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help, please: deciding between internships
 

Arpster55's picture
EN
(Monkey, 35
 
Points)
 on 4/26/08 at 11:51pm

I'm a freshman at U of I and I recently received two internship offers, one is with a middle-market investment bank. Actually, they don't really have a formalized internship program (and its unpaid). I would just do it for some good experience and connections.

On the other hand, I have a formal 10 week internship with Siemens as a financial analyst. My question to all of you is which one would be better: relevant experience or name?

Personally, I'm more leaning towards consulting after college but I would like to do investment banking internships to get good work experience. So which internship would be better to leverage for a better banking internship (or possibly consulting) next year?

Thanks!

Tags:
mwgr5's picture

Both internships are very

HF
(Orangutan, 299
 
Points)
 on 4/27/08 at 12:18am

Both internships are very good for a freshman. If money isn't a huge issue, I would take the I banking position. Just make sure you will actually be learning something in the non formal program.

CDN's picture

take the banking gig cause

IB
(Baboon, 168
 
Points)
 on 4/27/08 at 12:45am

take the banking gig cause Siemens sounds like semen. In all seriousness, take the banking gig man. You're only a freshman so you can afford to not get paid. Just my opinion.

dazedmonk's picture

I respectfully disagree wtih

IB
 
Points)
 on 4/27/08 at 2:31am

I respectfully disagree wtih the above 2 opinions because

1) Being paid shows that you actually have value to a firm and are more likely to do meaningful work.

2) You're a freshman. Having any itnernship on your resume for next year is great. Having financial analyst...even better. A paid financial analyst internship at Siemans is just as good as an unpaid IB internship imo.

prettyspectacular's picture

Siemens is a great name to

ST
 
Points)
 on 4/27/08 at 8:37am

Siemens is a great name to have on your resume.And if you're leaning towards consulting you should take it and do lots of networking with the folks there.

guts's picture

do the unpaid if you are

IB
 
Points)
 on 4/27/08 at 10:16pm

do the unpaid if you are into banking and the firm is alright.

oasising's picture

Definitely go with the

IB
 
Points)
 on 4/27/08 at 10:50pm

Definitely go with the middle-market firm, that way you might be able to do a BB SA after your sophomore year. If you can pull that off, you will be well poised to go into banking or consulting.

Siemens, while still being impressive for a freshman, will not do as much for you in the long run.

Arpster55's picture

Thanks for all your

EN
(Monkey, 35
 
Points)
 on 4/28/08 at 12:16am

Thanks for all your responses!

If I do in fact take the banking one, what sort of experience should I be looking for. Also, what resources should I use to get more acquainted with the details of the field i.e. vault's guide etc.

Also, they never really have had an intern but they were impressed with what I have to offer so they said they would give "meaningful" work experience. But at the same time, how do I make sure that happens. What should I do to prepare beforehand (books, websites etc.)so that I can come and prove to them that I am capable of performing semi-actual work.

CDN's picture

I would sign up for one of

IB
(Baboon, 168
 
Points)
 on 4/28/08 at 12:24am

I would sign up for one of the financial modeling self study programs since this is a boutique and therefore doesn't have a formal training program.

You can use this referral code: REF4507 for a 15% discount if you decide to try out Wall Street Prep. You might be given more responsibility throughout the summer and gain exposure to financial modeling if you do this since the team will see that you know your shit.

numi's picture

what exactly will you be doing at the MM bank?

HF
(Gorilla, 610
 
Points)
 on 4/28/08 at 12:50am

well, here's the key question...when you say you're going to be working at a middle-market investment bank, are you actually going to be doing banking? or are you going to be doing some other middle- or back-office role, some support job, or something else? you need to be absolutely clear on what you'll be doing this summer, and given that you aren't part of a formal internship program at the middle-market bank, i think the first thing one has to ask is what exactly you'll be doing there. i'm not convinced that the role will be that useful and i feel like there's a good chance that you aren't going to be doing banking.

stated in another form, if you're not going to be doing anything meaningful towards understanding what bankers actually do, then take the siemens role. however, if you're going to be offered an unpaid position at the middle-market bank doing what most of us had to wait until the summer after junior year to do, then go for the bank.

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