Unpaid Interns
I've been trying to land internships for the Fall and haven't had any luck. I'm considering working for free to gain some experience in the field. How would I approach firms? Is it okay to be direct with them on the phone and offer to work for free?
From what I've heard (take it with a grain of salt), companies are quite hesitant to take full-time unpaid intern. They're scared that they'll work you like a full-timer and then you come back and bitch/moan, which will give them a bad rep. If they value you, they'll pay you a bit of a stipend.
Also not really that legal to not pay someone for doing the work of someone who would normally be paid.
just my $0.02
I'm in a very similar situation right now except I'm going to be a senior looking for fall internships (not sure about OP). This summer I'm interning at a boutique and need to get more internships under my belt. Would a Fall internship benefit me at all for FT recruiting? I'm not trying to get BB banks, more like MM or well known boutiques come FT recruiting.
What everyone else said so far has been correct. That said, the only places I have seen that somewhat legitimate unpaid internships are lower-tier equity research shops. You might try there.
I will chip in my $0.02 here - most of what has been said is correct up to a point. I did an unpaid internship a long time ago and it was a great stepping stone to greater things (PM recommendations for both a new job and business school years later).
Couple of things: You won't get an unpaid internship at a bank or even a slightly reputable firm (just forget it). If these guys need interns, they will pay to have them. However, you can get internship in really small and no name shops (this might sound counter intuitive, but come FT recruiting, its nice to have worked in a well know firm, but just working in the industry even at a small shop still holds it own weight. Remember that even PM's at small shops have buddies at bigger/more reputable firms - its a small world. So start small leverage it into something better. If you can get thru to someone useful at any of these small shops on the phone, be upfront and offer to work for free. Highlight what benefits you bring to the table right off the bat and how they have nothing to lose or worry about, as you just need experience.
My first internship in finance was unpaid at a PWM firm. They recruited for full time positions at the job fair at my Uni and I offered to work for free during my senior year fall semester. I would really advocate for doing so, the advisors who owned the practice almost felt guilty about me working hard without being compensated so they made sure I got alot of exposure and their recommendation letters were better than I deserved.
Obviously, getting paid is better but if its all you can work out I wouldnt hesitate to take it.
Looking for an unpaid summer internship (Originally Posted: 05/24/2017)
I made a pretty big list of people in my area to email looking for an unpaid summer internship. Should explicitely say that in the email or go with the "Would you have some time this week for a quick call?" intro?
Thanks for the feedback
thats wat i do, i make the subject title "summer internship"
how has that worked out for you?
Ask them to talk on the phone about their experience in XYZ industry at XYZ Firm. At the end of the phone conversation ask about an unpaid internship
1) I don't have as much experience in cold emailing as some of the people on WSO, but I normally just ask people for twenty minutes of their time to talk on the phone. Pretty good reply rate. I had one instance where a phone call led to an informational interview that led to an internship down the road. Even if you come up empty now, it might pay off later.
2) You can't tame the J-dawg
JTH
You are 100% right about the second one.
The first one is valid too.
I directly asked for an internship in the body of my email, got a phone call interview, then met up in person to do a second and then that's how I got my internship.
Off Cycle Unpaid Internship? (Originally Posted: 12/30/2013)
Hey folks, I'm a senior at a non-target school in a Chicago area, studying finance and international business. I did not develop interest in Investment Banking until my senior year and I don't have any relevant finance experience (other than some research for AM company and a consulting firm). Being an athlete was like a full-time job for me for the past few years so I did not have have much time to network and get real experience. I've been trying to learn about IB through this forum and I've also read some books about the industry.
It seems like doing an unpaid internship at some boutique next semester is the only way to break into the field for me. I'm also on F1 Visa, which doesn't make my situation any easier.
Does anybody have advice on pursuing an unpaid internship? I've been talking to alumni, but it seems like none of them had experience in IB, so I guess I would need to cold email random people. I was thinking if there is any way for me to leverage my athletics experience and international background.
I hope to gain work experience this Spring/Summer, apply for OPT (work authorization for a year), study for GMAT and start working towards MBA/MSF at a more relevant school. While I'm mostly interested in banking, I'm looking into other opportunities available.
