Pages

Freshmen: What to do during your freshman year summer

It is no secret that Wall Street Oasis attracts a great deal of rising college students. Hence, I decided to make a post on the type of internships and work-experience students can go about attaining for their freshman year summer.

Before that, however, something needs to be said: it is not mandatory to have a "finance" internship after your freshman year. In fact, taking a vacation to Europe, volunteering your time to a cause you care about, interning for a candidate's political campaign can be extremely beneficial. These experiences can allow you to have interesting material to talk about during your interviews.

However, if you really want to get your feet in the industry, here are some things you can do:

Private Wealth Management

Private Wealth Management: PWM is the branch of a bank that manages the wealth of affluent clients and offers an array of financial products/services to them.

Note: PWM internships are usually regarded as bs. However, having the name of a bank on your resume can only help BB. In many cases, PWM internships can lead to IB based internships next year.

Here is how to go about securing PWM internships:

  1. Find any classmates or alumni who work/have worked in PWM and reach out to them.
  2. Find advisers in your desired region, offices, and banks who are in PWM. You can do this by typing in "(Name of Bank) Private Wealth Management" in Google and exploring the websites that show up.
  3. Reach out to these advisers and try to secure an internship for the summer.

In finance, networking is one of the most efficient ways to get a job. Hence, be persistent with emailing advisers, reaching out firms and so on.

corporate finance

corporate finance: While different from IB Finance, these internships can provide you with helpful knowledge and work experience.

For these positions, usually, you will be able to land some sort of gig at local firms and Fortune 400 to 500 companies.

Securing an internship in corporate finance is not as straightforward. The best way to go about doing this is to ask your parents if they know any friends, colleagues, and etc. who will be able to land you some sort of position. Contacting your school's alumni in this field and attending on-campus info sessions for corporations can only help.

You could also reach out to startups and small companies in your hometown and other places. Usually, if you are a smart kid, hardworking and the company needs the help, they will not mind you working for them.

Investment Banking

Investment Banking Internship: Now this is bit of a long shot, but it has been done before.

The best way to acquire an IB internship as a freshman is to contact local, middle market and boutique investment banking firms. And by boutiques I don't mean Lazard, Evercore, or Moelis.

The way to go about doing this is to contact the people at these firms i.e. Analysts, Associates, MDs, VPs and etc. Tell them a bit about yourself, where you are studying, your interest in working for them, and etc. If you need some sort of structure, search WSO for cold-email templates as there are a ton of them.

If you contact enough people, you are bound to receive a response from someone. Moreover, working in BO (Back Office) or MO (Middle Office) roles cannot hurt at this stage.

Conclusion

Again, there a million of other things you could do over the summer. You could work in retail, go on a spiritual retreat or lend a hand to your family's business. However, if you want to land a full time Front Office gig at a BB or elite boutique, your time may be somewhat better spent in the highlighted roles.

Also, if you type in something like "Freshman Internship Investment Banking" on Google, a great deal of forms on the topic will show up.

Thanks for reading! It would also be great for other monkeys and professionals to share their experiences on this topic.

Comments (242)

Aug 14, 2015

Fuck that. Get an easy job, get drunk/high, and chase girls. You'll work enough over the next 40 years.

Sincerely,

A tired first year analyst

Aug 14, 2015

I second that. Go to a foreign country and do something you'll likely never have time to do again. "Don't take life too seriously, you'll never make it out alive."

    • 1
Aug 14, 2015

+1 for Van Wilder

Aug 14, 2015

Study abroad as early as possible.

Best Response
Aug 14, 2015

I love how people just suggest "go to a foreign country and live for 3 months"- do you guys have any clue how expensive that is? That's probably $5K. I know I spent my freshman summer bagging groceries at Wal-Mart for spending money during sophomore year. It isn't realistic to be traveling the world at 18 years old unless you come from family money.

    • 8
    • 1
Aug 14, 2015

Nothing nothing nothing

Aug 14, 2015

Do something that requires a lot interaction with other people, and ideally not people you work for or work with. The earlier you start meeting people and interacting with them, the better you will be at networking when it matters - right before Junior year summer.

You can teach and learn excel modelling but you can't teach personality, communication and relationship building.

    • 1
Aug 20, 2015

I'm just finishing up an internship on the Research team at an $8b AUM ETF Investment firm. Ended up taking the spot of an MBA student who ended up bailing for BB instead of the grunt work I was originally supposed to do.

Follow your dreams kids.

Aug 20, 2015

There are about 1000000 other posts dedicated to this. If you are lazy like this, you are never going to land an internship or a job. You have to move your a**. Anyway, here are some brief tips. (And please use the search function!!!!!!!!!!!!!!)

Go through your school's alumni database
Check out alumni through linkedin
Contact anyone in your family's network

Cold call local investment banks as well as MM and boutiques (check if there are an alums working there before calling)

Use M&I's template for your resume
"You have no problem filling up your resume?" Does that mean you have done finance related internships during high school?

Yes, you can include them because you are an incoming freshman. After your first summer, you might want to take them out and replace them with any university accomplishments and clubs

Aug 20, 2015

I have been looking through them and been reeling in some valuable information from them, just thought I would make my own post to get some possible new information or advice.

There is one local investment bank that I was thinking about going in to drop off my resume and asking if there would be anyone I could get possible information from there in person. I assume this is something that could be helpful but could it be detrimental in anyway?

