While I have been searching this website, it appears that a PWM job is much easier to obtain than IB or S&T. Although this may be true, what credentials do you need to get a job at a top BB or a reputable MM firm? Are analyst positions still dead end jobs at top firms? is a reputable MBA possible? any exit opportunities? Most importantly, is it also true that many people get fired if they don't produce multi-million dollar clients (which I find nearly impossible)? If not, what exactly do you do? Thanks for all responses
19 Apr 2011
Due to some financial strain what do you guys think of picking up a part time job as I enter freshman year at a US semitarget? Am I just fucking myself over or have any of you been able to manage a job while maintaining a solid 3.7+ gpa?
25 Aug 2010
I have done a summer Ops internship and am looking to get into IBD. If I have the opportunity to take a part-time unpaid PWM internship during my junior year, should I take it? Or do PWM internships show the same qualities as Ops internships in the context of getting an IBD SA (brand name, showing early interest in finance etc.)? While I know that adding things to your resume is always a good thing, there probably will be costs (lower GPA, no time for anything else etc.) Would love to get the opinion of those in IBD..
22 Jul 2012
I have an interview in two weeks with Deutsche Bank Private Wealth Management in Los Angeles. The position is for Analyst with a two-person brokerage team. Can anyone give any insight on potential questions they would ask? Thanks!
26 Apr 2010
I have an in-person interview with JP Morgan Private Bank / Private Wealth Management for their 2010 PWM Analyst Class. Background on me: Senior Sociology student at top 3 public university. Marketing Consultant for our University Health Services, Advertising Chair for my freshman year dorm council, Lead Marketing Member of Advertising and Marketing club, and a Volunteer at our Student Scholarship Fund. I have also worked for Citi Smith Barney (2008) and Bank of America/Merrill Lynch (2009) as a Global Wealth Management Summer Analyst. Does anyone have any good advice on interview topics that I should know for PWM? Questions? Teasers? Fit vs. Technical? Any help would be really appreciated since the interview is on Tuesday. Thanks!
23 Mar 2010
Hi All, I'm currently a junior attending a target (ivy league) for I-banking. I was offered an unpaid/college credit internship with Merrill Lynch in Private Wealth Management; although it is in a regional office, it will be in a big city. Most students seeking careers in finance will have usually held several internships with finance firms by their junior year. My only previous finance-related internship is being a paid intern for the finance department of a mayor's office. Will this put me at a disadvantage when applying for actual I-banking jobs (and yes, I know PWM is not necessarily within the realm of what is considered to be i-banking/corporate finance)? Is it likely I would get a full-time offer after my senior year with just the ML internship under my belt? Or should I aim for an internship my senior year? Or apply to law school instead and then try to break into i-banking? Not that this should make a difference (but it might), I'm an under-represented minority (ie not asian/indian). Any comments or advice?
10 May 2010
Hey guys, I'm interested in looking into a Sales related career. I think that I would have the qualities to succeed in a sales-type position and I think that talking to people seems a hell of a lot more interesting than looking at charts and numbers and shit. I was hoping that someone could answer a few questions about a RM in a private bank (high net worth, such as JPM or GS). 1) how exactly do you get into the RM part of the business? I know that there are many parts of a PB but I was looking for the sales-based position. 2)do you start as a RM in the beginning? Like do you essentially shadow/help a RM manager and eventually pick up part of his book?
12 Sep 2012
Greetings fellow monkeys. I am a 1st year MBA student beginning Sept 4, 2012. I have decided to pursue a career path of becoming a private banker in PWM. However, I do lack much relevant experience, and was hoping some fellow monkeys can go ahead and critique/destroy my resume into bits and pieces. A couple questions would be: What are my chances of becoming a Private Banker? Am I currently taking the correct steps? What should I provide in my resume? Should I strive for a summer internship as a Summer Intern Private banker associate, and then apply for some private banker developmental program? What should I be doing to further dive into my career path of becoming a Private Banker? All comments are appreciated, and I thank all of my fellow monkeys for the guidance and support!
28 Aug 2012
Not much info on here for Bessemer Trust. Anecdotal stories have suggested that they have a very conservative culture. Anyone else have experience working for them or have an idea of the culture?
