How to go about getting internship at boutique?

Just looking at some of the website for boutique IB's it seems like very few offer a formal place to apply to internships. So what would be the best way to ask for an internship? Should I just email them and attach my resume or what?

Thanks, and hopefully some who have gone through the process can speak to their experience too.

 

Many boutiques have contact info of the people who work there on their websites (smaller ones sometimes do). You should email the person who is dealing with hiring or anyone and indicate your interested and ask how you should go about applying.

Or you can find contact info of someone who works there by other means and contact them and ask for the same thing,

 

I wouldn't recommend sending emails to HR or [email protected]. I think it's a waste of time to be honest. My suggestion would be getting in touch with mid/upper level bankers. Either network with informational interviews and over time, ask if there is any possibility of doing an internship at that particular boutique bank. Or, straight up cold call bankers, ask who's in charge of hiring/recruiting, and ask that person whether or not they'd be interested in hiring an intern.

I just finished my internship at a boutique bank in NYC. And I did a bit of both, coldcalling and networking with senior bankers. I luckily landed an internship by a senior MD referring me to another bank. Feel free to PM me too if you have more questions.

 

Thanks for the advice so far!

Today I have been cold-emailing small boutiques asking if they had summer internships. I've been emailing mostly higher up people (senior advisors, MD, etc), who are alumni of my university. Should I not contact such high up people even if the firm has only like 10-15 senior people and the person is an alum? Also is it too direct to ask right away if the firm has summer internships available for undergraduate juniors?

 

Think of it this way...they know why you are emailing them, but they want you to play the game. Ask to talk with them for 10-15 minutes about the firm and their experience. They will likely ask what year you're in and I'm certain the word internship will come up. Try to make it a natural conversation. Takes a bit of practice to perfect.

 

focus on reaching out to people who are alumni if your school. level doesnt really matter - when i networked i got good responses from people all up and down the foodchain, i think its more about the individual.

boutiques have target campuses too, just like BBs, so if you are at a school with a resume drop your odds are probably better.

 

With a boutique it's best to email the most senior person you can. If will be near impossible for them to respond, so give them a call.

 

Personally I'd try to email an analyst/associate (preferably from same school) first and talk to them about the firm and their experience. If they are receptive I'd ask for advice on how to go around getting an internship. Then I'd email the senior person. You have good experience already so that should help a lot. That's my strategy to hopefully get my first internship this summer (I'm a freshman).

Spring is fairly close, so good luck.

 
Solidarity:
Don't be afraid to cold call if you're looking at local boutiques, but with a 3.6 from Duke econ, you should be applying to BB soph programs in LA / SF.

Definitely agree with the BB soph programs. Take a look into those. But a boutique internship will definitely help. Pick up the phone and start calling. And expect to be told no many many times...

 

Any input on BB sophomore programs around the United States? I've only been able to find diversity ones. I'm a sophomore with a 4.0 at a target looking for hopefully a BB this summer but I'd be happy with anything in investment banking.

 

Small places mostly do not advertise internships, and do not have formal recruiting process. People usually cold call/network into it. Boutique will create an intern position for you if they like you and think you can contribute. However, there is also a high chance it is going to be unpaid, or paid bare minimum - just enough to cover rent.

 

Talk to all your friends in the industry, speak with alumni to get meetings set up. I guarantee there are some people from your school who work at middle-market/boutique banks.

If that fails, then yes, try cold-calling these banks and speaking with them directly.

Headhunters are likely to be useless for summer internships and especially useless if you haven't worked in the industry before.

 

in all honesty, it's a little bit on the late side even for boutiques - i know quite a few people who had final rounds at the usual places over a month ago, but go for it you never know..

if what you are looking for is experience to position you for a FT offer somewhere else, it might be worth contact alumni working at smaller hedge funds or Asset Management shops also. if you come from a decent sized school there are bound to be a couple of alums in senior positions in small places where they can simply offer you an internship if they like you. it helps if you don't mind not getting paid. it sucks... but i know a sophomore at my school who got himself a MM merchant banking gig this way while juniors and seniors are going jobless. he's going to spend alot this summer but it's going to help in the long run.

good luck

 

how about something like wealth management at a BB so that your foot is in the door, and then try IBD for FT? i feel that it is pretty late for internships already, as this past week was the last week of interviews for everyone i know.

of course u can definitely get something good, by reaching out to people and doing something like GWM and making those networks.

goodluck

 

I don't think its late at all for boutiques/MM (anyone with experience care to comment?). I guess it'll depend on the MM, if you're talking Jefferies or Thomas Weisel then maybe, but I'm sure a bunch of no name boutiques are available.