Another option I've been thinking of is going for MFE program in the future, as I always had passion for math and quantitative finance seems like a great field to be in.
I would appreciate any feedback. Thanks, Mark
where are you originally from?
Charlottetown, IPE
^ I'm from Russia
Have you looked at opportunities in IBD in Russia at all?
MBA won't be realistic for you at this point. a top MSF program would be your best bet (if you can get in). What are your grades and test scores like?
^ Appreciate your response! My GPA is 3.72 and I haven't taken GMAT/GRE. I've been thinking of staying at school an extra semester/year to get work experience during summer and study for the tests. My math background is pretty decent, got 700 something on SAT even though I didn't need to study much for it. (got a full ride for athletics).
Which MSF programs should I look at? CFA could be another option if I wanna do Asset Management/ corp finance I guess.
Going back to the topic, any advice on cold-emailing/cold-calling to get an unpaid internship for the Spring? While I'm mostly interested in IBD, I realize my chances are pretty low to find anything, so I would not mind doing Asset Management/equity research etc.
SocGen offers a lot of internships, as do most of the French banks, off cycle as well.
@perpetual I see, thank you. I'm in Chicago area, they don't have a presence here.
Any ideas which Chicago/Midwest boutiques hire unpaid interns for Spring/Summer?
SB to everyone who can provide some feedback.
Unpaid internships in IB (Originally Posted: 06/14/2011)
I've been networking relentlessly for months and following the sagacious career advice from WSO forums, friends, and contacts through my school but have not been able to find a spot in this years analyst class. I'm starting to believe that the only way to do this is find a way to get some experience by offering to work for free or to work for low wages. Has anyone had any experience with this and if so where?
I got my first internship by pestering the hell out of a MM ER group. The only reason I ended up on the payroll is so I could get the security badge to get into the building. The best thing to do is to try to get a position the normal way and then save this for when you definitely know you're not getting a formal internship.
It's generally not a good idea to offer to work for free b/c it's seen as desperate. The one thing that worked for me was pitching it like this: "I'm so interested in working for you that I'd do it for free." Make it a positive......sell yourself.
May seem a bit desperate, but you'd rather come off as desperate and have an Ibanking internship listed on your resume than seem too pushy and end up with nothing. My first 3 Ibanking internships were unpaid, the second 2 I offered to work for free. I leveraged all of them to get a FT BB offer.
My first internship was for a 2 man boutique IB unpaid part-time during school. I didn't mention id work for free...they just assumed I would :)
At my current internship they hired me as unpaid then weren't able to clear it with HR so are now paying me 10$/hr. The beauty of starting as unpaid is that it can only get better from there...
So what types of firms (names even) would you look at and how would you go about contacting them to even start a conversation about an unpaid internship? I'm ready to give up on getting a legit offer, and being a career changer it's really wearing on me that despite having super strong credentials I'm just not able to break in because I'm late in the recruiting cycle. I'd much rather get some experience, and use that to leverage myself into a full time offer when one exists in the fall.
Summer Analyst working for free (Originally Posted: 03/13/2013)
Do you guys think it's a good idea to work as a summer analyst for free? I plan to do that at a local boutique investment bank for a month. I am willing to do that because first 2 months of my summer I plan to work at a Big 4 firm. Do you guys think it's a good idea? I would appreciate any input.
why not? As long as they don't have you putting in crazy hours
depends on whether you will do actual transaction work. if they're making you file papers and run errands, i would pass. any legit shop will pay so i'm quite skeptical
One reason I am willing to do it for free is that they don't have actual internships over summer and are small (18 people) so they don't employ many new people FT every year. I would like to get some investment banking experience and since last month of summer would be free for me I realized I'd better do something productive.
its really not productive if all you do is fetch coffee and bind books. better find out what kind of work you'll be doing
if ib is your goal i'd do it, especially since it's only a month
I wasn't paid for my sophomore summer boutique internship. No regrets, got me interviews and offers at BBs. Everyone starts somewhere. Who gives a shit if you're paid if you get meaningful work out of it that you can put on the resume? It actually went over really well in super days when I said it was unpaid. People see it as a testament to your work ethic, not an illustration of how shitty the bank was.
