Freshmen: What to do during your freshman year summer

It is no secret that Wall Street Oasis attracts a great deal of rising college students. Hence, I decided to make a post on the type of internships and work-experience students can go about attaining for their freshman year summer.

Before that, however, something needs to be said: it is not mandatory to have a “finance” internship after your freshman year. In fact, taking a vacation to Europe, volunteering your time to a cause you care about, interning for a candidate’s political campaign can be extremely beneficial. These experiences can allow you to have interesting material to talk about during your interviews.

However, if you really want to get your feet in the industry, here are some things you can do:

Private Wealth Management

Private Wealth Management: PWM is the branch of a bank that manages the wealth of affluent clients and offers an array of financial products/services to them.

Note: PWM internships are usually regarded as bs. However, having the name of a bank on your resume can only help BB. In many cases, PWM internships can lead to IB based internships next year.

Here is how to go about securing PWM internships:

  1. Find any classmates or alumni who work/have worked in PWM and reach out to them.
  2. Find advisers in your desired region, offices, and banks who are in PWM. You can do this by typing in “(Name of Bank) Private Wealth Management” in Google and exploring the websites that show up.
  3. Reach out to these advisers and try to secure an internship for the summer.

In finance, networking is one of the most efficient ways to get a job. Hence, be persistent with emailing advisers, reaching out firms and so on.

corporate finance

corporate finance: While different from IB Finance, these internships can provide you with helpful knowledge and work experience.

For these positions, usually, you will be able to land some sort of gig at local firms and Fortune 400 to 500 companies.

Securing an internship in corporate finance is not as straightforward. The best way to go about doing this is to ask your parents if they know any friends, colleagues, and etc. who will be able to land you some sort of position. Contacting your school’s alumni in this field and attending on-campus info sessions for corporations can only help.

You could also reach out to startups and small companies in your hometown and other places. Usually, if you are a smart kid, hardworking and the company needs the help, they will not mind you working for them.

Investment Banking

Investment Banking Internship: Now this is bit of a long shot, but it has been done before.

The best way to acquire an IB internship as a freshman is to contact local, middle market and boutique investment banking firms. And by boutiques I don’t mean Lazard, Evercore, or Moelis.

The way to go about doing this is to contact the people at these firms i.e. Analysts, Associates, MDs, VPs and etc. Tell them a bit about yourself, where you are studying, your interest in working for them, and etc. If you need some sort of structure, search WSO for cold-email templates as there are a ton of them.

If you contact enough people, you are bound to receive a response from someone. Moreover, working in BO (Back Office) or MO (Middle Office) roles cannot hurt at this stage.

Conclusion

Again, there a million of other things you could do over the summer. You could work in retail, go on a spiritual retreat or lend a hand to your family’s business. However, if you want to land a full time Front Office gig at a BB or elite boutique, your time may be somewhat better spent in the highlighted roles.

Also, if you type in something like “Freshman Internship Investment Banking” on Google, a great deal of forms on the topic will show up.

Thanks for reading! It would also be great for other monkeys and professionals to share their experiences on this topic.

 
Best Response

I love how people just suggest "go to a foreign country and live for 3 months"- do you guys have any clue how expensive that is? That's probably $5K. I know I spent my freshman summer bagging groceries at Wal-Mart for spending money during sophomore year. It isn't realistic to be traveling the world at 18 years old unless you come from family money.

 

Do something that requires a lot interaction with other people, and ideally not people you work for or work with. The earlier you start meeting people and interacting with them, the better you will be at networking when it matters - right before Junior year summer.

You can teach and learn excel modelling but you can't teach personality, communication and relationship building.

 

There are about 1000000 other posts dedicated to this. If you are lazy like this, you are never going to land an internship or a job. You have to move your a**. Anyway, here are some brief tips. (And please use the search function!!!!!!!!!!!!!!)

Go through your school's alumni database Check out alumni through linkedin Contact anyone in your family's network

Cold call local investment banks as well as MM and boutiques (check if there are an alums working there before calling)

Use M&I's template for your resume "You have no problem filling up your resume?" Does that mean you have done finance related internships during high school?

Yes, you can include them because you are an incoming freshman. After your first summer, you might want to take them out and replace them with any university accomplishments and clubs

 

I have been looking through them and been reeling in some valuable information from them, just thought I would make my own post to get some possible new information or advice.

