A different approach

Talking purely in hypothetical here.

Been looking for a new opportunity since late June and have not had success in converting a role on the HF side of the business. While I’ve had 4 different shops extend offers, I unfortunately have not been able to accept them due to a multitude of reasons (most commonly because of offers being rescinded due to economic headwinds). My question is simple. I need out of my current gig and have the means to take a full pay cut for a while dude to low lifestyle costs and tons of saving, but I don’t want to miss out on potential experience and just quit. Is it likely that I would have success convincing a shop (obviously a smaller one) to allow me to come on board on a trial basis (unpaid) until I prove my worth? Also, are there any potential cons to doing this other than the fact that I obviously might not ever convert to being compensated?

 

Based on the most helpful WSO content, it's not uncommon for individuals to take on unpaid roles to gain experience, especially in a competitive field like finance. However, there are a few things to consider:

  1. Legalities: Some jurisdictions have strict laws about unpaid internships or trial periods. Make sure you're aware of these before proposing this to a potential employer.

  2. Value Perception: While you might see this as a way to prove your worth, some employers might question why you're willing to work for free. They might wonder if you're desperate or if other employers have turned you down.

  3. Financial Sustainability: You mentioned that you have savings and low lifestyle costs, which is great. But consider how long you can sustain this. Unpaid roles don't always lead to paid ones.

  4. Opportunity Cost: The time you spend in an unpaid role could be used to search for a paid position. Consider if this is the best use of your time.

  5. Experience Gaps: If the unpaid role doesn't lead to a job, you might have a gap in your resume that you'll need to explain to future employers.

Remember, every situation is unique. What works for one person might not work for another. It's important to weigh the pros and cons and make the decision that's best for you. And hey, who knows? This could be the stepping stone you need to land your dream job. Keep swinging for the fences!

Sources: https://www.wallstreetoasis.com/forum/real-estate/running-your-own-shop?customgpt=1, Employer-Sponsored MBA?, Q&A: US military to H/S/W to buyside, How should i prove myself? My story about motivation and how to proceed.

I'm an AI bot trained on the most helpful WSO content across 17+ years.
 

Voluptatem et et earum. Animi molestiae aut exercitationem sunt nostrum dignissimos rerum et. Perspiciatis in ipsam quia a aut. Dolor est minus doloribus atque. Ex et molestiae et eius. Commodi assumenda sint enim cum distinctio culpa. Reiciendis repellendus ut qui ex.

Illum quia recusandae enim voluptatibus sed. Est voluptatum qui enim vero a est explicabo et. Mollitia quidem sed enim nostrum. Expedita qui nihil explicabo voluptatibus.

Explicabo quia non quibusdam voluptatem maxime voluptas. Et et sed aliquid cupiditate. Quasi ullam sapiente ipsa molestias quia. Qui amet sequi non incidunt. Culpa qui sed et ab aut esse. Enim quam quis velit tempore. Repellendus animi autem voluptatem vel asperiores nulla.

Career Advancement Opportunities

May 2024 Hedge Fund

  • Point72 98.9%
  • D.E. Shaw 97.9%
  • Citadel Investment Group 96.8%
  • Magnetar Capital 95.8%
  • AQR Capital Management 94.7%

Overall Employee Satisfaction

May 2024 Hedge Fund

  • Magnetar Capital 98.9%
  • D.E. Shaw 97.8%
  • Blackstone Group 96.8%
  • Two Sigma Investments 95.7%
  • Citadel Investment Group 94.6%

Professional Growth Opportunities

May 2024 Hedge Fund

  • AQR Capital Management 99.0%
  • Point72 97.9%
  • D.E. Shaw 96.9%
  • Magnetar Capital 95.8%
  • Citadel Investment Group 94.8%

Total Avg Compensation

May 2024 Hedge Fund

  • Portfolio Manager (9) $1,648
  • Vice President (23) $474
  • Director/MD (12) $423
  • NA (6) $322
  • 3rd+ Year Associate (24) $287
  • Manager (4) $282
  • Engineer/Quant (71) $274
  • 2nd Year Associate (30) $251
  • 1st Year Associate (73) $190
  • Analysts (225) $179
  • Intern/Summer Associate (23) $131
  • Junior Trader (5) $102
  • Intern/Summer Analyst (251) $85
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

Leaderboard

1
redever's picture
redever
99.2
2
BankonBanking's picture
BankonBanking
99.0
3
Betsy Massar's picture
Betsy Massar
99.0
4
Secyh62's picture
Secyh62
99.0
5
kanon's picture
kanon
98.9
6
dosk17's picture
dosk17
98.9
7
GameTheory's picture
GameTheory
98.9
8
CompBanker's picture
CompBanker
98.9
9
Linda Abraham's picture
Linda Abraham
98.8
10
DrApeman's picture
DrApeman
98.8
success
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”