No, but I am currently working as a bank teller, that is the only direct experience I have with the banking industry. Other than that I have more than enough work and activities to put of my resume, some of which including starting 2 businesses, working as an official for 5 + years, coaching, captain of varsity football team ect.

I am currently filling out an application for a internship at JP Morgan in the summer, hopefully I can find a few more like this and then look at Middle Markets and boutiques.

Thanks for your advice, I appreciate it!

Aug 20, 2015

Yes, go an drop off your resume. There is nothing bad that could happen to you imo.

Working as a bank teller is fine (for now). Maybe you can get a IB position at the bank you are working at?
Judging from the way in which you use "banking" and "finance", I am assuming that you don't have the best overview over the industry as yet. Read up a little more on WSO (maybe check out the Q&A).

About the starting 2 businesses. Only put it on there if they actually did something good. Did you just start up a one man web design company? Probably not something you want to have on your resume after your first year.

Check out BAML, I think the also have some.

No problem

Aug 20, 2015

I work at the local Chase bank, nothing big but I don't think they have an IB sector at all in my state.

Thanks for the advice, yeah as you can tell everything is kind of new for me.

One business was a fish tank instillation and maintenance business, I also bred fish and supplied local stores. (Weird, I know), and the other is an online business through ebay, which has been doing very well. On my resume I put down my revenue for the Ebay business, could this be a negative in anyway?

Aug 20, 2015

There are a few regional IB firms you could be looking at.. Fifth Third, PNC, Hutchinson, Siebert, Stifel. Also, go to Crunchy's on Sundays, half off everything. You'll thank me later.

Aug 20, 2015

Thanks I'll keep Crunchy's in mind.

Aug 20, 2015

Also, remove your real name from your username! Change that username asap

Aug 20, 2015
Red Power Ranger:

Also, remove your real name from your username! Change that username asap

I didn't even realize. Haha

Aug 20, 2015
Red Power Ranger:

Also, remove your real name from your username! Change that username asap

I'm going to get demoted from a chimp now haha, thank you.

Aug 20, 2015

You could begin to cold-email local branches and botiques as well. I honestly got my first internships from one of the peer advisors at the University. Ask your resources and network with them, they could seriously hook you up. Begin applying on websites as well, chances are slim but it's still a shot.

Aug 20, 2015

lol aren't you the same kid that said you would be someone's boss when they said investment banking would be hard out of FSU?

Aug 20, 2015

Do something cool or fun if you're looking to add to the resume. I worked at my uncle's candy factory and when I was interviewing for jobs after my sophomore year, they loved hearing about it. Most importantly though, enjoy your summer, because if you are serious about banking then this will most likely be your last summer when you can fuck around.

Aug 20, 2015

get laid, then get paid.

Aug 20, 2015

It should still be possible as a freshman to find a somewhat relevant internship over the summer, and honestly this would be ideal (I think pretty much anyone on this board will advise that work experience will look better than taking summer classes). I'd keep reaching out to companies with your resume/cover letter and see if they'll take you on as an intern. Even if it's just work at some local branch office, that will look much better than nothing.

And don't get me wrong, there's a lot to be said for enjoying your freshman summer too (since you can get away with it a bit more now versus next year), but an internship would definitely do more for your recruiting prospects next year and junior year compared with summer courses. Congrats on finishing your first year!

Aug 20, 2015

Along with your summer courses I would highly suggest you read this book:
Rosenbaum & Pearl: Investment Banking

Rebuild the models and I guarantee you will not only be ahead of your sophomore class, but the juniors at your school, too.

The difference between successful people and others is largely a habit - a controlled habit of doing every task better, faster and more efficiently.

Aug 20, 2015

PWM, travel, or summer school. You're a freshman so its not as big of a deal. Enjoy yourself no matter what.

I didn't say it was your fault, I said I was blaming you.

Aug 20, 2015
Neighbor:

PWM, travel, or summer school. You're a freshman so its not as big of a deal. Enjoy yourself no matter what.

This. Also, cherish your GPA while you still have it.

Aug 20, 2015

learn how to roll rubber down smoothly and undo a bra with one hand

the honeys in NY always spend a bit more time on top if you've got it down

Aug 20, 2015

Internships are definitely available to freshmen, and it's not too late to look for one (though it's not likely you'll get one).

Aug 20, 2015

Both of those opportunities should be fine; no one really expects you to have like a SA position or something and most people don't have any internship, so any finance-related exposure should already put you quite ahead. You want a good story to tell future interviewers, basically. Also, I would try cold-calling local boutiques and PWM firms and seeing what you can get there.

Aug 20, 2015

I like your thinking, artfuldodger. Smart to look ahead and realize that what you do in college really does matter when it comes to landing a job or going to grad school down the road. B-schools for example (and employers for that matter) love innovators. If you have the time and inclination, try starting up something of your own design, whether it be a business, a club, an organization or an event. Showing drive and creativity in this way will not only impress future employers and admissions reps, it will help you define your leadership style and help you figure out what you like to do.

