Hey everyone, So long story short, I'm a current freshman in college that wants to get into IB post-grad. I'd like to acquire a PWM internship for the summer between freshman year and sophomore year but I'm not sure how to do this as employers probably wouldn't give most freshmen a chance. Just curious to know how those that currently work in IB that held a PWM internship during the summer after their freshman year college got theirs. Through leveraging connections? Cold-calling/emailing? Or were you actually able to go through the whole recruitment process? If it helps, I have interned for a
01 Oct 2020
Currently approaching my 1 year mark at a strategic VC firm focused on emerging deep tech. The learning curve was steep and i'd like to give back. **Background: ** Short version: I attended a southeast non-target, moved to northeast and have 1 1/2 years at multi-family office / hedge fund, 1 year in UHNW PWM, and i've been in VC almost a year. Ask me about breaking in, making lateral moves, and the learning curve / strategy in VC. Long version: * Undergrad: I grew up on a farm in the midwest, father was a day trader on the side and mother a small town attorney. I attended a non-target public
03 May 2020
I'm a senior in college and don't really want to get into IB and interested in PWM though I don't have much experience to really tell if it's something I want to be "stuck in" (from other posts I've read). I'm currently interviewing for this position at GS and I'm looking for advice on - If it's a good career path - exit ops - any other info I should keep in mind.
10 Feb 2020
For those working in PWM: How are client's risk tolerance and goals translated into a portfolio? Is market risk a consideration in the portfolio construction process?
13 Aug 2019
Monkeys, I haven't posted much on here, but I've been a lurker for some time and have been helped out by many of your posts. I now hope to return the favor and give some insight into the private bank/wealth management world with this Q&A. Some background: I went to a target university and have been in a bulge bracket private bank for 3 years now, including an internship. I am up for promotion but have accepted an offer at another firm (aviation finance) and will be starting in a few weeks. Hit me with some Qs.
09 Apr 2019
Just thought I would start a thread to compile a list of finance-related internships (PWM, IB, PE, HF) for first years in college. I understand that these opportunities are slim and elusive.. hence the thread. Harvey & Co - Newport Beach, CA Merrill Lynch PWM - almost any major city Please feel free to add on!
21 Dec 2017
Hi, I'm a junior from a non-target and landed an interview with BX PWS, coming up this Friday. I haven't researched much into this group so would really appreciate if anyone can share what they know about Blackstone's PWS division and/or know what I should prepare for the interview. Thanks!
04 Oct 2017
Hey guys, I will be a college freshmen in the fall but I've already networked with some people and have some opportunities to Intern during the fall or spring semesters. It would potentially be with MS or UBS in PWM. I was just wondering if given the opportunity should I try and intern during the school year. And if so I would need to commute a little bit. Could this wreck my GPA and put me at a disadvantage in the long term? Thanks all.
22 Feb 2018
So it has been clear to me that algorithms will eventually be capable of doing everything that a traditional wealth manager is. Given this trend, I, rising junior, am a bit worried about being able to even have a job in the industry, and am even considering starting a robo-advisory as a method of making myself a manager. I would love a career helping people manage their wealth, but I feel as though the position will soon be obsolete. So I would love some answers to my questions. Questions: Is there a role for humans in the future of investment management besides sales and client relations
16 Jul 2016
So I have a interview coming up for PWM at a BB and I would like to know how technical the interview questions will get. From what I understand, PWM mostly focuses on fit questions and less on technical, but I am still unsure on what to prepare for. Any info you may have would be greatly appreciated.
24 Aug 2017
I was wondering if anyone knew what jobs outside IB looked like in Canada. Toronto overall has less of a finance scene than NY so I had a few questions. 1- What finance related job do most people go into besides banking in Canada? 2- What's PE, HF, PWM, Financial Analysis, Corporate Finance, Corporate Development and Asset Management like in Toronto? 3- Is consulting as developed as IB in Canada? Is it mostly at the Big 4 or is there a lot of MBB presence? 4- Accounting in Canada has extremely low salaries compared to the U.S, is it the same for PWM, Corp Finance, and other non-IB finance jobs
04 Feb 2018
Greetings, I just accepted a position for a back office front office. I know that making this switch is a seriously daunting task, and many fail at getting it done. Does anyone have any tips or insight as to how I can make this happen? I'm willing to go to as many networking events as needed and to stay late every day to prove myself. Any feedback is much appreciated. Thanks,
25 Jun 2016
Hey everyone, I had a phone interview with Baird this week for a Private Wealth Management internship and heard back in less than 24 hours about an on-site interview. Any tips? Questions I should be expecting?