There is one local investment bank that I was thinking about going in to drop off my resume and asking if there would be anyone I could get possible information from there in person. I assume this is something that could be helpful but could it be detrimental in anyway?

No, but I am currently working as a bank teller, that is the only direct experience I have with the banking industry. Other than that I have more than enough work and activities to put of my resume, some of which including starting 2 businesses, working as an official for 5 + years, coaching, captain of varsity football team ect.

I am currently filling out an application for a internship at JP Morgan in the summer, hopefully I can find a few more like this and then look at Middle Markets and boutiques.

Thanks for your advice, I appreciate it!

 

Yes, go an drop off your resume. There is nothing bad that could happen to you imo.

Working as a bank teller is fine (for now). Maybe you can get a IB position at the bank you are working at? Judging from the way in which you use "banking" and "finance", I am assuming that you don't have the best overview over the industry as yet. Read up a little more on WSO (maybe check out the Q&A).

About the starting 2 businesses. Only put it on there if they actually did something good. Did you just start up a one man web design company? Probably not something you want to have on your resume after your first year.

Check out BAML, I think the also have some.

No problem

 

I work at the local Chase bank, nothing big but I don't think they have an IB sector at all in my state.

Thanks for the advice, yeah as you can tell everything is kind of new for me.

One business was a fish tank instillation and maintenance business, I also bred fish and supplied local stores. (Weird, I know), and the other is an online business through ebay, which has been doing very well. On my resume I put down my revenue for the Ebay business, could this be a negative in anyway?

 
Red Power Ranger:

Also, remove your real name from your username! Change that username asap

I'm going to get demoted from a chimp now haha, thank you.

 

You could begin to cold-email local branches and botiques as well. I honestly got my first internships from one of the peer advisors at the University. Ask your resources and network with them, they could seriously hook you up. Begin applying on websites as well, chances are slim but it's still a shot.

 

Do something cool or fun if you're looking to add to the resume. I worked at my uncle's candy factory and when I was interviewing for jobs after my sophomore year, they loved hearing about it. Most importantly though, enjoy your summer, because if you are serious about banking then this will most likely be your last summer when you can fuck around.

 

It should still be possible as a freshman to find a somewhat relevant internship over the summer, and honestly this would be ideal (I think pretty much anyone on this board will advise that work experience will look better than taking summer classes). I'd keep reaching out to companies with your resume/cover letter and see if they'll take you on as an intern. Even if it's just work at some local branch office, that will look much better than nothing.

And don't get me wrong, there's a lot to be said for enjoying your freshman summer too (since you can get away with it a bit more now versus next year), but an internship would definitely do more for your recruiting prospects next year and junior year compared with summer courses. Congrats on finishing your first year!

 

Along with your summer courses I would highly suggest you read this book: Rosenbaum & Pearl: Investment Banking

Rebuild the models and I guarantee you will not only be ahead of your sophomore class, but the juniors at your school, too.

The difference between successful people and others is largely a habit - a controlled habit of doing every task better, faster and more efficiently.
 

Both of those opportunities should be fine; no one really expects you to have like a SA position or something and most people don't have any internship, so any finance-related exposure should already put you quite ahead. You want a good story to tell future interviewers, basically. Also, I would try cold-calling local boutiques and PWM firms and seeing what you can get there.

 

I like your thinking, artfuldodger. Smart to look ahead and realize that what you do in college really does matter when it comes to landing a job or going to grad school down the road. B-schools for example (and employers for that matter) love innovators. If you have the time and inclination, try starting up something of your own design, whether it be a business, a club, an organization or an event. Showing drive and creativity in this way will not only impress future employers and admissions reps, it will help you define your leadership style and help you figure out what you like to do.

Bryant Michaels Veritas Prep Consulting
 

For bulge bracket investment banks: Not really. Some may have freshman programs where kids spend a very short time at the bank (compared to SA) but I would think they are probably done with that by now. Sophomores also have few spots at these banks and typically they are high-achieving minorities from top schools. Junior year is when people secure a Summer Analyst position and then work at the bank in the summer before their senior year. After this, they will either get a job offer to return full time or no offer from the bank. Getting the summer analyst spot is VERY important if you want to get hired at any top investment bank. That is their main recruiting pool and it is possible to do a SA at say UBS but then work at MS or GS full-time. Since you go to NYU and live near everything I would recommend building close relationships with your career advisors at school. They can help you out with everything and NYU Stern has great presence on Wall Street. Start networking with alumni on linkedin and you might be able to get a internship at a small boutique investment bank or equivalent.