I agree, everyone has to start somewhere. Even if you're getting coffee/binding books, you'll still get some exposure to what banking is like. The key is to be proactive and try and learn as much as possible - if this is the best you can get then take it, you can leverage this for future internships.
Why would you work for free? It can't be good and you won't get any respect. everyone will say thats the guy working for free. you're just wasting time. If I were you, I'd build my own equity and work for myself instead.
this is ridiculous
Yeah man, I'd say it's a good idea. Pad the resume a bit, get exposure to banking, meet/network with people. It's one month so even if they have you doing crazy hours (which I doubt) you can battle through pretty easily. Get after it.
Do it.
Starsky and Hutch?
I would do it. If nothing else, it's something to talk about in an interview - whether it's a good/practical experience or not, there's always something you can take from it. Plus you get a feel for the banking culture and environment.
do it . You have nothing to lose.
Unpaid internships - Bringing it up? (Originally Posted: 07/15/2013)
Hey guys, just wondering if being an unpaid intern is something I should tell people I network with, bring up in interviews, put on my cover letter or even in my resume. Obviously not all of those, but maybe one of them I was thinking about doing.
The reason is, I am currently a rising Junior and have had 3 unpaid internships to this day. My current boutique IB internship in NYC is also unpaid, and I have spent my own money during all of these experiences and have worked for almost 365 days now, absolutely free. I feel like this is something that I should point out, as most do not have experiences like this. Also, my University is a Non-target (maybe Semi target depending on who you talk to), so this was truly my only option when networking for internships. I basically offered to work for free, and it worked every time.
I think interviewers would see this as someone who is very determined, motivated and truly interested in the field to do something like this without making any money (actually loosing money spending $5 f'ing for a slice of pizza at lunch). I think there is a real difference between a student from an Ivy who is privileged enough to work for Morgan Stanley as a Freshman and get paid. But to have someone like myself who takes any possible opportunity that is put in front of me, specifically one that doesn't pay, and one where I can make the best out of it, speaks louder than someone who gets paid.
Obviously this is being used to hopefully get that BB SA position next year, but I was wondering if this is something that should be pointed out before going in interviews, as this would show my true hunger for the industry. Thoughts?
Really interested to hear more about this also. Been working unpaid for the past 3 summers too, and am currently working 70+ hours unpaid.
I feel like a slave. Coming up on 1 year of being an unpaid intern, with only breaks consisting of Christmas, spring-break and other holidays...
I did unpaid for awhile too. It looks really good, I promise!
I worked last summer as an unpaid. IMO, it wouldn't be beneficial to put on the fact that you weren't paid, and actually think it'd be better if they didn't know, given if they think you were being paid as an intern that you must've been worth paying. It is better to sometimes be more ambiguous and less transparent when it comes to the sensitive things (such as pay).
Okay so you don't think bringing something up such as being Unpaid for the past year shows determination over your peers? I think it shows that I am not just in this for the money, but I am genuinely interested.. Wrong?
It definitely makes rational sense, but I'm just not sure if it would be something that a recruiter would perceive in the same way that you do. Even if it is logical, again, I just kind of doubt that they will really care that much.
Just to clarify, if you are trying to demonstrate your determination in an actual interview, then it may be appropriate. I was specifically saying that I don't think that there would be a good/appropriate way of indicating that you were unpaid on you resume or cover letter.
Right okay that's what I figured anyways. I was thinking maybe I would bring this up if an opportunity ever presented itself
Don't include "unpaid" anywhere in your resume or cover letter. This is a no brainer.
If you've been unpaid for a while, keep looking to lateral. It's only a matter of time before you get tired of pulling long hours and doing good work without pay (says more about the firm you're at, if anything).
^ I agree, but unfortunately as a sophomore from a non-target, I will take anything IB related in NYC that I can get. This happened to be my only option. Hopefully this will be the last go-around in terms of being unpaid, as I hope this can help me get SA at a bulge bracket. But we will see.
Unpaid vs Paid Internship Choice/Question (Originally Posted: 06/03/2013)
So right now I am in the process of interviewing for both an unpaid internship and a paid one for the summer. Both are in IB, but the paid one would definitely be preferred as it holds more brand name behind it (and its paid!). The issue right now is that the interview process for the paid internship is lagging quite far behind the unpaid one.
