How common are internships during the school semester?

I have a PWM internship lined up this summer but I am extremely behind in the game, as I will be a senior next year. I am a finance major at a non-target.

I really don't want to graduate with only one PWM internship, so I am cold emailing HR at a regional bank asking about opportunities during the school year. My question is, do banks commonly have intern programs during the school year? If they don't, what is the best way I can shmooze and get an off-season position as a student?

 

Smaller firms are sometimes flexible if you're going to do one on top of classes. I did a shitty internship with a mutual fund advisor and then a decent one with a commercial real estate company. Led to a SA offer from a boutique ibank and an upcoming SA interview with a real estate-focused ibank. I just cold-called the main line of the office and asked about internships. I can't speak about the larger banks, but smaller ones have less structured programs and you can definitely find a way in if you are just persistent.

 

every single legit bank (BB,MM,Elite Boutique) that has summer internships also has off-cycle ones lol

positions should be open for most of those check MS for example...

do your own research, dont just ask random people on WSO you will often get wrong answers too...

 

Being that I just went though this process, I might be able to give you some advice. My one buddy worked in IB for awhile then went to a PE shop, and so this advice is coming not just from me, but him as well. Currently, I am interning at a PE shop and have an internship in IB this fall. I graduated college a month ago.

Getting an internship at a PE shop or VC firm during undergrad is virtually impossible. Not entirely impossible, however, if you don't know someone personally or have an 'in' then it's going to be difficult. PE shops usually hire interns or associates who have worked for a few years in IB or are almost through a graduate/MBA program, or they don't hire interns at all. Sometimes PE shops will have projects that they want extra help with and will hire undergrad interns, but its not very common. I got lucky in that regard because one of the partners went to the same school as I did and had a soft spot for me. You might also have to offer to work for free, however, you mention that you don't want to do that.

What you should do is call the firms and try to speak to a partner directly. Applying online with those automated resume applications is pointless. You want to call, talk to someone, find out if they do internships, and if they do try to get an interview. If you inquire to a partner via email, make sure you always attach your resume. People hate sending another email asking for you to send your resume. Make sure they like you, and don't try to impress them with book knowledge. They know your a college student, so don't try to impress them with your impeccable intelligence just yet. You want them to want you to be there, meaning, someone thats easy to be around and work with. My buddy who I mentioned interned at an IB with many other interns at the same time. He said there was one kid who was the smartest kid in the world but everyone hated him because he was so socially incompetent. Nobody ever wanted him to come to happy hour because he was such a drag to be around. He might have been smart, but IB is not the hardest thing in the world and likeability is way more important than book knowledge.

Your best route to working in PE is to try and secure an internship in IB, impress them, work as an analyst and pay your dues for a few years (you'll be working 90-100 hour weeks but getting paid way more than all your friends), then exit and try to work at a PE shop or VC firm as an associate.

Here's what I would do if I were you.

1) Internship in IB or PE (off-cycle if you can land it) 2) Summer internship in IB during your Junior or Senior year 3) Internship, Analyst position, then associate position in IB once you graduate (At one of the IB's you interned) (1-3 years) 4) Internship or Associate position in PE 5) You can now do whatever the hell you want

Take my advice with a grain of salt. Its really all about who you know.

 

1) A lot of people work in private wealth management during the school year, but the internships are normally unpaid, and from what I hear, really boring. Most people just do it to put it on their resume. As far as IB, I know people who have interned during the school year, but mostly in NYC from schools like NYU, Baruch, and Rutgers. Not sure about other cities.

 

Are a pair of clubs on campus that provide the kind of experience you're talking about. I've seen students from UC Berkeley secure year-round investment banking (M&A) internships as well.

 

Any internship you have while taking full-time credit hours is pretty much meaningless in my opinion. At best, you only hope to put in 20 hours, which will just be enough time to load the printer with ink and take lunch orders. You also have consider the fact that you will be sacrificing library time to do these trivial things which will be reflected on your GPA. Personally, I think there are much better ways to invest your time especially if you are going to be in graduate school.

 

Use linked-in to find an experienced FA with whom you might share something in common (undergrad etc.) and ask if you can buy him a cup of coffee and pick his brain.

You've now made a connection with someone who can push you in the right direction. Best-case scenario he either needs an intern or knows someone who may. Worst case scenario he can be the launch point for more targeted networking.

Another option is to just cold-email branch managers/directors in your area and one of them is sure to have a spot they want to fill.

Good luck.

 

Applying for jobs online without doing the legwork is spinning your wheels. Suit up, pound the pavement, introduce yourself in person, and be hungry. Look into retail banking/finance: it's not about where you start, it's where you end up. Also, continue to build your resume by trading actively on your own, staying current with news and trends, and publish your own financial advice for friends and family through a blog. Make up your own job until you find the job you want.

 

Summer analyst positions are for juniors going into their final year of college (the summer between junior and senior year). You unfortunately are too late, unless you delay your graduation...

-- "Those who say don't know, and those who know don't say."
 

There was a guy from a certain PE shop who spoke at our school that did something like this. What he did was he left his graduation date off his resume and applied for bear stearns back in 04 as a SA. He had also received a full time offer at an accounting firm, so after his internship, he received his return offer and then worked at that accounting firm for a year before returning to bear. Worked out for him! good luck! He was from a non-target btw.

 

^VXTU, update:

I'm working at a firm as a summer analyst now, but they wanted someone into December, which worked out conveniently. I obviously got lucky to some extent, but I think that boutiques would be more amenable to this if they're hiring summer analysts, because the big firms are looking for summer analysts as a means of sourcing their analyst classes, whereas the smaller firms don't have standardized processes and have variable hiring needs; if they're willing to take on someone in the summer without primarily using it as a sourcing mechanism, I don't see why they wouldn't be willing to take one on during the year. Might as well start cold emailing if you're looking.

Make Idaho a Semi-Target Again 2016 Not an alumnus of Idaho
 

What type of degree will you earn at completion? Ive never heard of a program like this, but it sounds unique and all banks look for a unique background. I'd say you have a good shot provided your other credentials (GPA, extra-curricular) stack up...

"Cut the burger into thirds, place it on the fries, roll one up homey..." - Epic Meal Time
 

A 10.452334624% chance. I ran the numbers, consulted a few industries pros and this is what I came up with.

FYI - Networking and cold calling is always a good thing.

Good luck. And, honestly, thank you for your service.

 

I think you're going to have a hard time for 2 reasons: 1) big banks don't usually hire during the school year for banking as bankers don't want to hear about homework - hence the covetted SA position. 2) "taking off a year" is not the same as interning around your school schedule. Taking off a year could be scary to bankers, as you may not go back, and may intend to use this internship as a means to a FT position which won't be possible without the degree.

I think your best bet is to heavily target boutiques, and be ready to explain why you had to take off a semester, but can still work as an intern at a boutique.

IBanker www.BankonBanking.com [email protected] Articles, News, Advice and More Break Into Investment Banking

 

Have to agree with networking as your only sensible option. You'll be pissing against the wind if u go against that GPA filter...

All the world's indeed a stage, And we are merely players, Performers and portrayers, Each another's audience, Outside the gilded cage - Limelight (1981)
 

Look for "winternships," which exist at most firms. They tend to be unadvertised, so you'll have to ask around. Typically, they're aimed at specific target schools, but you should totally try to get your name in there. Start trying to reach out to Campus Recruiting to ask these sorts of general inquiries - the fact that you don't want it now/soon is going to make it more likely for them to help you. Also network, etc.

"There are three ways to make a living in this business: be first, be smarter, or cheat."
 

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