 

My friends from HS that went to NYU all had great internships during the year at boutique places so I would reach out to those places where past people in places you want to eventually be, have interned and pitch yourself. They had it so easy when it came to recruiting cause they had been recruiting since freshman year and it was easy for them to reach out and get internships left and right.

 

I take advantage of the post to ask for advice given that my situation is very similar to the one of "TheBestMan".

I am a freshman at a target uni in europe. Next year I'm going to apply for SA positionsat BBs and this summer would like to get some work experience to boost my CV (grades are already really high, but i have NO work experience). I reached out to I believe at least 100 boutiques both in Eu and U.S. but always got rejected saying that either they don't offer internships, or they offer it but for 2nd year university students... (Of course I offered to intern for free)

What should I do? Summer schools like LSE? Trading course (eventhough i want to do IBD)? Volunteering?

Thanks!

 

When I was a freshman I was just like you and wanted to do a freshman internship. Global internships might be a little bit to intense for a starting freshman, but I definitely think you should do a internship in the summer. I did one in engineering when I was a freshman and it was the best decision I've ever made. What are you planning to major in? Good luck with your future.

 

Is money an issue?

If not, enroll in an immersion language school for 2-3 months in Beijing or Shanghai. It doesn't matter if you have no interest in learning the language long term or working in Asia. At the very least, you can sell it as deliberately putting yourself into a fish out of water experience to challenge yourself and pick up a potentially useful skill.

Also, assuming you're a white guy, the market value of white male flesh is a lot higher in China than at home. If you're a 4 or 5 in Canada/US, you'll be a 7 or 8 in China. It's a pretty clear arbitrage.

If I was in this position and in my 20s all over again, I wouldn't go to Asia, though. I'd enroll in one of those Cuban summer boxing programs and would try to learn Spanish while I'm there. You can spin a similar story, but less dating arbitrage.

Those who can, do. Those who can't, post threads about how to do it on WSO.
 

Going to take a stab and say you're either at Indiana or CMU. I see a couple options:

a.) Reach out to a professor either in the CS/financial engineering realm and see if you can do research for the summer in any capacity. b.) Write for one of the amateur investing sites (e.g., StockTwits, SeekingAlpha, Fool, theStreet, etc.); this gets you paid and adds some practical examples if you need to pull something out. c.) Go on to indeed or internships.com and just try to do something fun. Something along the lines of what Ssits suggested.. Just an enjoyable experience that will make you a more well-rounded person in the end.

Array
 

Are you a freshman as well? I have no connections in AM/PWM, so I'm basically going the online application -> standard rejection response route. I'll say that my resume is pretty good for where I'm at as far as demonstrating an interest in finance/business in general. I have reached out to some local/smaller type firms and it's 1. you're too young / 2. your dad doesn't work here. At this point I'll try my hand at a few more places, then give it a rest and explore opportunities overseas.

 

If you're at Penn you could dick around for the next 3 years of your life, apply during senior year and you will get quadruple the # of interviews than the non-target kid that had 4 relevant internship. Your fine kid. Enjoy life in the 1st semester, its the most fun.

 
prudentinvestor:
If you're at Penn you could dick around for the next 3 years of your life, apply during senior year and you will get quadruple the # of interviews than the non-target kid that had 4 relevant internship. Your fine kid. Enjoy life in the 1st semester, its the most fun.
Sure, that works... if all you want is to be another fish in the sea. If you want to, however, finish ahead of your classmates and go straight to a megafund, then you better get the ball rolling right now. There is never an excuse for "[dicking] around".
 

I was in a similar position as yourself and ended up taking a job at a local tech company the summer after my senior year. It ended up working out really well because I was able to save enough that I could offer to work unpaid as a freshman in college. If you have any opportunities like that (working for good money, not at McDonalds) I would take it.

 

Great job dude. I'm in freshman year, and I got on the bandwagon over the past break. Stick with it, and you'll do fantastic. I have a position lined up at MS FA team. Not too excited but lunckily my boss is part of a prominent business family and he really is looking forward to teaching me this summer.

