Private Banking Internship

A guide seeks to educate prospective private banking interns

Author: Sevriano Battista
Sevriano  Battista
Sevriano Battista

Sevriano combines a deep expertise in finance and law with a proven track record in financial services and mergers & acquisitions (M&A). He excels in cutting-edge research and analysis, enabling him to uncover insights that drive decisions. His leadership style is visionary yet collaborative, creating an environment where teams are empowered to innovate and excel. Sevriano is a natural leader who will propel your organisation forward with intelligence, collaboration, creativity, and unwavering commitment to success.

Reviewed By: Patrick Curtis
Patrick Curtis
Patrick Curtis
Private Equity | Investment Banking

Prior to becoming our CEO & Founder at Wall Street Oasis, Patrick spent three years as a Private Equity Associate for Tailwind Capital in New York and two years as an Investment Banking Analyst at Rothschild.

Patrick has an MBA in Entrepreneurial Management from The Wharton School and a BA in Economics from Williams College.

Last Updated:February 5, 2024

What Is A Private Banking Internship?

A Private Banking internship offers a unique and highly personalized experience distinct from traditional commercial banking services. Private Banks cater to the individualized financial needs of their clients, providing comprehensive services, including wealth management and investment advice.

They provide comprehensive services, including:

  • Legal Guidance
  • Estate planning assistance
  • Support in resolving financial disputes

The scope of responsibilities within a Private Banking internship can be diverse. The specific tasks assigned to an intern may vary based on their area of interest and expertise.

For instance, an intern keen on wealth management will encounter different responsibilities than someone inclined toward client relationship management.

In Private Banking, a wealth manager may focus solely on overseeing the investment portfolio of a single client, which can differ from the responsibilities of their counterparts in commercial banks managing multiple client portfolios.

The allocation of tasks in a Private Banking internship is carefully tailored to match the intern's background and interests. A finance-savvy intern may find themselves placed within the wealth management division, where they can hone their skills in managing investment portfolios.

Similarly, an intern with a computer science background may be matched with a client seeking to explore investments in cutting-edge assets like cryptocurrencies, such as Bitcoin.

A Private Banking internship is a learning experience that offers exposure to a wide range of financial services.

Key Takeaways

  • A Private Banking internship provides a specialized experience, focusing on personalized financial services for high-net-worth individuals (HNWIs), including wealth management and legal guidance.
  • Tasks within a Private Banking internship vary based on interns' interests, such as wealth management or client relations.
  • Major banks seek motivated, articulate interns with strong communication and quantitative abilities.
  • Private Banking internships offer hands-on experience, training, and potential career progression in the finance industry. Interns gain exposure to diverse financial services, from asset management to dispute settlement.
  • Private banks offer highly customized solutions, requiring collaboration across teams to meet unique client needs. The internship provides valuable experience in maintaining and enhancing client relationships.

About Private Banking

Private banking provides personalized financial services to high-net-worth individuals (HNWIs).

Private banking services encompass a wide array of wealth management options, such as:

As wealth grows, individuals may have different financial needs and preferences. Someone earning $30,000 post-tax may choose from various options, while someone with $10,000,000 can explore diverse investment opportunities, including mutual funds and real estate.

Private banking provides a more personalized experience, where clients communicate directly with their private banker, who is familiar with their financial situation. This allows for more educated recommendations and smoother financial journeys.

Private bankers do more than just make life easier. They also:

  • Handle payments
  • Provide complete wealth management
  • Put together specialized financial packages

What to expect in Private Banking internships?

As a client, the experience varies significantly from commercial to private. In Private Banking, clients are treated with much more importance, and access to services is guaranteed immediately.

Unlike some commercial banking services, private banks often operate on a more personalized level. Interns can expect to assist clients with the following:

  • Asset management
  • Potential investments
  • Financial planning
  • Inheritance-related management
  • Dispute settlement
  • Legal counsel

Therefore, interns in private banks should expect to be assigned various tasks across different clients.

What Tasks Are Given To Interns?

If you participate in a bank Advisor Internship, you gain exposure to advising clients on the following:

  • Investments
  • Lending
  • Banking
  • Trust and estate planning

Interns can expect to work alongside specialists who will support the interns in researching, analyzing, and developing global investment strategies and investment opportunities for clients.

