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?
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.
Do BB PWM Internships really help? (Originally Posted: 06/01/2012)
I'm a freshman and I'm pretty sure I couldn't have done any better than the BB PWM that I'm at, but do these still serve as solid resume boosters as an underclassman. The work is useless. I get that. But I'm hoping I can build connections here and add to my resume to the point where it stands out.
Do you think this is still true for BB PWM internships or has the word spread around enough that recruiters and such can read right through it?
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?
this is false fyi
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.
For the summer after your freshman year, PWM is fine.
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.
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.
Does PWM Matter? (Originally Posted: 08/03/2011)
Hey guys, I've been checking out a lot of forum topics relating to internships to take on as a freshman/sophomore. Most people said to take a PWM internship and put that on their resume as IB internships are hard to come by. However, other threads that I've read have said that PWM internships are complete BS and honestly offer nothing to help you secure an IB internship later.
I have 3 questions: Do PWM internships actually offer anything in helping your chances of securing an IB internship? I worked at a PWM internship this summer, but at home for a private consulting firm that I'm sure nobody has heard about here in NY... Will that help at all? Finally, is it even possible to get an IB internship your Sophomore year? (Be it fall, winter, spring, or summer)
Thanks, AZ
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.
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.
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.
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.
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?
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.
^^^ very accurate IMO.
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.
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.
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.
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!
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.
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
How about PWM for your career?
PWM internship w/ no meaningful work (Originally Posted: 06/30/2010)
im doing a PWM internship at a BB for my sophomore summer but honestly dont do much besides making copies and updating asset allocations. theres not much (or any) analytical work and im just wondering how to spin this off into a positive experience for future summer analyst interviews (im looking into ibanking and ER). im lucky that i dont have to do any cold calling but it seems the only good i get out of this internship is talking to the financial advisors and various mutual fund salesmen that come and pitch their funds from time to time. that, and the BB name, of course.
basically, for those of you who have dealt with this in the past interviews, how did u do it? i know that this kind of experience is pretty common but im not even quite sure what to put on my resume to be honest. should i be up front and say that i didnt learn any technical skills when talking to an interviewer?
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
PA,
do you happen to have to link? (sorry lazy right now and don't want to search)
delete
is it worth taking a UBS PWM internship second semester senior year? (Originally Posted: 11/21/2011)
Hey everyone,
Going into second semester senior year and I've already secured a FT IB job with a top MM. I was given an opportunity to intern in PWM with UBS for the second semester, but it's unpaid and about 15 hours per week. My thinking about taking the internship was that it would be a great name to have on my resume when I move on to apply for other things in the future, but do you all think it's worth it to do that?
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.
Why would you NOT do it, it's experience and contacts for little time committment
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.
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
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.
Thanks for all the advice everyone.
PWM Internship Experience (Originally Posted: 07/31/2013)
Hey guys, during my Sophomore year in college, I did a PWM internship where I worked with a Financial Advisor and CFP. It was during the Spring semester, and was about 10 to 15 hours a week. I have the tasks that i completed on my resume, but i am worried about listing this experience because i dont think i can speak diligently and confidently about it. I am currently doing an IB internship, so I assume most of weight in interviews will come from that, but I still do suspect questions from this position.
Just to give you an idea: Mainly all i did was remake the client's portfolios (mainly 401K's) with a better structure based on what was available in their plan. However, this process was extremely automated. The FA had a portfolio "template" that i would make it off of, depending on whether we inputted the person to be "Passive, Moderate, Moderate Aggressive, or Aggressive." Also, things like age and financial goals (short term and long term) came into play when this "automated portfolio" came up. And then from there, i would just plug and chug on Morninngstar and input whatever was available into the portfolio template. So like i said, this process is very automated. I was not actually determining portfolio construction, i.e. making it 60% equities and 40% fixed income, then within that having X% mid cap/large cap/ international etc. It was basically made for me.
Do you think if i explain this in interviews, they will see it as a liability in regards to my experience? Or will it not even come down to questions that in depth where they are able to tell that it was "automated." I would try to spin this, but after enough questions, it is very easy to make me slip considering my experience was not all that direct and was very simple. Also, taking it off my resume would leave a lot of space (as i am only a rising Junior). Any tips are appreciated, thank you.
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
PWM Problem? (Originally Posted: 06/02/2012)
Im currently a PWM intern at a BB (think UBS/ML) at a branch office in a small city. One problem though. Im not even working under an FA or CA im working under "management". I have no interaction with clients at all and all i do is clerical work and answer phones. I go through posts here and know some other PWM interns in other cities and even though most people think this internship is useless ive read/heard they interact with clients (cold-calling etc.), use BlackRock/bloomberg and even "suggest" some new portfolio ideas to their FA's. How can i stay motivated for this? Has anyone else experienced this with PWM? I feel like im the exception to an already horrible rated internship. How do i even spin this?
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
thats the thing, i would love to write that. i have not done 1 thing on that list
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.
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.
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)
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
Leave PWM off of resume? (Originally Posted: 01/11/2011)
Hi all,
I've been scouring a number of websites/forums and it seems that the perception of PWM internships are mixed, to say the least. I'm applying for both IB & consulting internships for this upcoming summer (my junior-senior summer). Unfortunately, I didn't hop on the recruiting boat until late this summer, and for now, the only remotely related internship I have is a PWM gig at a BB in NYC this junior year. My mentor was amazing, I learned a lot, and rarely had any "busy work," unlike many other ex-PWM interns, it appears.
After reading someone's post about resumes containing PWM/GWM immediately thrown to the "no" pile, would it be better for me to leave out the whole thing? General gist: am a junior at a target (top 10), 3.6 GPA, number of school leadership activities, etc. Just no prior professional IB/finance/consulting experience.
Thanks!
leave it on...it's part of your experience
PWM > nothing
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
PWM is actually pretty damn good, this is typical college kid retardation.
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.
Thanks, everyone! Will go ahead and keep it on my resume, as was the logical intuition.
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
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...
Spinning a sophomore PWM internship (Originally Posted: 07/15/2016)
That and maybe something about willing to do all the grunt work
bump
BB PWM internship, how can I spin it? (Originally Posted: 04/13/2010)
I am about to begin work at a BB in PWM. However I just found out that the majority of my time will be spent cold calling prospective clients. Is this worth taking as Iam trying to land an IB position next year? How can I spin this experience to sound good on my resume? Is the brand name of the BB the only reason to continue with this position?
If someone who has done PWM with a similar experience could please shed some light on what they did, it would be much appreciated!
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.
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