured and you're considering doing an unpaid PWM internship?

Aug 13, 2014
JeffSkilling:

What the hell? You have a FT IBD job secured and you're considering doing an unpaid PWM internship?

Seriously OP....PWM is such a freshman year gig..it holds little to no value in IB.

Aug 13, 2014

Dude, enjoy your last semester of college - you'll be working 80+ hours/week for the next two years at least...
You're only young once

Aug 13, 2014

I'm assuming its a regional branch, which means you won't actually build a strong network and will do mind-numbing work that will make you miserable. Not to mention, seeing UBS PWM on someones resume is beyond unique anymore. Its almost an industry standard for SA recruiting.

Just think about where you will be applying to/interviewing at next... PE firms, VC firms, BB ibanks, HF, Business School. They would focus on your interests more than this experience since you will have gained no valuable skills.

Just have fun and relax. You deserve a break your last semester - you have already worked hard enough at school and to find a FT job.

Aug 13, 2014

Thanks for all the advice everyone.

Aug 13, 2014

There's no harm in listing it. Just say that it was an experience where you learned how the PWM world works and how financial advisers create diversified portfolios based on the investment strategies and goals of the investors. Say it was interesting, but ultimately not what you are interested in long-term. The conversation should go no further from there.

Aug 13, 2014
Justalurker:

There's no harm in listing it. Just say that it was an experience where you learned how the PWM world works and how financial advisers create diversified portfolios based on the investment strategies and goals of the investors. Say it was interesting, but ultimately not what you are interested in long-term. The conversation should go no further from there.

Great, thanks a lot. This is where I was hoping to end the conversation if asked, and then spin it how that experience ultimately led to my soph summer IB internship in which I like a lot better. Something along those lines

"An investment in knowledge pays the best interest." - Benjamin Franklin

Aug 13, 2014

1) spin ure work on the bloomberg terminal by sayin u pitched multiple investment ideas to FA's which resulted in diversfied portfolios for clients
2) spin cold calling to emphasize ure sales ability and how u were able to increase client base by xx%
3) spin the mindless research work into increasing business efficiency by aiding advisiors
4) also take initiative to do projects on by ureself

Success is my only option and failure is not

Aug 13, 2014

thats the thing, i would love to write that. i have not done 1 thing on that list

Aug 13, 2014

Oh man, that sounds pretty boring.

Try interacting with the FAs and seeing if you can help them with any modeling/ excel or powerpoint work and just let them know that youre available to help them with anything they could use any help with.

Introduce yourself and let them know that you're there and able to help- worst case they won't give you any work.

rufiolove:

When evaluating whether or not to post something on WSO, I think to myself, "would an idiot post this" and if the answer is yes, I do not post that thing...

Aug 13, 2014

Im not even in the same area as all the FA/CA's im on the complete opposite side of the floor with "management" aka secretaries , I would love to talk to the FA's maybe if i was even in the same area as them. I feel like this is the rare useless PWM internship people talk about even more useless than a normal one.

Aug 13, 2014

Wow this sounds like a post I put up recently since I'm in a similar situation. Although it hasn't escalated to cold-calling...yet. Try starting out small. Ask for reading material and things like that, but most importantly stay engaged. Ask to sit on meetings so you're not bugging them, but getting experience. If they really blow you off, I'd give it some time, but maybe have a sit-down with "management" and ask if you can get in on more of the action with the FA's.

I feel your pain. I know from experience PWM in itself already sucks. Your situation just adds insult to injury.

To get noticed, the best thing may be to stay engaged and interact with the employees (not so much the secretaries, I'm talking more FA's...those guys)

Aug 13, 2014

i appreciate the response.. its a killer because im desperate for the slightest finance experience and clerical work everyday i show up bothers me to no end.There are already interns with the fa's doing what i SHOULD be doing. i do not know why i guess i got screwed. Going to try my best going forward to interact with the fa's

Aug 13, 2014

leave it on...it's part of your experience

Aug 13, 2014

PWM > nothing

Aug 13, 2014

Whoever told you it gets automatically thrown in the no file is one arrogant ass hole

    • 1
Aug 13, 2014
IamObama:

Whoever told you it gets automatically thrown in the no file is one arrogant ass hole

+1

Aug 13, 2014
IamObama:

Whoever told you it gets automatically thrown in the no file is one arrogant ass hole

agreed.

i think definitely keep it on. you might even want to consider that the person that told you to take it off was actually trying to screw your odds.

"pwm>no experience" definitely. you have to pass the is-he-a-douche test to get a BB to allow you to get into their pwm i would think, which is a +ve signal

Aug 13, 2014

PWM is actually pretty damn good, this is typical college kid retardation.

Aug 13, 2014

Being good on the phones is a good skill to have-even if PWM is no IB. Definitely include it- the important thing is handling it in the "walk me through your resume question" properly.

Aug 13, 2014

Thanks, everyone!
Will go ahead and keep it on my resume, as was the logical intuition.

Aug 13, 2014

I would have loved to have PWM on my resume... I was scared out of my mind going through recruitment because my only work experience was as a camp counselor!! Way to be on top of things so early

Aug 13, 2014
cfeld90:

I would have loved to have PWM on my resume... I was scared out of my mind going through recruitment because my only work experience was as a camp counselor!! Way to be on top of things so early

No offense to the OP but a PWM gig in your 3rd yr is hardly "early"

Aug 13, 2014

I had a PWM internship and I learned a ton. Definitely depends on the place. It can definitely be a good springboard onto other things. That being said, if you're trying to get into banking they will obviously look more favorably at a candidate with a straight banking internship...

Aug 13, 2014

That and maybe something about willing to do all the grunt work

Array

Aug 13, 2014

bump

Aug 13, 2014

Anyone who will interview in the future will know what a BB PWM internship entails. You could, however, ask your boss for some quantitative work occasionally and then highlight that on a resume. But don't get too bogged down on what you'll right on your resume. The BB PWM internship is a big plus for any underclassman since it shows an interest in finance.

Aug 13, 2014
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