Value of boutique bank experience?
So i came to college thinking I would go into accounting without really knowing much about the ibanking field and now I am trying to jump ship into banking( I know I have horrible timing). I'm currently a junior majoring in economics and accounting at a non target. I'm have been applying my ass off to the different banks for a summer intern position, but I don't really have any banking experience. I have had a accounting internship for over one year but I don't think that will really make me a stand out. There are not a lot of boutique banks in my area and the only one's that offer internships are unpaid internships which really isn't a option for me. So i guess my questions would be is it really worth it interning at at a boutique bank without pay for the experience on my resume? Also is this common for internships at boutique banks?
Yes. From my experience, it will be worth it if your heart is set on getting into banking right away. However, given the current recession (specifically in the banking/finance industry), it may be wise to remember that there are typically two avenues into banking. You can start out of undergrad as an analyst that does all of the grunt work and works 100+ hours a week for little pay (at least for banking), or you can enter after your MBA as an associate and have a reduced workload, drastically increased pay, and more responsibility.
To start as an associate in a BB bank you typically won't need prior banking experience if you're coming from a quality MBA program. Given the economy right now, you may want to explore other career paths and try for banking again in 5 years when you have an MBA from a target school. This route is also advantageous due to the fact that it is typically very difficult to ascend past the role of Analyst without getting an MBA (there are plenty of exceptions, but it's not common practice as far as I know). So, why do the grunt work for little pay for 2-3 years when you can skip all of that and get into banking at a higher level after graduate school?
Just my two cents.
Thanks for the post. Now the question becomes.. What's the best way into a quality MBA?
-R-
You need to show strength in the following areas if you wanna get into a solid MBA: 1. academics (good GPA anf GMAT, or at least one of them) 2. work (increasing responsibility, leadership experience) 3. extra curricular (stand out with this, do something extraorinary, help other people, your community and again, demonstrate leadeship skills)
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