Unpaid internship at quant hedge fund - Is this normal?
A couple weeks ago I started interning part-time at a small quant hedge fund ($30m AUM). I'm actually doing real work which is great, but it's unpaid. The guy who runs the fund basically has an army of unpaid interns to do all the coding for him. Is this normal or am I being taken advantage of? (I'm a Master's student btw)
I'm still going to keep interning for the experience until I get a better offer, but I just want to get a feel for how common this is.
legal criteria for unpaid internship (dept of labor):
"1. The internship, even though it includes actual operation of the facilities of the employer, is similar to training which would be given in an educational environment. 2. The internship experience is for the benefit of the intern. 3. The intern does not displace regular employees, but works under close supervision of existing staff. 4. The employer that provides the training derives no immediate advantage from the activities of the intern; and on occasion its operations may actually be impeded. 5. The intern is not necessarily entitled to a job at the conclusion of the internship. 6. The employer and the intern understand that the intern is not entitled to wages for the time spent in the internship."
(from http://www.businessinsider.com/is-my-unpaid-internship-illegal-2013-6#i…)
sounds like #1, #3, #4 may not be satisfied here. #4 is really the big one
Yeah this might not even be legal, but at the same time none of us have signed any papers. Someone could make the case that we're "volunteering". Amazing what one will do to get hedge fund on their resume. The manager is smart in that he's taking full advantage of it.
Sounds like your boss has thought this out and is reaping the benefits of free labor
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