What are my options this late in the game? If I get the unpaid offer first, should I just take it and run? Would I be required to sign a contract for the unpaid internship/would I be able to leave if I landed the paid position? I really don't want to be left without an internship this summer, so I am leaning towards just taking the unpaid one, contingent on an offer, but the paid internship seems to have so much more potential.
Advice much appreciated!
Take unpaid then renege if you get the paid one, they'll understand
I figure they can just pick anyone up pretty easily, but how bad is it to renege? It seems like very poor form. The issue is really the timing of it all, at this point i dont want to ask for too long of an extension to see the other interview through, in fear that they will indeed pick someone else up as it is a small boutique. My main focus is to get an offer first obviously, but I would like to know what the appropriate way to go about this would be.
I agree, I wouldn't renege. Assuming you've interviewed at least once for each place, should the unpaid give you an offer, let the other know that you are sitting on an offer, but are still very interested in the paid, and politely request to know if you can expect to proceed in the process.
Or depending on whether the unpaid gives you a short timeline, you can also try to extend it in the interest of completing both processes.
Financial institutions are heartless machines. Dont feel that they would give you any leeway. This place isnt even offering you anything for your time - youre basically volunteering there. You owe them nothing. They wouldnt hesitate to fire you for a moment if they felt you were the slightest bit of difficulty for them. You are your own utility maximizer, and these guys should be grateful for any time you give them.
Unpaid Internship - Chances at a sophmore internship? (Originally Posted: 01/02/2010)
I was just wondering, do you guys think my chances at a sophomore internship will increase if I stated in my cover letter or my e-mail that I am not necessarily looking to be paid?
This is actually true in my case, as all I truly want is experience this summer.
Thanks and hope all of you gentleman (and ladies) have a Happy New Year.
No that would not be helpful for BB's and makes you seem desperate.
It would, unfortunately, make you appear more desperate and will make people consider hiring you, for free, to do exclusively grunt work - no real experience gained. However, if you take a positive spin on the phrase and mention instead that you are most interested in building your knowledge and experience in the field, that sort of hints that you would be willing to work for free as long as you can learn more.
The statement isn't necessary by any means, but if you want to put the extra line in, don't go with the for free statement, go with a statement expressing your interest in skill set, etc above all else. Good luck.
First off, chances are that even if you include it in your cover letter, the person screening your resume/cover letter probably will not even read it closely enough to notice. Second, it will definitely make you sound desperate, as the above posters noted. I agree with I-banker, that if anything they will take you on as a free intern (more like glorified secretary) and have you doing things like making copies and getting coffee (which you will do as an analyst as well) and you won't actually get any experience other than remembering everyone's Starbucks order.
I will add a caveat to my post however. If you do in fact fail to get an internship, and as the summer gets closer, you could try and personally reach out to alumni at boutique firms that have a less formalized recruiting process. They may have the need to add an extra intern if the market heats up towards the end of the school year. If you pick up the phone and try and connect with some of the alums from your school, mentioning that you are really just looking for experience this summer, and the ability to prove yourself, they may be willing to bring you on and actually give you some real experience. That's the benefit of looking at smaller shops.
Bingo.
I have a question regarding this. Do people mind when someone from their old school e-mails or calls them asking directly for an internship? I mean I have had informational conversations with former graduates before and prefer to hold some form of conversation before straight-out asking for an internship, but never sent any alumnus an e-mail with an attached resume and cover letter, asking for a job as my first contact. Would that be an okay thing to do in finance (Excuse me if this is a stupid question. I am really ignorant when it comes to 'manners' in the finance industry)?
Thanks again.
I see..Thank you so much for all the advices guys!
Looking for (unpaid) internship (Originally Posted: 04/06/2010)
The question that I have is my own, but I think it would apply to other users of WSO as well...
I'm from Sydney, in Australia. I'm interested in doing an internship at a hedge fund in London, NY, Chi, LA or possibly Asia. It doesn't have to be a big-name fund, and I'm cool if it's unpaid. I just want some decent international experience.
I want to start late-June, early July if that's possible. (I'm expected to start a FT job Feb 2011, and I want get an internship in before its "too late").
