Advice regarding finance internships - Salary.sg Forums
Salary.sg Forums  

Go Back   Salary.sg Forums > The Salary.sg Discussion Forums: > Income and Jobs

Income and Jobs Discuss jobs, career options and of course salaries




Advice regarding finance internships

 Citibank Cash Back Card - up to $350 cash back* - Click to Apply Now 
Reply
 
Thread Tools
  #1 (permalink)  
Old 01-02-2015, 10:57 PM
Senior Member
 
Join Date: Apr 2013
Posts: 38
yourplaceormine is on a distinguished road
Default Advice regarding finance internships

Hi everyone,

I'm in my 2nd year in uni, and i'm currently looking out for a finance related summer internship, however I still don't know what kind of role I am really interested in, nor do I have much knowledge about the various fields in the industry.
Other than IB, what would be the next best option in finance? As of now, I am pretty keen on private banking, so where should I try interning at? The major banks probably won't hire a 2nd year, so would i stand a chance at the boutique banks?

Also, apart from IB, what other fields in finance would make breaking into private equity or venture capital more possible?

On a side note, I have a internship offer at a company mainly dealing with insurance, and although the internship is supposedly in wealth management, I have my doubts as this is not an internship at a bank, but rather an insurance company. Could anyone shed some light on the difference, if any, on WM at an insurance company and at a bank?

Thank you.

Reply With Quote
  #2 (permalink)  
Old 02-02-2015, 01:14 PM
Unregistered
Guest
 
Posts: n/a
Default

you should find out if the wealth management internship at the insurance company is just insurance agent in disguise. Those insurance agencies like to package their insurance agent job nicely with grant names and grant job descriptions to 'trick' the inexperienced undergrad in.

And you will only know if you are interested in something by doing it. use ur time in uni to do a few internships (take leave of absences if u must) and see which suits u most. And start with small banks... ur chance of getting into big/investment banks will be very low if you do not have any banking related internship experience to tok about.

Reply With Quote
  #3 (permalink)  
Old 02-02-2015, 01:51 PM
Unregistered
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by yourplaceormine View Post
Hi everyone,

I'm in my 2nd year in uni, and i'm currently looking out for a finance related summer internship, however I still don't know what kind of role I am really interested in, nor do I have much knowledge about the various fields in the industry.
Other than IB, what would be the next best option in finance? As of now, I am pretty keen on private banking, so where should I try interning at? The major banks probably won't hire a 2nd year, so would i stand a chance at the boutique banks?

Also, apart from IB, what other fields in finance would make breaking into private equity or venture capital more possible?

On a side note, I have a internship offer at a company mainly dealing with insurance, and although the internship is supposedly in wealth management, I have my doubts as this is not an internship at a bank, but rather an insurance company. Could anyone shed some light on the difference, if any, on WM at an insurance company and at a bank?

Thank you.

There isn't a "best" option" in finance. It really depends on your personality/preferences. IB isn't the best option if you don't like that kind of lifestyle.

Aside from that, breaking into PE or VC is difficult if you're not in IB. There're some fresh-grad PE/VC firms around, albeit not as established. Having said that, if you want to eventually break into PE/VC and to not go through the IB route, the best bet for you is to go through the commercial route (i.e. dealing with operations of companies). This include Consulting/MNCs/etc. Note that Commercial/Corporate banking are largely sales-roles.

With regard to your question:
- WM @ Insurance company: Deals mainly with insurance products
- WM @ Bank (Retail banking): Deals mainly with credit cards
- WM @ Bank (Private banking): Deals with everything the wealthy people need, from credit cards to investment products (e.g. investment in equities, bonds, etc.)

My advice to you is:
- Try to get an internship in a bank, even if it's BO operations. (from there, learn more about the different roles & network your way through).
- If all else fails, just get the best internship you can possibly get elsewhere.

Reply With Quote
  #4 (permalink)  
Old 02-02-2015, 05:44 PM
Unregistered
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by yourplaceormine View Post
Hi everyone,

I'm in my 2nd year in uni, and i'm currently looking out for a finance related summer internship, however I still don't know what kind of role I am really interested in, nor do I have much knowledge about the various fields in the industry.
Other than IB, what would be the next best option in finance? As of now, I am pretty keen on private banking, so where should I try interning at? The major banks probably won't hire a 2nd year, so would i stand a chance at the boutique banks?

Also, apart from IB, what other fields in finance would make breaking into private equity or venture capital more possible?

On a side note, I have a internship offer at a company mainly dealing with insurance, and although the internship is supposedly in wealth management, I have my doubts as this is not an internship at a bank, but rather an insurance company. Could anyone shed some light on the difference, if any, on WM at an insurance company and at a bank?

Thank you.
Given your knowledge of the industry and your current position, getting into IB/PE/VC is highly unlikely for you. The IB/PE industry in Singapore isn't as developed and getting into them without experience is pretty much impossible.

There are thousands, yes thousands, of undergrads out there who are working harder than you to find out what and where they should be interning at. Boutique private banks typically don't hire people without a book. Competition at bulge bracket level is insane to say the least, just do a linkedin search and see who you're competing against. I'm not trying to downplay you but looking at the amount of effort you're putting in to know the industry, you probably don't stand much of a chance. Well, that is unless you can get your parents/relatives to bring in a more than a couple of millions.

As for wealth management in insurance companies, you're typically looking at endowment plans/ILPs for individuals/pension plans.

