2 Internships one summer? PE and PWM

Both are part time and unpaid. One internship is a BB PWM mostly doing bs work (but no cold calling) and another is a part time PE shop for business development and some financial modeling. I'm guess-timating around 15 or so hours for each internship, but it will only be a pain since I won't be able to have a part time job and thus will have to pay out of pocket for travel expenses ($100 a week).

Do you guys feel like it's worth it or should I go without an internship this summer and do a fall term internship (firms have offered me for then as well)? Both internships will be good in terms of networking

 

what a stupid fucking question. yes, you should do them both and no, you should not go the summer without getting an internship.

"Look, you're my best friend, so don't take this the wrong way. In twenty years, if you're still livin' here, comin' over to my house to watch the Patriots games, still workin' construction, I'll fuckin' kill you. That's not a threat, that's a fact.
 

Definitely do the PE internship this summer. It's up to you if you want to take the PWM as well. If you need to fill your resume, go for it, otherwise work 15 hours a week in PE and enjoy the rest of your summer.

It's honestly up to you. If you think it'd be wiser to do a PE internship this summer and something in the fall, than do that. You're in a good position and you can't make a wrong choice here.

 
farmerbob:
Definitely do the PE internship this summer. It's up to you if you want to take the PWM as well. If you need to fill your resume, go for it, otherwise work 15 hours a week in PE and enjoy the rest of your summer.

It's honestly up to you. If you think it'd be wiser to do a PE internship this summer and something in the fall, than do that. You're in a good position and you can't make a wrong choice here.

Would the PWM look better on my resume as opposed to school clubs/school non finance related leadership positions?

 

If you're a freshman and have no "professional" finance experience, then it will help especially with the name (assuming ML, UBS, MSSB). You need work experience more than school extracurriculars. You need both but at this stage you want to fill your resume as much as possible with real finance experience.

Just curious what are your options come fall?

 
Best Response
farmerbob:
If you're a freshman and have no "professional" finance experience, then it will help especially with the name (assuming ML, UBS, MSSB). You need work experience more than school extracurriculars. You need both but at this stage you want to fill your resume as much as possible with real finance experience.

Just curious what are your options come fall?

A boutique IBD that is somewhat legit and a PE firm with around 700million in aum. Also an equity research type position at a HF for spring (maybe). Their all all unpaid internships, and by no means guaranteed rather the free labor seems attractive at this point of time, but I had to network a lot to get them. I personally don't really know what I want to do yet, and so my goal is ultimately to try to hustle into a BB IBD firm for sophomore summer and then MBB for junior summer deciding which path to pursue senior year. I have a 4.0 at a non target, and so I think I understand where your coming from saying that work experience matters a lot more than being the president of random clubs at my school

 

Nice job hustling for these opportunities. Doing one of those fall internships will put you in really good position for what you want to accomplish.

Imo, doing the PWM is just another feather in your cap. It pads your resume with real world finance exposure. You have the opportunity to really build your resume up. You have some big goals and probably should do everything you can get your hands on. So a very strong argument says to do both internships this summer and learn as much as you can and meet as many people as you can at both jobs.

But again, I don't think it will hurt you if you want to enjoy this summer a little bit and just do PE. I'll reiterate that I don't think you can go wrong with any choice. Good luck and congrats on all your opportunities.

 
monkeystarter05:
Take the PE internship. It'll all look the same on your resume. There's no reason/way they can tell it's only part time.

Absolutely true. If someone eventually asks how many hours you worked/whether it was full time, then tell them.

If you can hack it do both. Then you can speak credibly later as to 'why IB' 'why S&T' 'why xyz' because you've seen at least a touch of many sections of finance. My first finance job was at age 19 with a broker for UBS, cold calling wealthy people - and bang, that's how I knew I never, ever wanted to be a broker.

if you like it then you shoulda put a banana on it
 
monkeystarter05:
Take the PE internship. It'll all look the same on your resume. There's no reason/way they can tell it's only part time.

Okay, so your saying that if I take both it might appear as a part time internship, but if I only take the PE internship it might seem like it was full time? My resume is full (with school leadership and activities) and I feel like PWM would be another solid work experience on it since ALOT of kids get PE internships and recruiters understand that they are kind of meaningless or equivalent to pwm most of the time

 

It's up to you really. You could just take both and have the other in your back pocket.

But by putting only one on your resume, it looks like you did it full time. Where-as if you put two, it's obvious you didn't do them both full-time and it was part-time.

I have never been asked by anyone "how many hours did you work in this position" nor do I know anyone that has.

It's just like when someone puts a club on their resume, they have no way of checking what the club actually does, your club could consist of just you for all they know, as long as it sounds good. *Caveat: Do not lie. It's pretty obvious when someone lies.

 

internship during school is gonna be tuff during school. just do it in the summer. u sound like a rising junior or a rising sophomore. definitely a good experience and will get u ahead of most of the competition.