Would anyone know of a fund who's: - Interested in taking on someone in my position, or - Has hired someone in my sort of position before
If what I'm asking for is too much, what would be the next best thing?
Once again, I don't care if it's not that well-known, or if it's unpaid.
Thanks a bunch everyone
You should get your ass up off the couch and look for yourself. The fact that you're even asking someone to hand you a HF internship on a silver platter shows your ignorance (and laziness), and my guess is that you probably don't have what it takes given your willingness to work at a HF for free. Most all HF's pay their interns (quite well) because otherwise they would not get the talent that they require.
Get on the internet and start looking for some opportunities yourself. If you dont have any serious finance experience, which it sounds like you don't, you can probably go ahead and give up looking for a gig at a HF. Most of them are already filled for the summer anyway. Look into PWM or MM and boutique firms - they usually have more informal recruiting processes that would work better given what you stated about your situation.
The above poster is wrong about the way HF internships work - yes, the better places pay their interns quite well, and are certainly full by now, but there are tons of places with minimal AUM who have historically been all too happy to take unpaid interns as cheap labour - of course, if they have nothing invested in you, there's no guarantee that you'll be given meaningful work, so it is up to you to make sure the work is interesting.
It's highly unlikely anyone here will be willing to give you the names of any hedge funds, for several reasons.
Additionally, if you do find an internship opening, you'll run in to three problems:
1) You appear to have minimal finance experience, which will mitigate their interest in you 2) You are Australian, which would mean they have to procure a visa for you, which the sorts of funds that still have places would likely be hesitant to do 3) The Feds have recently begun cracking down on unpaid internships (which are illegal), according to a recent piece in the NYT
I read that article in the NYTime and while I agree in some respects, in crappy economic times such as these any restriction on unpaid internships will only hurt kids looking for jobs. If you are working at a firm trying to get experience and they have you cleaning toilets you need to be an adult and quit or talk to your boss. Could government please not get involved in someone trying to add to their resume and get a job. Talk about being counter productive.
I agree; restricting unpaid internships is silly. You're an adult, you can make your own choices.
That said, the real problem with unpaid internships is that they increase social stratification - while rich white kids can work for free and have mom and dad pay for their place in New York for the summer, but poorer kids have to actually work for the summer, and thus don't get the same chances, which limits intergenerational mobility.
How to finance an unpaid IB internship (Originally Posted: 12/30/2010)
Hey all,
I just want to get your opinion on something, let me give my background first:
Based on the above, I am hoping some people in similar situations can tell me how they financed their unpaid internships in NYC?
The bank is a small boutique where I know I will gain great experience, and meet great contacts, and maybe even obtain a FT gig (its been known to happen at this firm), but I have no money to live in NYC for 6 months and the hours will probably be normal IB hours (~80 hours)
I may try to take a loan from my parents for 5-10 grand to live off for 6 months, but I do not know if they are willing to do this (its kind of a big risk)
I know I need this internship and I am set on IB, but I dont have enough cash saved, whats the best way to do this? Are my parents my only hope!? Please let me know, thanks!
Here's the big question, if you've already got a job and already graduated, what are you expecting an unpaid internship with a small IB boutique to do and why are they looking to hire you? It's not an insult by any means, I am only asking because unpaid internships are great for students trying to break in from a non-target background, but someone that graduated already with a FT job will not benefit from pursuing an unpaid internship for a few months. Your better bet will be to advance at your job and make a push to get into a top 15 MBA program - you don't need top 5 or even 10 to break into IB - top 15 will put you in a solid position to break in and if you don't care about BB IB, then you can get away with top 20 as well (especially for regional shops).
For the most part, unpaid internships are nice ways to make the move into a better paid internship ahead of FT IB recruiting, but going from a non-target school to a non-finance position to a short unpaid IB internship with a boutique is not going open a ton of doors for you and might pose several risks in terms of next steps (unless the boutique was interested in providing a FT opportunity).
Good question, well first my reasoning is that based on the interview and conversation I had with the MD there they bring their interns on with the intent of hiring them FT (so this may have a high possibility) and I have already expressed myself as far as getting a FT position there.
