Fall Internship - Boutique?

I want to work as an intern during my fall semester, but it seems that most IBanking internships are summer only. I think my only chance for one during the fall would be for a Boutique. Would that be the best choice? Are there other fields that have fall internships?

Thanks guys!

 

I have no idea if banks hire interns during the Fall. From what I've heard, they don't hire many. But, after cold calling boutique banks in NYC, I've landed an unpaid internship starting August. I don't know if the elite boutique/MM/BB firms hire during the Fall. I'm assuming they're busy hiring full time analysts. My advice would be to reach out to regional no-name boutiques.

 

It really depends on your location, regardless there will be boutique investment banks that will offer fall and spring internships. The key is to find these firms sooner than later and apply or at least contact them and introduce yourself. If you can't find an IB internships who can turn to local BB PWM internships, however, I would advice to stick with finding a boutique IB as it will be a more valuable experience.

Last fall I was in the same position as you are now and I managed to find an opportunity to intern at a boutique IB. So it is possible, you just need to position yourself.

Good Luck!

 
BSDBANKER:
It really depends on your location, regardless there will be boutique investment banks that will offer fall and spring internships. The key is to find these firms sooner than later and apply or at least contact them and introduce yourself. If you can't find an IB internships who can turn to local BB PWM internships, however, I would advice to stick with finding a boutique IB as it will be a more valuable experience.

Last fall I was in the same position as you are now and I managed to find an opportunity to intern at a boutique IB. So it is possible, you just need to position yourself.

Good Luck!

BSDBANKER, did you intern part time and attend school at the same time? Or did you take the semester off? I'm debating whether or not to take a semester off and focus solely on the internship. What do you suggest?

 
BSDBANKER:
It really depends on your location, regardless there will be boutique investment banks that will offer fall and spring internships. The key is to find these firms sooner than later and apply or at least contact them and introduce yourself. If you can't find an IB internships who can turn to local BB PWM internships, however, I would advice to stick with finding a boutique IB as it will be a more valuable experience.

Last fall I was in the same position as you are now and I managed to find an opportunity to intern at a boutique IB. So it is possible, you just need to position yourself.

Good Luck!

Thanks for the info. Can i ask how you went about doing so. As most firms only have official applications for SA, I was thinking of cold calling offices to ask if they have openings for internships during the fall or winter. Is that the way to go about it? I have a friend who did an internship at one of the boutique firm, and he recommended that I call and look for a particular person. Do you think that will help or should i call and request politely to speak to HR?

 

Definitely call your friend's contact. He's pretty likely to contact HR (or have you contact HR), which is better than you calling HR without someone inside.

Yes, ask for internships in the fall and winter. Cold emailing now might be a bit better since it's early and most people are not thinking about internships for the fall/winter so they won't be able to tell you off the top of their heads. But come August, I would say cold calling will have better results.

I hope I'm not hijacking the thread (even if it's my own), but one of the MDs I spoke to said I should try a F500 internship during the fall. But how would I go about networking for this?

Many F500 companies don't have a NYC office (which is where I will be during the school year). The directors are much harder to locate (and therefore the emails are much harder to find). And additionally, there are many more employees at these companies working many more non-finance positions so the chances of a name that can help are even smaller. Is checking in with HR actually a better route for F500 internships (as opposed to checking with MDs in ibanking)?

 

I would definitely cold call. Ask for HR/Director of Recruitment, tell them your story, and ask for potential opportunities in the Fall. I have found a few regional banks in my area that are interviewing for the Fall come August. Just keep scouting and you'll find opportunities. I don't necessarily think taking a semester off is the best option though, unless you can do so and still graduate in 4 years.

 
KingCudi:

So I am late in the game because I am going to be a junior this year and while I have professional experience none of it really has anything to do with finance (changed to finance a the end of last semster), especially not in any sort of technical sense.

Given that I am going to be throwing myself into IB recruiting this semester and have already started meeting with alumni I know that I desperately need some kind of financial experience on my resume.

I go to school in non-target NYC so I should be able to find some kind of work at some financial institution here even I can only dedicate one full (maybe 2 partial) days to actually coming in during the semester? I am willing to do pretty much anything, even work unpaid just to get my start with something finance on the res.

Anybody ever find them self in a similar position and have any kind of advice? Is cold e-mailing boutiques I find worth my time?

Thanks all.

