Ok, here's the situation. After having final round interviews with both GS and DB, I have gotten zero offers for this summer. However, I just recently had an interview with a hedge fund off of Fifth Ave, and I was offered a summer position, but the catch is that this internship is unpaid.
I was told by my interviewer that throughout the summer I will have the opportunity to meet various other hedge fund managers and that the amount of networking opportunity available and the attractiveness of how the position will appear on my resume definitely outweighs the fact that it is unpaid.
The problem is that I don't know if I can afford it! I have worked construction for the past 2 summers and have been paid very well in doing so, but I NEED some financial experience on my resume. Should I take this position and sacrifice now with the notion that it will pay off when I graduate, or should I just work another summer of construction???
I'm a sophomore at a non-target with very exceptional marks. Has anyone else on this board worked an unpaid internship that paid off for him or her in the long run?? Any advice is greatly appreciated. Thanks!
Considering you made it to final rounds with some top BB's in such a tough recruiting season and you're only a sophomore, you may have a decent chance of getting with one as a junior reguardless of what you do this summer.
IMO though, if the money isn't a huge issue, I think the answer is pretty obvious: the experience plus the connections you will get out of it make it hard to turn down. With competition at its highest as space decreases, anything to set you apart before and during interviews is a huge plus.
If its not going to drastically affect your lifestyle, I'd definitely take the hedge fund.
Long-term greed. Considering how tough the market is right now and how it could potentially be worse next summer, if you have no finance experience right now, and have the opportunity to get some, I think it'll pay off in the long-run because it will give you an edge come recruiting season.
Btw, I assume you're talking about Alternative Assets here...I will be interning there this summer.
Hey CitySophisticate,
Yes Alternative Assets is exactly what I am talking about. Are you interning there for the first time this summer? Also, what more do you know about the position and what year are you? I'm sure it's a great opportunity to gain experience, but the position seems slightly vague and it has been difficult to gain information about the firm over the web......
I'm a sophomore at a non-target. I have zero finance experience, so for me, this is definitely a good place to start. And yes, it will be my first summer there. Well from what is stated on my contract, the position includes: making marketing presentations on powerpoint/word, research on hedge funds and fund of fund managers, writing legal and due diligence documents, maintaining client and investor records, and performing statistical analysis for clients, and other administrative and marketing support tasks.
Googled the fund's manager and he seems to have good credentials. http://www.whartonfinanceconference.com/conf2002/panel_park.asp
I took this internship over PWM and a potential interview with a independent equity research firm. It was my best option.
If you choose this internship, I hope to see you there. I haven't quite decided on my hours yet, but I'll be living in the city so I'll probably be there 4-5 days a week.
Not sure if you have a sense of the hours, but if they aren't crazy you could work as a waiter or something at night to make some money.
I was in the exact same position as you last summer. Got dinged from ML and GS and managed to get an unpaid analyst gig at the CT office of a HK based hedge-fund. Aside from the fact that I learned a massive amount basically working over the shoulder of the Fund Manager, it looks great on your resume and can help you stand out, especially coming from a non-target, like myself.
I can also guarantee that it will be a great conversation starter for your interviews junior year. Everywhere I interviewed this time around was very interested in what I had done/learned at the fund, so once it's over prepare a good story. I'll be starting as an SA in S&T at DB this summer if that lends any credence to my counsel.
On the financial note, I worked for the 3 summers proceeding my Sophomore year so I had a little wiggle room but I also managed to get a part-time job as a waiter at night a few days a week. It may be tough, but as others have said in these market conditions you have to take what you can get and any position at a reputable firm is nothing to scoff at.
Thanks everyone for the advice! I think the waiter idea is a great one and that's probably the route I will take if I choose this position. Cheers!
AAAI is not a hedge fund. It's a hedge fund capital raising service. Just so you don't go into it with the wrong expectations.
Yeah, I did actually find that out too. But do you still think this opportunity is worth it? I was told that throughout the summer I would have the chance to meet various hedge fund managers, which could open up some doors for next summer.....
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