 

having PE and PWM on ur resume along with a potential boutique ib in the fall should set you up well for SA recruiting. If you are only a freshman then that will look very impressive.

as far as whether you should take both or not i dont kno. If you have financial problems, its not like you are going to find a pt job that pays over the summer that quick. id just do both. if you are asked how many hours each u worked just say about 20 hours each. good enough since you will have a boutique internship in the fall (hopefully) to talk about in more detail.

 

It obviously sucks paying out of your own pocket to travel, but by working two internships this summer you're only setting yourself up for better opportunities in the future. Definitely stick with PE, but if you can do both I highly recommend it.

 

Do both baring it's possible with travel, not travel costs but time. The more avenues of networking you can open up the better you are.

Follow the shit your fellow monkeys say @shitWSOsays Life is hard, it's even harder when you're stupid - John Wayne
 

Do both. However, prioritize the PE internship. Business Development is not the most exciting work (due to the cold calling involved) but if you can make a solid impression and get some deal exposure, you will be ahead of the game come recruiting season.

 

It's nice that you're considerate of their time. It's also nice that you're seeing constraints of finishing 10 apps. Quality > Quantity, you got only one live to attend one of the admitted.

Now, often then not, you'll get two types of recommendations. since you can google websites of MBA Admission Consultants e.g. Betsy Massar for what each school asks recommenders. so look it up yourself.

Generally I saw two types, although questions within each type may vary:

  1. general letter of rec for most other programs. they get a blank page to talk about how nice you're, etc. Less in MBAs
  2. some slide bars of assessments plus a number of text box (word count/character limited)

for example, UVA, HBS and Booth/Kellogg uses the same questions this year, I believe. so if that's true, you can ask someone for one letter and wrap about 4 together.

 
undefined:

To be on the safer side, keep the university name generic in the LORs.

I partially disagree because that would make the app canned. B-schools prefer to be cheered in the recommendation, so that the applicant isn't soliciting a blank rec for everywhere.

I would say, if profs mark the school names in the LORs, ask them to mark them in easy-to-see places. Then they can change it out whenever needed. Usually beginning / end of paper or paragraph works best then a random honorable mention in the middle

 

Schools simply ask for 2 or 3 recommendations. They don't have to be customized or personal. Just ask your recommender to write you a letter discussing qualities they can talk about. It would be rude to start asking recommenders to customize multiple letters.

MBA apps might be different, but zero MSF programs ask for unique LOR's.

 
undefined:

Schools simply ask for 2 or 3 recommendations. They don't have to be customized or personal. Just ask your recommender to write you a letter discussing qualities they can talk about. It would be rude to start asking recommenders to customize multiple letters.

MBA apps might be different, but zero MSF programs ask for unique LOR's.

never mind for this bum asking every naive question on WSO like GMAT rounds

 

I'm assuming that this is two part time gigs? If so, on that employment agreement or whatever you want to call it, you likely signed saying something that you can't work for a competitor or something like that.

If it is two part time jobs where you're working one, mwf and the other tth, that would be like working one normal full time job so not a big deal. I've done it before, but it was in two entirely different industries. But the first thing you should do is ask if it's even OK to do that, because 1 internship is better than 0 internships after you get fired.

make it hard to spot the general by working like a soldier
 

Thanks for the feedback guys.

To answer the first post, these are two part-time internships and they're both very flexible, so I was planning on doing MWF at one, and TR the other.

I will definitely get together with someone to discuss, but I wanted to see if anyone had done something like that before. Again, one is retail while the other is M&A, so I would think that they would be relatively better than if I was working at two bulge brackets doing the same job.

 

If you do 2 internships, aren't you pretty much ruling yourself out of working longer than contracted hours on intense projects arising from either internship? For example, if a great deal comes along and they need all hands on deck to get it done, you'll end up being the guy who says "sorry, can't work on it, gotta pip! Toot toot!"

Those who can, do. Those who can't, post threads about how to do it on WSO.
 

There will only be a couple of days I'll be allowed to work at the IB since they'll be two interns, and they only want one of us there at once. Meaning I'll already have a couple of days every week that I can work somewhere else.

If this was a proper full time position, I'd take M&A only for the above reasons, but since I'll have a few days off, I'd rather get to work in something in retail banking vs. get a random side job to fill up the rest of the week.

 

I'm currently doing 2 internships, and the key to managing two at the same time is flexibility. For me, one job is less flexible so I work it Monday-Friday 8-4, and the other one is an extremely flexible start up, so I work it during evenings throughout the week, and on weekends.

However, I see both of my internships as adding value to my profile and bringing me closer to my end goal, IB. In your case, as Sil said, working as a bank teller won't bring you any closer to investment banking in my opinion.

If you're unfamiliar with the environment, the Glass-Steagall Act causes financial institutions to keep the activities & affiliations of commercial lending and other verticals dealing with securities to be extremely fragmented.

Thus, nobody that you'll ever meet in your area of the bank will have ever had any sort of connection to those working in m&a/s&t/ER.

So unless you want to keep the payroll of working 2 jobs, and can't get all the hours at the m&a shop, then quit the retail gig, and hustle to make a good impression with the m&a guys.

