I was just offered an internship at a boutique investment bank. The company brings in most of its revenue from its retail brokerage department, but is focusing on expanding its investment banking division. The deal flow doesn't seem to be that great at the moment, but it looks to be picking up as they expand.
This internship is unpaid; I'm going to delay accepting the offer as long as I can, but I think they want to hear back soon. If I don't manage to get a paid offer before I have to accept (probably around mid-March if I had to guess), should I just take the unpaid internship? Or reject, keep looking for a paid one, and risk not working in banking for the summer?
Here's my background if it's any use: -3.6 junior from a non-target that is well regarded in engineering; but I'm majoring in business -Internships at CRE brokerage dealing with smaller assets, wealth management firm, and residential real estate brokerage -Sit on e-board of student government as class treasurer; also treasurer of my fraternity and did a varsity sport (D3, not a major sport like football) during my freshman and sophomore years -My goal is to leverage my real estate background and (hopefully) an IB SA to network with professionals working in real estate groups at IBanks and get an offer from one of them.
Any opinions would be helpful!
your stats are average so with this economy i would recommend to not gamble and take the offer, you haven't got one yet so why would you get one later?
If you have no other options then take it. But keep in mind if the team has no deal flow you will likely be making powerpoints all summer and develop no actual modeling/quantitative skills. I would personally never take an unpaid job as it reflects the attitude of the employer. No pay = not willing to invest in you. Just because you have an offer doesn't mean you should take it. Look harder elsewhere.
I'd say keep looking, but if nothing does come up go ahead with the unpaid gig.
Stick it out for the summer, gain as much experience as you can, add it to the resume and continue looking.
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