How common are internships during the school semester?
I have a PWM internship lined up this summer but I am extremely behind in the game, as I will be a senior next year. I am a finance major at a non-target.
I really don't want to graduate with only one PWM internship, so I am cold emailing HR at a regional bank asking about opportunities during the school year. My question is, do banks commonly have intern programs during the school year? If they don't, what is the best way I can shmooze and get an off-season position as a student?
Smaller firms are sometimes flexible if you're going to do one on top of classes. I did a shitty internship with a mutual fund advisor and then a decent one with a commercial real estate company. Led to a SA offer from a boutique ibank and an upcoming SA interview with a real estate-focused ibank. I just cold-called the main line of the office and asked about internships. I can't speak about the larger banks, but smaller ones have less structured programs and you can definitely find a way in if you are just persistent.
from my experience in nyc, yes, a lot of places have internships during the school year
How to get an Off-Cycle Internship (Originally Posted: 07/25/2013)
How does one go about interview/getting an off-cycle internship? I go to school in NYC, and I am approaching my Junior year. I would like to get an internship at an MM or BB, preferably in IBD, to help position myself best for next summer. I would like to do one of these during the fall.
However, most of my networking thus far has been for next summer. How do you go about networking for a fall position, or should I just call up the company and ask? Do I fill out an application, because I don't see any. Do BB's or MM's even do these? Any advice would help, thanks.
edit: Also is this a good idea considering recruiting is coming up soon, or will this be take valuable time away from my prep work?
Simple, just get a list of IB firms in your area (should be really easy given your location) and shoot them emails asking if they need any help during the fall or spring. Good luck.
Yes but could this still apply for BB's or MM's such as Lazard, Evercore, Moelis etc... I feel stupid emailing Goldman Sachs asking if they need help in the fall...
Do you think your response is tailored for boutiques? No problem with that, as I am working for one now, just wondering.
I would say it's much more common for boutiques since larger banks have much stricter HR policies, etc.
every single legit bank (BB,MM,Elite Boutique) that has summer internships also has off-cycle ones lol
positions should be open for most of those check MS for example...
do your own research, dont just ask random people on WSO you will often get wrong answers too...
Off-Cycle Internship / Job (Originally Posted: 04/12/2012)
I'm a sophomore in NYC and will be an SA at a BB this summer. I'm considering doing an off-cycle internship this fall and next spring at either a PE shop or VC firm (looking for something paid). Anyone with experience regarding these types of off-cycle internships/jobs, when does recruiting start, how does the recruiting process work, etc?
Being that I just went though this process, I might be able to give you some advice. My one buddy worked in IB for awhile then went to a PE shop, and so this advice is coming not just from me, but him as well. Currently, I am interning at a PE shop and have an internship in IB this fall. I graduated college a month ago.
Getting an internship at a PE shop or VC firm during undergrad is virtually impossible. Not entirely impossible, however, if you don't know someone personally or have an 'in' then it's going to be difficult. PE shops usually hire interns or associates who have worked for a few years in IB or are almost through a graduate/MBA program, or they don't hire interns at all. Sometimes PE shops will have projects that they want extra help with and will hire undergrad interns, but its not very common. I got lucky in that regard because one of the partners went to the same school as I did and had a soft spot for me. You might also have to offer to work for free, however, you mention that you don't want to do that.
What you should do is call the firms and try to speak to a partner directly. Applying online with those automated resume applications is pointless. You want to call, talk to someone, find out if they do internships, and if they do try to get an interview. If you inquire to a partner via email, make sure you always attach your resume. People hate sending another email asking for you to send your resume. Make sure they like you, and don't try to impress them with book knowledge. They know your a college student, so don't try to impress them with your impeccable intelligence just yet. You want them to want you to be there, meaning, someone thats easy to be around and work with. My buddy who I mentioned interned at an IB with many other interns at the same time. He said there was one kid who was the smartest kid in the world but everyone hated him because he was so socially incompetent. Nobody ever wanted him to come to happy hour because he was such a drag to be around. He might have been smart, but IB is not the hardest thing in the world and likeability is way more important than book knowledge.