Achiever in college from freshman year: Rainmaker. Hustler in college from junior year: More than you initially hoped for. Dreamer in college from senior year: Top closer for 4 man boutique in Idaho in toilet lid M&A Everyone else: Dunkin Donuts.
 

Yes, you will never be able to get into the industry because you failed to get an internship at a BB your freshman year. But seriously just start cold-calling and try to get an internship at a BB or do PWM. Just thinking about investment banking as a freshman, you are way ahead of the game.

 

An alum who's in a PWM group probably should've been able to help you, even with an unpaid position. How are you conducting your informational interviews/cold-calls? There might be something wrong with what you're saying or you're coming off as socially awkward if you haven't been able to close the deal.

I'm not trying to come off as a dick, but I'm a freshman at a non-target with a 2.7 and I was offered an ER SA position at an IB after cold calling an alum and having a couple of conversations with him. I'm just saying, if you have a good GPA and are from a target your credentials are definitely not what's holding you back. I would suggest reaching out to PWM groups around your area even if you don't have alum working there.

 

Thank you for the reply. How should I approach searching for commercial banking internships? I'm rather unfamiliar with the commercial banking summer intern programs, especially at this point in the recruiting timeline. Any further advice greatly appreciated. Thanks.

 

It does help, but not mandatory. I did a internship during my sophomore year and it gave me an advantage.

When luck shuts the door you gotta come in through the window - Doyle Brunson
 

There are none. I've looked extensively. Your only options are outside of Wall Street or finding someone at a WS firm that will take you on unpaid (or if you're real lucky, they might pay you, doubt that would happen though).

Gotta have connects

"You stop being an asshole when it sucks to be you." -IlliniProgrammer "Your grammar made me wish I'd been aborted." -happypantsmcgee
 

Like Yacht_man said, contact the alum's via e-mail first and ask for an informational phone call. They may or may not request a resume, but if they do, you'll get to show your GPA and any EC's. During the phone call you should express your interest in interning for them. If they discuss salary, you should be realistic and recognize that as a freshman landing a gig in ibanking or pe is very rare, so I'd recommend saying you recognize you're a freshman and am more interested in getting your feet wet, etc...

Best of luck!!

 

obviously a PE or HF position is going to be much better if you're looking to get into IB, but they are few and far between and without some serious networking very difficult to get. typically, people go to PE/HF after IB, not before, but im not saying that there are zero opportunities.

if you're at a target, can keep your gpa above a 3.5, and interview well, i would at least focus first on getting a pwm internship next summer and just go the "normal" route to IB

----------------------------------------------------------------------------------------- I tend to think of myself as a one-man wolfpack Buyside strongside
 

PE will set you up for interviews the best, but China is something cool and will also help you land internships. Go with 1 or 3 if possible because they are very unique, especially for freshman.

"Greed, in all of its forms; greed for life, for money, for love, for knowledge has marked the upward surge of mankind. And greed, you mark my words, will not only save Teldar Paper, but that other malfunctioning corporation called the USA."
 

Teaching english still shows your communication/leadership skills as well as international experience.

That being said, a lot depends on what your future plans are. Really any of these are great options but if you are hoping to get into PE or VC than 1 may be the best option. If you want to do AM then why don't you do 2. If you are looking IBD or S&T I'd go with 3 cause it gives you a lot of cool answers to interview questions and will be a fun experience.

 

Oh it's definitely true. I've seen the paperwork and he's leaving for nyc next week. I mean, he has a 4.0 and a couple extra-currics, but no prior contacts, no family member in banking.

The BigHomie
 

It is front-office Investment Banking, trust me. He is a bonafide summer analyst, side-by-side with the juniors, I've seen his analyst class sheet thingie. I dont wanna say what group or bank because it would be wrong of me to disclose his identity, I probably already said too much. i guess your guys' skepticism has already answered my question as too how rare it is.

The BigHomie
 

My question is where does he go from there? Yes it is very impressive to get a BB IBD internship as a freshman, but is he going to work there the following two summers AND work there full-time? After a while, he'll jump up the learning curve and will be bored. It's not like he's accelerating his career, he's just prolonging it.

 

If I was in your situation I would probably take the internship. As long as you don't have to move away for the summer for the internship your same HS friends with still be there to get drunk and party with. Assuming that you go 8-5/6 everyday that gives you plenty of time in the evening to get drunk. In addition to that I think the work at the Wealth Management company would be a bit more interesting than sitting in a chair all day. Just make sure that you don't screw over the pools if you have already given a firm commitment.