Goodluck nevertheless.
Reply With Quote
  #5 (permalink)  
Old 03-02-2015, 08:26 PM
Senior Member
 
Join Date: Apr 2013
Posts: 38
yourplaceormine is on a distinguished road
Default

Thanks for the replies. Say if i were to take up the internship at the insurance company, would the knowledge then be considered relevant to the WM sector in banks?
Also, as someone had mentioned earlier, what would be the smaller banks that I can possibly look at to start off with?

Thanks!
Reply With Quote
  #6 (permalink)  
Old 03-02-2015, 08:59 PM
Unregistered
Guest
 
Posts: n/a
Default

useful reads...
://unofficialguidetobanking.com/assets/Unoffical_Guide_To_Banking.pdf
://unofficialguidetobanking.com/assets/Jargon_Buster.pdf
Reply With Quote

  #7 (permalink)  
Old 29-06-2020, 09:27 AM
Unregistered
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by yourplaceormine View Post
Thanks for the replies. Say if i were to take up the internship at the insurance company, would the knowledge then be considered relevant to the WM sector in banks?
Also, as someone had mentioned earlier, what would be the smaller banks that I can possibly look at to start off with?

Thanks!
There is nothing more or less prestigious in doing wealth management at a bank or with an insurance company. Wealth management is like being a relationship manager to wealthy people aka high class prostitute.

As long as you have a good looking face and are willing to betray your morals, you will go very far.
Reply With Quote
Reply

Bookmarks

« Previous Thread | Next Thread »
Thread Tools

Posting Rules
You may not post new threads
You may post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are On
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Seeking Advice For Jobs In Finance Sector jerrykoh82 Income and Jobs 60 29-10-2013 11:22 PM
Career advice needed-becoming an academic in finance, econs, business pasirris123 Income and Jobs 1 26-04-2013 04:51 PM
Advice on whether to enter the financial sector (Non-finance graduate) yennes Income and Jobs 21 20-06-2012 11:13 PM
Need Advice for internships walsly Income and Jobs 2 14-11-2011 11:20 AM
Requesting Advice with Regards to Finance Sector EpicMonkey Income and Jobs 2 05-05-2011 12:29 PM

» 30 Recent Threads
How to avoid giving pass salary...
7 Replies, 279 Views
Lawyer Salary ( 1 2 3... Last Page)
8,970 Replies, 2,909,846 Views
Compare civil service salary ( 1 2 3... Last Page)
10,575 Replies, 5,798,193 Views
MINDEF DXO (All FAQ on it) ( 1 2 3... Last Page)
3,374 Replies, 1,972,219 Views
ST Electronics ( 1 2 3... Last Page)
767 Replies, 233,135 Views
DBS Graduate Associate Program ( 1 2 3... Last Page)
720 Replies, 360,722 Views
Ex-MOE Teachers ( 1 2 3... Last Page)
78 Replies, 117,235 Views
Job Application with MOE... ( 1 2 3... Last Page)
218 Replies, 215,854 Views
Civil/Public Sector -... ( 1 2 3... Last Page)
401 Replies, 216,316 Views
Civil Svc/ Statboard - Typical... ( 1 2 3... Last Page)
2,515 Replies, 1,068,361 Views
How is life as a doctor in... ( 1 2 3... Last Page)
1,376 Replies, 950,540 Views
Compilation of MAs/Analysts Gross... ( 1 2 3... Last Page)
120 Replies, 28,007 Views
How much are you earning per annum? ( 1 2 3... Last Page)
11,992 Replies, 3,800,275 Views
How much to ask for starting pay... ( 1 2 3... Last Page)
76 Replies, 5,758 Views
SIM-UOL fresh grad starting pay ( 1 2 3... Last Page)
3,090 Replies, 1,311,031 Views
How much do you earn and save? ( 1 2 3... Last Page)
128 Replies, 22,540 Views
Career as Teacher ( 1 2 3... Last Page)
2,817 Replies, 1,700,310 Views
Queries about Cpib application ( 1 2 3... Last Page)
1,119 Replies, 520,532 Views
Software developers salary outlier
9 Replies, 1,662 Views
technical role in pharmaceutical...
8 Replies, 2,308 Views
UOB Management Associate Program ( 1 2 3... Last Page)
264 Replies, 172,543 Views
Roles in accenture singapore ( 1 2 3... Last Page)
397 Replies, 261,489 Views
Civil Service Performance Bonus ( 1 2 3... Last Page)
1,625 Replies, 1,324,656 Views
ITE lecturer ( 1 2 3... Last Page)
137 Replies, 128,329 Views
Anyone jobless for a long time... ( 1 2 3... Last Page)
2,984 Replies, 1,126,514 Views
Finding freelance web developer...
2 Replies, 396 Views
need some info on CNB ( 1 2)
18 Replies, 1,827 Views
UBS Financial Services Industry... ( 1 2 3... Last Page)
151 Replies, 18,158 Views
How much do you need to retire...
8 Replies, 907 Views
Whats your net worth ( 1 2 3... Last Page)
2,757 Replies, 818,033 Views
Powered by vBadvanced CMPS v3.2.2



All times are GMT +8. The time now is 02:52 PM.


Powered by vBulletin® Version 3.8.5
Copyright ©2000 - 2020, Jelsoft Enterprises Ltd.
Content Relevant URLs by vBSEO 3.3.2