Hey guys.
I'm a current unpaid intern at an established VC firm and so far loving it. I go during Fridays and it's for 9 months, so I'm getting decent exposure and working with the team (so I'm not some coffee bitch or anything).
However, I had previously interviewed at some corporate advisory shop a month ago but they never got back to me, so I assumed they didn't want me for whatever reason. Yesterday, I got a call from them asking if I'm still searching for an internship, and I said yes I was (which I'm not). They said they'll call me back on Monday.
Now the thing is, I'm not entirely sure if this is a pure corp shop. I mean, they do corporate advisory work for clients "that request it", but their main operation is basically credit lending to SMEs. I dunno if you'd call them a broker or whatever (in fact, what the hell do you call these people?)
So now, I'm expecting an offer from them, so what should I do? I most definitely do not want to quit this current VC internship, as the exposure I'm getting and the work culture is top-notch. However, I would want something paid, which I'm confident the other shop may offer.
My plan is the following: if I'm given the offer, accept it if the following conditions are met. That I work 3-4 days during the summer, that it is a paid gig, and that I have exposure to corporate advisory work (this last one is stretching it, I know.)
What do you guys think? Is it worth entertaining an offer from this place (once again, could someone tell me if this is a good place to have an internship at)? And are my stipulations just? Oh, and taking 2 internships at once is OK I'm guessing?
Bump
Bump...
Depends on your specific circumstances. You say you want a paid gig, but you were ready to stick with the unpaid internship until completion. How badly do you need the money?
You could land the offer from the small business lender then go back and tell your VC bosses you love working with them but you need the $$. They might match, but most likely they'll say sorry to lose you, give a hearty handshake and see you out the door.
You might not be aware that your VCs are breaking the law by not paying you, unless the internship meets the U.S. Dept. of Labor's 6-point test. See https://www.dol.gov/whd/regs/compliance/whdfs71.htm
I think you're right in valuing the VC learning and credential (assuming it's a standout firm, and I wonder if it really is, if they don't pay their interns). However, getting your feet wet in small business lending is not bad. Depends on what you want to do careerwise. The two functions aren't really that different: both direct capital to small effed-up companies. The biggest difference is that VCs expect relatively more of their "clients" to fail. BTW, in this context "corporate advisory" means if the loan goes bad, one participates in the restructuring/bankruptcy, possibly as lead creditor.
Most prudent COA is to stick with the gig you have now. You told the other firm that's interested that you're available, which isn't really so, unless you ditch your current employer. I think there's no stigma from leaving an unpaid position, but not everyone agrees. Think carefully about possibly burning bridges at the VC you like so much, unless you need to shift to a paid job to keep food on table and roof over head. GL to you whatever you decide. Please repost when you decide, to assuage my curiosity.
Thanks EB, been dying for a reply and yours was well written and detailed.
Perhaps I should clarify a tad. The VC is one of the best in the country (non US), and it's pretty natural to have something that's unpaid. In all honesty, for the exposure to the work I'm getting, I don't mind that it isn't paid. I'll be assisting the investment manager with a merger deal this Friday, and continuing conduction of due diligence and financial statement analysis; a dream come true in other words.
Now regarding this credit lender. Do you think interning there is worth while for someone that wants to break into finance? If lets say I want to break into IB, would that give me a boost? Or would it not be a big deal? (I know the VC experience I'm getting now is going to help me, that's for sure.)
The reason I demand those things from the lenders is because I'd want it to be worth my while to intern there. I can do it Mondays-Wednesdays and keep my current gig going on Fridays. That way I do both at once. I would never even for a second consider leaving the VC firm.
As for demanding money, I'm not dying for cash, I just would like at least one gig paid, even if the other isn't.
Thanks again, looking forward to your reply!
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