Bryant Michaels
Veritas Prep Consulting

Aug 20, 2015

For bulge bracket investment banks: Not really. Some may have freshman programs where kids spend a very short time at the bank (compared to SA) but I would think they are probably done with that by now. Sophomores also have few spots at these banks and typically they are high-achieving minorities from top schools. Junior year is when people secure a Summer Analyst position and then work at the bank in the summer before their senior year. After this, they will either get a job offer to return full time or no offer from the bank. Getting the summer analyst spot is VERY important if you want to get hired at any top investment bank. That is their main recruiting pool and it is possible to do a SA at say UBS but then work at MS or GS full-time. Since you go to NYU and live near everything I would recommend building close relationships with your career advisors at school. They can help you out with everything and NYU Stern has great presence on Wall Street. Start networking with alumni on linkedin and you might be able to get a internship at a small boutique investment bank or equivalent.

Aug 20, 2015

My friends from HS that went to NYU all had great internships during the year at boutique places so I would reach out to those places where past people in places you want to eventually be, have interned and pitch yourself. They had it so easy when it came to recruiting cause they had been recruiting since freshman year and it was easy for them to reach out and get internships left and right.

Aug 20, 2015

Reach out to boutiques and spend a few weeks completely exhausting that. If you can't, I recommend finding one of the Search Funds in the area. They recruit interns heavily for unpaid private equity experience and it will be a great starting point.

Aug 20, 2015

I take advantage of the post to ask for advice given that my situation is very similar to the one of "TheBestMan".

I am a freshman at a target uni in europe. Next year I'm going to apply for SA positionsat BBs and this summer would like to get some work experience to boost my CV (grades are already really high, but i have NO work experience).
I reached out to I believe at least 100 boutiques both in Eu and U.S. but always got rejected saying that either they don't offer internships, or they offer it but for 2nd year university students... (Of course I offered to intern for free)

What should I do? Summer schools like LSE? Trading course (eventhough i want to do IBD)? Volunteering?

Thanks!

Aug 20, 2015

Interning in wealth management is always very common for people looking to get a SA later on. Plus they have the "name" (MS, ML, UBS, etc.).

Aug 20, 2015

Depends on your qualifications. Have you had internship experience? What's your gpa/major?

Freshman summer usually means BB PWM or Boutique IBD if you've had experience before.

Aug 20, 2015

I got a 3.7 and 1 working experience at a national law firm in high school, more like a job shadowing program, e.g go to court, sit besides partner talking to clients.

Aug 20, 2015

What major, though.
Edit: Although on second thought, it doesn't really matter because BB Freshman Programs' Deadlines have passed already.

Aug 20, 2015

Majors are Honors Mathematics&Accounting.

Aug 20, 2015

look through OCR and apply to anything that will allow you to that is analytical or in the realm of finance

Aug 20, 2015

When I was a freshman I was just like you and wanted to do a freshman internship. Global internships might be a little bit to intense for a starting freshman, but I definitely think you should do a internship in the summer. I did one in engineering when I was a freshman and it was the best decision I've ever made. What are you planning to major in? Good luck with your future.

Aug 20, 2015

Is money an issue?

If not, enroll in an immersion language school for 2-3 months in Beijing or Shanghai. It doesn't matter if you have no interest in learning the language long term or working in Asia. At the very least, you can sell it as deliberately putting yourself into a fish out of water experience to challenge yourself and pick up a potentially useful skill.

Also, assuming you're a white guy, the market value of white male flesh is a lot higher in China than at home. If you're a 4 or 5 in Canada/US, you'll be a 7 or 8 in China. It's a pretty clear arbitrage.

If I was in this position and in my 20s all over again, I wouldn't go to Asia, though. I'd enroll in one of those Cuban summer boxing programs and would try to learn Spanish while I'm there. You can spin a similar story, but less dating arbitrage.

Aug 20, 2015

Going to take a stab and say you're either at Indiana or CMU. I see a couple options:

a.) Reach out to a professor either in the CS/financial engineering realm and see if you can do research for the summer in any capacity.
b.) Write for one of the amateur investing sites (e.g., StockTwits, SeekingAlpha, Fool, theStreet, etc.); this gets you paid and adds some practical examples if you need to pull something out.
c.) Go on to indeed or internships.com and just try to do something fun. Something along the lines of what Ssits suggested.. Just an enjoyable experience that will make you a more well-rounded person in the end.

Aug 20, 2015

i was gonna guess CMU as well

happy to give advice; no asking for referrals please

Aug 20, 2015

Out of curiosity, what kind of negative responses have you been hearing in PWM? Most places that I've reached out to are still open.

Aug 20, 2015

Are you a freshman as well? I have no connections in AM/PWM, so I'm basically going the online application -> standard rejection response route. I'll say that my resume is pretty good for where I'm at as far as demonstrating an interest in finance/business in general. I have reached out to some local/smaller type firms and it's 1. you're too young / 2. your dad doesn't work here. At this point I'll try my hand at a few more places, then give it a rest and explore opportunities overseas.

Aug 20, 2015

It's not too late to get internships, just because you didn't get one as of now, doesn't mean places have stopped recruiting. That said, most of the Big 4 and IB positions are filled, but there are also plenty of other places.

Aug 20, 2015

I didn't get my offer my freshman year till late April, and I didn't start networking till late February, so keep looking if you really want something.

Aug 20, 2015

Enjoy one of your last non-internship summers.

Aug 20, 2015

I think that's a solid strategy. Do you want to work in Asia post-graduation?

Aug 20, 2015

Nerd Alert!!!!!!!!!!!

Aug 20, 2015
stoked365:

Nerd Alert!!!!!!!!!!!

What an insightful and well thought out contribution.

