Absolutely Ridiculous Unpaid Internship Listing
Just got an email for a random place I applied to, and was actually baffled that the company posts this. The worst part is some poor kid is going to actually take this internship, potentially relocate, and get paid nothing.
"Interns are treated similarly to Wall Street analysts, allowing them to be deeply involved in live transactions and positioning them well for post-graduation roles. Approximately 90% of our former interns have gone on to work with bulge-bracket investment banking firms.
Please note the following requirements for the Summer 2026 internship:
- Onsite in ___ (remote internships are not offered)
- Monday–Friday, 8:30 a.m.–5:00 p.m. (or later as needed)
- Unpaid
- May–August 2026 only"
This type of internship listing is indeed frustrating and raises several red flags. Based on the most helpful WSO content, here are some key takeaways and advice:
Unpaid Internships in Finance: It's uncommon and generally frowned upon for finance internships, especially those claiming to provide Wall Street-level experience, to be unpaid. Most reputable firms offer competitive compensation, even for interns, as they recognize the value of attracting top talent.
Relocation Without Compensation: Expecting interns to relocate for an unpaid position is highly unreasonable. Relocation costs, combined with living expenses, can be a significant financial burden, making such opportunities inaccessible to many.
"Wall Street Analyst Experience" Claim: While the promise of hands-on experience and a high placement rate at bulge-bracket firms might sound appealing, it's essential to verify these claims. If the company is not well-known or lacks a proven track record, this could be a red flag.
Advice for Applicants:
Ultimately, while gaining experience is crucial, it's important to weigh the costs and benefits of such opportunities carefully. If you're unsure, seeking advice from the WSO community can provide additional insights and guidance.
Sources: Credit Suisse Summer 2020, DB HR Recommends Exploring "Summer Alternatives" for SA, Non-Diversity Summer Internship, Can we get a list going of sophomore summer 2019 programs/internships? (Confused)
I feel like this is pretty common? Especially if they are taking freshmen/sophomores who otherwise would have a hard time finding summer internships. I did 3 unpaid internships prior to landing my junior SA internship - 2 summers of working for local firms and not getting paid. But they definitely helped me network, get interviews, and get to where I ended up.
Also one other nice thing when you’re not getting paid is you can fuck off more and they can’t do much about it.
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