10 Sep 2013
I am currently employed as a consultant at a large, mid-tier consulting firm, however, I have always had an interest in S&T and PWM and have lately been considering going back to school for an MBA to achieve this goal. I just wanted to get some insight into whether, having this goal in mind, it makes more sense to: A: Spend 2 years getting an MBA (Could probably get into a top 10-20 school, but likely not break the top 10) and then use the on-campus recruiting/networking to land my first job in the field. B: Cold call and network my way directly into a position from my current job, which is
23 Aug 2017
The primary response to the financial crisis by the U.S. government was to put in place many new regulations that covered everything from setting up a business to centrally clearing all derivative trading. I was recently listening to a video blog posted by Peter Schiff, he was mentioning that he would like to expand his Europacific Capital business, but said that it is becoming increasingly hard to do so state side because of the massive compliance measures and regulations set forth by U.S. government entities that make it too expensive for Europacific and other businesses to create jobs here
09 May 2012
Neither of the two are the best when it comes to breaking into Asset Management or equity research, but which of the two is easier to move over to the buyside? PWM probably has more networking opportunities and you are doing something front office-ish (mostly sales) Ops, on the other hand, is that you are gaining experience doing something tangible outside of cold sales, but none of what you learn seems to be transferable or interesting? My first impression is that PWM/PB is the way to go of these two, just wanted to see that the board has to say. I'm currently trying to network my way directly into asset management, trading, or research. But if that does not work, I will need to do something between now and bschool.
07 Oct 2010
Hi everyone, What i have come here is to ask whether I should take a PWM internship this summer ( rising senior) or an internship in audit at a big 4. My career plan is to work at a big 4 auditing financial companies and then get an MBA and make the switch with some networking into an Asset Management firm (mutual fund). WIth this offer I can get the internship straight into PWM at a boutique bank and get the experience necessary to switch to a mutual fund company. Should I take this offer or go with my original plan?
30 Nov 2010
Does anyone know recruiters specializing in PWM recruiting? or has anyone used one before and could shed some light? I am currently an IB analyst, looking to move into PWM. Any info / advice would be greatly appreciated.
20 Mar 2011
Do firms usually give employees a list of leads? Or are employees usually expected to generate their own leads? Are employees aloud to bring the list home? My parents are an hour and a half train ride away from NYC, so I figured I could kill 2 birds with one stone by living with them for 1-3 years after graduation. I can do an extra 3 hours of cold calling per day, while on the train and I can live rent free, until I establish a book of business. I'm also am an obsessive investor, so I would probably be able to invest half my take-home pay, which would also be nice. Don't be afraid to call me
16 Mar 2011
Please excuse my naivety, but I'm really having some trouble as to where to begin when it comes to looking for something for the summer. I ultimately want to go into IBD, but I feel like it's impossible to find something my sophomore summer. I have a 3.9 GPA, am slightly involved on campus, and last year I was the program director for a summer camp, which was actually an unbelievable leadership experience. However, since it's nowhere related to finance, it's obviously not relevant to anything this summer. So, my question is, what types of internships should I look for? I really have no connections, I don't know anything about networking, and I go to a target school that really doesn't provide much help with recruiting for your sophomore summer.
24 Dec 2013
Have an offer for a finance role at a large fortune 50 company and an offer from a boutique PWM firm that has been growing steadily for a few decades. Looking for advice to aid in my decision, thanks!
17 Nov 2014
Hey everyone i am trying to figure out if i have any chance of landing a interview/internship/job in BB investment banking. I just finished my sophomore year at non-target school. I am extremely active on campus, i.e. VP of Fraternity, project manager (business fraternity), entrepreneurship club, accounting association and i do tones of community service. I have decent connections with various banks. My major (accounting) GPA is a 3.7, however my overall GPA is a 3.2 (i was stuck in a wheel chair my entire freshman year and it resulted in a fall off in my GPA). This summer i am interning in PWM as well as continuing to hold on to a job i have had for (5 years).
15 May 2011
PWM is generally looked down upon, except for the opportunity to add "name" to your resume. Just curious, what is the exact difference between these two categories of PWM gigs/shops? I heard ML/UBS gigs are usually bich work. Would that be different for JPM/GS? Read a lot of conflicting opinions on this forum about say JPM PWM/PB (some good some bad).
