Paid internship? What do you think?
http://online.wsj.com/article/SB12331069999902254…
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?
yeah but they're private wealth management internships, not banking.
Yes they are in PWM, middle office finance and compliance etc. Also, they don't guarantee an internship with those firms.
Yes they are in PWM, middle office finance and compliance etc. Also, they don't guarantee an internship with those firms.
these programs are extremely suspect. I believe dosk reported on them before on Mergers and Inquisitions.
Here's a brief piece on bankersball on them:
http://www.bankersball.com/2008/01/04/buying-your-way-into-investment-b…
I don't know how legit they are, but I suppose it's better than nothing
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
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
There is actually a small Morgan Stanley branch couple blocks away from my dorm, and I believe it is a satellite branch. Would you mind sharing experience on applying to those offices? It seems I can't apply directly on the website.
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