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Merrill Lynch financial advisory internship?
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Date: April 25th, 2008 2:06 PM Author: indigo chapel Subject: yay or nay? I've been selected to participate in Merrill Lynch's financial managment/advisory internship program in St. Louis. What do you guys think? Is it worth it? How much do these things pay? (http://www.autoadmit.com/thread.php?thread_id=804311&forum_id=1#9683244) |
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Date: April 25th, 2008 2:46 PM Author: black quadroon Take it, unless you have a better opportunity. The experience is valuable even if the pay is low. (http://www.autoadmit.com/thread.php?thread_id=804311&forum_id=1#9683451) |
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Date: April 25th, 2008 2:50 PM Author: indigo chapel Subject: yeah, you're right... this is too sweet of a deal to pass up. (http://www.autoadmit.com/thread.php?thread_id=804311&forum_id=1#9683476) |
Date: April 25th, 2008 4:19 PM Author: Glassy parlour so? (http://www.autoadmit.com/thread.php?thread_id=804311&forum_id=1#9683963) |
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Date: April 25th, 2008 5:48 PM Author: Bright hospital national security agency private bank or regular fa? (http://www.autoadmit.com/thread.php?thread_id=804311&forum_id=1#9684373) |
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Date: April 25th, 2008 5:59 PM Author: indigo chapel Subject: private bank, I believe... then again what did you mean by regular FA?
Also, how much does it pay? |
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Date: April 25th, 2008 6:40 PM Author: Bright hospital national security agency ML has its "private banking and investment group" which manages accounts with a minimum of $10million, and then there is regular wealth management which is everything else. Most banks break them out (eg. Citi Smith Barney vs Citi Private Bank).
Private banking will at least offer you much more exposure to alternative investments, otherwise if you are doing wealth management you will just be looking at mutual funds, stocks, etc. I don't recommend the latter.
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Date: April 25th, 2008 6:49 PM Author: indigo chapel Subject: I think it's the first one... the guy who interviewed me talked about managing some high portfolios. (http://www.autoadmit.com/thread.php?thread_id=804311&forum_id=1#9684545) |
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Date: April 25th, 2008 6:54 PM Author: Bright hospital national security agency Look at the guy's card, it would say on there.
HTH |
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Date: April 25th, 2008 6:58 PM Author: Bright hospital national security agency btw, are you a junior? What do you want to do? (http://www.autoadmit.com/thread.php?thread_id=804311&forum_id=1#9684576) |
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Date: April 25th, 2008 7:13 PM Author: indigo chapel Subject: junior... i have no idea what i want to do... (http://www.autoadmit.com/thread.php?thread_id=804311&forum_id=1#9684634) |
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Date: April 25th, 2008 7:17 PM Author: Bright hospital national security agency Ok, will just as a heads up, wealth management is not the best way into banking (http://www.autoadmit.com/thread.php?thread_id=804311&forum_id=1#9684646) |
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Date: April 25th, 2008 8:27 PM Author: Yellow house sneaky criminal merill is ghey (http://www.autoadmit.com/thread.php?thread_id=804311&forum_id=1#9684855) |
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Date: April 25th, 2008 10:42 PM Author: indigo chapel Subject: Atleast it's something... The guy said that there was no clerical work involved, I would attend seminars, cold call and meet with clients. What does that mean? (http://www.autoadmit.com/thread.php?thread_id=804311&forum_id=1#9685369) |
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Date: April 26th, 2008 10:34 AM Author: indigo chapel bump (http://www.autoadmit.com/thread.php?thread_id=804311&forum_id=1#9687211) |
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Date: April 26th, 2008 11:34 AM Author: Mischievous corner rigor cold calling is sleazy. You get a list of phone numbers and call strangers trying to talk them into letting go of their money.
Some places expect you to pressure your family and friends into giving up their money. |
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Date: April 26th, 2008 11:41 AM Author: indigo chapel Subject: is that what Charlie Sheen was doing in Wall Street? And what Will Smith was doing in Pursuit? (http://www.autoadmit.com/thread.php?thread_id=804311&forum_id=1#9687402) |
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Date: April 26th, 2008 3:16 PM Author: Bright hospital national security agency Have you seen boiler room? closer to that (http://www.autoadmit.com/thread.php?thread_id=804311&forum_id=1#9688272) |
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Date: April 26th, 2008 7:11 PM Author: Glassy parlour this is at the base of a lot of what WS does (http://www.autoadmit.com/thread.php?thread_id=804311&forum_id=1#9689408) |
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Date: April 26th, 2008 4:05 PM Author: Bright hospital national security agency It means that for a junior, this internship is pretty shitty. quite frankly you will not gain much value in terms of a skillset. If you're cold calling it's definitely not private banking either.