Some interns may express more interest in wealth management, while others may feel more drawn to client relationship management.

The difference is that a wealth manager might only be responsible for managing one customer's portfolio.

On the other hand, relationship managers are responsible for maintaining good ties with all existing clients and finding new potential clients. Therefore, relationship managers can often expect to communicate more than wealth managers.


Interns with specific skill sets can also choose to apply their skills by assisting specific customers. For instance, computer science students with an affinity for cryptocurrencies can apply their skills to help clients acquire crypto assets.

What Qualities And Skills In Interns Are Valued By Major Banks?

Qualities include:

  • Highly Motivated Students
  • Exceptionally articulate Students
  • Enthusiasm and a strong work ethic
  • Confidence
  • Integrity
  • Willingness to take initiative
  • Good judgment
  • Discretion when working with confidential information

Skills include:

  • Excellent communication and presentation skills
  • Strong quantitative skills
  • Passionate about investing
  • Excellent organization
  • Exceptional ability at multitasking
  • Diverse backgrounds that enable interns to connect with clients genuinely

Why are Private Banking internships valuable?

The opportunity to dive into an experience you choose for yourself is a unique plus in this internship. It benefits students by gaining valuable experience tailored to their finance or client relations interests.

A student with strong communication skills who wants to specialize in the customer relations aspect of the firm may need to also focus on wealth management to fulfill both roles.

The work set out is much more specific than internships in Investment Banking or Private Equity, as this work narrows its focus to keeping clients happy and assisting them in utilizing or investing their funds. 

Therefore, this internship presents itself as an opportunity to work closely with HNWIs, helping them acquire assets they are interested in and, in turn, improving their relationship with the bank. 

This is a valuable experience for interns because opportunities to speak and work directly with clients are rare for interns in other areas of banking, providing a chance to build valuable future networks and practice building professional relationships.


Smaller middle-market banks operate on a smaller scale and may have more limited flexibility in job role choices. This experience improves an intern's financial and people skills, as maintaining and enhancing client relationships determine a Private Bank's success.

On-The-Job Experience

As mentioned previously, private banks offer highly customized and comprehensive solutions to help protect, manage, and grow clients' wealth. 

Since no client is the same, understanding their unique needs requires work across teams and the firm to meet the client's specific needs to offer the highest level of client service.


Most internships range from 5-13 weeks. 

Throughout this time, the first week is usually spent on introducing interns to the firm. For interns at top banks, the remainder of the summer internship is allocated to attending senior speaker events, networking opportunities, and unique skill-building workshops.

Career Progression

A summer analyst program can give job applicants in the finance industry a considerable leg up in their careers. Interns who successfully complete the entire program and demonstrate professionalism may be offered the opportunity to return upon graduation for a full-time role.

How To Land A Private Banking Internship?

Now, let's understand how we can land a private banking internship below:


Some resume tips include:

  1. Ensure your resume stands out; it is the first opportunity for big banks to learn about you.
  2. Tailor your resume to the specific role, emphasizing relevant experiences and amplifying achievements.
  3. Share completed projects and success metrics clearly and concisely for recruiters.
  4. Provide simple and concise explanations rather than lengthy, impressive-sounding sentences.
  5. Define how your leadership impacts others, supporting your qualities with examples from internships or coursework projects.
  6. Be purposeful in mentioning experiences, focusing on what they highlight about you.
  7. When discussing strengths and weaknesses, use relevant examples and maintain professionalism.
  8. Keep your resume brief, as there will be opportunities to share more details later.
  9. Maintain conciseness for effective communication during interviews.
  10. Ensure the information in your resume and interview is relevant to the role, highlighting strong points.