Your best route to working in PE is to try and secure an internship in IB, impress them, work as an analyst and pay your dues for a few years (you'll be working 90-100 hour weeks but getting paid way more than all your friends), then exit and try to work at a PE shop or VC firm as an associate.
Here's what I would do if I were you.
1) Internship in IB or PE (off-cycle if you can land it) 2) Summer internship in IB during your Junior or Senior year 3) Internship, Analyst position, then associate position in IB once you graduate (At one of the IB's you interned) (1-3 years) 4) Internship or Associate position in PE 5) You can now do whatever the hell you want
Take my advice with a grain of salt. Its really all about who you know.
Internship during school (Originally Posted: 02/15/2007)
To all the BANKERS that have screened resumes / conducted interviews:
Do you expect students to have an internship / job during the school year, or will summer only suffice?
no and yes, respectively
Internships during school year and advice on possible plan (Originally Posted: 05/10/2007)
1) How possible is it to get finance internships during the school year in various areas? I'd expect IB to be unlikely, but what about wealth management and other areas?
2) I've come up with a possible plan to graduate in 5 years instead of 4. I'm in a program where I can get an MBA at Kellogg after 3 years of work experience, 1 of which can be during school. I'm now a junior with experience only in engineering/science research and computers. I want to take off next year to do finance internships to get experience and since this will count for 1 of the 3 years needed for the MBA, which fits with IB since IB is generally 2 years. Will firms mind this? Will they let me interview for SA spots if I'm not a FT student at the time?
1) A lot of people work in private wealth management during the school year, but the internships are normally unpaid, and from what I hear, really boring. Most people just do it to put it on their resume. As far as IB, I know people who have interned during the school year, but mostly in NYC from schools like NYU, Baruch, and Rutgers. Not sure about other cities.
Are a pair of clubs on campus that provide the kind of experience you're talking about. I've seen students from UC Berkeley secure year-round investment banking (M&A) internships as well.
do you know when these jobs are generally applied/interviewed for? is it the summer before the school year begins?
Any internship you have while taking full-time credit hours is pretty much meaningless in my opinion. At best, you only hope to put in 20 hours, which will just be enough time to load the printer with ink and take lunch orders. You also have consider the fact that you will be sacrificing library time to do these trivial things which will be reflected on your GPA. Personally, I think there are much better ways to invest your time especially if you are going to be in graduate school.
clarification: this will be full time, which is why i would extend graduation to 5 years instead of 4
what school do you go to? eg. target or non-target if you don't want to get too specific
Northwestern
Off-cycle Internships (Originally Posted: 09/14/2009)
What have you guys heard/seen about i-banks offering off-cycle internships during this recruiting season?
.
even tougher than SA IMO, but still possible
What information are you looking for?
Off Cycle Internship (Originally Posted: 05/05/2011)
Hey All,
I'll be in NYC for my senior fall semester. Do you guys know of any boutique banks that have had fall interns in the past?
Regards.
Which boutiques did you find that offered fall opportunities?
Where/How can I apply for an Off-cycle PWM internship? (Originally Posted: 10/19/2014)
Dear all,
I'm searching for an off-cycle internship for spring 2015 any ideas in how I can apply for an off-cycle PWM Internship?
Use linked-in to find an experienced FA with whom you might share something in common (undergrad etc.) and ask if you can buy him a cup of coffee and pick his brain.
You've now made a connection with someone who can push you in the right direction. Best-case scenario he either needs an intern or knows someone who may. Worst case scenario he can be the launch point for more targeted networking.
Another option is to just cold-email branch managers/directors in your area and one of them is sure to have a spot they want to fill.
Good luck.