 
CatsLHP:
If I was in your situation I would probably take the internship. As long as you don't have to move away for the summer for the internship your same HS friends with still be there to get drunk and party with. Assuming that you go 8-5/6 everyday that gives you plenty of time in the evening to get drunk. In addition to that I think the work at the Wealth Management company would be a bit more interesting than sitting in a chair all day. Just make sure that you don't screw over the pools if you have already given a firm commitment.

test test test test test test

 

I would take the internship too but seriously man, everyone's different, I'm a bit more anal retentive about this kinda shit like most Bankers, but even if you choose to do the lifeguarding thing, I think it's ok.

 

if you are at a major target nobody will care what you did after your freshmen year. however if you are at a nontarget, you need to differentiate yourself.

i worked at a day camp after my fresh yr and am starting at a top 3 bb in the fall but i go to a target. soph yr internship is more important.

 

I have given both pools a firm commitment, but right now I'm leaning towards the internship with possibly some lifeguarding on weekends. My family has moved since I've graduated from HS, so I'm not surrounded by my HS friends this summer (which is why I like the idea of working with other college students).

I go to a non-target, btw and and looking to build my resume (4.0 gpa, and I'm studying abroad next spring, etc.).

Any other opinions?

 

You really care what the pools think. If they are decent humans, they will understand that this PWM internship is far superior to their opportunity and will tell you to take it. If they still want you to do lifequarding, then tell them to stuff it.

But isn't this a no-brainer question. Although people may tell you freshman summer is not relevant, do you REALLY believe them. I can tell you being in industry that it IS important.

 

Honestly, I don't think much of PWM internships regardless of who it's with. If you're doing something substantial on the derivatives desk, why not stay there?

I did FT analyst recruiting one year for the BB IBD that I worked at. It's amazing the types of real experience kids get nowadays, working for MM banks and small PE shops. Any PWM experience I saw on a resume paled in comparison.

 

i'm going to guess that you got the china thing through family connections. (correct if I'm wrong)

when you recruit for sophomore year internships (possible ibd) It is 95% likely that they will ask you how you were able to get such an internship as a freshman. I agree with accountspayable that you should explore your options at such an early stage, and I think it would be impressive if you showed interviewrs that you had the tenacity to find your own internship beyond those family connections . . .

www.deepbench.io - Unlock the World's Knowledge
 

This answer could depend on what the no-name financial firm does and who works there. That said, I would take the PWM job. I did an internship in PWM at a BB one summer and while the work itself wasn't particularly challenging, if you work for a good broker/advisor you can learn a lot about the markets and products and will get exposure to other parts of the BB (research, Asset Management etc.). Also, BB advisors often manage money for I-bankers and other employees at the BB, so they have connections if they like you. It's all about showing an interest, talking to people and rising above the very mediocre fray of typical PWM interns. I got my current job in PE out of undergrad as a direct result of doing a good job in my PWM internship and being recommended to former BB bankers that left for a PE shop.

This result might be harder to replicate if the PWM job is at a regional branch office and not at HQ in NYC, but the same principles apply.

 

I did PWM at a BB last summer (the summer after my senior year of high school). It was a major waste of time, but at least it put something on my CV, and a few of the people working there had contacts in the investment banking division that were somewhat useful. Personally, I would take the PWM, but make sure you are proactive and try to prompt your bosses (nicely of course) into giving you something useful to do. Also, though this is just a rumor, I've heard that banks receiving thousands upon thousands of resumes often sift through them by searching for the names of certain favored firms, so having a BB on there might help in preliminary screening rounds.

 

You are still a freshmen, so take the pwm so next semester you have a well known BB on your resume.. although you won't learn as much.. you would have a higher chance of getting a IB internship soph... learn then.. you will still be a year ahead of all the other kids..

Ling~

Ling~
 

IBD internships are generally designated to candidates that the bank feels would be a good addition to the firm after a successful internship. If you have junior standing next year and intend on graduating early then by all means put that on your resume. However, if you don't plan on graduating early, it could come back to haunt you. You probably wouldn't be able to get an IBD job with that bank again.

I think the best bet for someone in your shoes is maybe look into PWM. I interned in a BB PWM my sophmore year and it wasn't hard to get.