Aug 20, 2015

JPM has a SA program for freshmen and sophomores. It's advertised as a diversity program but I'm white and the URM to white ratio at my superday was probably 3:1. Citi and some of the other BBs have freshman programs as well.

Aug 20, 2015

PWM, boutique IB, corp finance, etc.
Don't try too hard kid, you have the rest of your life to work. Being at Penn should set you up fine even without an internship as a freshman. Why not look into studying abroad?

Cheers,
Matthias

Aug 20, 2015

If you're at Penn you could dick around for the next 3 years of your life, apply during senior year and you will get quadruple the # of interviews than the non-target kid that had 4 relevant internship. Your fine kid. Enjoy life in the 1st semester, its the most fun.

Aug 20, 2015
prudentinvestor:

If you're at Penn you could dick around for the next 3 years of your life, apply during senior year and you will get quadruple the # of interviews than the non-target kid that had 4 relevant internship. Your fine kid. Enjoy life in the 1st semester, its the most fun.

Sure, that works... if all you want is to be another fish in the sea. If you want to, however, finish ahead of your classmates and go straight to a megafund, then you better get the ball rolling right now. There is never an excuse for "[dicking] around".

Aug 20, 2015

I was in a similar position as yourself and ended up taking a job at a local tech company the summer after my senior year. It ended up working out really well because I was able to save enough that I could offer to work unpaid as a freshman in college. If you have any opportunities like that (working for good money, not at McDonalds) I would take it.

Aug 20, 2015

Great job dude. I'm in freshman year, and I got on the bandwagon over the past break. Stick with it, and you'll do fantastic. I have a position lined up at MS FA team. Not too excited but lunckily my boss is part of a prominent business family and he really is looking forward to teaching me this summer.

Achiever in college from freshman year: Rainmaker.
Hustler in college from junior year: More than you initially hoped for.
Dreamer in college from senior year: Top closer for 4 man boutique in Idaho in toilet lid M&A
Everyone else: Dunkin Donuts.

Aug 20, 2015

bump
I'm interested in this too

Aug 20, 2015

bump
I'm interested in this too

Aug 20, 2015

@"Chemecon" Unfortunately no one else seems to be haha. Hard for us lil' freshmen out here

Aug 20, 2015

@"Chemecon" Unfortunately no one else seems to be haha. Hard for us lil' freshmen out here

Aug 20, 2015

Yes, use the search function to find more. Reach out to your parents' friends and see if they have anything available - even if it's just coming into the office to shadow a few days a week/doing some admin stuff.

Aug 20, 2015

Yes, you will never be able to get into the industry because you failed to get an internship at a BB your freshman year. But seriously just start cold-calling and try to get an internship at a BB or do PWM. Just thinking about investment banking as a freshman, you are way ahead of the game.

Aug 20, 2015

Travel this summer and try to get relevant internships during sophomore year. Don't worry about IBD until Junior summer.

Aug 20, 2015

More experience the better. Definitely try to get one and be on top of things for next summer, otherwise you will be at a big disadvantage.

Aug 20, 2015

Do research with a finance professor at a local b-school or on-campus at your target.

Best of luck!

Also: no need to network with PWM alums, get straight to the point and ask for their help/advice.

Aug 20, 2015

Cold email WM groups at UBS or Merrill Lynch. They usually take a lot of interns.

Aug 20, 2015

if ur at a target just smoke weed and experiment with psychedelics during ur summer. Maybe join a finance related club or two

Aug 20, 2015

Check alumni directory and LinkedIn.

Aug 20, 2015

An alum who's in a PWM group probably should've been able to help you, even with an unpaid position. How are you conducting your informational interviews/cold-calls? There might be something wrong with what you're saying or you're coming off as socially awkward if you haven't been able to close the deal.

I'm not trying to come off as a dick, but I'm a freshman at a non-target with a 2.7 and I was offered an ER SA position at an IB after cold calling an alum and having a couple of conversations with him. I'm just saying, if you have a good GPA and are from a target your credentials are definitely not what's holding you back. I would suggest reaching out to PWM groups around your area even if you don't have alum working there.

Aug 20, 2015

Commercial banking. You'll build the best network starting off there.

Aug 20, 2015

Thank you for the reply. How should I approach searching for commercial banking internships? I'm rather unfamiliar with the commercial banking summer intern programs, especially at this point in the recruiting timeline. Any further advice greatly appreciated. Thanks.

Aug 20, 2015

You don't have to do shit your freshman or sophomore summer, but it does help.

Aug 20, 2015

Not gonna respond to your question. Just gonna say I can't wait for the Patriots to get run into the pavement during the playoffs. Maybe then Gisele will start returning my calls...

Aug 20, 2015

Get the grades up. You're going to have some stiff competition.

Aug 20, 2015

It does help, but not mandatory. I did a internship during my sophomore year and it gave me an advantage.

Aug 20, 2015

As long as you attend a good target school you should be fine. Are you at a top target?

Aug 20, 2015

I know Goldman Sachs does a sophomore program so might be worth reaching out to them for next year

Aug 20, 2015

Your problem:

Greenlight:

"diversity program"

The solution:

Aug 20, 2015

There are none. I've looked extensively. Your only options are outside of Wall Street or finding someone at a WS firm that will take you on unpaid (or if you're real lucky, they might pay you, doubt that would happen though).

Gotta have connects

Aug 20, 2015

No, don't include a resume, it's very presumptuous. Tell them you want to do an informational.