Have you thought about anything else? |
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Date: April 26th, 2008 7:13 PM Author: Glassy parlour Actually, you gain a lot. (http://www.autoadmit.com/thread.php?thread_id=804311&forum_id=1#9689424) |
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Date: April 26th, 2008 7:41 PM Author: Bright hospital national security agency Are you kidding? no offense, but what do you know about finance internships? (http://www.autoadmit.com/thread.php?thread_id=804311&forum_id=1#9689565) |
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Date: April 26th, 2008 7:59 PM Author: Glassy parlour That you, personally, gain a lot through the process. Areyoustupid? (http://www.autoadmit.com/thread.php?thread_id=804311&forum_id=1#9689646) |
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Date: April 26th, 2008 4:19 PM Author: fragrant offensive selfie roast beef Basically, how retail brokerages work is the financial advisors hustle to get clients. Hustling involves cold calling, joining clubs/networking, and hosting free seminars on investing or specific investment topics, and convincing people to give them their money. Most Advisors have licensed sales assistants, who do clerical shit, fill out client account applications and update the computer stuff, meet with clients or provide them with information over the phone, make sure portfolio statements get sent out, send out birthday cards or arrange lunches or golf with high value clients, and enter trades at the request of the advisor or the client. These sales assistants go one to become advisors after a few years. This is only a decent job if you have a real interest in having your own book of business and making a career out of it. (http://www.autoadmit.com/thread.php?thread_id=804311&forum_id=1#9688589) |
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Date: April 26th, 2008 11:16 PM Author: indigo chapel Subject: ok for a junior and at this point... that doesn't sound that bad. My gpa is in the 3.3-3.4 range and barely have any extracuriculars under my belt that would make me stand out in order to land a good stint as a financial analyst. All I have going is that I go to WUSTL. I can try to land one of the better ones my senior year. Other than that this offer looks pretty good. I get to make my own schedule as long as I hit 150 hours this summer, I get a small stipend at the end, and I get to put ML on my resume. Plus, this is one of the higher net client offices in the nice area of town.
"book of business"
Did you mean book ON business? or book of business as in interested in having your own clients? |
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Date: April 26th, 2008 11:31 PM Author: Dull Dog Poop as in having you own clients. Any type of branch system private wealth gig can either be majorly sleezy or very fun, depending on your personality. Its like being a used car salesmen, but for the well educated. I would not pass it up as a summer spot if you don't have anything better, then again, I would look elsewhere towards graduation. (http://www.autoadmit.com/thread.php?thread_id=804311&forum_id=1#9690886) |
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Date: April 26th, 2008 11:37 PM Author: indigo chapel Subject: thats what I figured.... for now I dont mind that. But you're right that I should seek a better one for my senior year. (http://www.autoadmit.com/thread.php?thread_id=804311&forum_id=1#9690914) |
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Date: April 27th, 2008 1:29 AM Author: Yellow house sneaky criminal they pay their entry levels 27k a year. prepare to be one of them (http://www.autoadmit.com/thread.php?thread_id=804311&forum_id=1#9691605) |
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Date: April 27th, 2008 12:25 PM Author: indigo chapel Subject: I get it.... You don't have to beat a dead horse. You guys act as if this is what I ultimatley want. It's just something to do for the summer.
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Date: April 27th, 2008 12:31 PM Author: plum insane yarmulke dopamine Wealth management in St. Louis? lulz. Um I think you'd be better off going to the swiss finance academy or something. EVERYONE knows that you are just going to be a cold calling bitch for your FA, and that you will not gain anything that can be used for a real job after grad. (http://www.autoadmit.com/thread.php?thread_id=804311&forum_id=1#9692835) |
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Date: April 27th, 2008 1:51 PM Author: Floppy Casino being comfortable on the phone and learning how to sell stuff/talk to people is a pretty good skill to have and can let you segway into something much better. depending on what you want to do this may not be an ideal gig, but you can definitely get a good experience out of it if you make the effort. (http://www.autoadmit.com/thread.php?thread_id=804311&forum_id=1#9693062) |
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Date: April 27th, 2008 2:21 PM Author: plum insane yarmulke dopamine tiNtcr (http://www.autoadmit.com/thread.php?thread_id=804311&forum_id=1#9693228) |
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Date: April 27th, 2008 2:30 PM Author: fragrant offensive selfie roast beef No, he's right. You definitely do learn some good skills, and you're constantly monitoring the market, so you know what's going on. It's not a terrible introduction to the world of finance. (http://www.autoadmit.com/thread.php?thread_id=804311&forum_id=1#9693291) |
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Date: April 27th, 2008 2:37 PM Author: plum insane yarmulke dopamine Yeah, this would be true as a high school senior or freshman. (http://www.autoadmit.com/thread.php?thread_id=804311&forum_id=1#9693345) |
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Date: April 27th, 2008 2:39 PM Author: fragrant offensive selfie roast beef I'm not saying it's ideal, but it is better than nothing. (http://www.autoadmit.com/thread.php?thread_id=804311&forum_id=1#9693365) |
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Date: April 27th, 2008 2:44 PM Author: plum insane yarmulke dopamine You are still glorifying this job way too much. At least I have a viable alternative, what do you offer? (http://www.autoadmit.com/thread.php?thread_id=804311&forum_id=1#9693393) |
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Date: April 27th, 2008 2:51 PM Author: fragrant offensive selfie roast beef A handjob? (http://www.autoadmit.com/thread.php?thread_id=804311&forum_id=1#9693419) |
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Date: April 27th, 2008 2:55 PM Author: Floppy Casino swiss finance academy? LOL, pay 5k to have some jackasses teach you how to punch in excel formulas. (http://www.autoadmit.com/thread.php?thread_id=804311&forum_id=1#9693437) |
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Date: April 27th, 2008 2:59 PM Author: plum insane yarmulke dopamine Yeah that's better than learning how to cold call old whales, trying to get them to invest a few thousand. (http://www.autoadmit.com/thread.php?thread_id=804311&forum_id=1#9693447) |
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Date: April 27th, 2008 3:07 PM Author: Floppy Casino he would be better of taking the internship and studying for the CFA I in december. (http://www.autoadmit.com/thread.php?thread_id=804311&forum_id=1#9693477) |
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Date: April 27th, 2008 2:59 PM Author: Floppy Casino i am right and you are wrong.