06 Dec 2018
I am currently a 1st year at a large retail Asset Management company that is a household name and I would like to try to break into a sales career at a BB (or good mid-tier firm) in either the Institutional Sales or PWM (non retail) and I do not know how to go about it. I would prefer Institutional Sales over PWM , but I would do it. My company, has HNW, but that is 500K -5MM, so I could do that, but I would prefer to work at a larger firm. I dont really have the money (and I have too much debt) to really pursue a top MBA, so I dont really know how to go about this. Any thoughts or am I stuck
11 Jul 2015
Hi everyone. I was wondering if anyone could provide some insight into whether one could get into a top MBA program out of Citi's Private Banking Analyst program. It's a 2-year rotational program after which you're matched with a team (I believe this could be on the client side, investment side, etc). If I come from a top school with a decent (not great GPA), and (hopefully) a really good gmat score, could I make it into a top MBA program?
14 Oct 2015
I've come to the conclusion NYC is not for me. More power to all of you whose dream is working on the street, it's just not for me. Cost of living is too high. Hours are too long. Taxes are too high. Where in the country is the best balance between high salary and low cost of living in finance? I'm saying potential to make $300k-$500k+, work hard but not insanity. Weekends free, good 50-60 hours a week max monday - friday. I'd much rather find that then make $1 million+ and give away half of it to Uncle Sam and Cuomo/ Blasio. Areas of interest of mine include corporate finance, private wealth
09 Aug 2014
Read this in the new york times. Show looks good. Really captures the hustle of PWM What "Ballers" Gets About Football and Money HBO's "Ballers" has been compared repeatedly to "Entourage," but amid its (many) scenes of dudes partying, the show focuses on something a bit more nerdy: money management. "Ballers" follows Spencer (Dwayne "The Rock" Johnson), a football player turned financial manager (Private Wealth Management) who's trying to convince some of his athlete buddies to get their financial lives in order. The show is packed with yachts, fancy cars, big jewelry and expensive clothes
30 Jun 2015
Why is PWM generally looked down on? Is it because of something palpable like lower salaries or is it just for no reason? What is the genesis of this phenomenon? Thank you.
31 May 2014
Hey guys, Andy had asked me a while ago to do a blog on PWM, so I figured I'd give it a whirl despite this forum being mostly interested in IB. Most of my partners are out of town so the workload this week is particularly light and I'm not going on vacation until tomorrow. I aim to cover several areas over multiple blog posts, so please give me ideas for content in the comments or send me a PM. The topics I know I'll address are as follows: history of the industry where it stands today day to day responsibilities compensation, titles, etc. common misconceptions breaking in & exit opps
03 Jul 2014
Hey guys, got quite a few questions on breaking into PWM, so this blog will focus exclusively on breaking in, being successful, and exit opps. If you haven't read my first post, see the link below: Part 1: Past, Present, Future, and $$$ Next post will focus on misconceptions, differences between PWM & PB, and if space allows, lifestyle/day-in-the-life. BREAKING IN: THE HOW Questions I received from the first blog were mainly on breaking in: how to do it, when to do it, etc. I'll try to cover all of that here but please ask questions. Staff, managers & analysts Breaking in can be either easy or
13 Jul 2014
I have an interview for a BB in their PWM business for a portfolio construction analyst role. It's entry level for a team within the division. Won't be part of an advising team, but an internal team that helps advisers with asset allocation, quant analyses, manager selection, creating reports, etc. Apparently also very client facing. Anyone have any experience to the kind of questions I should expect?? George
01 Apr 2016
Hi all! I am new to this forum so thank you for listening to my personal career issues. Hopefully someone else has been in my position and can provide some insight. Background: I graduated summa cum laude with a finance degree and a minor in entrepreneurship. I love the startup scene and am a due diligence volunteer with a pitch competition/grant startup here. I interned in finance at a huge sports company last summer and then come January 2015, took the first job I was offered: private wealth management. It is a salaried job, I make above average money for entry level, but it is SO BORING. My
12 Jun 2015
On the Goldman Sachs website these two job descriptions seem quite similar. Could anyone provide some insight as to the differences between these two positions i.e. daily duties and responsibilities. Ideally would love to hear from someone who worked at GS PWM or knows someone that did!! Thanks in advance
15 Jan 2015
Hey Everyone, I am new to the site and this is my first post so I apologize if this post should be in another forum. Anyways, I just graduated college and will be starting my job as an analyst in the Investments division of a PWM firm. I interned there last summer for one of the portfolio management teams so I have some clue as to what to expect. However, they are placing me in a rotational program for the next 18 months. It will be 3 different groups, 6 months with each group, all within the investments division. I was just wondering if anyone had any extra tips for me as I get closer to my
01 Jun 2015
Hello WSO community, long time lurker but first time poster. I am looking to move into equity research from my current role at a large private bank. A little about myself: went to a non-target undergrad, low GPA, and spent a few years hopping round back office jobs before I landed my current position. I been with this company for almost 2 years now, and I am considered in a generalist track to become a PM. However, I would like to move into equity research for my next jump, as I found out I am not that interested in sourcing new business and speaking with clients. Great part about my position now is that when I am done with my work, I have the freedom to do any research as I want.