They may not have formal internships so you should network in order to get have them make a spot for you. Maybe offer to work for free?

 
RonaldBacon:
No point getting the cpa if youre not going to be an accountant.GMAT and biz school if you really want to go...but a 3.5 is fine. I got multiple ibd interviews with a 3.4-3.5. This was from ocr though

Sorry, I'm a total noob - what does ocr mean? (tried looking it up on google, couldn't find it.)

Anyway, the only reason I was considering the cpa is because it would cut off a year of school (and I'm already at an age where I should be working.) So, then it becomes - should I change my major to finance?

Although I have an associate's with the community college, and those extra credits from the other two semesters, the CUNY didn't recognize them all - hence, me taking another 3 semesters. Well, next semester I go into the "business school" part of the bachelors. And so, it's not to late to change my major.

Do you think it really matters what my major is from a non-target? Do you think I should still major in accounting, thus providing me with some knowledge in how to read financials and understand business from that perspective? I'm sure there are a few other concerns I'm leaving out, so feel free to just write whatever.

Also, do they really just count the gpa from the last 3 semesters? Or do they add everything up from all of the previous schools. I haven't done the math, but I'm sure I'm not a cumulative 3.5. Only because the associates was a 2.6. Do you think boutiques look into all of that? Or just want the current school stats.

Sorry about the long post again. And thanks for the replies.

 
oasising:
Agreed.

Email to see if you can call them -> Impress them through the phone -> Set up in-person meeting. If you play it right, you won't even have to ask for a job. They will bring it up.

I feel like a total newbie.. but what do you mean by "play it right"? How do you um, heavily hint that you really really want them to hire you for the summer? :/

Currently batting 0/12 for summer 08.

 
oasising:
Agreed.

Email to see if you can call them -> Impress them through the phone -> Set up in-person meeting. If you play it right, you won't even have to ask for a job. They will bring it up.

This strategy will get you nowhere. In my experience with this type of deal, noone is just going to hand out an internship no matter how good your record is. You're going to have to fight hard for it. Here's how I landed a private equity internship my junior summer...

  1. Always call them first

  2. If you can't get past the secretary (ie so and so is in a "meeting" right now) call back the next day, and then the next day, and then the next day. DO NOT give them your contact details and wait for someone to call you back because it wont happen.

  3. Call before noon

  4. If they give you the "we dont do interns" spiel just outwardly lie and say that you saw a recruitment ad in your school's career website. No one really knows what the hell is going on at these firms and "we dont hire interns" is usually just their way of saying "I'm busy today, don't bother me". I can't tell you how many times this strategy worked for me.

  5. The real trick is to be able to work for free; money will come later, this is an investment in your future

No one will give you the time of day unless you show uber persistence. You have to make these people notice you, which basically means the only way you can over-do it is by showing up to HQ waving a gun around. The very idea that someone is going to notice your email and take the time to lead you by the hand to your boutique internship is a fantasy.

 

But what should you say over the phone or during in-person meeting? Is there any specific topic that you need to bring up other than your interest in an internship position???

 

keep trying.. is my best advice to you. don't be afriad to look at regional banks as well, there is always a chance to interview FT at a MM/BB (after all any banking internship is better than none).

as for hinting for the summer internship...

tell them your interest, ask them about their path to banking, talk about why you want banking and why you are qualified as an analyst, tell them you are looking for a paid or unpaid internship

and cross your fingers

you have to give them a reason to want to help you, otherwise they won't go out of the way to do so!

0/12 is not that bad that would be ~8% chance which would be amazing if you ask me

as for the 0/100 person.. are you targeting the right firms? and fyi cold emailing isn't the best way to go. an email is EASY to ignore, a phone call is NOT. be persistant. you will get what you want if you want it bad enough!

 

First, the advice to CALL rather than email is spot on. Although I personally reply to emails from anyone who cold-emails me, many of the busy senior people don't.

With phone calls you have to deal with gatekeepers... aka secretaries. Beyond just persistence, try calling before 8:30 AM or after 4:30 PM as senior people are often around before/after that but secretaries are not.

For the person who tried 100 banks: you are either targeting the wrong ones or are just sending out cold emails, which never really works well.

Face to face meeting is best, if that's impractical then definitely push for a phone call.

Offering to work for free is a great idea, they have tons of work that needs to get done and if you offer to do it for free you get a great-looking internship and they will like you because you were so cheap and effective.

