<p>Hello all, </p>
<p>I have received 2 great offers from a big time bulge bracket bank. One is with the Private Bank where I will be managing wealth for very high income individuals and perhaps corporations as well. The other is doing Commercial Banking where I will find and permit financial solutions for mid to large cap corporations. I am very interested in both.</p>
<p>advantages of Private Bank internship:
1. Can possibly teach me a lot more about how to manage my own money.
2. In a very high profile city
disadvantages of Private Bank internship:
1. Not familiar with the city as it is a little far from home
2. Unsure about the growth opportunities in Wealth Management...especially in this environment</p>
<p>advantages of Commercial Bank internship:
1. In a very familiar city
2. pay is good(not sure about pay for other internship yet)
disadvantages of Commercial Bank internship:
1. city is not high profile....maybe not as much business?
2. smaller office</p>
<p>Does anyone know about opportunities for the future in either of these industries? does anyone know what job pays more as a starting analyst? do you know which one pays more if you continue to grow with the position?</p>
<p>i am really confused about what to pick and i am new to either field so if you could help me with this decision i would really appreciate it. if you have any experience in either field, please share!</p>
<p>I’m curious as well. I know an individual involved in management for the local office of a wealth & asset management firm and they offered me an internship here or in one of the other cities they operate in this summer. I’m contemplating whether I should take advantage of this even though I am aiming for law school after undergrad. I’m a finance major hoping to get into corporate finance law but wouldn’t mind exploring finance in a more hands on manner.</p>
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<p>I’ve never worked in commerical banking but it just sounds much more technical to me. However, I am at a PBIG right now so I can give you some feedback. </p>
<ol>
<li>If you have a lot of money($10mm+) it will teach you how to manage your money and read their financial statements. When you’re talking about managing a portfolio of $20mm… its mainly composed of fixed income investments in municipal bonds, and treasuries. Lots of times, these individuals will call in to make their own trades on equity positions. Remember, they’re rich and have access to rich(ie ceo/cfo) friends of publicly traded firms.</li>
<li>A high profile city such as NYC will do wonders for your IB networking</li>
<li>After 1-1.5 months, you’ll know the city well enough to get around. Carry a portable gps or pocket map.</li>
<li>Wealth management as an analyst developing a book requires raking in 10 or 20 million every two years. Unless you’re family has 10-20 million or access to that much through friends and relatives, it won’t matter how smart you are. It’ll be the dumbest move you’ve ever made. When you’re pitching for a $5mm account and the client asks you, “How much do you currently manage?” What is your response? “My firm manages $1.5trillion total but I don’t manage a single penny.” This business is all about the network, I’d advise you to get into it after you have developed a solid rolodex of contacts(wealthy individuals, not your 500 friend facebook profile).</li>
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