Getting Desperate: Smart or Stupid?
I worked in wealth management for 2 years while I was in undergrad. It was a boutique, and I actually got to do some research and trading although most of the experience was sales oriented. When I graduated I started a tech company. Now I'm trying to break back into banking, but I went to a non-target with a GPA in the low 3's. I've been networking my ass off, but no one is willing to give me the chance. I recently got a financial advisor job offer, but it's not a career path I am interested in at all. I networked with an alumni that's the Head of a division at a top AM company (think BlackRock, PIMCO, etc), but he was unable to get me an interview. He likes me, but his division isn't hiring entry-level right now, and he doesn't carry much weight elsewhere in the company.
So I'm considering calling him up and offering to work for free for 1 month in his division. I would just bust my ass for 70+ hours per week trying to meet everyone and impress them. At the end of the month they can either hire me full-time at a competitive salary into a recently available position or tell me to get lost.
Is this a good idea or no?
In my opinion, if you can get your foot in the door this could yield huge results. Even if they can't offer you anything, he may have some great contacts for you. Shows you're willing to work. I'd say go for it.
I doubt he will be able to do anything for you as far as unpaid labor goes. There are laws that prevent you from being an unpaid intern. Most small shops over look this but the big names aren't able to do it.
Happy, what are you talking about? Plenty of companies offer unpaid internships and I am sure this could be classified as such. It doesnt hurt to ask although I am 94% he will decline the offer.
Sorry, I should have expanded. The Department of Labor has pretty specific guidelines on how someone can work as an unpaid intern. They're listed below. I didn't mean to make it sound like it never happens (poor writing, laziness, etc...my bad). I tried to work unpaid for MS at one point awhile back and the guy had me in for an interview and pretty much told me he would normally be happy to help but the rules had changed and he wouldn't be able to. (Dude got me another internship and bought me lunch though so I was ok with it.)
Guidelines 1.The internship is similar to training that would be given in an educational environment — even though it includes operations of the employer’s facilities
The internship experience is for the benefit of the intern (even if the company benefits, too)
The intern doesn’t displace regular employees, but works under their supervision
4.The employer receives no immediate advantage from the intern
The intern is not necessarily entitled to a job at the end of the internship. In other words, an internship should not be used a trial period before someone’s hired full-time, and
Both the employer and the intern understand that the intern isn’t entitled to wages.
I don't see how my offer would violate any of the guidelines. I would learn/benefit from the experience, work for other employees, I'm not guaranteed a job, and I understand that I am not entitled to wages.
In addition to what happy said above, there are costs unseen to employees such as insurance, worker's comp, etc that the employer has to pay even if you're an unpaid intern.
The Fair Labor Standards Act gets overlooked so much though. I've seen unpaid internships posted on my career website that explicitly state grunt work will be involved and have had friends go through similar experiences. Greedy dicks won't pay a college kid $10 an hour when they're making six figures.
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