More on networking your way into investment banking.

Overall persistence is the most important attribute, but you also have to be careful to approach them in the right way or you'll waste a lot of time. Face-to-face > Phone > Email.

Also, aside from just your alumni network, go after networks of any other organization you're in - a frat/sorority is always a good bet, as are student groups etc.

 

I agree that cold-calling is much more effective, but I think that emailing first is still a courtesy that should be observed when reaching out to an alumni or anyone else. If they don't respond after 1-2 emails, I say that it's fair game to just call them. That way, you can bring up the fact that you tried emailing them (which shows initiative) as well as possibly making them feel bad.

Also, practice cold calling firms that you aren't as interested in first, and ramp up to the more desirable ones as you get better. However it is pretty late in the year so you might not have time for that. Either way, listen to the other people on this thread, dosk17's blog and his advice are excellent. Best of luck.

 

Hmm, I always emailed as a courtesy first (to set up a phone call)...I was always under the impression that busy people didn't want to be unexpectedly bothered by students.

Also, face-to-face meetings are not very cheap/convenient considering I go to school in Philly...and I don't have always have a day to go to New York to meet someone who may or may not help me get an interview.

 

sometimes you just have to get lucky...even apply to local firms or small firms that don't necessarily have alumni. i'm a freshman, cold e-mailed about 30-40 boutique IBs/PE shops in the philly area, got quite a few responses at least...4 interviews, 2 offers.

 

There are Excel spreadsheets on google somewhere with massive lists of IBs throughout the US. Find one and just contact firms. If you find very local small-time boutiques, just straight up ask if they are looking for interns. Try to intern during the school year. Flip that into a better boutique/MM for the summer. Reach out to those firms the same way and talk about the fact that while you are technically interning at an IB shop now, it is a very small shop and you want to learn more as a sophomore etc etc.

 

You might consider finding your local chapter of The Association for Corporate Growth, which often has members which are from MM and boutique IBs. I think their website is www.acg.org. Another great resource for jobs that aren't widely announced is www.career-accelerator.com. They charge you a nominal fee, but their product is great. I'm a satisfied customer. Lastly, begin to read The Deal if you can get your hands on it either online or through your school library. I hope this helps.

 
Best Response

Your template has numerous errors.

Dear [First name for Analyst/Associate, Mr. XYZ for VP/Director/MD],

My name is "_________". [Period not a comma] I am a sophomore studying ______________ at [no "the"] _______________ with an [remove "very high", sounds awkward] interest in pursuing a career in investment banking. [Remove the "I am specifically interested" sentence, also reads as awkward].

"to inquiry about" is a typo. Can't believe you blasted that many emails without realizing it should have been "to inquire about". Inquiry is a noun, inquire is the verb.

You also shouldn't be stating it in that direct fashion. It's a faux pas to ask for something directly when you haven't made a connection in person. You should say, "I was hoping I could get 15 minutes of your time to discuss your experiences at [firm X]. Do you have time on Tuesday or Wednesday morning next week?"

 

First of all, you should definitely expand your search. As a sophomore, you don't need an IB position now. Anything decent in finance (i.e not PWM) should be fine. Target search funds, small PE and VC shops, mutual funds, asset managers, and other niche industries. As for finding a list of these firms, Google is your best bet.

Second of all, DO NOT ask for an internship in your cold email. Think about it from the perspective of whoever is reading the email. "Why would I even consider this kid I don't know for an internship position?" Ask to schedule a phone call or meet for coffee. After you establish a good relationship, then you can ask about an internship. I know you are fairly late in the game for finding an internship, but I know of people who only landed something at the end of May. Keep trying.

Finally, if all else fails, that position at the small retail bank should still help. Over the summer, you should network your ass off to get to a position where you will be competitive for IB.

 

I thought about not including my resume and asking for a phone call instead of an internship but I felt like that is something that should be done before winter break since building a relationship is more of a long term thing.

 

You already have an internship and multiple conferences/resume building experiences coming up. Get your resume together, take the internship you have, and start figuring out your "why IB" story for recruiting next year. Also, you should be asking for informational interviews and not internships. It's a slow process. If you start building relationships now, you'll be the first person on their list next year.

"Even if you're on the right track, you'll get run over if you just sit there" - Will Rogers
 

I am waiting for the start of summer to reach out to alumni in the elite boutiques, MM or BB firms in Chicago to start building relationships. I feel like it is too early to start asking alumni/connections for coffee or phone calls. I had a phone call with an alumni at HL around December and it felt like I wasted his time since I did not have much to talk about and I did not get much info about the recruiting process at that firm since it was too early for soph. Also, I did not have the greatest credentials to talk about, which I now have.

