Internships are a crucial part of the recruiting process because they not only allow you to see what the industry is like and if it's right for you, but it also gives your potential employers the opportunity to see how you work and that you're interested in their industry. There are a number of internship opportunities open to you and deciding which one is right depends on what industry you want to end up in. Keep in mind that one of the best aspects of getting an internship on Wall Street is the selectivity. Many places will give you a full-time first round interview just for having investment banking, sales and trading, etc on your resume because of the process you must go through in obtaining that internship in the first place.
Private Wealth Management
This is somewhat of the go-to finance internship for those who weren't able to get a summer analyst offer or realized too late that they wanted to try finance. These types of internships may be paid or unpaid, but usually what is most important is showing some sort of track record of interest in finance in general. It will be hard to convert, but if you have the resume and the interviewing skills you can turn a PWM internship into a full time offer in just about any finance-related industry.
Investment Banking
These are some of the most selective internships and some of the best. From an IB internship you can go just about anywhere. Many people choose to accept a full time position because of the exit ops, but some choose to go into corporate finance, consulting, or asset management, to name a few. With a strong IB internship on your resume you are way ahead of 99% of those looking to enter finance and business.
Sales & Trading / Hedge Fund / Equity Research / Asset Management
Having an internship for any one of these types of firms shows an interest in the markets. If you want to be in a market-related career, these are the industries you should aim for. They are all known for their selectivity, which will help you if you choose not to pursue a career in one of these industries and go elsewhere.
Private Equity / Venture Capital
Securing an internship in either one of these is extremely difficult. If you're able to get an internship with one of these places, you're most likely hoping to get a full-time offer. If you end up trying for a different position after your internship, these will look very good on your resume.
Consulting / Corporate Finance
Consulting and corporate finance internships can set you up well for many different careers. If you're good enough to pull off an internship at MBB, you should have no problem making the switch to say, investment banking or corporate finance. Corporate finance varies greatly from company to company. Someone who gets into an internship program at GE is going to have a lot more options than someone who is keeping the books at the local supermarket. If you do manage to get in a strong program at a solid company, you can find your way to a full-time offer in consulting or investment banking with a little work.
Keep in mind that no matter where you end up for an internship, whether it's Goldman Sachs, Bank of America or the Corner Store, you're going to have to maintain a strong record for full time recruitment. Just because you interned with GS, people won't bow down to your greatness.
Additional Resources:
- Relevant WSO Guides: WSO Networking Guide, WSO Internship Guide, and A Look Behind the Wall: A Guide to Six Wall Street Career Paths
- Relevant WSO Services: AnEx Finance Internships
- Relevant WSO Forums: Get A Job
or Want to Sign up with your social account?