05 Feb 2013
Hey guys, just wanted to gauge everyone on this. I went to IU's Kelley School of Business (undergrad) and graduated May 2010 (finance major). I've always been doing sales so after getting rejected by a few banks (I definitely didn't work as hard as I should have to land a IB job), I decided Wealth Management was the best route for me. Since joining this team, my target client is either a guy in banking, a trader, or someone on the buyside, and the more of these people that I meet, the more I believe that I am in the wrong industry.
20 Apr 2011
Hi, I'm very interested in working in wealth management as an analyst/ associate (working with clients, equity research, analysis) as a job out of a target school, however I do not want to be an Advisor in the long run. Is this a good route to take? What are some other exit ops? Would be very interest in PM or other investment type positions, are these possible out of wealth management? Any thoughts are extremely helpful!!
20 Sep 2014
Hey So Ive recently contacted some branch managers and I just wanted to know how hard it is to get an internship there. Ideally, I would like to get one in NYC. However, I am from a non-target school in the Midwest (UW Madison). I am a good student (Dean's List) and have a lot of HS leadership positions. Does anyone know how likely it is for me to get an internship?
06 Feb 2012
Anyone have any experience with this SA? It is for the private wealth management division of UBS, but not in a branch office, but at their PWM headquarters in weehawken. Any different? Exit opps after this kind of SA? I am interested in moving to Asset Management or research. Decent internship that I can turn into FT offer at a different division? What should I expect going into this interview?
25 Jan 2012
Help! I just got a summer internship offer at MS and was wondering if anyone knew the drug testing policy for local PWM branches? Do they administer drug tests because i have to admit, i love trees :)
11 May 2010
These are the words which shaped my youth . Growing up poor in Brooklyn, these guys were the stuff of legend and when you're dirt poor and the peaks of Manhattan look like a literal Wall Street Oasis...you develop a different set of sensibilities. Even though I knew more than one living inspiration for a Goodfellas character, not a single made man I even met or heard of had anything on this lady . Ms. Amy Butte (rface), folks...perhaps the most Original Gangster I never met.
14 Aug 2010
BAML PWM is in NYC, part time, unpaid and the MM is local (big city), full time, paid. Is it worth getting the brand name in this case? I am currently a sophomore at a semi target, with aspirations of working at a BB one day
07 Apr 2010
My question is what will be the better choice.... 1. Regional PWM at ML or 2. JPMorgan client services (from what i was told they deal with funds and putting orders through and such) (+) would be doing real work here as i was told
16 May 2010
A little bit about me: I go to a total non target SEC state school. I have a pretty mediocre GPA (3.3), have mediocre extracurriculars, and have no previous internshipsmnance experience. I'm a junior this year and am obviously working on these things but there is only so much I can change at this point. On the upside, I do have a decent and growing basic knowledge of the markets/investing. I am very passionate about the financial markets and I spend a great deal of time keeping up with them, studying books on investing, researching stocks, maintaining my own portfolio. etc.
14 Dec 2010
I have a ML PWM internship setup for this fall, but my school is not wanting to give me credit for it. ML requires academic credit to be given for their internships, which seems to be the norm after searching WSO. Is there any way around this? Has anyone ran into this problem before?
11 Aug 2011
Knowing that applying to BB's FT for IBD without a connection is basically a lottery, would the odds be better if I just apply to PWM for BB and focus on MM and Boutique IBD (I do have a very good MM connection). Honestly, at the end of the day I need a job and I'm going an unconventional route (straight from law school). My interest in IBD only came recently and I've always followed the markets so I wouldn't mind working in wealth management.
04 Aug 2011
Hi everyone, Lets say I want to gift 20k to my son. Obviously I can pass on 14k without inuring any gift tax but can I give $6,040 to my cousin (pay him 40 dollars lets say so cover wiring expenses, etc) and have him gift 6k to my son? where dem pwm folks at? It seems like if I wanted to I could do this (x1000) and gift my son tons of money tax free? That is assuming I knew 1000 people I actually trusted with to give the money back.