 

Guys, a quick follow-up on this thread. I got a call tomorrow with an MD at a local boutique shop. What questions should I expect? Why us, Why IB, tell me about yourself, past experience. Technicals? DCF? Do I need to review 3 statements? It's been a while since my last interview so I forgot a lot of them...

Persistency is Key
 

Create Excel chart of list of boutiques. Phone numbers, e-mail, whether you have called/e-mailed already, whether you have received response and list any contacts you have at those firms. Linkedin contacts, family, family friends, friends (1st, 2nd, 3rd). When you e-mail boutiques make sure you customize e-mails, otherwise it will go unnoticed. When you write e-mails, keep it short, and also have a brief sentence of how you can contribute to the firm such as "I have skills in X, Y, Z". It's almost the end of March so make sure you send out a good amount of e-mails a day, at least 30. If you want to call, make sure you have a solid 30 second elevator pitch ready. Shark attitude. I don't know how useful you'll find this but check it out:

http://www.alumni.hbs.edu/careers/pitch/

Good luck.

AgainstAllOdds
 

I hope you realize there is a search button in this website. Really not trying to sound like a dick or anything, but ppl here kinda of expect you to do your own diligence on the topic before you decide to post about it. I typed in "boutique ib internship advice" and there are tons of posts that already exist for this topic. Next time, try to search a bit and ask more specific questions so more ppl are inclined to help you. Just my 2 cents.

 

What do you mean the superday deadline is soon? If the boutique has already scheduled its superday, there is about a zero percent chance of you being included given that the boutique would have already conducted multiple rounds of interviews.

If this is a "no-name" boutique and not something like Evercore or Lazard, I would hold off on contacting more analysts. You run the risk of coming off as desperate if you're reaching out to too many analysts. I personally would wait until you have had the coffee meet with the MD. Make sure to ask the MD for references (e.g. "do you know anyone else at Bob's Boutique who might be willing to speak with me?"). Good luck.

 

Depends on the boutique. Many boutiques will have structured internship programs. Others will be less structures or flexible in their terms, but will post on their web sites as need arises (by flexible I mean some boutiques will hire interns looking to promote to FT upon graduation - since you are soph, however, that wouldn't really help you). Other boutiques post on efinancialcareers, Craigslist, school career sites, etc, as need arises. Finally, you can always go the cold calling route and attempt to write yourself into their firms.

Excluding these options, since you attend a Target, you can absolutely try to reach out to some alum who may work at boutiques and MM shops, get to know them, seek some advice, and then check to see if their firms are looking for interns, or if they happen to know of any smaller shops looking for interns.

IBanker www.BankonBanking.com [email protected] Articles, News, Advice and More Break Into Investment Banking with a Resume Revision or Interview Prep Session Today!

 

how early do you have to start trying for the mm's and boutiques that don't recruit at your school if you're worried you might not get an offer?

my school is only in its early stages of recruitment so i can't tell how it will end up for me.

 

Depends on the boutique to be quite honest. Are we talking elite boutiques i.e. Lazard, Moelis or are we talking about 20 man or smaller shops? I know some of the MMs and elite boutiques had January application deadlines. For smaller banks everything is more flexible. I interviewed and received an offer midsummer last year at a small bank. Yes, midsummer, now that is atypical but really small banks don't tend to finish up until the spring.

 

"I gave them the contact information for two teachers and for my managers at my last two summer internships. However, my previous employer (a large manufacturing company) has a company policy of not giving professional references."

Do your teachers and managers know that they are supposed to be ref-ing for you? Sorry this wasn't actually clear. {edit} reason i ask is because i've always been told not to just list without asking them first.

 

Yes. But reach out to actual bankers as opposed to HR. Just talk to them about how to position yourself -- they'll pick up on the hint.

It is tough though because many of the smaller places simply have no need / don't know what to do with an intern.

"They are all former investment bankers that were laid off in the economic collapse that Nancy Pelosi caused. They have no marketable skills, but by God they work hard."
 
BTbanker:
Loop Capital is a bow teek that is still hiring.

5X bonus if you're a minority.

I went to look at the site and was wondering that.

"They are all former investment bankers that were laid off in the economic collapse that Nancy Pelosi caused. They have no marketable skills, but by God they work hard."
 

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