Internship During the Semester (Originally Posted: 01/25/2010)
I plan on calling a few clearing firms on the NYMEX(yes there are interns on the floor) and a few hedge funds in the area to ask about internships during the spring semester. Have any of you had any success in doing this? What do you guys usually say when speaking with the firms? Is it just...name, school, and then letting them know that you are interested in interning? Any advice is appreciated. Thanks
find alumni at those firms first. you will be FAR more successful looking at alumni rather than calling the firms out of the blue.
Thanks, Asianmonkey. Unfortunately, I'm at a non-target and there doesn't seem to be any Alum at them. Anyone else?
Anyone know of firms still hiring FT/ Off cycle internships? (Originally Posted: 02/24/2012)
I recently graduated (Dec 2011) with a degree in Finance and have not had any success with landing any sort of interview since December. I've been applying to jobs using my school's job board, Doostang, Efinancialcareers, indeed.com, cold-emailing firms---all to no avail.
Any help would be appreciated, Thanks.
Tough market out there, you missed the boat for most positions. Cast a wider net and look towards places you considered beneath you.
Applying for jobs online without doing the legwork is spinning your wheels. Suit up, pound the pavement, introduce yourself in person, and be hungry. Look into retail banking/finance: it's not about where you start, it's where you end up. Also, continue to build your resume by trading actively on your own, staying current with news and trends, and publish your own financial advice for friends and family through a blog. Make up your own job until you find the job you want.
off-cycle internships? (Originally Posted: 07/18/2010)
I just read an old thread about off-cycle internships and have some questions about it. -- What are the notable BB that offer them?
--If I'm coming from a non-target how would i go about getting one (boutique or bb)?
--When do you start applying for these?
I know that BAML offers off-cycle internships in EMEA region. Not sure about Americas
almost all BBs in Europe, continental and Uk, offer off-cycle internships nowadays bc most universities in europe are not on the classic US/UK college year schedule.
So... when should yopu start applying for off-cycle internships?
Off cycle internships: fierce competition (Originally Posted: 06/28/2012)
Hey monkeys,
Long time lurker, first time poster.
Has anyone ever heard of off-cycle internship placements through connections at a BB? I'm aware competition is fierce for summer internships and most have already started. I didn't apply during the normal application process over winter because I had other plans for the summer at the time...but things fell through, I'm unemployed, and I recently found out I have a strong potential introduction to someone near the top of the food chain in AM at a BB in Asia.
Ideally I'd like to turn this contact into an internship over the next few months. Do BB's sometimes take on interns off cycle, or would it be un-kosher for me to push for this?
Thanks for your help.
I say go for it! What's the worst that can happen - they say no?
summer analyst internship during senior year? (Originally Posted: 11/03/2010)
So here's the situation. I am currently a senior and will be graduating in may. I am a wealth management intern at Merrill Lynch and wanted to know if this internship would help increase my chances at landing a summer analyst position?
Summer analyst positions are for juniors going into their final year of college (the summer between junior and senior year). You unfortunately are too late, unless you delay your graduation...
You have no shot at getting an SA position at a BB or even most MMs unless you delay graduation. You could always find a boutique that will take you if you are qualified though.
But even if you do delay you graduation, it seems that you are behind the game and not advised to delay your graduation just to land a SA gig.
And your status is wrong on your profile...you are not a Business School status...you are undergrad. Would give others the wrong impression. B-School would mean you are MBA
There was a guy from a certain PE shop who spoke at our school that did something like this. What he did was he left his graduation date off his resume and applied for bear stearns back in 04 as a SA. He had also received a full time offer at an accounting firm, so after his internship, he received his return offer and then worked at that accounting firm for a year before returning to bear. Worked out for him! good luck! He was from a non-target btw.
Off season internships -- How common are they (Originally Posted: 02/23/2012)
While working to break into the IB industry I realized my best chance will be either a fall internship or an off season internship.
At middle market and boutique banks specifically, how often can one find an off season internship?
