Question: Do you consider PWM as banking?
I have seen a post on here that is referring to PWM as not being a part of banking. I had always thought it was. Do you consider PWM as banking? If I am wrong in thinking that it should be considered banking, I would like to know if I should be corrected.
Thanks!
PWM is part of "banking" in the sense that it's part of the financial services industry.
The term "banking" used on this site refers mostly to "Investment Banking Division" aka "IBD". This is a specific terminology, and only applies to jobs including Corporate Finance, S&T, Equity Research, and sometimes ECM/DCM.
PWN pays much, much, lower than "banking", and is really not comparable in terms of prestige and exit opportunities. On the other hand, you have a much, much better lifestyle. I've known ex-Merrill IBD VP's who exit IBD at ~age 30ish and jump to PWM. They take a pretty big pay cut, but then again, they've made enough to sustain them for a while.
Thank you, ibhopeful. Very informative response.
I am targeting IB but am considering PWM if I cannot break into a decent IBD.
Also, what does ECM/DCM stand for?
Equity/Debt Capital Markets
This explanation is a little off base. On these forums, when people say "banking" they refer to Investment Banking Division (IBD) which is a division of an investment bank. For example, Goldman Sachs is an investment bank which has an Investment Banking Division, S&T, Equity Research, Asset Management, Private Wealth Management, etc. So in this terminology, "Investment Banking" does not encompass S&T, Equity Research, etc. as the above poster suggested.
Check out Goldman Sachs' and Morgan Stanley's websites and look at the divisions if you are still confused.
PWM is almost always in the investment management division, so no, but if you talk with people outside the industry, they might not be able to tell the difference anyway.
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