this is only an intenship--not even a full time job offer. having sales experience is very useful, particularly for smaller/boutique places that he may eventually try to get into in STL or the midwest. he isn't locking himself into some sort of track from which he'll never be able to escape.
i was hired for an internship last summer (which people here would probably consider "prestigious"), and i have no doubt that the thing that set me apart and got me hired was the fact that i have experience doing debate and was able to swing that as being akin to marketing/communicating a position. |
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Date: April 27th, 2008 3:01 PM Author: plum insane yarmulke dopamine Again, I think you are also glorifying what this internship will entail. Junior year is your most important time to get experience, wealth management in STL doesn't make the cut. (http://www.autoadmit.com/thread.php?thread_id=804311&forum_id=1#9693453) |
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Date: April 27th, 2008 3:06 PM Author: Floppy Casino no one said that this would be a fantastic or ideal position. it's not. unless he's dead set on doing IB in ny next year, that doesn't mean that he can't get some good skills and make the most of it.
right now it's april 27th and the chances of getting something really good are fading, unless he starts calling up random boutique places, hitting up alums/family/friends, and asks them if he can work for free (which isn't a bad idea). |
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Date: April 27th, 2008 3:31 PM Author: Overrated locus dingle berry I say take it. I have a Summer FA position lined up at a top BB in wealth management (think GS, MS, JPM)
Yes, while a Merrill Lynch unpaid internship may not be the best thing, if you are are a freshman, or sophomore having a big name BB bank on our resume will be better than being a camp counselor or taking summer classes. Most people applying will have non-financial experience. Obviously if you can get a SA stint this summer in IBD, by all means do it, but keep in mind Pre-Junior year SA IBD is very tough at a top BB unless your dad is Vice-Chairman etc.
If you want to go into IB I strongly recommend you take the position and try to network and see who your boss knows. Chances are if you are in NY, people in your group will know some bankers and if you impress them enough, they can set you up with interviews for IBD SA next year.
Sure, you may not be modelling, but IBD is very much a client-oriented business at senior levels so the best bankers not only have the financial skill set, but also excellent personal skills and relationship building. Push the soft skills and you can learn the technical jargon on your own.
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Date: April 27th, 2008 4:31 PM Author: plum insane yarmulke dopamine The OP is a junior. (http://www.autoadmit.com/thread.php?thread_id=804311&forum_id=1#9693894) |
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Date: April 27th, 2008 5:33 PM Author: Overrated locus dingle berry Being a junior certainly changes things a bit. If you can get a corporate finance role in a Fortune 500 company, that will be better than Merrill Lynch Financial Advisory. This is because the skill set you will learn from the Fortune 500 corp. finance internship (valuation, financial statements, prospective companies to buy etc.) will be more related to the skills in ibanking when compared to the skills you will learn in ML FA (prospecting, cold-calling, following the capital markets etc.).
If you have no other option besides the ML position, just take it. If you can manage to learn something during your time there, can network with others in your group to set you up for FT interview in the fall, and can then speak intelligently about what you learned and how it relates to ibanking (building relationships with clients, advisory, obviously with actual people rather than large corporations, but relationship building nonetheless) during the FT IBD interview you might be able to get something.
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Date: April 28th, 2008 12:23 AM Author: Glassy parlour You are, apparently, a gay flame. (http://www.autoadmit.com/thread.php?thread_id=804311&forum_id=1#9696441) |
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Date: April 28th, 2008 12:22 AM Author: Glassy parlour Subject: you can ride a segway to the next county but not in a your use here.
otherwise, A+. |