 

If you can work out the hours, and there is no conflict of interest between the two parties, then absolutely do it. During school I'd usually have 2 jobs, and if you can only find 2 part time internships, it's better than 1 part time. And if you do work at both, definitely put both down on your resume.

 
gomes3pc:
If you can work out the hours, and there is no conflict of interest between the two parties, then absolutely do it. During school I'd usually have 2 jobs, and if you can only find 2 part time internships, it's better than 1 part time. And if you do work at both, definitely put both down on your resume.

I'm in a similar situation and its working out okay. Just make sure that they all know whats going on and that you know for sure what their expectations are.

Good luck.

"The trouble with our liberal friends is not that they're ignorant, it's just that they know so much that isn't so." - Ronald Reagan
 

Doesn't that reflect negatively on how intense each internship was? I was in a similar situation where I wasn't sure if I should put both of my summer positions on my resume.

 

Honestly that sounds like a sick situation to be in. Especially if you're trying to get a taste for what each job is about, I'm personally a bit lost as to what I want to focus on...

 
some guy:
Doesn't that reflect negatively on how intense each internship was? I was in a similar situation where I wasn't sure if I should put both of my summer positions on my resume.

You're god damn right it does. Part-time work on wall street is ghetto. Part-time work at a boutique consulting firm? Ghetto as FUCK.

Come to think of it, part-time ANYTHING is a bad idea and is where a lot of losers seem to end up. Examples: Part-time MBA. Working part-time at a restaurant while you take 8 years to finish college because you're afraid to take on student loans. Unless you are a part-time olympic tennis player, don't be such a god damned loser.

Save the part-time work for when you are a 50-year old with millions of dollars who can serve as an "advisor" to a firm and on various boards, for a total of 3.5 hours per month.


http://www.drmarkklein.blogspot.com/

_______________________________________ http://www.drmarkklein.blogspot.com/
 
tbcthk:
Dude, he's part-timing because he wants the experience. If you have no experience whatsoever in your previous semesters, you need something to give you an edge.

If a resume comes across my desk with a "part-time internship" on it, I will write "THIS IS WHAT NOT TO DO" at the top of the page, take it to the copy machine, make a couple thousand copies of it, walk into the middle of Times Square, and throw them everywhere.


http://www.drmarkklein.blogspot.com/

_______________________________________ http://www.drmarkklein.blogspot.com/
 

If you can do both at once, I would say do it, but I don't think you realize how difficult it will be doing two internships with school.

"Greed, in all of its forms; greed for life, for money, for love, for knowledge has marked the upward surge of mankind. And greed, you mark my words, will not only save Teldar Paper, but that other malfunctioning corporation called the USA."
 

i do an internship (20 hrs), part time job (20 hrs), take classes full-time, i'm the president of my on 501 (c)(3) im the vp of our finance club (200+member), im the president of our student run equities portfolio, and I'm captain of a sports team.

BOOM

and I close deals twice a week.

 

The key with rec letters is that they come from someone you've worked with closely - preferably a direct supervisor. It doesn't matter at all whether the recommender is an alum or not (adcoms really don't care) -- the name on the rec letter really has no impact -- it's the content of the letter itself, and if the person hasn't worked with you closely (the first thing the letter has to address is "how long have you known and worked with the candidate and in what capacity?"), then it doesn't matter what the rest of the letter says.

Alex Chu

Alex Chu www.mbaapply.com
 

As someone who went through applications not that long ago, it is important to point something out here. I don't know exactly what you are applying for, but for the U.S. MBA programs I applied to, you did not get recommendation letters and turn them in. Instead, you were asked to give the contact information for recommenders, and then the recommender would answer questions about you. So, if you are applying to MBA programs, your pre-written letter may not be of any use.

 

Thanks guys. I am undergrad and I have been preparing this application for some time. So when I did my internship two years ago, I asked for a letter and asked him to keep it (just in case I would need it). I kept in excellent relation with this person and he indeed kept it. So that's why I am asking

 

Go get an internship..... what the hell else are you going to do?

That's what I did and it helped me get a job in the Big 4 (and make me a few bucks). I'm not even doing accounting anymore, but quality, relevant work experience is always a good thing.

 

I know a lot of people who work internships between graduation and doing a 1 year masters. I think it is more expected than anything else. Think of it as re-doing junior-senior summer again.

CompBanker’s Career Guidance Services: https://www.rossettiadvisors.com/
 

Doing the internship would be the wiser choice. this way it shows you're willing to learn and being offered a full time gig is much more likely to happen. you dont want a full time job and then realize you dont like it. if you're still unsure Id say go it. Doing an internship between graduation and 1st yr isnt unheard of

 

There is likely a non-compete clause or something in your contract at the bank which prevents you from working for another financial services company, meaning it would be a breach of policy. If they found out, you would not only be fired/not given an offer, but also potentially get into legal trouble.

 

In addition to everything stated above, how would you explain the situation when recruiting for either IBD or ER down the road? I doubt either would be happy to know you were simultaneously working for a bank and a HF (while not telling the bank about it). That would likely raise questions around what you'd do once working FT (I know I would be very hesitant when making a decision around a candidate like that).

 

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Get busy living
 

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