Alright guys, bear with me here. This summer I interned at an FX brokerage. My job was primarily sales related, with cold calling/prospecting companies being 85%-90% of my position. I couldn't stand the position at first; cold-calling individuals is rough, but cold-calling executives at F500 companies is a whole different level. Anyways, I learned about investment banking about a month into my internship and started hustling right away. Through direct cold-calling, I scored a Fall internship at a local boutique.
Fast forward 3 months, and I'm nearing the end of my brokerage. I went from being the worst intern to a high performer at my firm. As soon as I scored my Fall internship, my fear about cold-calling firms disappeared and I've managed to bring a couple clients on. My boss even pulled me aside, personally commended my work, and gave me access to tier 2 clients (all clients are ranked tier 1-3, interns are only allowed to call tier 3 companies, so this was exciting). We get our extension offers this Friday, and I'm confident that my offer will be extended into the Fall.
My current job has a lot of opportunity. I mean, my bosses probably make around 150K-200K a year and work 25-30 hours a week. I'm not making that up, once you sign on 5-10 big name clients (they do all FX for a few F500 companies), the commissions become residual. Despite the opportunity, there are many cons. Cold-calling is arguably the least glamorous white-collar job around (I can never see this being enjoyable). I especially dislike the competitive nature of the job. I'm all for working hard, but I don't need a scoreboard that updates our sales total everyday, visible to everyone in the office. Similarly, nobody wants their boss to come up behind them and say "Hey, tim just closed another client, what are you going to do about that?"
One thing that appealed to me about Investment Banking is the sense of camaraderie that develops with analysts. You may be crunching numbers all day, but at least you're making solid friends. Here, I could never hang out with coworkers, there's too much competition/tension.
So, what do I do, and how do I do it? If my boss extends my internship, how do I politely say no. Should I say that I'm looking to leave at the end of the summer now (internship officially ends in 2 weeks)? Should I wait until the meeting? Is there anyone who feels that my current job offers better opportunities than IB (in terms of work-life balance)? Just looking for advice from people who have been in situations like this. Appreciate any advice. Thanks.
Bro, cold calling sucks. Quit and get the hell out.
Tell your boss that you enjoyed your experience and thank him for the offer. Then tell him that since you are still young you are looking to get diverse experiences. Because of that, you already have something different lined up.
Be respectful to him and the company and tell him that you'd like to keep in touch. He should be respectful and understanding in return. If he isn't, fuck him - you're moving on anyways. If he is, shoot him emails every so often and use them as a fallback if ever necessary.
It is in your best interest to get other experiences, plus pacman is right - cold calling sucks.
So the general consensus I'm getting here: Even though the job has potential opportunity for high pay and low hours, it's not worth it because of work environment and cold calling. I'll let my boss know on Monday.
Please base this on your own personal preferences and not what people on an online forum think - only you will see the pros and cons for what they are
Yea man, only do what pleases you. If you don't enjoy it now then you wont enjoy it later.
^^^ I think the dude has probably made his decision between August 2011 and now
Lol. Wave of nostalgia just kicked in. Come a long way since these days...
Sure. On the last day of the internship, each intern was called into the board room individually and given a performance evaluation. At the end of the performance evaluation, you were told if you received an extension or not. That Friday afternoon, I stepped into the board room not entirely sure what my approach was going to be.
The evaluation was overall positive. However, at the end of the review, my bosses informed me that although my results were respectable, the firm didn't have the financial capacity to keep a third intern, and that the firm wanted to go a different direction and attempt to hire experienced salesman instead of grooming interns. A mix of emotions kicked in, angry, disappoint, but also relief in knowing that my work was done for me. I was on my out the door until they both started bursting out laughing. It turned out the whole thing was a big prank. Keep in mind, this is a small shop in Southern California, so the level of professionalism is much more relaxed.
I then had to listen to a 5 minute spiel about the benefits of staying on with the firm, at which point one of my bosses reached out for a handshake and said "so, what do you say?" Of course, I tell him that I appreciate the opportunity but I believe it's time to part ways, etc. Couldn't have been a more awkward way to express my intentions of leaving. However, no hard feelings and I keep in contact with those guys to this day.
Also, fast forward 2 years and every intern I knew from the firm has since left, including those rock star salesmen who had built up a decent book. The problem was that our sales region had been completely flushed out. Over the course of 5 - 6 years, every single small/medium business that needed an FX Brokerage arm had been discovered and reached out to. Plus the market is now more saturated than ever, with dozens of competitors who do the exact same thing, seriously placing a strain on margins. However, none of this stops my former bosses from continuing to work 15 - 20 hours a week, earning between 150K - 200K, with no limits on vacation. And once interns leave, all of their clients just get pushed up to these guys. So I guess the key takeaway here for any business or concept is to get in early before it's too late.
Minima officiis ipsam suscipit ea. Facere fugiat in et et vel temporibus. Autem ad hic accusantium id ut.
Voluptas aut voluptatem repudiandae quos reiciendis sit asperiores. Est voluptatem quia vero quaerat velit ipsum. Commodi illo fugiat fugiat nemo ut necessitatibus. Nam dolores aut nesciunt est. Est tempore quia aut a. Inventore facilis aperiam sunt vel. Et consequuntur nulla illo praesentium.
Voluptatem corrupti eos eos rerum. Eius cupiditate velit occaecati architecto qui eum. Est sit ipsa omnis. Nisi a ab minima perspiciatis facere.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...