Good luck on your search but I would agree with bullshark. Chill out and enjoy this summer.

 

With a 4.0 from a target school, an over-flowing resumé and with dreams of a career in IB, I'd guess you're from a reasonably wealthy family. Spend 2 months in a foreign country in an intensive language course, during which you speak nothing but that language. That skill will come in handy. Or go build a village in Africa. But don't "just volunteer". DO something.

Whatever it is, you're still young and free, so enjoy it. I'm just saying you can learn A LOT from something that is actually a lot of fun. Make it a summer to remember (that'll make the banks remember you, too).

 

If I were you, I would do the LSE Summer program (3 weeks in July) as part of an extended tour through Europe (have a friend join you). Do one of their finance courses (you have option to get an 'attendance' award for having just attended or the real grade (keep in mind my LSE summer class had only about 20 A's out of 100). This would look great in my opinion. It looks legitimate but is really an easy way to get your parents to pay for a trip to Europe. It's in July so you can travel in June and last week or two after the end of the LSE program.

 

next year as a sophomore you don't need to say you're a junior. there are opportunities out there for sophomore, such as specific internships tailored just for sophomores. Just look around at your school's career website. Don't lie because that will bite you in the ass when they check your transcript or request some documentation.

 

Drexel has a good bit of alums on the street and in a lot of smaller shops in Philly. I'd reach out to some of the smaller shops both in Philly and Conshohocken and see if you can intern there (AM,PWM,etc.) and build up some experience. There are a couple good threads on this, or use the WSO Database.

Also, this coming from a non-target in Philly myself, don't be afraid to reach out to alums from the non-target Philly schools (Temple,Nova,Drexel, St Joes,etc.) -- all are usually pretty receptive to other City 6 students w/ the obvious exception of Penn

Array
 

Thank you for your input, but what's your opinion on Drexel in the eyes of employers? I chose Drexel because I was previously a biology major, but now I am considering transferring due to the demand for finance majors from higher tier schools.

 

Well it's unfortunate that every potential employer is going to go across the street versus going to Drexel. Of course, the other side of that is that you can steal Penn's resources (going to TTS events thru WUFC, sneaking into recruiting events, etc.). Drexel is by no means a finance powerhouse but I know a few people across the NYC banking scene who went to Drexel (specifically at DB). You can get where you want to go at Drexel provided you put in a lot of networking/go-getter-ness, as with most non-targets.

Array
 
ASKhabra:
Hi,

Ive just finished the first year of my economics degree at a UK target uni and would like to get into Asset Management, however, whilst my academics are solid im lacking any real work experience and I know thats going to hold me back when it comes to applying for penultimate year internships in my next year (Ive tried applying to what summer programs i could find, however, practically all of the responses ive received back have been rejections stating that i should instead wait a year and apply again).

I wanted to ask, what do you guys think would be the best course of action for a person in my position right now? Ive still got 2 months until i have to go back to university and i dont want it to just get wasted...

So far im getting back into online paper trading (i figured even if the actual trading wont teach me anything applicable to real life, ill at least build background knowledge of current equities market) and am also planning to learn VBA, but these arent exactly concrete things i can put on my CV.

Thanks a lot

Did you do any Spring Weeks/Insight Days? Those are worth mentioning and additionally any leadership positions of societies at uni. Try to fix up some sort of a shadowing project or just volunteer at any firm remotely related to financial services in the next month so you at least have something to talk about on your CV. The paper trading is a good idea, maybe take some tests like the BAT to show for something of your summer?

 

Cold calls and emails are pretty much the only route toward an internship after freshman year besides family/friend connections.

Search for all types of asset management firms, hedge funds, private equity firms, boutique banks, whatever type of financial services company you are interested in etc. that have offices near you and shoot them emails inquiring about the possibility for an internship. In the most likely scenario, 99% of them will either not respond or tell you they are not taking interns/you are too young but you only need one positive response. It'll take a lot of effort on your part with very little positive feedback to show for it but that's what it takes. Pretty much any form of internship after your freshman year will be looked upon favorably seeing as no one really expects rising sophomores to have any legit experience.

 
FranciscoDAnconia:
Cold calls and emails are pretty much the only route toward an internship after freshman year besides family/friend connections.