In this situation lets assume extreme networking is going on and the candidate has sufficient knowledge of current valuation methods, finance, accounting, current finance related events, and firm specific knowledge.
curious as well. Do BB banks do this as well, I know students from Dartmouth are able to do I know there are programs where you can take semesters off and spend them in NYU or schools in DC.
This would be very helpful for me as well...
Interested as well, student in DC looking for some opportunity for Fall senior year. Only have a couple classes left, so very easy to manipulate a Monday/Wednesday schedule.
Anyone?
I guess try to ignore BB for off-peak seasons? Best bet would be 2nd tier middle market and boutiques.
Correct me if im wrong though.
Securing Spring Analyst Position (Originally Posted: 02/02/2015)
Does anyone have advice on securing spring analyst spots? I'd like to get something going starting in April but I can't find any internship/job postings and I'd imagine many firms don't really plan on taking on interns outside of during the summer. Also, is there any good way to frame a discussion with your contacts to get them to consider taking on a spring intern?
Bump
^VXTU, update:
I'm working at a firm as a summer analyst now, but they wanted someone into December, which worked out conveniently. I obviously got lucky to some extent, but I think that boutiques would be more amenable to this if they're hiring summer analysts, because the big firms are looking for summer analysts as a means of sourcing their analyst classes, whereas the smaller firms don't have standardized processes and have variable hiring needs; if they're willing to take on someone in the summer without primarily using it as a sourcing mechanism, I don't see why they wouldn't be willing to take one on during the year. Might as well start cold emailing if you're looking.
IBanks hiring CO OP students (Originally Posted: 01/04/2007)
Hey, Im currently a soph at drexel university in philly. From what ive heard on this site recruiting and internships at banks are pretty formal and internships are usually only during summer. The way my school works is that you go to school for 6 months at a time then work at a CO OP job that has something to do with your major for 6 months. Does anyone know if any of the bigger banks will consider hiring an intern like this? Im currently waiting to hear if I got a job at a smaller regional bank in philly but i really would like to intern with one of the big firms to see what its like.
Thanks for any help you guys can give me
What type of degree will you earn at completion? Ive never heard of a program like this, but it sounds unique and all banks look for a unique background. I'd say you have a good shot provided your other credentials (GPA, extra-curricular) stack up...
Some banks will take on night analysts, I think that's about it.
Off-peak internships? (Originally Posted: 07/01/2013)
Hey guys I am doing a boutique IB M&A internship now and will be starting my junior year this fall. I was wondering, do BB's offer any off-season internships that a student can do in their free time between classes? I have done internships like this before, but at wealth management firms after my freshman year, nothing IB related. And also, what about top tier boutiques such as Lazard, Evercore, Greenhill etc. Do they tend to offer off-peak internships?
If so, how does one go about searching for these? Should I network around these firms and see if anything is available? Just wondering what the process is for an internship during the Fall/Winter months and how you go about getting one, as it seems very different than SA recruiting. Any details on this would be helpful, thanks.
I am not sure where you are located, but yes these are offered. They are more typical for European countries
Of course you should network. There should be some available. You can check out their websites. It's all on there (well, most of it)
Pitching off-cycle internship idea to banks (Originally Posted: 08/20/2013)
I am considering pitching the idea of a non-summer internship term with some banks. How would I go about this? Usually if you ask for a job straight up, they will say no. My logic is I should schedule informational interviews and state that even if they are not hiring, I am still interested in meeting and bring up the suggestion of an internship at the actual meet.
What does WSO think? Any success stories?
Thanks
I asked straight up at the end of last summer for a fall internship via a cold email, and it landed me a few interviews and an offer. But I am referring to small banks with no formal programs.
you might find a boutique but forget about it with MMs and BBs. When I landed my MM off-cycle offer, that was after years of networking and trust building.
Off Season Interning (Originally Posted: 07/17/2012)
What are the odds I could convince a small firm to let me on as an intern during the off season? Does cold calling work for interning like it has for some looking for jobs?