Second I want to break into IB at the analyst level because for exit opps. I would like to get into PE someday and I feel that if I went the Analyst---> Associate route it would be better for P/E recruiting (compared to breaking into IB at the post-MBA associate level)
Third, I am applying to a MSc Finance type program and I know that to be competitive for an analyst job after graduation I need some kind of internship under my belt. So if this internship doesn't materialize into a FT offer, then i have the "internship experience" to make myself more marketable for FT gigs upon graduation of the MSc program.
Fourth- I hate what i'm doing now, and I dont see myself doing this for four more years and it provides no valuable skill sets for IB.
I don't mean to come off as being rude, but those are my honest answers. Thanks for your help!
Now it makes a bit more sense to me. Although still a very non-traditional path, I understand your rationale, although you might want to get into the MSc program first before accepting the position - for the same reason as listed above - if you don't get in and don't get the FT offer, you will have a difficult situation on your hands in terms of next steps to both keep your head above water and position yourself to eventually break into FT IB.
You also have to remember that for analyst roles, you will have a more difficult time breaking in at this stage - a few years post graduation with work experience. Even though you are planning to pursue the MSc, at that stage, IB will be looking for the associate move, rather than the analyst (military experience is the exception to this). For smaller shops, this would not be as big of a deal, although smaller boutiques won't open nearly as many doors for PE.
Moving past all of this, to tackle your initial question, I would suggest you go to your parents, and if they can't help, then you'll have to file for a private loan online to hold you up and then it will be on your to pick up side jobs to cover the minimum payment for a few short months until the FT offer comes through. It won't be easy, but if you break in and get what you're after, it's worth it. Good luck.
Why is getting a 5-10K loan from your parents a big risk? I don't see it... Even if you don't end up with a FT offer, at some point in your life you will be able to pay them back... I would make sure you pursue this, and if your parents don't give you the loan, do whatever it takes (including credit cards if you can't get money any other way). Many who want to break into the industry would PAY to do such an internship (on top of opp. cost) - assuming the shop is legit.
get that obama money
Assuming you have a car since youre in a small town, sell it. You wont need it in NY anyway.
Keep the job abs build towards an MBA or do an MSF.
Well, he doesn't want to go the MBA route, which is not typical, but sounds feasible, especially with this internship. Also, his job isn't finance related, so it won't be as good of a pre-MSc/MSF role as NY IB experience, no? I'm just thinking out loud and playing devil's advocate b/c I'm trying to do something similar and would love to hear more input. What's the feasibility of working weekend jobs as an intern - impossible? Possible on weekend nights?
Do you have any friends in NY? If so, ask if you can shack up with them.
Turning an unpaid internship into a paid internship (Originally Posted: 04/22/2012)
I have had a few friends that were hired as unpaid interns, but eventually were paid hourly.
Does this happen often? How can you make this happen?
It is possible and I know plenty of people who have done this (including myself)
Key is you want to make them pay you.
Work hard, do a good job, be someone they can rely on, and be an asset.
They know you are not getting paid and if you find a similar opportunity that is paid you will leave. If you are doing a good job and they need the help they will offer you a stipend or pay hourly. It is much easier for them to keep you then to bring in another kid and teach them the basics all over.
does unpaid internship make a difference? (Originally Posted: 03/06/2007)
Will it matter if I take an unpaid internship with the same title and job functions as paid? It's at a BB.
thanks
Usually unpaid internships are not taken seriously because employers know the job responsibilities you have are usually a joke (getting coffee, shadowing someone all day, making copies, etc.). Hence, this is why the job was unpaid to begin with. Usually employers know that if you were doing REAL work then you would have deserved to have been paid. I would honestly look for something else. This is just my two cents. Please make your own decision, however, and not let someone on an anonymous message board make it for you.