Let's take a look at some of the interview preparation tips:

  • Prepare thoroughly for interviews to showcase genuine interest and readiness for the role.
  • Answer questions confidently to demonstrate memorized skills, knowledge, and interest in the position.
  • Highlight transferable skills from past experiences, and be honest if you don't know the answer to a question.
  • Imagine and research potential questions about the firm in advance, memorizing your responses.
  • Be open about yourself in a humble manner, emphasizing professional behavior with a touch of casual respect.
  • Project a personality that aligns with the working culture, showing recruiters you will integrate well.
  • Consider the type of coworker you'd like to work alongside and aim to be relaxed, honest, and respectful.
  • Dress professionally for digital interviews, adhering to the industry's standard attire.
  • Prioritize comfort and choose attire that makes you feel ready and prepared for the role.
  • Dress professionally for digital interviews, ensuring a polished appearance that aligns with the virtual professional environment.
  • Demonstrate understanding of the role's scope, necessary skills, and curiosity about the firm.
  • Emphasize honesty and authenticity, portraying yourself as someone who can effectively apply your skills during the internship.


Networking is a valuable tool when striving to secure a private banking internship. It's not just about who you know but how well you connect with those individuals and the impression you leave.

Here, we'll understand the intricacies of effective networking to maximize your chances of landing that coveted internship in the table below:

Networking Strategies
Networking Strategies Key points
Diverse Engagement
  • Broaden networking horizons by participating in diverse activities like conferences, seminars, and workshops.
  • Attend industry-related events serving as hubs for finance and banking professionals.
  • Join finance or banking associations for structured platforms to meet like-minded individuals.
LinkedIn: A Networking Goldmine
  • Create a compelling LinkedIn profile highlighting aspirations and achievements.
  • Personalize connection requests with brief, thoughtful messages expressing genuine interest in professionals' work or the industry.
  • Showcase the intent for meaningful engagement beyond seeking connections.
Informational Interviews
  • Request informational interviews with private banking professionals.
  • Use these interviews to learn about the industry, gain insights into roles, and establish valuable connections.
  • Prepare thoughtful questions and focus on gathering information and building rapport, not directly asking for an internship.
Alumni Networks
  • Leverage the educational institution's alumni network for guidance.
  • Seek out alumni in private banking for advice and insights.
  • Explore potential introductions to key players in the industry.
Consistency is Key
  • Effective networking requires consistent engagement.
  • Regularly update LinkedIn, share industry news, and participate in discussions.
  • Attend multiple events and join associations for ongoing network growth and diversification.
Quality Over Quantity
  • Prioritize deep, meaningful connections over a large list of superficial contacts.
  • Nurture relationships by staying in touch and offering support reciprocally.
Providing Value in Networking
  • Networking is a two-way street; it provides value to connections.
  • Share relevant articles, offer help with projects, or introduce them to others in your network.
  • Solidify your position as a valuable connection by being a resource.
Patience and Perseverance
  • Building a robust network takes time. Don't be discouraged by setbacks.
  • Refine networking skills, learn from interactions, and adapt approaches as needed.

Cover Letter 

Your cover letter is your personal narrative, a powerful tool to set you apart from the competition and secure that coveted private banking internship. It's a formality and a crucial opportunity to convey your passion, skills, and unique story.

Here's how you can craft an exceptional cover letter, all while keeping each paragraph concise:

Content for Cover Letter
Paragraph Content
Paragraph 1: Introduction Begin with a brief introduction expressing enthusiasm for the private banking internship at [Bank Name]. Highlight awareness of the institution's esteemed reputation and its alignment with your career aspirations.
Paragraph 2: Your Unique Story Delve into your journey and the passion driving your interest in private banking. Share what sparked your interest, whether through childhood fascination, personal experiences, or academic pursuits.
Paragraph 3: Tailoring Your Candidacy Show genuine interest in the specific bank, mentioning values, culture, and achievements. Explain why their approach resonates with your career goals, emphasizing that you've done your homework and are excited to contribute to their success.
Paragraph 4: Highlighting Your Skills Transition to your qualifications, emphasizing key skills and experiences that make you an asset to their private banking team. Use examples from your academic or work history to illustrate your analytical abilities, attention to detail, and proficiency in financial analysis.
Paragraph 5: Aligning with the Role Discuss how your skill set aligns with the responsibilities of a private banking intern. Express eagerness to learn from professionals, assist in portfolio management, and provide top-notch client service, demonstrating an understanding of the role's demands.
Paragraph 6: Closing and Thank You Conclude with gratitude for considering your application. Reiterate excitement about contributing to the bank's success and express readiness for further discussion in an interview.
Paragraph 7: Contact Information In a concise signature section, provide contact information, including phone number and email, making it easy for the hiring manager to reach out for further discussions.