I am coming off of active duty this fall and have almost three months of vacation saved up; we never vacation in our careers either. It would be a pretty sweet deal to have a steady income while interning. Right now my office is giving me 0 projects to work on, letting me focus on preparing to get out. I am using my time until October to network, study finance methodology, and applying to MBA/MS Finance programs. I have enough cash to cover being out of work for more than a year. This will allow me to intern at more than one place, building a better resume/contacts along the way.
My preference is to remain in the DC area, so I have begun researching places around here. That is how I found the oasis. Have been reading the old threads and taking notes as I plan out the next few months.
Step One: Attending the WSO Conference Step Two: Let you know when I get there
Have a Good One, Watson
A 10.452334624% chance. I ran the numbers, consulted a few industries pros and this is what I came up with.
FYI - Networking and cold calling is always a good thing.
Good luck. And, honestly, thank you for your service.
My current numbers are pulling in around 5.673 repeating of course. But I haven't used boost pro to help me analyze the stats.
salut
Off-season internships in the US? (Originally Posted: 07/28/2009)
Do large investment banks banks offer off-season internships in the US?
I'm a student @ a target and I decided to take a year off for personal reasons. I am looking for things to fill my year of leave and I thought I'd keep my options open and try to find an internship @ an investment bank. Doesn't really have to be a large bank, but I think it'd be better.
I have internship experience at a boutique investment bank, but that's all.
Thanks.
bump
I think you're going to have a hard time for 2 reasons: 1) big banks don't usually hire during the school year for banking as bankers don't want to hear about homework - hence the covetted SA position. 2) "taking off a year" is not the same as interning around your school schedule. Taking off a year could be scary to bankers, as you may not go back, and may intend to use this internship as a means to a FT position which won't be possible without the degree.
I think your best bet is to heavily target boutiques, and be ready to explain why you had to take off a semester, but can still work as an intern at a boutique.
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Networking - Off-cycle internship (Originally Posted: 08/12/2013)
Hi everyone, just would like to mention that recently one of the boutiques (Lazard/Rothschild) posted an off-cycle internship at my school career portal. However, the minimum GPA to apply through the career portal is actually a 3.6. I just would like to ask whether there are any other ways to get around such a GPA hurdle besides networking with the alumni. Thanks.
Lazard is a boutique...? 0_0
You have to network, no way around it - only way to skip past the GPA screener that I can think of.
Networking is the only way around that quota. Applying online won't help.
Have to agree with networking as your only sensible option. You'll be pissing against the wind if u go against that GPA filter...
Lol, "pissing against the wind" is great!
Hi everyone, thanks a lot for the advice. I will take note of the proper term to use in the future.
Off season internship/Co-op (Originally Posted: 03/05/2013)
Hey guys, I'm at a top co-op/ total non-target school as a freshman majoring in finance and have IB career goals. I will be graduating in April 2017 after completing a five year degree. By the time I graduate, ideally I will be getting about 1.5 years co-op experience, and 4 summer internships (freshman, soph, junior, senior and FT after super senior). I was wondering once I get some IB experience in a good place or via connections if I could gun for a co-op at a BB or MM firm? I think it was done before about 5-8 years ago from my school, but that practice has kinda faded away. How open are the BB's to this option if I pitched myself as the only grunt available for the winter and spring, and was competitive enough for the SA positions. Would they take me on as a co-op with lesser pay (15-30 per hour is the range given to co-ops no idea about SA)? I know that Big 4 accounting firms regularly take our students, mostly in tax and audit but partners from PwC and E&Y have both expressed interest in considering for financial advisory as well. Would be great to hear thoughts on this.
Look for "winternships," which exist at most firms. They tend to be unadvertised, so you'll have to ask around. Typically, they're aimed at specific target schools, but you should totally try to get your name in there. Start trying to reach out to Campus Recruiting to ask these sorts of general inquiries - the fact that you don't want it now/soon is going to make it more likely for them to help you. Also network, etc.
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