May 02, 2024
Embarking on a career in wealth management can seem daunting, especially within the complex and competitive fields of investment management and private equity. Internships serve as crucial building blocks in this journey, providing early exposure to the financial sector that is both enlightening and essential for your professional growth.
As the wealth management landscape continues to evolve rapidly, the role of internships in shaping aspiring professionals cannot be overstated. At Dakota, where we have been deeply involved in the investment management industry since 2018, we've seen how these experiences contribute to the development of skilled professionals who lead the future of finance.
As CEO of Dakota, with extensive experience in investment sales and a career spanning over five decades, I have seen the profound impact that these early experiences can have on a career. My own path, although now at an executive level, is still informed by the solid foundational skills I developed in my early days within the industry.
With this background, I am committed to highlighting the unparalleled learning opportunities that internships at wealth management firms offer. These aren't just opportunities to enter the industry—they are a chance to build a strong, enduring career path.
In this article, we will explore a list of the top wealth management internships for this upcoming Summer 2024. By the end of this, you will have an idea of the options available, and explore further.
Duration: Summer 2024
Location: Springfield, MA
Job description: Northwestern Mutual offers a comprehensive internship program for students interested in exploring a career as a financial advisor before graduation. Based in Springfield, this opportunity provides extensive training, mentorship, and the chance to build a financial planning practice within a supportive and resource-rich environment of a Fortune 100 company. Interns from various academic backgrounds are equipped to help clients achieve financial freedom through Northwestern Mutual's distinctive planning approach.
Responsibilities include building a client base, networking, setting meetings to discuss financial goals, preparing financial plans, and offering recommendations using advanced planning software. Additionally, interns will work towards obtaining their Life, Accident, and Health insurance licenses and can pursue further certifications such as Series 6 & 63 or CFP®. Northwestern Mutual's internship also features weekly development meetings, access to local and national recognition events, leadership programs, and expert collaboration.
Company description: Northwestern Mutual, one of the "World's Most Admired" companies according to FORTUNE® magazine, has helped clients achieve financial security for more than 159 years. The company focuses solely and directly on its clients and seeks to deliver consistent and dependable value to them over time. Northwestern Mutual and its subsidiaries offer a holistic approach to financial security solutions including life insurance, long-term care insurance, disability insurance, annuities, investment products, and advisory products and services.
Duration: Summer 2024
Job description: PFM’s Interns are a critical part of the project teams that serve our broad base of clients. Each role provides a solid foundation for a meaningful and growth-oriented career with the firm, and many of our Managing Directors and project managers have spent their entire careers with PFM. Your core objective is to serve PFM’s Financial Advisory practice by providing analytic resources and solutions that support key client engagements and transactions. Day-to-day contributions Quantitative Analysis and Financial Modeling: Working with senior team members to create qualitative and quantitative analyses that support various projects, many of which involve the creation and use of customized financial models and spreadsheets. Presentations and Reporting: Preparing and delivering presentations, reports and summaries that outline financial scenarios and recommendations to clients. Marketing and Business Development Support: Contributing to and reviewing financial, legal, and marketing/proposal documents for all transactions and projects to which you are assigned.
Company description: PFM Financial Advisors LLC plays an integral role in the capital formation process for municipal and not-for-profit bond issuers. PFM’s financial advisors contribute across all phases of the debt financing process, providing independent and expert advice to best position our clients to meet their short- and long-term goals and objectives. PFM’s Quantitative Strategies Group (the “QSG”) comprises a group of dedicated professionals whose mission is to develop proactive strategies and tools for all of PFM’s business practices. Through the use of advanced financial analysis and commercial and proprietary software, the QSG develops customized solutions to meet the individual quantitative needs of all of our clients. Our extensive quantitative capabilities allow us to provide services which address the full scope of strategic and operational considerations, ranging from capital financing strategies, to strategic planning and budgeting, to investment management strategies. If you are ready to experience the challenge, satisfaction, and reward of an opportunity with PFM, please apply here, or refer a qualified candidate. PFM is not offering visa sponsorship for this position. Simply put, the advice we give our clients is concrete, meaningful and indispensable.