No, you should not cold e-mail boutiques. Pick up the phone and call them. Arrange a meeting and talk with how you can add value and why they should hire you. Boom. You get an internship. Easy as that (with some luck)

 
Best Response

Make sure you're committed to devoting 15 hours per week or more. That may not sound like a lot but, believe me, with commute and weekend work it can amount to 20-25, even 30 at times. However, you will not add any value to a company if you don't put in at least that many hours.

That said, you should be able to find an opportunity if you have good credentials - many firms are itching to have somebody do their comps for them. Cold calling would be most effective, although emailing and following up repeatedly may work as well.

Many startups hire part-time interns as well. Here's a good list: http://www.garysguide.com/jobs

There are also many listings on Angellist (angel.co).

It will be significantly harder at any firm big enough to have a structured hiring process, so keep that in mind.

 
kinghongkong:

No, you should not cold e-mail boutiques. Pick up the phone and call them. Arrange a meeting and talk with how you can add value and why they should hire you. Boom. You get an internship. Easy as that (with some luck)

I've never done that intense of selling myself, I also feel like it's hard for me to explain so aggressively how I can add value to them given my serious lack of financial experience. Actually I even have a hard time imagining how to even start a phone call like that...
7xEBITDA:

It will be significantly harder at any firm big enough to have a structured hiring process, so keep that in mind.

Yeah I realize that, I probably shouldn't focus my energy on bigger firms then.
 

Well, then you have to learn how to sell yourself or you are never going to get anything. Sorry to be so direct, but I want to ground you and not get your hopes up. If you are going to send out emails you'll probably get a 2% response rate and most of these responses will be we are not hiring/busy/whatever. So you need to get up right now and do what you have to do or you won't get what you want. Take what you want or leave it for others. Easy as that.

You will waste your time and energy on bigger firms.

If you have alumni connections, reach out to them.

 

I'm in a near-identical position as you - junior, no finance experience, looking for a fall internship. I cold-emailed a few small firms (5), preferably those which had my school's alumni. Got a two responses, with one interview lined up this week. I'd definitely ask for unpaid.

 

to be straight forward. i dont think you can.

most companies state on their career pages what they are looking for in an intern, and most if not all i've seen require a soph-senior standing in school.

and for anyone with a degree should be looking for a job? at least im assuming that is the conventional route.

someone please correct me if i am wrong.

 

I've spoken extensively with one of the global co-heads of IB for a bulge bracket bank, and he did an internship after he graduated. He turned down a corporate finance offer, just for the banking internship. He also came from a non-target, and he was willing to do anything to get his foot in the door. Look where it got him.

Where there's a will, there's a way

 

Everything is possible, but this is not easy. You should expect to get some doors slammed in your face. If you can't handle that, then don't try. It's a part of succeeding in any competitive market.

If you're really committed, go through all the BBs, then all the big name boutiques, then second and third tier banks, then the middle markets, then middle market boutiques, then small boutiques. If that doesn't work, offer to work for free. (not talking BB on the free part - little boutiques might bite)

Assuming you have decent credentials and handle yourself professionally, someone will eventually give you a chance before you run out of firms.

Whether you think this is worth it is up to you.

 

yea of course. cold call in the summer before and nyc should hve plenty. nyu kids do it all the time

"Look, you're my best friend, so don't take this the wrong way. In twenty years, if you're still livin' here, comin' over to my house to watch the Patriots games, still workin' construction, I'll fuckin' kill you. That's not a threat, that's a fact.
 

It wouldn't hurt.... But I would say it's not nearly as prestige as a SA S&T or IBD at a BB.

"I wanna Thank the Good Lord for Making me a Capitalist"

"I wanna Thank the Good Lord for Making me a Capitalist"
 

If you're at school, check out the career center website for job postings. I found 2-3 IB analyst positions that were up mid July. Check out websites too, I applied to two IB internships through their website.

Let n be a fixed positive integer greater than 1...
 

Network, Network, Network, that trumps everything. I have a 4.0 and haven't gotten any SA for IBD but a buddy of mine's got a couple offers because of his fraternity and he has like a 3.2. Goes to show you what bankers really care about. Also don't push for pay if your going after a legit job, even a job shadow like internship would seem to be valuable for you

 

Really? How much harder are the Fall Recruiters for a BB IBD compared to a Winter recruiter for a summer internship? How should I change my game plan prepping for a FT? Also, it would be good to note that my SA internship only requires me to come in for 40hrs/week, but I still receive a substantial amount of responsibilities that a typical analyst might tackle at any BB (management presentation, teasers, reports, Cap IQ industry research, etc)

 

I think it can only benefit you to get more experience no matter if its summer or fall internship. If the internship can possibly interfere with recruiting for SA or FT, make sure that the firm is flexible to let you go for a day or two if needed.