Now if you can find a way to twist the usual perception around and make this unpaid internship work for you in your favor, despite the aforementioned drawbacks, then by all means go right ahead. At least you will be putting a good name on your resume. Hell, who even says you have to tell future interviewers/employers that it was unpaid?
yea, that's what i was wondering. unless they specifically ask how much I made, which I haven't heard of, how would they know it was unpaid?
in my experiences i've rarely been asked whether my internships have been paid/unpaid. even if it does come up, you can always put a positive spin on it by saying you were doing it for the learning experience, not for money.
unpaid work at this point means nothing, its only a few thousand dollars we are talking about, means nothing in the long run
Offering a company to intern for free? (Originally Posted: 02/13/2010)
So I sent out all my applications to all the Bulge Bracket banks, but was looking for something more secure. I hit up the yellow pages and have found a few "boutique bank" (or so I think) branches in my area. I'd like to apply to these and was thinking of offering to intern to free, but my question is where? If I include that in my cover letter won't I come off as desperate? How would you all go about this? Ty for any advice.
You can write "Non-paid internship" as your resume objective and give a very brief explanation of what your goals are.
That's a good idea thank you for the suggestion.
This page or a page back the topic is being discussed. Westfald has a template he uses. Might be of some use to you.
People still use resume objectives in IB?
unpaid IB internships (Originally Posted: 03/16/2011)
Hey guys,
Is it still possible to get unpaid IB internships now? Or is it too late?
If you try hard enough you can.
Not at all too late.
Deadline was yesterday at 3:30 EST. Sorry dude.
haha
You're fine. A lot of smaller boutique shops won't even know if they will bring on interns until April-ish.
i'm sure you can find something at a boutique.
I am actually starting a boutique internship in 2 weeks, and I think two other kids are also starting this week.
Just network and look into smaller 5-10 man shops.
Columbia West Capital and Gemini Partners will do unpaid internships... hit them up man
Thanks. Do they take juniors or international students with no prior experience in finance?
Honestly, if I do it, it's gonna cost a few k, how helpful is it going to be long term?
Absolutely worth it. Learn the skill you need to during the internship and with a little networking after it isn't unfathomable at all that you get BB interviews for FT.
^But I am already a junior, and an international even, would they bother hiring me at all?
You do it to boost your resume which can hopefully open doors down the line.
it will be significantly better than being an international student senior with no prior experience in finance would be.
Unpaid Internships - Boutique bank (Originally Posted: 09/02/2011)
After graduation I had to work at my families business for a year. Through the whole process I networked and tried to land an internship by next summer. Luckily I found an internship at a boutique bank for the summer.
Only problem is
Internship is unpaid and there hasn't been any word of transitioning to full time. Honestly deal flow isn't strong and I dont think they could afford a full time analyst.
How do I network into a full time gig and is my story strong enough for someone to want to hire me?
You use the fact that you are an intern at your noname boutique to build a networking story around it. That will help you talking with bankers, because you can say that you did this or that, and been around actual bankers. It's an advantage versus "how it is like to be a banker?" crowd trying to network. It makes you look somewhat legit.
However, you still have to go out where the bankers are, and network with them.
I have a question about this. I am set for a first round of interviews at a boutique firm. This firm to my knowledge is not a great firm, but I have noticed on LinkedIn several profiles of people starting at this particular firm as an Intern or maybe analyst, and going right to buldge brackets and other prestigious firms, I thought this was not probable at all and it surprised me.
Is this a good firm to go to? I have a feeling I might get the job here.
A firm that I thought was better had virtually nobody transferring to prestigous firms afterwards, and their careers took strange turns, but this boutique firm must have a decent reputation, because I have seen a lot of good careers following internship.
unpaid internship question (Originally Posted: 04/17/2012)
......
Have you had previous modelling experience? Also, how did you get the interview, cold-calling? Last, how technical was this interview??
The school won't cough up the money if it is completely unpaid? My school had a sponsorship for unpaid internships, might want to see if there is something there
Good question. My advice is that you ask for $800, so that you will have $100 extra to spend as you like! Good shit huh
mhurricane: No previous modeling experience. I got the interview through randomly emailing alumni at boutiques. The interview was not that technical. Walk me through a DCF, What is WACC, etc.
helpmepleasethx: I tried. Nothing like that at my school.
Anyone know what I should do?
I wouldn't waste your time asking for the money. It's tough if you are in a financial bind obviously but it's pretty clear he's not interested in paying for interns. Best case scenario, you do good work, they'll throw you a small bonus (1-2k) at end of your internship. Go in with expectation of nothing though...
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