Aug 20, 2015

Like Yacht_man said, contact the alum's via e-mail first and ask for an informational phone call. They may or may not request a resume, but if they do, you'll get to show your GPA and any EC's. During the phone call you should express your interest in interning for them. If they discuss salary, you should be realistic and recognize that as a freshman landing a gig in ibanking or pe is very rare, so I'd recommend saying you recognize you're a freshman and am more interested in getting your feet wet, etc...

Best of luck!!

Aug 20, 2015

okay thanks i appreciate it!

Aug 20, 2015

obviously a PE or HF position is going to be much better if you're looking to get into IB, but they are few and far between and without some serious networking very difficult to get. typically, people go to PE/HF after IB, not before, but im not saying that there are zero opportunities.

if you're at a target, can keep your gpa above a 3.5, and interview well, i would at least focus first on getting a pwm internship next summer and just go the "normal" route to IB

Aug 20, 2015

what does it take to get a job at a 1billion AUM+ private equity fund or HF as an undergrad? any tips on getting in?

how good do varying fund sizes look for IBD recruiting? e.g. <1 billion, 5 billion, 30 billion?

Aug 20, 2015

The work you do matters more than the $AUM...

Aug 20, 2015

Any advice on getting summer undergrad analyst positions at $1B+ or even $5 billion AUM Private equity firms?

Aug 20, 2015

You can teach shanghai children English?! Def choice 3.

Aug 20, 2015

whats AUM for the PE and VC?

Aug 20, 2015

PE will set you up for interviews the best, but China is something cool and will also help you land internships. Go with 1 or 3 if possible because they are very unique, especially for freshman.

Aug 20, 2015

is teaching english in china that much of a game changer?

and Amz, it's a 1 billion dollar VC firm.. is that a good size at all?

Aug 20, 2015

Of course, shows your willingness to help these less fortunate. looks great on resume and in interviews.
Yes thats good size for a freshman.

Aug 20, 2015

i didn't say it was for the needy or less fortunate per se, it's actually for a company that provides the services (which i assume families pay for)..

Aug 20, 2015

does anyone else have any other opinions? i'd greatly appreciate them

Aug 20, 2015

Teaching english still shows your communication/leadership skills as well as international experience.

That being said, a lot depends on what your future plans are. Really any of these are great options but if you are hoping to get into PE or VC than 1 may be the best option. If you want to do AM then why don't you do 2. If you are looking IBD or S&T I'd go with 3 cause it gives you a lot of cool answers to interview questions and will be a fun experience.

Aug 20, 2015

I'm not going to lie, I'm impressed (if its true).

BB from non-ivey as a fresh? He could be the only one.

Aug 20, 2015

Oh it's definitely true. I've seen the paperwork and he's leaving for nyc next week. I mean, he has a 4.0 and a couple extra-currics, but no prior contacts, no family member in banking.

The BigHomie

Aug 20, 2015

there is no way its that easy....
who doesnt have a 4.0 freshmen year?

Aug 20, 2015

probably UBS...

Aug 20, 2015

it's possible but rare. are you sure it's ib

Aug 20, 2015

Is it a summer analyst position or a dif, back office internship. Also, what would you do for the next 2 summers if you got an intership at a BB 1st year? I guess you could try to land a job at Blackstone.

Aug 20, 2015

BigLion, you didn't specifically say it's in investment banking. Is it? How did your friend learn the accounting and finance required by the middle of his freshman year? Just curious, I believe you though.

Aug 20, 2015

It is front-office Investment Banking, trust me. He is a bonafide summer analyst, side-by-side with the juniors, I've seen his analyst class sheet thingie. I dont wanna say what group or bank because it would be wrong of me to disclose his identity, I probably already said too much. i guess your guys' skepticism has already answered my question as too how rare it is.

The BigHomie

Aug 20, 2015

could be GS - they have a tendency to allow sophmores to apply for internships so why not freshmen

Aug 20, 2015

Pretty fucking sweet!

Aug 20, 2015

My question is where does he go from there? Yes it is very impressive to get a BB IBD internship as a freshman, but is he going to work there the following two summers AND work there full-time? After a while, he'll jump up the learning curve and will be bored. It's not like he's accelerating his career, he's just prolonging it.

Aug 20, 2015

non-ivy target school: sounds like MIT...only there you could find people crazy and smart like that...

Aug 20, 2015

Amazing....

Aug 20, 2015

it's not fucking GS. believe me.

Aug 20, 2015

Must be MIT though, they have this special program that helps freshmen get internships.

Aug 20, 2015

Wow I'm really curious as to how he did this.

Aug 20, 2015

If I was in your situation I would probably take the internship. As long as you don't have to move away for the summer for the internship your same HS friends with still be there to get drunk and party with. Assuming that you go 8-5/6 everyday that gives you plenty of time in the evening to get drunk. In addition to that I think the work at the Wealth Management company would be a bit more interesting than sitting in a chair all day. Just make sure that you don't screw over the pools if you have already given a firm commitment.

Aug 20, 2015
CatsLHP:

If I was in your situation I would probably take the internship. As long as you don't have to move away for the summer for the internship your same HS friends with still be there to get drunk and party with. Assuming that you go 8-5/6 everyday that gives you plenty of time in the evening to get drunk. In addition to that I think the work at the Wealth Management company would be a bit more interesting than sitting in a chair all day. Just make sure that you don't screw over the pools if you have already given a firm commitment.

test test test test test test

Aug 20, 2015

I would take the internship too but seriously man, everyone's different, I'm a bit more anal retentive about this kinda shit like most Bankers, but even if you choose to do the lifeguarding thing, I think it's ok.