Financial Knowledge

Private banking interns must possess a strong grasp of financial and investment principles, as it is the cornerstone of their role. Their ability to understand the financial domain, make informed decisions, and provide valuable insights to clients is crucial.

The table below shows the required financial knowledge the aspirant should possess:

Required Financial Knowledge
Term Key points
Financial Markets
  • Understand stock exchanges, bond markets, commodities, and currency markets.
  • Familiarity with key indices like S&P 500, Dow Jones, and NASDAQ is crucial.
  • Monitor market movements, staying informed about fluctuations and trends.
Investment Strategies
  • Know various investment strategies, including asset allocation and diversification.
  • Understand risk management, alternative investments like hedge funds, and private equity.
  • During interactions, exhibit the ability to align investment strategies with clients' financial objectives.
Economic Trends
  • Keep a vigilant eye on macroeconomic indicators like GDP, inflation rates, and interest rates.
  • Understand how fiscal and monetary policies impact the economy and investment areas.
  • Explain the potential implications of economic shifts on clients' financial goals.
Current Financial News
  • Stay updated on financial news from reputable sources like The Wall Street Journal and Bloomberg.
  • Monitor market developments, corporate earnings reports, and global economic events.
Client Impact Analysis
  • Connect financial events to impacts on clients' investment portfolios during interviews.
  • Explain how factors like Federal Reserve interest rate hikes affect bond prices and portfolios.
Market Analysis
  • Analyze the performance of asset classes and comprehend valuation metrics like price-to-earnings ratios.
  • Conduct due diligence on individual securities or investment vehicles.
Risk Assessment
  • Be aware of investment risks associated with different asset classes.
  • Discuss strategies for managing market volatility and diversification to reduce concentration risk.
Regulatory Knowledge
  • Understand the regulatory environment, including financial regulations like the Dodd-Frank Act and KYC requirements.
  • Ensure compliance and contribute to client protection by deeply understanding regulatory knowledge.
Ethical Considerations
  • Be aware of ethical dilemmas in finance, such as conflicts of interest and responsible investing practices.
  • Demonstrate a commitment to ethical conduct integral to the principles of private banking.

Behavioral Interview Questions

In addition to technical inquiries, behavioral interview questions play a pivotal role in the evaluation process during a private banking internship interview.

These questions assess your interpersonal skills and personal qualities, offering insights into how you approach challenges, collaborate with others, and manage interpersonal dynamics.

To excel in these areas, it's crucial to have a well-prepared strategy for responding to behavioral questions, such as:

Skills for Behavioral Interview Questions
Skill Key Points
Handling Stress
  • Provide a concrete example of handling stress instead of a generic statement about working well under pressure.
  • Share a situation from a past internship or academic project with a tight deadline.
  • Explain specific steps taken to manage stress and ensure a successful outcome.
  • Share a story highlighting effective collaboration with a diverse team.
  • Describe your role, project goals, and challenges encountered.
  • Emphasize contributions to the team's success through active listening, idea-sharing, and adapting to others' working styles.
Conflict Resolution
  • Illustrate your ability to navigate disagreements or misunderstandings in behavioral questions related to conflict resolution.
  • Share a scenario where you successfully resolved a conflict within a team or with a colleague.
  • Use effective communication, compromise, and a focus on common goals in your resolution.
Leadership and Initiative
  • Discuss situations where you took the initiative or assumed a leadership role.
  • Highlight inspiring and guiding others toward a shared objective.
  • Share experiences such as spearheading a project, mentoring a junior colleague, or leading a team to overcome challenges.
  • Showcase adaptability by providing a detailed example illustrating your response to changing circumstances or unexpected obstacles.
  • Explain how you remained flexible and adjusted your approach to achieve a positive outcome.
Client-Centric Approach
  • Demonstrate a commitment to understanding and meeting client needs in private banking.
  • Discuss scenarios where you went above and beyond to ensure client satisfaction.
  • Share examples from previous jobs, internships, or personal experiences.

Private Banking Internship FAQs

Free Resources

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