08 May 2014
So I have a dilemma. I want to go into IB after I graduated, hopefully by landing a solid internship at a BB next year (my junior year). However, from what I've read on the forums, PWM internships are bs. I won't learn anything legitimate, I'll mostly cold call and do administrative duties. People are also saying that it's something I should have gotten as a freshman. Now, I currently have 2 BB PWM offers in branch offices in a large city. I have about a week to make a decision. The problem is, I want to work in something that will teach me more relevant skills for IB. I feel that I am a strong interviewer, and if I were able to land an internship with a local IB, I would have a pretty high chance of landing the job. However, I have no interviews so far with local banks. I go to a semi-target, sophomore, and live in a big city. Should I just go with one of the PWM internships and be happy that I actually have a job? Or should I take the jump?
24 Apr 2010
So apparently I can't get my work email set up on my phone. I'm a PWM intern and someone on my team said it's not possible to access work email out of the office. Does this happen at other banks as well? I don't believe it...
07 Jul 2011
- What's the role of HR? Are they the ones to analyze resumes first, or does it go straight to bankers? 2. Will commercial/private banking internships help in landing a summer internship at a BB? 3. I was going through Penn's career survey reports a couple months ago and saw that a ton ended up either in BO or PWM. How common is that for top schools? [sorry if this is really noobish, but i'm genuinely curious. don't have any experience regarding this.] 4. PWM internships - are they good enough to land an SA gig at a BB?
22 Jun 2011
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
Hey everyone, Background: I'm currently a junior at Emory Goizueta setup to do a summer internship in accounting but am exploring some alternate career paths. I am interested in staying in Atlanta. So I've been reading some posts about PWM/PB and see that the salaries are good with 60-70k base and some bonus all for < 80 hours a week.
05 Dec 2011
Hey guys, I've worked ~4 years in equity reserach (have CFA) and have recently switched to PWM and am planning on taking the CFP. i enjoyed research but did not like having my comp tied to stock calls longer term. My new role isn't up to par with I thought (more account services) and I am looking for a role within an established team that would have a blend of CFA/CFP type responsibilities. Are there such roles out there (i.e more technical vs. operational tasks)? Secondly, what other CFA/CFP blend type of roles have you guys came across? Thanks,
06 May 2015
Hi, During my last internship (PWM) I did not do much of anything, but cold calling all day long. I'm trying to update my resume now, and I would like to get some feedback on what I have under the description of my last PMW internship. PWM Intern: • Conducted product, market, and client research, synthesizing data and performing product suitability for clients • Part of a three-member team supporting and managing over 50 accounts of high net-worth individuals whose combined assets exceeded $350 mm • Developed leads for prospective clients through phone calls, which directly increase AUM by
05 Apr 2015
Ok, I am interviewing at a couple of firms in Houston and wanted to get the boards thoughts on the firms that I am looking at. JPMorgan PWM Morgan Stanley SB PWM Merrill Lynch (FA Program) Any advice is appreciated. Thanks!
06 Aug 2009
I have received two offers for a summer internship for this upcoming summer. One is Merrill Lynch and is unpaid--it seems like a great opportunity with a structured intern program (allowing interns to visit the Fed, etc. and holding weekly classes/educational forums for interns). However, it will cost me $800 to enroll for partial credit, which is required. The other offer is at Guggenheim Partners Asset Management Performance Team. I will be mostly responsible for performance work and transitioning/entering performance details in compliance w/ GIPS. However, this internship pays $15/hr. I have to reply to them both by tomorrow morning and was wondering if you had any sort of advice or thoughts on my situation. Please, anything will help. What would you do? I am leaning towards Merrill, but still distraught. Thanks
20 May 2010
Ok... So I was wondering, a friend of mine accepted an offer with Morgan Stanley Smith Barney... Would it be accurate to leave off Smith Barney and put on his resume: Morgan Stanley Private Wealth Management Summer Analyst Afterall, Smith Barney is part of Morgan Stanley's wealth management, right? By the way, my friend isn't me. I'm trying to convince him that its not accurate, but he believes otherwise. Perhaps seeing it on an internet forum will help convince him.
16 May 2010
I'm a sophomore at a target trying to decide what to do this summer. So far I have internship offers from a small PWM firm and one in the finance/treasury division in one of the smaller fortune 500 companies. I guess my question is, if I want to eventually go into ibanking and set myself up to get a internship at a BB junior summer, which one should I take?
05 Apr 2010