Duration: Summer 2024
Location: Philadelphia, PA
Job description: The Merrill Lynch Internship program invites both undergraduate and graduate students from various academic backgrounds to explore a career in finance and wealth management. This program is designed for individuals who demonstrate a strong academic record, a genuine interest in finance, and exceptional analytical and communication skills. Candidates are expected to possess meticulous attention to detail, the ability to thrive in a fast-paced environment, and a keen desire to learn and progress in their careers.
Company description: Merrill Lynch is a well-known financial organization with decades of experience in the field. Wealth management and investment banking are two areas in which this company has established a strong reputation since it was founded in 1914. The organization provides a broad range of services, some of which include retirement solutions such as financial planning, consulting services, and others. They prioritize client satisfaction and commitment to delivering personalized strategies and tailored solutions.
Duration: Summer 2024
Location: Red Bank, NJ
Job description: The OceanFirst Bank Summer Internship Program offers a paid, part-time opportunity for undergraduate students interested in the banking sector. Interns will engage in a range of activities under the mentorship of subject matter experts. Their responsibilities include executing department-specific projects, collecting data, conducting research, and providing administrative support. This hands-on experience is complemented by opportunities to develop and refine analytical reports and presentations that help shape management decisions. The program aims to foster a comprehensive understanding of the banking processes and customer experience, as well as the interrelationships among various internal departments. Interns will also contribute to enhancing the quality and reliability of data and participate in documenting departmental processes and procedures.
Applicants should possess excellent written and verbal communication skills, problem-solving capabilities, organizational skills, and proficiency in Microsoft Outlook, Word, Excel, and PowerPoint. The work environment is typical of an office setting, with some standing and walking required. This internship is ideal for students eager to apply their academic knowledge in a practical setting while gaining valuable insights into the banking industry.
Company description: OceanFirst is a dynamic bank focused on organic growth and increasing operating scale through acquisitions, while keeping an eye on risk management and regulatory compliance. Digital services offered to customers continue to expand with new trends in banking and technologies that support convenient and secure money management. At OceanFirst Bank, each one of their employees plays an important role in fulfilling the mission and taking responsibility to execute daily tasks in alignment with their core values.
Duration: Summer 2025
*While this internship is not for the upcoming summer, sometimes you may need to apply a year in advance for high quality, competitive internships such as Morgan Stanley.
Location: Purchase, NY
Job description: Morgan Stanley offers a competitive 10-week Summer Analyst Program in Wealth Management, strategically placed within the Wealth Management Home Office. This segment is instrumental in developing products, investment solutions, digital offerings, and research that Financial Advisors use with clients. The program, based in Purchase, NY, with options in the New York Metro area, immerses interns in the core operations of wealth management.
Interns collaborate with their teams to tailor custom solutions for clients, taking on roles that may involve product development, investment research, analytics, marketing, business development, and more. Candidates should be pursuing an undergraduate degree with an expected graduation between December 2025 and June 2026, have a minimum 3.5 GPA, and possess strong analytical and communication skills. Legal authorization to work in the U.S. is required, without the need for future visa sponsorship. This program is an excellent entry into the financial services industry, offering deep insights and real-world experience in wealth management at a leading firm.
Company description: At Morgan Stanley, they focus the expertise of the entire firm - advice, data, strategies and insights - on creating solutions for their clients, large and small. Since their founding in 1935, Morgan Stanley has consistently delivered first-class business in a first-class way.
At Dakota, our motto is always know who to call on, and this can be extended to your career as well. Laying the groundwork with strong, quality internships will lead to great success down the road for a career in wealth management. Knowing where to start is key.
To learn more about the first investment management industry job board, visit Dakota Talent.
Gui Costin is the Founder and CEO of Dakota.
