How to get your first internship (no previous IB experience)

Hey guys.
I was wondering what can be added to a resume in freshman and sophomore year in order to bulk it up prior to the first IB summer analyst application? Essentially, how do you get your first job without any prior work experience in IB? I assume networking and on-campus extracurriculars are essential, but would anybody be willing to speak to their individual process and experience?

 
RugbyMate:

Would any of you guys recommend working in MM freshman or sophomore summer and then using that experience plus networking to break into BB? There are plenty of MM options where I am but BB offices are few and far between.

Obviously. That is if you can get a MM internship

 

Reach out to alumni, start cold-calling/emailing as many places as you can find. Make it clear why you want to go into IB/PWM/AM and what you can offer.

Some firms have structured programs for people w/o experience (likely unpaid) while other firms may bring you on board if they need help (possibly unpaid as well).

Prospective Banker. Gentleman. Bodybuilder.
 

IB and AM are pretty different thing...make sure you understand what each is exactly and WHY you want to do either. If you want IB to make it easier to get to AM you better have a reason better than because you want the exit opps of IB

 

I say IB and AM since I am unsure at this point. I will be interning twice before entering the job market, so I'm leaving them up for exploration.

"I get paid to be suspicious when I got nothing to be suspicious about." ~ Bill DeVasher (The Firm)
 

Also check out the Get A Job forum and read through the past year or so in this forum. You'll get a good idea of what I-Banking is about. If you decide you want to pursue IB, you're going to also want to check out the WSO guides. It's got a lot of good info on networking/interviewing.

"You stop being an asshole when it sucks to be you." -IlliniProgrammer "Your grammar made me wish I'd been aborted." -happypantsmcgee
 

McDonalds has been getting a lot of press on this board lately, but here's a word of warning. If you manage to get a FT offer, you might not like what you see behind the scenes and will get burnt out. Not being able to eat those delicious fries and pound a Big Mac so soon after college would be very unfortunate. B-school and late night drinking/smoking are a common cure for this type of burnout though.

 

man you guys are brutal!

I wish i could shove my dick so far up your dick that it creates a gaping vagina, because that's who you are. Just tell them that you're a ginormous douche-canoe with a gaping vagina. They'll understand.
 

Your availability won't bring you much luck. If I were in your position, I'd look to set up a shadowing opportunity or short-term internship over winter break instead of teaching yourself accounting. Or you could go for both...

 

Which PE group would you be in? Will you be doing FoF work or working on direct investments?

Edited for privacy.

"For I am a sinner in the hands of an angry God. Bloody Mary full of vodka, blessed are you among cocktails. Pray for me now and at the hour of my death, which I hope is soon. Amen."
 

As a sophomore your goal should be to line yourself up for junior summer by getting as close to IBanking/consulting as possible (assuming you can't get an IBanking or consulting job.

A common option for sophomores is wealth management because it demonstrates an interest in finance, will give you some exposure (although generally not to hardcore modeling) and internships can almost always be obtained through networking.

 

I know my situation is not good, but any tips to get that first internship?

My posts will be fraught with grammatical errors since I post from my phone. I will try my best not to post an incoherent babble.
 

If you go to a target school, look at the Careers website of your school and apply to jobs you like. If you go to a semi-target/non-target school, chances are that you might not have whole bunch of options to apply to. So hop on the public job boards and start from there. Also, you need to be very aggressive about it!

"I do not think that there is any other quality so essential to success of any kind as the quality of perseverance. It overcomes almost everything, even nature."
 

Your situation could be way worse - at least your GPA won't hold you back as it has for a lot of guys in the same position. You seem to have the right attitude about it, just need to hustle and be aggressive - reaching out to alumni might also be a good way to go about it. I'm sure you'll find something, best of luck to you!

It's hip to be square!
 

Thanks a lot for the encouraging posts, I have put together a list of 100 MM to Lower MM banks and PE funds. I will start emails and calls tomorrow.

My posts will be fraught with grammatical errors since I post from my phone. I will try my best not to post an incoherent babble.
 
One2Three:

Hey all,

I am a junior with a good GPA (3.75+), but I have never had an internship yet. The thing holding me back is the embarrassment of a recruiting laughing at my internship-less resume.

I am agnostic towards PE/HF/IB internships, and I am will work at a small, three-man shop for some experience. I will cold call if it is necessary, but I am unsure on how to approach this.

I know this post sounds egregiously bad, but I really need some help.

Man up son!!! This ain't no sissy-boy's business!

 

Definitely PWM through connections/networking is your best bet. If you know someone at a PWM firm, they could get you in (even if it was unpaid at first), and you would have an opportunity to create connections that could lead to a future position. A 3.2 is not the end of the world for finance, in my opinion. Keep up the search!

 

Network... you'd be surprised how many sources you could tap into. Parents; family friends; professors (many of whom have former students who would gladly help out); alumni, etc.

Literally every person I know got his/her first internship (usually after freshman year) through a connection of some sort. Since NYU is right in Manhattan, it should be a cinch to get informational interviews over coffee, etc. Just be humble, enthusiastic and don't trip over your words. Ask questions such as "what made you choose [the field, the job, the firm]" and "do you have any suggestions for someone like me who wants to get into [the field, the job, the firm'"

If you do the networking well, you should get a few solid leads for internship opportunities. Also remember that it's a numbers game. The more you network and the more coffee interviews you get, the higher your likelihood is of getting that crucial first internship.

After my freshman year, I must've contacted 50+ alums. Worth every second spent!

 

As said, being at NYU gives you a huge advantage in terms of opportunities to network. Spend the Spring semester reaching out to people at boutique banks and setting up phone calls/coffee meetings. Just be personable and ask good questions and you shouldn't have much trouble lining up something for the summer (particularly if you are willing to do something unpaid).