I'm talking about liquid. Rich enough to have your own jet. Rich enough not to waste time. Fifty, a hundred million dollars, buddy. A player. Or nothing. See my Blog & AMA
 

I did internships last fall and spring. For the fall one I called in late September and started in October....this was a month after classes started. For the spring one I went a little bit earlier. Interviewed in December (before I left for winter break) and started once I got back to school.

A lot of these smaller places have unstructured programs. Obviously the earlier the better but it's not killer if you start to look for them later.

 

I'm in the exact same position as you, and I'm going to start the second week of August. I might start the first week of August if I get everything settled, but I doubt it.

 

Other than the traditional ways of networking, there is also a magical website where you just enter in your email address and click a button, then an HR lady from Goldman sends you an automatic offer over email.

Seriously though, I've never heard of internships during the school semester. I know overseas has a different recruiting schedule and many UK banks hire interns during the fall, but from what I know, it is not how the intern cycle works here in the US. Therefore, if you want any shot at an internship, don't look for a paved application processed, you have to reach out to people and make that opportunity.

 
albatrosslee:
Yea, PWM internships.
I go to Baruch, which is in the city. I have MANY friends that work part time in finance throughout the year. This includes PWM, but it also includes banking (mostly boutique), trading, corporate finance (internal), equity research and AM. Don't be so presumptuous.

To answer your question, use your school's recruiting (both their online search and go to their office). Network through career fairs, join professional networks in NY, use monstertrak and hotjobs, search doostang and craigslist jobs. Those last 2 are obvious bottom of the barrel options, but you might just get lucky. It's hard to find, but it is possible.

 

It is possible during school semester at a BB. They are more informal internships and usually you get them through networking. One girl at my school (non-target) got a spring internship at LB private equity through the help of her professor.

 

But the BB firms don't do the same formal on-campus recruitment for Fall/Spring as they do for Summer positions so is there a better way to apply than just submitting a resume via email/website? I don't really have many contacts in banking so that's not an option to follow. Also would smaller banks be more receptive to taking on interns during the school year?

 

Small banks might go for you if you are a part time student. I am interning for a relatively small firm and they had a few guys who did that. I dont think they have any set standards they kind of just go with the flow. As for BBs, I dont know if they have the same recruitment process for Fall/Spring. I would suggest waiting until you get to school and check the business school's website or talk to/call someone there now.

 

^^^i got an offer as a UBS operations intern during the fall (sort of sucks but whatever)...and tmrw i have an interview for Merrill Lynch PWM internship for the fall...most of the major places do have fall programs...it seems to me....students from the top tier schools are away from new york in the fall...it gives people like me from non targets in the city a chance to get into these firms....im entering my junior year this fall just like you....do you go to Baruch College?...hope this helps

 

ToBankOrNotToBank, keep your eye on ColumbiaTrak. I ended up getting my fall/spring internship at a BB through there. You never know what'll pop up. There's one on there now from Citi looking for an art history major to do something with the museum business. Strange.

 

Okay, so I guess I'll just obsessively check Columbiatrak/Interviewtrak and pray something promising shows up...and worst case scenario I should be able to land a PWM gig somewhere? Thanks for the advice, and if anyone's got an uncle at who wants to hire a guy, send him my way

 

I highly doubt that any job you had in the summer would pay better than a summer IB internship.

Regardless, firms that hire fall interns generally do so on an ad hoc basis especially the smaller firms so I would say that you should just start calling/emailing firms showing your interest in a fall internship if they offer one.

make it hard to spot the general by working like a soldier
 

Worked at a boutique this past spring semester and they expected me to set up my class schedule so that I was in the office all day Monday, Wednesday and Friday and then on campus Tuesday and Thursday.

I doubt that they will make you take a semester off. They know you are a student and they will most likely be flexible schedule wise.