04 Oct 2014
Hi everyone, I came across these articles (although they are a bit dated) and I wanted to hear what everyone else had to say about them. Is this really the fastest growing sector within finance? I'm not sure what is so unique about these firms, can anyone shed a light on these? They are all related to "Hybrid Advisors"
15 Sep 2014
Background: Currently an associate at a smaller MM PE firm in the midwest, still have a year or two before I apply for business school. My firm has a track record of bringing back associates post-MBA to move up as VPs/Principals, which is a real possibility for me. A close family member recently told me he'd like to bring me in as a junior partner in his group and groom me to take over his book. He does not have children and would like to keep the book within the family. His book is in the hundreds of millions, his comp is high six figures. While I'm currently happy with the track I am on, I
10 Aug 2016
Can anybody direct me towards any good threads on here or outside sources on PWM & PB career paths and other general information and discussions? I've read alot of threads on here but the information seems pretty limited since its mostly IB on here. Thanks EDIT: I'm mostly interested in information on breaking in as an analyst, I've already seen the thread about associates but nothing about as an analyst
23 Aug 2014
I'm attending a small school in Virginia, Regent University. I am strongly interested in finance (namely investment management) and was wondering if anyone knows of any firms in the area where I could obtain an internship. I will only be a freshman in the fall, but I recognize that because my school is not a target, working hard is expected. I had a high school GPA of a 4.3 and straight A's in PSEO classes. I am currently an economic development and finance intern for my city. Thanks for the help!
08 Jul 2015
Hi all, Hope you are having a good weekend. So I got a PWM internship offer last week from Merrill Lynch. However, during the HR process this week, I was told that Merrill Lynch does not hire an intern without an SSN. I'm an international student. I'm pretty sure I can work there with CPT authorisation. My boss, or the team leader, tried really hard to negotiate with the HR but it didn't work out. He said the HR says that ML does not sponsor interns anymore, but will make a consideration if I have a student visa (which I do) and an SSN (which is paradoxical because I need ML's approval to
30 Mar 2019
Hello, I have a 2.7 GPA at a non-target school, and am a sophomore. I am heading into a BB PWM internship for this summer, and I am concerned I will be completely blown off by firms when applying for Summer Analyst 2020 positions due to my low GPA and unimpressive university. I have an explanation for it, and connections at several firms, including most of the bulge bracket, but I can't imagine that will save me from a hard GPA cutoff. I am primarily interested in S&T, specifically securitization and rates, as well as AM and PWM. I have ruled out IBD. I'd appreciate any advice. I'm planning on
21 Mar 2019
Hi, this is probably a stupid question, but what happens if your broker goes bankrupt? Assume you were rich (I'm not) and you wanted to invest some of your wealth into somthing very save, say, inflation-protected government debt. I know there are mutual funds that specifically invest in this asset class, but lets assume you wanna pick the bonds yourself. What happens if the broker you use to buy these bonds goes bust? I mean, the bonds themselves didnt default, just the broker. and its not like counter party risk right? i mean, if you buy an option and the broker is on the other side of the
03 Jun 2014
Hello, some background: I am an incoming freshman (current high school senior) planning to matriculate at a target undergrad next year. In the past two years, I have completed internships at a small credit ratings engineering firm (moody's spin-off) and a small california based VC firm. I really do enjoy interning and want to get a head start on internships- my goal is to secure a hedge fund job out of undergrad. This summer, I have 3 internship options: A role at a small, unknown private equity firm An IB role at a very small regional boutique based out of Texas A PWM role at a regional BOA
02 Mar 2016
Hello world, I am a junior at a non-target school and am having trouble deciding where to intern this summer. I have an offer from a boutique Fixed Income Sales and Trading firm, and am waiting to hear back from final round interviews at Morgan Stanley and J.P. Morgan in their wealth management SA position.
29 Jan 2015
So next week I will be meeting with the Head Director at a local boutique PWM Firm about possible summer opportunities at the firm. How should I prepare for this meeting? How should I market myself so that he would be willing to create some sort of paid/unpaid PWM Internship for me. To give you some background, I currently am a rising Junior at a Target School. However, I'm majoring in Engineering with a minor in Economics. Also, how should I address the following possible questions he might ask: Considering you're majoring in engineering, why do you want to work in PWM? In what ways can you contribute to our firm? Thanks for your help guys.
