Where To Look for Internships in Chicago
Hi, I am a sophomore at a Midwestern target who recently decided to pursue Asset Management or Equity Research over Investment Banking, but am struggling with where to look for Summer 2026 internships. I really would like to be in Chicago if possible. I know a lot of the BB ER does not take place in Chicago, and it has been hard to differentiate between Asset Management and PWM when doing a simple search online. Would really appreciate advice on where to look! My school has a really built out IB recruiting process, but AM & ER are a bit more foggy.
Based on the most helpful WSO content, here are some actionable steps to find Asset Management (AM) or Equity Research (ER) internships in Chicago:
Leverage Local Firms: Chicago has a strong presence of boutique and mid-sized firms in AM and ER. Look into firms like William Blair, Northern Trust, and Nuveen, which are known for their presence in the city.
Networking: Since your school has a robust IB recruiting process, tap into alumni networks or career services to identify alumni working in AM or ER. Reach out for informational interviews and guidance.
Job Boards and Online Searches: Use specific keywords like "Asset Management Summer Internship Chicago" or "Equity Research Internship Chicago" to refine your search. Platforms like LinkedIn, Indeed, and niche finance job boards can be helpful.
PWM vs. AM: To differentiate between Private Wealth Management (PWM) and AM, focus on firms that manage institutional portfolios or mutual funds rather than individual wealth. Research their websites or job descriptions for clarity.
WSO Resources: Utilize WSO's resume review and mock interview services to tailor your application for AM/ER roles. Additionally, explore the WSO Company Database for insights into firms hiring in Chicago.
Smaller Firms: Don’t overlook smaller or regional firms. They often have less structured recruiting processes but can provide valuable experience. Examples include local hedge funds or family offices.
Timing: Start early. Many AM and ER internships have rolling applications, so staying ahead of deadlines is crucial.
For more detailed advice, you can explore discussions like "Searching for a Summer Internship" on WSO: url: https://www.wallstreetoasis.com/forum/job-search/searching-for-a-summer….
Sources: Advice for summer Asset Management interns, Searching for a Summer Internship?, Any books to read for an incoming equity research summer associate?, Equity Research SA 2021, Summer Internship--Local
From my understanding ER doesn't really take place in Chicago that much maybe a couple of groups but pretty small MM banks. AM is a different story. You have Harris Associates, Dorsey Asset Management and a handful of others. I know Harris is extremely prestigious and has an open process as in there should be an internship application coming out soon, but the rest of the smaller ones it might just be from word of mouth or referral but do some digging to understand what firms exist. You limiting your location for an internship to Chicago only will cut your opportunity set dramatically in an already small and shrinking industry so if I were you just be open to relocation and then if location is a preference you can try and lateral with actual experience under your belt.
Baird may have some activity in Chicago or Milwaukee. There are a handful of startup BDs, but I don't know you'd find what you're looking for there. Industry consolidation has made many of these positions at regionals redundant. Chicago historically has been a place for trading, with the CME and the CBOT there to facilitate it's center as a rail hub in the 19th and 20th centuries. As result, you'll find many trading firms there. If you want to be in Chicago, you might look into that. If you want to do equity research, you probably should think about spending a summer in NY, though there are some satellite positions. If you want to do AM, you could try figurative door knocking in Chicago. There are some firms there, but it's difficult to break into the buyside as entry level.
Do I need to have an advanced technical/quantitative skillset (coding/advanced math) in order to be successful in trading in Chicago? I've taken a few classes, but nowhere near a pro, which has turned me off from trading a bit. Would appreciate any insight because I had thought this path wasn't an option for me based on abilities...
Look into commodity trading - generally non-technical. BP has their TDP program for oil / refined products in CHI and it's the gold standard in the industry.
Check out Baird in MKE for sell-side...close enough to Chicago and I know they let people work out of Chicago office after a few yrs. Also William Blair in Chicago is obvious one
Agree with postwarbee about limiting yourself to Chicago for ER opportunities, NY will have a plethora more. Outside of what's been mentioned above. Lot of MMs have shops in Chicago with ER teams, you'll have to look them up, Stifel is an example. Morningstar's headquarters is in Chicago and they'll give you great exposure to research overall with their program (Pat Dorsey started)...Speaking of which, if you're at NU, Pat Dorsey gives a speech every year about the buyside/research so check that out.
Lot's of boutique and larger sized AM's in Chicago - if buyside is your goal. Nuveen, Neuberger Berman, and Calamos are the biggest names. Segall Bryant & Hamill, Ariel Investments, and Driehaus are some other shops as well. Honestly, lots of opportunities but you need to network and demonstrate interest.
Do you have any insight into when these processes typically start for undergrad internships? I'm recruiting for banking right now and would prefer asset management, but nervous to let IB recruitment pass by in the hopes that I get something in AM if that makes sense...
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