Array
 

lehman, i will give on on the behalf of your broke ass

wsow:
I'm looking for an intenship beginning September. Are there any opennings in the upcoming fall semester? Any advices?
and to the OP...i think you meant to say intense ship, which makes me think you're looking for a kickass cruise for the fall once the weather cools off. tryin to keep that summer tan up for the ladies, i feel you.
----------------------------------------------------------------------------------------- I tend to think of myself as a one-man wolfpack Buyside strongside
 

Sort of in the same position as you guys. I've got a list of ~1,000 boutique IB's in NYC and most have told me they're filled for the summer, and haven't traditionally gone the off-cycle route. Anyone know of any boutique's who are open to fall/winter/spring internships??

 

Hello Albert,

Thanks for the comment. However, the only internships I was able to find that are posted are either TCW, or the small financial firm. Do you have any ideas on which firms are hiring?Thank you.

Eric

 

most banks have a couple of interns during the school year. you just have to actively contact them telling them you are very interested in working. i know HL hires interns during the school year, but these aren't really openly advertised and the spots have been filled. try some other banks.

 

I did just that this recruiting season (summering at NYC BB) and I would be reluctant to recommend it. I also had a PE internship my sophomore year and got a bit of deal experience so the added value of the internship was probably marginal at best and in retrospect probably hurt me more than it helped (I definitely felt like I should have spent more time networking instead). 2 months should give you some time to get some experience, however.

~High GPA Crew~ ~Firms Reach Out to Me Crew~ ~Round Down My GPA to Look Modest Crew~ ~Never Use 'Incoming' on LinkedIn Crew~
 

I got my SA internship just by networking (oddly enough from a sorority chick whose dad happened to be an MD, so not even what you'd consider normal networking, but whatever it worked). I agree with Myron, it's probably best to focus your time on networking and meeting as many people as possible. You'll get more value out of that than you will from doing another internship, or possibly worse, have to miss a recruiting/networking event to do something for your internship. Good luck.

 

yeah, i wouldn't waste your time with the elite boutiques. try to cold call smaller banks, pe/vc shops, anything close to ibanking.

i would put in extra time in networking for FT opps over the summer and early Fall. trying to get experience during recruiting season, just doesn't make sense to me unless you plan on doing a MSF or summer internship after graduation.

 

I know a couple people who do this in the AM scene at my city. There's a certain boutique firm that hires interns on for 2 years after their sophomore year and require you to work during the school year. I think the requirement for during the school year is about 20 hours per week, so they get all their classes knocked out during the morning and then go to the office for the rest of the day.

It's a really great structured internship program.

I don't think you should have an issue with 5 classes. That's about 15 hours? So depending on how you schedule yourself you can do 3 hours every morning and then work the rest of the day.

 

I've done it for two straight years. I work around 20 hours a week while taking 5-6 classes and being involved in multiple things on campus.

It takes work to get the balance correct and still get the grades. But, you can get great experience by doing so. It's also a good thing to point to in interviews. It shows that you can balance a lot at one time.

 

But how did you guys know where to look? I am an international student in New York, and interested in getting a part time internship during this fall (Sophomore year). But I was assuming that most firms are not interested in hiring sophomores(?). How would I know which firm I would have chances for and which not for example?

 

Personally, I cold called many small boutiques and have been able to work 20-40 hours per week while taking four courses. Fortunately, my internship was extremely flexible, so I could come and go whenever. Most weeks, I worked about 25 hours. Unfortunately, I don't know how you would approach this as an international student since I don't really know your restrictions.

 

do it.. i've went this route also and it is extremely doable. i have found working has even taught me to be more efficient with my time and more responsible.

no shame in not getting a freshman internship.. if you can land a fall and leverage that to a sophomore summer at a MM or more prestigious boutique in your area that would be golden for junior recruiting.

 

Good formatting. One of the better I've seen on here.

My biggest thing is to quantify your bullet points. I see little in terms of numerical support to provide reference for your work. You do a better than average job of using action verbs. I would also reword your technical skill section. That's a ton of info for what could be really succinct, i.e. "Excel (Breaking into Wall Street modeling course yada yada)."

I am permanently behind on PMs, it's not personal.
 

Thanks for the replies.

Ya the upload moved the date and location alignment. In reality they are further right on the page.

I know that I need to quantify and solidify some of my bullets. I will definitely take some time and do that.

What would make my resume more competitive - an internship at a boutique IB/PE firm or raising my GPA to 3.6+?

 
Drummer:
What would make my resume more competitive - an internship at a boutique IB/PE firm or raising my GPA to 3.6+?
Yes to both.
I am permanently behind on PMs, it's not personal.
 

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I am permanently behind on PMs, it's not personal.
 

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