Aug 20, 2015

are you at a top 5 school? if so, do the life guarding. if you are at a non target, i think its important to add as many applicable jobs to your resume as possible in order to stand out

Aug 20, 2015

if you are at a major target nobody will care what you did after your freshmen year. however if you are at a nontarget, you need to differentiate yourself.

i worked at a day camp after my fresh yr and am starting at a top 3 bb in the fall but i go to a target. soph yr internship is more important.

Aug 20, 2015

I have given both pools a firm commitment, but right now I'm leaning towards the internship with possibly some lifeguarding on weekends. My family has moved since I've graduated from HS, so I'm not surrounded by my HS friends this summer (which is why I like the idea of working with other college students).

I go to a non-target, btw and and looking to build my resume (4.0 gpa, and I'm studying abroad next spring, etc.).

Any other opinions?

Aug 20, 2015

Being from a non-target, you need to take this opportunity seriously. The pools will find another lifeguard, you may not be given another opportunity for your freshman summer.

Aug 20, 2015

You really care what the pools think. If they are decent humans, they will understand that this PWM internship is far superior to their opportunity and will tell you to take it. If they still want you to do lifequarding, then tell them to stuff it.

But isn't this a no-brainer question. Although people may tell you freshman summer is not relevant, do you REALLY believe them. I can tell you being in industry that it IS important.

Aug 20, 2015

Do something interesting. Travel or volunteer, something that's good BS fodder for interviews / essays. Every boring Type A kid is going to do the brokerage thing Freshmen and/or Soph year, and every normal college kid is going to lifeguard or wait tables.

Aug 20, 2015

Honestly, I don't think much of PWM internships regardless of who it's with. If you're doing something substantial on the derivatives desk, why not stay there?

I did FT analyst recruiting one year for the BB IBD that I worked at. It's amazing the types of real experience kids get nowadays, working for MM banks and small PE shops. Any PWM experience I saw on a resume paled in comparison.

Aug 20, 2015

derivatives would definitely be better for an I-banking career. However, between now and graduation, you may find that you enjoy having personal relationships with clients, work 9-6, and get a stable 150k salary with stability. In that case, PWM would be the place to be

Aug 20, 2015

i'm going to guess that you got the china thing through family connections. (correct if I'm wrong)

when you recruit for sophomore year internships (possible ibd) It is 95% likely that they will ask you how you were able to get such an internship as a freshman. I agree with accountspayable that you should explore your options at such an early stage, and I think it would be impressive if you showed interviewrs that you had the tenacity to find your own internship beyond those family connections . . .

Aug 20, 2015
narby:

It is 95% likely that they will ask you how you were able to get such an internship as a freshman.

If the OP does well at the internship and can talk well about it during the interview, it really doesn't matter how he got it. Besides, at the freshmen level, most internships are obtained through connections.

Aug 20, 2015

narby, nope you are not wrong. would it be a wash then if interviewers knew i obtained this internship through family connections?

any other thoughts? please and thanks

Aug 20, 2015

This answer could depend on what the no-name financial firm does and who works there. That said, I would take the PWM job. I did an internship in PWM at a BB one summer and while the work itself wasn't particularly challenging, if you work for a good broker/advisor you can learn a lot about the markets and products and will get exposure to other parts of the BB (research, Asset Management etc.). Also, BB advisors often manage money for I-bankers and other employees at the BB, so they have connections if they like you. It's all about showing an interest, talking to people and rising above the very mediocre fray of typical PWM interns. I got my current job in PE out of undergrad as a direct result of doing a good job in my PWM internship and being recommended to former BB bankers that left for a PE shop.

This result might be harder to replicate if the PWM job is at a regional branch office and not at HQ in NYC, but the same principles apply.

Aug 20, 2015

pwm

Aug 20, 2015

that depends on what you want to do next summer. if banking, i'd say take the research job---there's more relevant wk experience.

Aug 20, 2015

I did PWM at a BB last summer (the summer after my senior year of high school). It was a major waste of time, but at least it put something on my CV, and a few of the people working there had contacts in the investment banking division that were somewhat useful. Personally, I would take the PWM, but make sure you are proactive and try to prompt your bosses (nicely of course) into giving you something useful to do. Also, though this is just a rumor, I've heard that banks receiving thousands upon thousands of resumes often sift through them by searching for the names of certain favored firms, so having a BB on there might help in preliminary screening rounds.

Aug 20, 2015

You are still a freshmen, so take the pwm so next semester you have a well known BB on your resume.. although you won't learn as much.. you would have a higher chance of getting a IB internship soph... learn then.. you will still be a year ahead of all the other kids..

Ling~

Ling~

Aug 20, 2015

Thank you all for your help!

Aug 20, 2015

go be stupid and free, you're only young and free once.

Aug 20, 2015

IBD internships are generally designated to candidates that the bank feels would be a good addition to the firm after a successful internship. If you have junior standing next year and intend on graduating early then by all means put that on your resume. However, if you don't plan on graduating early, it could come back to haunt you. You probably wouldn't be able to get an IBD job with that bank again.