 

Just apply to shitty PWM internships. If you're halfway competent, somewhat social, and willing to work, you'll have no problem. You can then use that experience to get yourself into something more banking-related.

 

Network, Network, Network. You need to talk to anyone and everyone in finance that you know. Get into the NYU alumni database and start e-mailing for informational interviews. You should shoot for sending 10 e-mails a day and try to set up 5 informational interviews a week (preferably in person but over the phone is ok if you live in another location). If anything, networking now will help you down the road and might help you get an internship now. Applying through OCR is never enough.

XX
 

Really appreciate the feedback! Another question though, Networking is not exactly a strongsuit for me, some times clubs like BAP have held Networking 101 sessions and they were helpful and I was wondering if any of you had any other resources that could help me learn more about the protocols related to networking? Books, forums, threads, anything of the sort? I wouldn't exactly know how to set up a coffee session with someone.

 

What makes you think you're late to the party? Info sessions for summer internships have only started. Go to as many on-campus presentations and info sessions as you can. At these events, learn about the industry, the different companies, and network with people. Applications aren't due until Dec/Jan/Feb

 

Thanks guys for your replies. I uploaded my resume to razume, and the link is:

http://www.razume.com/documents/12613

I tried to add as much relevent information as possible. I also have a seperate references sheet. Should I include "references available upon request" at the bottom? I've heard arguments for both sides. I figure it would be a waste of space since I will be bringing a leather binder to the interview with me that has the resume, reference sheet, and all of my accolades in it.

 

do you mean late as in late to get a finance internship prior?

At least you have a strong GPA. I would say that you NEED to network to get in since you said you go to a non-target. So go other target's info sessions.

I would also be wary to directly put M&A / LBO directly on your resume... it can backfire on you very easily

 
bigmonkey31:
do you mean late as in late to get a finance internship prior?

At least you have a strong GPA. I would say that you NEED to network to get in since you said you go to a non-target. So go other target's info sessions.

I would also be wary to directly put M&A / LBO directly on your resume... it can backfire on you very easily

I meant that, along with how I assumed it was pretty late to start networking. I've noticed that resume drops tend to be about 3 days after the spring info sessions.

Any ideas on how to state the modeling course? You think they will have heard of BIWS?

 

Being a past baruch student, I can tell you that brisbane is absolutely right. As a freshman, grab whatever you can that conveys interest in finance on your resume. As each semester (and summer) goes by, continuously look for better internships. I wouldn't be surprised at all if by the time you were recruiting for a big summer with a BB, you would have 5-6 internships with financial services firm, including a boutique or MM bank. That is one of the huge advantages that Baruch students have over the traditional target schools. You are lucky that you know what you want to do as a freshman. I spent my freshman year at baruch figuring out what i wanted to do, then i spent my sophomore year interning with financial services firms. You will have a huge advantage starting one year earlier than I did.

Also, use the career center there. As a freshman, in particular, the mock interviews will be incredibly useful. The career center knows how few students make it into IB, and they're always trying to find the cream of the crop that can make it into IB every year.

 

It sounds like a lot, but:

Freshman 2nd semester: Random anything finance internship Freshman summer: Research/sales/other internship Sophomore 1st semester: PWM/Small Boutique Sophomore 2nd semester: Corp Finance department of a F500 Sophomore summer: MM Bank ibd, Sophomore summer rotational (very hard to break into) or MM/boutique bank, or even continue with the corp finance department of the F500 Junior 1st semester: MM or boutique ibd

--Recruiting--

It's hard work, but very do-able, and it is really the only reason that baruch placed 7-8 students into BB Front office IBD annually.

 

Harv, I go to Baruch and will start FT in a front-office job at a BB.

The bottom line is, if you want to make it from Baruch, don't act like a tool. You're a freshman. You will only get bs internships. You will probably have them until after your sophomore year. Any job is better than no job, and you're not going to get a boutique gig as a freshman. Take the internship, get top-notch grades (which is arguably more important right now), and go out drinking with non-Baruch NYC college students. You'll understand.

And the guy above me is right, the CDC (Heather) is your prime resource. Develop that relationship now.

Relax, get good grades, everything will be fine if you're a smart kid. Have fun. Good luck.

 

Lexington realty trust would make for a marketable internship.

You are a freshman, so maybe you are unaware of the structure of most investment banking groups.

Allow me the honor... there are product groups (M&A, debt, equity, private equity related stuff) and industry groups (healthcare, real estate, financial institutions etc.) With that said, investment banking (industry) groups' clients are the companies within their field. Lexington realty trust may be a client of a given bank, as such they probably have connections. Even if you can't tap those, you will be more marketable during interviews for a real estate group.

Think about it.

PLEASE DONT CHANGE EXCEL SHORTCUTS!!!
 

Look for PWM opportunities or anything finance related. Search Indeed, cold call, cold email, etc. Yes, it's late. Start applying in the fall for Summer 2015. Make sure you're in the appropriate clubs at school and good luck.

 

I'm also wondering this, seems like a super important part of getting a job.

From what I've been reading on the site, it's simply just networking. Go on LinkedIn, find alumni from your school and try to contact them. Of course, don't just say "hey, I need a job can you get me a hook up?"

If you do network aggressively, you could make friends who could drop off your resume for you, but it seems that most internships or summer analyst positions come during the summer of your sophomore year into your junior year.

Sorry, I'm a high school senior as of now, so I probably can't offer the best of advice, I'm just trying to tell you what I know from what I've read so far. I probably wasn't any help, but I tried, haha.

Good luck! I'll be in the same position as you soon.

 

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