1/28/09

http://online.wsj.com/article/SB123310699999022549...

I came across to this article today and they mentioned this company University of Dreams (http://www.summerinternships.com/). This company claims that we are guaranteed an internship by paying couple thousand bucks. What I found interesting is that I saw big names like UBS, JP Morgan, and Deutsche Bank. I initially thought it's a scam, but it looks pretty legit to me after I dug into couple more websites. I know this idea doesn't sound good. However, I haven't gotten anything back from any of my internship applications. I AM DESPERATE. I am just curious anybody knows what these "paid internship people" end up doing in their internship?

Comments (8)

1/28/09

yeah but they're private wealth management internships, not banking.

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1/28/09

Yes they are in PWM, middle office finance and compliance etc. Also, they don't guarantee an internship with those firms.

1/28/09

Yes they are in PWM, middle office finance and compliance etc. Also, they don't guarantee an internship with those firms.

1/28/09

these programs are extremely suspect. I believe dosk reported on them before on Mergers and Inquisitions.

1/28/09

Here's a brief piece on bankersball on them:
http://www.bankersball.com/2008/01/04/buying-your-...

I don't know how legit they are, but I suppose it's better than nothing

1/28/09

i had a friend who did this and like you guys said he was put into ML PWM but this was really his only option with an average gpa from a non target state school. the internship was a joke though - it wasnt even fulltime. he worked maybe 3-6 hours a day 4-5 days a week.

at the end of the day though, it was still something to put on his resume

1/28/09

My concern with these revolves around paying for the internship.....
I also did a PWM internship but I got it by calling the local office and asking for an interview. Nothing harder than that - and I guess I saved $7000.

Its also worth mentioning that I have been asked quite a few times how I got that internship in my other interviews. I would guess saying "my parents have a lot of money there" and "by paying a few grand" wouldn't get you many points in the self starter category

1/28/09
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