I think the best bet for someone in your shoes is maybe look into PWM. I interned in a BB PWM my sophmore year and it wasn't hard to get.

Good luck on your search but I would agree with bullshark. Chill out and enjoy this summer.

Aug 20, 2015

Just chill out and enjoy your summer, nobody likes an over achiever anyways. Let other ppl have their chance, yours will come in due time.

Aug 20, 2015

With a 4.0 from a target school, an over-flowing resumA(c) and with dreams of a career in IB, I'd guess you're from a reasonably wealthy family. Spend 2 months in a foreign country in an intensive language course, during which you speak nothing but that language. That skill will come in handy. Or go build a village in Africa. But don't "just volunteer". DO something.

Whatever it is, you're still young and free, so enjoy it. I'm just saying you can learn A LOT from something that is actually a lot of fun. Make it a summer to remember (that'll make the banks remember you, too).

Aug 20, 2015

If I were you, I would do the LSE Summer program (3 weeks in July) as part of an extended tour through Europe (have a friend join you). Do one of their finance courses (you have option to get an 'attendance' award for having just attended or the real grade (keep in mind my LSE summer class had only about 20 A's out of 100). This would look great in my opinion. It looks legitimate but is really an easy way to get your parents to pay for a trip to Europe. It's in July so you can travel in June and last week or two after the end of the LSE program.

Aug 20, 2015

LSE= Let's See Europe

Aug 20, 2015

i think equity research internship would be better/more relevant than pwm.

Aug 20, 2015

next year as a sophomore you don't need to say you're a junior. there are opportunities out there for sophomore, such as specific internships tailored just for sophomores. Just look around at your school's career website. Don't lie because that will bite you in the ass when they check your transcript or request some documentation.

Aug 20, 2015

Drexel has a good bit of alums on the street and in a lot of smaller shops in Philly. I'd reach out to some of the smaller shops both in Philly and Conshohocken and see if you can intern there (AM,PWM,etc.) and build up some experience. There are a couple good threads on this, or use the WSO Database.

Also, this coming from a non-target in Philly myself, don't be afraid to reach out to alums from the non-target Philly schools (Temple,Nova,Drexel, St Joes,etc.) -- all are usually pretty receptive to other City 6 students w/ the obvious exception of Penn

Aug 20, 2015

Thank you for your input, but what's your opinion on Drexel in the eyes of employers? I chose Drexel because I was previously a biology major, but now I am considering transferring due to the demand for finance majors from higher tier schools.

Aug 20, 2015

Well it's unfortunate that every potential employer is going to go across the street versus going to Drexel. Of course, the other side of that is that you can steal Penn's resources (going to TTS events thru WUFC, sneaking into recruiting events, etc.). Drexel is by no means a finance powerhouse but I know a few people across the NYC banking scene who went to Drexel (specifically at DB). You can get where you want to go at Drexel provided you put in a lot of networking/go-getter-ness, as with most non-targets.

Aug 20, 2015

bump

Aug 20, 2015
ASKhabra:

Hi,

Ive just finished the first year of my economics degree at a UK target uni and would like to get into Asset Management, however, whilst my academics are solid im lacking any real work experience and I know thats going to hold me back when it comes to applying for penultimate year internships in my next year (Ive tried applying to what summer programs i could find, however, practically all of the responses ive received back have been rejections stating that i should instead wait a year and apply again).

I wanted to ask, what do you guys think would be the best course of action for a person in my position right now? Ive still got 2 months until i have to go back to university and i dont want it to just get wasted...

So far im getting back into online paper trading (i figured even if the actual trading wont teach me anything applicable to real life, ill at least build background knowledge of current equities market) and am also planning to learn VBA, but these arent exactly concrete things i can put on my CV.

Thanks a lot

Did you do any Spring Weeks/Insight Days? Those are worth mentioning and additionally any leadership positions of societies at uni. Try to fix up some sort of a shadowing project or just volunteer at any firm remotely related to financial services in the next month so you at least have something to talk about on your CV. The paper trading is a good idea, maybe take some tests like the BAT to show for something of your summer?

Aug 20, 2015

Cold calls and emails are pretty much the only route toward an internship after freshman year besides family/friend connections.

Search for all types of asset management firms, hedge funds, private equity firms, boutique banks, whatever type of financial services company you are interested in etc. that have offices near you and shoot them emails inquiring about the possibility for an internship. In the most likely scenario, 99% of them will either not respond or tell you they are not taking interns/you are too young but you only need one positive response. It'll take a lot of effort on your part with very little positive feedback to show for it but that's what it takes. Pretty much any form of internship after your freshman year will be looked upon favorably seeing as no one really expects rising sophomores to have any legit experience.

Aug 20, 2015
FranciscoDAnconia:

Cold calls and emails are pretty much the only route toward an internship after freshman year besides family/friend connections.

That is not true if you are looking to do PWM or f500 CF which is what most freshman end up doing. OP, you should start applying for fall internships and since you are at a target you should apply to some boutique IB firms in addition to BB PWM and finally some f500 CF internships as a last resort.

