What’s the best way to land a wealth management internship? Let’s explore six tips to find the internship you want.
1. Decide what you need from an internship
When you completely understand what you want and need from an internship, you can narrow down your search. It will also help you decide if you get selected for multiple internship opportunities.
Perhaps you want exposure to specific wealth management products or services, gain analytical skills, or network and build your client base. List your needs and wants and let them guide your efforts.
You may also consider utilizing the 12 Tribes of Financial Planning model to assist you in your search. The model was developed by a group of professors to be a resource for students or young professionals looking for career direction within the industry.
2. Start your internship search
Next, start researching internship opportunities. Leave no stone unturned and utilize several resources, including job sites, social media, company websites, college counselors, professors, mentors, and even friends and family members.
Get creative with your approach, and feel free to contact firms directly if you don’t see internship opportunities on their website.
As you reach out to those in your network, you can also use this time to ask them if they’d be a reference for you — you’ll need those once you start the interview process.
3. Create (or update) your resume & cover letter
Now’s the time to create or adjust your resume based on your desired internship. Consider what the hiring firm is seeking in a candidate and update your resume accordingly. Hot tip: pull any relevant keywords that align with your experience from the job description and sprinkle them throughout your resume.
Don’t forget about the cover letter. Use your cover letter as an opportunity to share why you’re excited about the potential opportunity and how your experience lends itself to the specific internship. Customize your cover letter for each internship you apply to — don’t send a generic one.
College students should use their career services offices to help with resume and cover letter preparation. These are usually free services within the college or university, so be sure to take advantage of their expert assistance.
4. Apply and prep for interviews
It’s time to start applying to relevant internships at wealth management organizations. The more positions you apply for, the better your chances of landing an internship!
As you apply for each internship, think about how you’d prepare for an interview. Start by reading up on the company and having some thoughtful questions to ask. You’ll also want to inquire what the company is doing to promote diversity in the organization.
Outline some examples of your past experiences to share during the conversation. You can also research “STAR questions” (situation, task, action, and results) to practice for your interviews. These questions typically begin with, “Tell me about a time when…” or “Describe a situation when…”
5. Watch our Forum
In September, we hosted an expert panel that shared various viewpoints on the wealth management internship experience. There’s a lot you can learn from other’s experiences, and our industry experts shared their best tips for what to expect and how to prepare for an internship.
You can watch the replay of it in our Resource Library and read some of the takeaways from the conversation.
6. Network
Networking has many benefits, no matter the industry in which you work or the stage of your career. A solid network can help you find new opportunities, including an internship.
Students or recent graduates can benefit from networking in other ways, such as building confidence, getting advice, and building long-lasting relationships.
Students can also check with their degree programs at their college or university as they often have on-campus networking opportunities. They should also reach out to the local chapters of the Financial Planning Association or Society of Financial Service Professionals to see about attending their monthly meetings or seminars. It is a great way to start interacting with local wealth management firms.
Watch our Forum, “What I Wish I Knew About Networking,” and read the recap for more tips on networking and preparing for networking events.
Landing a wealth management internship may not be easy, but understanding your goals and having the right approach will lay the foundation for your career.
If you’re looking for an internship, check out the Careers tab on our website, and stay in touch with us to hear about upcoming events and opportunities!