This $10 billion Wall Street firm loves hiring interns

Wall Street is known to be a demanding place to work.

Interns have to impress the higher-ups as they shoulder full-time workloads, be it updating spreadsheets or tweaking pitches.

But the real prize at the end  — an offer for a permanent position  —  makes those gruelling hours worthwhile.

Full timers at The Polk Wealth Management Group (PWM) would agree. 

In the past five years, PWM hasn’t hired a single person who hadn’t had an internship there, the firm’s founder Lyon Polk said in an
 interview with OneWire’s Skiddy von Stade.

Here is a Polk (emphasis ours):

“When I look at wealth management people, because I already have the partners or senior partners that I think my business needs for the next 10 or 20 years, I’m really looking to hire the next level down. In the last five years, we have not hired a single person who hasn’t been an intern for us first. And the reason is because all these kids coming out of college today are smart and what I really want to know is do they fit in the culture, do they  —  when you look at different silos in the business — have a passion and interest in one of those areas and do they fit in the culture? The culture is the most important thing because we’re all here for long hours and I make sure that everyone gets along, wants to be here and fit in the culture.”

PWM has a team of 18 that advises clients on more than $10 billion of assets as of April, serving ultra-high net worth families, their foundations, and businesses. 

Here is the full interview:

NOW WATCH: TONY ROBBINS: Here’s the secret to investing like hedge fund billionaire Paul Tudor Jones

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.