21 May 2014
Trying to move in portfolio management from private wealth management. How realistic is it and what work experience/qualifications are required to break in? About me, I'm a recent grad in a private wealth management rotational program at a major wirehouse; only 50 of us across the country. After a couple of months, I've realized that wealth management is not for me and I want to move into portfolio management asap. I went to a nontarget school but graduated with a dual degree in finance and real estate (3.6 Honors). I'm in Chicago at a top IB so hopefully that will help re: job experience. I
05 Sep 2018
I am currently still attending community college, planning on transferring spring next year (2015 spring semester). What is the likelihood of landing an PWM internship over the summer? Should I just hold off until next year?
23 Mar 2014
I applied for a seasonal client associate position with ML and have an interview late this week. I'm more interested in investment banking than wealth management, but I'm curious: what skills are transferable? Is it worth taking the job? What was your experience like? I thought it'd be good to get the big name on my resume and use it as a platform for future analyst positions. Thanks in advance for any input
15 Jun 2015
Good evening monkeys, Currently a senior at a non-target going through the interview process. As of today, I have just received a formal offer to be a FA at top tier wealth management firm (think MS, BAML). However, I truly want to be in sales and trading and not on the wealth management side of the business. My question is: is it likely or possible to go from wealth management to sales and trading? Finding a step in the door for sales and trading has been nearly impossible for me, so just wondering if this transition was possible. Take care everyone
23 Mar 2015
Hey guys! I actually posted a few days earlier so ill keep the introduction short. I'm a freshman going to a non/semi target school and residing in NY. I am really interested in finance and am hoping to get into IB one day. A lot of very helpful people said on my previous post that a PWM internship should be fine as a freshman during the summer time. I think it would be an interesting opportunity and I would like to get the experience.
20 Dec 2014
I'm a Junior at a semi-target school and I was just offered an summer internship position at a (small-ish?) Private Wealth Management firm which I just accepted. Compensation is $15/hour and I will be working with/for several analysts and the CIO within both Research and Portfolio Management. The firm manages around $12bn and I'm very excited to start even if the majority of it is photocopying things and office work. This is my first banking internship and understand that Freshman/Sophomores typically work within PWM, so my question is how difficult will it be to use this experience to get
26 Jan 2018
What about thoughts on American vs Euro banks in wealth management post-Mifid? How the bonus structure will be re adjusted since all the private wealth managers commissions based revenue will most likely be forbidden? Thanks
19 Jan 2018
Hi everyone, I recently went to a Veterans career fair where I was able to talk to some GS employees about an opportunity with the company. Since I have been out of the military for a few years, I didn't qualify for the "Veterans Integration Program," but since I just finished up my Masters Degree, I was referred to the "Students New Associate Program," for which I applied. Anyone went through this program and able to drop any information about it?
29 Dec 2017
I interned for a PWM team that handled more than $1 billion in client assets in LA. During my time there, I recognized some names while looking at financial statements. I ran into some "youtube stars" there too (was stuck in a elevator with one). Being young and naive back then, I was pretty amazed. Now that I think of it, not too much of a big deal haha. Anyone have any similar experiences? In general, anyone have any experiences with dealing/running into well known individuals?
07 Nov 2017
I'm curious to see how everyone has approximately made in terms of PWM compensation this year. Especially interested to hear about people who are recently out of school in Europe possibly. please feel free to share numbers for all roles and levels Thanks guys!
25 Apr 2017
Hi everyone, As the title suggests, I have 2 offers pending. One is with an RIA as a Senior Analyst and the other is a Fund Accountant with a MM Private Equity firm. I am trying to get some advice on which role which role will be better in the long run. Right now, I am an analyst at a PWM associated with a large financial institution, where I am responsible for approximately 40-50 clients and all operations that are associated with these clients and their accounts. The firm is in some turmoil at the moment and it seems to be a good time to get out the door. The RIA is offering a role similar
18 Feb 2017
Hey all, Anyone know anything about the Wealth Strategies Group (WSG) at MS? It's within their PWM business and helps advisers and advising teams with investment strategy and performance, I think. Not much information on it online so hoping someone here has information on this. What are some exit opportunities for a junior role in this group? Thanks! George
28 Mar 2016
Looking for some career advice from fellow Monkey's... I've been given two opportunities in rather different directions but wanted to gauge some other inputs on everyone's personal opinions. Background: Undergrad finishing up this May from a non-target, top public school in the Southeast. I've been a part-time intern on the portfolio management side on a large (+1B) wealth team at MS. Decent portfolio work, some equity research. Team is mostly geared towards options strategies(concentrated positions) as well as some institutional products and is looking to expand more on their derivatives
25 Feb 2016