Avoid paper trading as it will build poor habits and will not teach you any applicable trading skills, the purpose of paper trading is to learn how to use a trading platform and not to simulate an actual trading environment. You would be better off spending the time you currently devote to paper trading learning about the markets through research and reading. Try to learn about the models that are important to the instruments that you would like to trade (Black-Scholes for options, Balance of Payments Model and Interest Rate Parity Model for FX, etc.) alongside that read some novels such as "Liar's Poker," "Monkey Business: Swinging Through the Wall Street Jungle," and "Investment Banking: Valuation, Leveraged Buyouts, and Mergers & Acquisitions." All this should give you a good base and will help you answer techincal questions in interviews as well as build your general base of knowledge about finance at large.

Aug 20, 2015

Ok guys, thanks a lot for the advice. I just want to ask one question though, suppose one were to apply in second year for summer internships with no practical experience, how much do you think it would hold them back?

Aug 20, 2015

Is that website really worth the money? And Im sure I've read something exactly like that post on this website before. Anyone got any opinions on using a website like this?

Aug 20, 2015

Bulge Bracket firms will not hire you as a freshmen. You might have a chance to get into a Sophomore Rotational Program next year (these are extremely competitive so don't count on it as "in the bag") but there is no way you get hired by a BB. Try for a regional boutique if you really want to work in banking.

Aug 20, 2015

As you know, banks mostly recruit juniors for internships so they can lock down most of their analyst class for the next year. No matter how qualified you are, banks are very structured/rigid in their recruiting process and this will make it VERY difficult to get a job as a freshman.

Also as a freshman even if you get an internship it may be completely pointless, e.g. paper-copying/coffee-cup-filling type work and if that's the case you'll be better off getting an internship elsewhere where you're actually learning something.

If you're set on applying, though, I would suggest contacting both of your industry contacts and "pitching" your story (which should be good and concise) and then asking if they know of any positions or know people who have positions.

Again I think your chances are slim just because you're a freshman, but at the very least contacting these people now shows them you're dedicated and pro-active. AND a few years down the road when you're a junior/senior you can contact them again and point out how you knew you wanted to do this since freshman year, which will help your case.

Aug 20, 2015

Go through them, even though chances are still slim. You will not get hired as a freshman going through the typical resume drop at your school.

Many banks are now just establishing formal sophomore analyst programs, but I do not believe any have formal freshmen programs (the one exception I believe being JPMorgan, whose program targets freshmen and sophomores).

The people I know worked as freshmen had MAJOR connections to the bank.

Aug 20, 2015

First, how do you have a GPA if you're in your first semester and final exams have not ended yet? Or am I missing something? Trimester system or something liek that are your school?

Second...you CAN get a position as a freshman in investment banking or trading, and you DON'T have to have connections to do it. You DO, however, have to have extreme luck. I know of four people who interned at BB's as freshmen in sales and trading/investment banking in NYC and none had connections. However, you have to realize that they are 4 out of an insane amount of freshman who probably applied/desired such a position.

Leverage your connections and you'll have a much easier time. Ask the two bankers if you can speak with them about your career and after you've spoken with them a few times and learned about THEIR careers also, bring up the fact that you're interested in getting a head start in investment banking the summer after your freshman year. They both will know exactly what you want when you first start talking to them but courtesy and etiquette still require you to go about this in a roundabout way. You can't email them your resume and say "find me a job, thanks," which, given the fact you're mature enough to even be interested in getting this head start, I am sure you already know. Good luck

  • movetofinance
  •  Aug 20, 2015

wait, how do you have a gpa already?
even the trimester schools haven't ended as my friends frm stanford and uchicago are still not done...

Aug 20, 2015

man its hard..i myself am a freshman. but if you keep persisting and keep trying you will get interviews. I tried very very hard to find an internship and had 3 interviews with boutique ibanks. you have to show that you are extremely passionate. i had an offer with one of the boutique's but i said no b/c: 1. my advisor said no and 2. the hours they wanted me to work was way too long. but it's definitely possible. network..keep looking for internships..grab on every opportunity/link/whatever you can find.
Good luck.
btw how do you have your gpa already??

Aug 20, 2015

wondering same question

Aug 20, 2015

My GPA right now is a result of my midterms, and I'm absolutely confident that I will sustain it through finals. Hey, if I wasn't into working all day and night, I wouldn't be interested in I-banking right?

So the general consensus is to go exclusively through my contacts? Should I apply through my school simply in order to show my contacts how dedicated I am?

Aug 20, 2015

Does having a summer position as a freshmen (from a target, or even a non-target) matter in the long run? I know you can "learn stuff," "show intiative", and whatever, but really... Would a business school even care?

(These are not sarcastic. They are legit questions)

Aug 20, 2015

Maybe not, but my main objectives are the following:

1.) Build my resume
2.) Make money
3.) See if I can handle the all-work, no-play lifestyle, so if it doesn't work out, I can try something new next summer.

Aug 20, 2015
RNR1811:

Maybe not, but my main objectives are the following:

1.) Build my resume
2.) Make money
3.) See if I can handle the all-work, no-play lifestyle, so if it doesn't work out, I can try something new next summer.

all-work no play sucks. go out and have fun. what is wrong with some of you people

Aug 20, 2015
Comment

"We are lawyers! We sue people! Occasionally, we get aggressive and garnish wages, but WE DO NOT ABDUCT!" -Boston Legal-

  • b
  •  Aug 20, 2015
Aug 20, 2015
Comment

"We are lawyers! We sue people! Occasionally, we get aggressive and garnish wages, but WE DO NOT ABDUCT!" -Boston Legal-

Aug 20, 2015
Comment
Aug 20, 2015
Comment