That is not true if you are looking to do PWM or f500 CF which is what most freshman end up doing. OP, you should start applying for fall internships and since you are at a target you should apply to some boutique IB firms in addition to BB PWM and finally some f500 CF internships as a last resort.

Avoid paper trading as it will build poor habits and will not teach you any applicable trading skills, the purpose of paper trading is to learn how to use a trading platform and not to simulate an actual trading environment. You would be better off spending the time you currently devote to paper trading learning about the markets through research and reading. Try to learn about the models that are important to the instruments that you would like to trade (Black-Scholes for options, Balance of Payments Model and Interest Rate Parity Model for FX, etc.) alongside that read some novels such as "Liar's Poker," "Monkey Business: Swinging Through the Wall Street Jungle," and "Investment Banking: Valuation, Leveraged Buyouts, and Mergers & Acquisitions." All this should give you a good base and will help you answer techincal questions in interviews as well as build your general base of knowledge about finance at large.

"Well, you know, I was a human being before I became a businessman." -- George Soros
 

Ok guys, thanks a lot for the advice. I just want to ask one question though, suppose one were to apply in second year for summer internships with no practical experience, how much do you think it would hold them back?

 

As you know, banks mostly recruit juniors for internships so they can lock down most of their analyst class for the next year. No matter how qualified you are, banks are very structured/rigid in their recruiting process and this will make it VERY difficult to get a job as a freshman.

Also as a freshman even if you get an internship it may be completely pointless, e.g. paper-copying/coffee-cup-filling type work and if that's the case you'll be better off getting an internship elsewhere where you're actually learning something.

If you're set on applying, though, I would suggest contacting both of your industry contacts and "pitching" your story (which should be good and concise) and then asking if they know of any positions or know people who have positions.

Again I think your chances are slim just because you're a freshman, but at the very least contacting these people now shows them you're dedicated and pro-active. AND a few years down the road when you're a junior/senior you can contact them again and point out how you knew you wanted to do this since freshman year, which will help your case.

 

Go through them, even though chances are still slim. You will not get hired as a freshman going through the typical resume drop at your school.

Many banks are now just establishing formal sophomore analyst programs, but I do not believe any have formal freshmen programs (the one exception I believe being JPMorgan, whose program targets freshmen and sophomores).

The people I know worked as freshmen had MAJOR connections to the bank.

 

First, how do you have a GPA if you're in your first semester and final exams have not ended yet? Or am I missing something? Trimester system or something liek that are your school?

Second...you CAN get a position as a freshman in investment banking or trading, and you DON'T have to have connections to do it. You DO, however, have to have extreme luck. I know of four people who interned at BB's as freshmen in sales and trading/investment banking in NYC and none had connections. However, you have to realize that they are 4 out of an insane amount of freshman who probably applied/desired such a position.

Leverage your connections and you'll have a much easier time. Ask the two bankers if you can speak with them about your career and after you've spoken with them a few times and learned about THEIR careers also, bring up the fact that you're interested in getting a head start in investment banking the summer after your freshman year. They both will know exactly what you want when you first start talking to them but courtesy and etiquette still require you to go about this in a roundabout way. You can't email them your resume and say "find me a job, thanks," which, given the fact you're mature enough to even be interested in getting this head start, I am sure you already know. Good luck

 

man its hard..i myself am a freshman. but if you keep persisting and keep trying you will get interviews. I tried very very hard to find an internship and had 3 interviews with boutique ibanks. you have to show that you are extremely passionate. i had an offer with one of the boutique's but i said no b/c: 1. my advisor said no and 2. the hours they wanted me to work was way too long. but it's definitely possible. network..keep looking for internships..grab on every opportunity/link/whatever you can find. Good luck. btw how do you have your gpa already??

 

My GPA right now is a result of my midterms, and I'm absolutely confident that I will sustain it through finals. Hey, if I wasn't into working all day and night, I wouldn't be interested in I-banking right?

So the general consensus is to go exclusively through my contacts? Should I apply through my school simply in order to show my contacts how dedicated I am?

 

Does having a summer position as a freshmen (from a target, or even a non-target) matter in the long run? I know you can "learn stuff," "show intiative", and whatever, but really... Would a business school even care?

(These are not sarcastic. They are legit questions)

 

Maybe not, but my main objectives are the following:

1.) Build my resume 2.) Make money 3.) See if I can handle the all-work, no-play lifestyle, so if it doesn't work out, I can try something new next summer.

 

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