Hello,
I am wondering if it's possible to work at Credit Suisse IBD FO the summer after freshmen year. Has there ever been anyone (non-URM, non-LBGT) who did this? I know there are a few freshmen who worked at JPM IBD due to their formal freshman/sophomore program, but I am less clear on CS. Also, have you seen any freshman at any of the other BBs working in IBD FO?
Thanks.
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I've never personally seen Credit Suisse, but I'm sure it can be done. It may be more possible in other regions though, and almost exclusively through connections.
I know JP Morgan takes freshmen through its programs, and I've seen multiple freshmen interns at Goldman Sachs. I've seen one at Deutsche Bank, and one at Wells. No idea about other BBs.
Thanks for the reply. Do you know if these interns were all IBD FO, and whether or not they were part of some diversity program? (LBGT, URM, or female)
Never heard but I will ask my friend who is an associate at CS. Are you asking for a certain office?
.
Here's what I know from firsthand experience, speaking with friends, and now from working:
GS: Frosh interns are almost invariably diversity candidates and placed into rotational or back office roles. The firm knows they have the kid for multiple summers, so they don't put them in revenue divisions. Sophomore interns can be placed in either a rotational program across divisions (usually for three weeks in any combination of the following: IBD, Securities, IMD, GIR) or directly into a division (IBD, Securities, IMD, MBD, GIR).
MS: Frosh internships are only gained through the Bridging the Gap program for diverse candidates. It's almost always rotational, but occasionally students from target schools (with well-connected families) will get direct placements into front office seats (usually trading, IBD doesn't like froshes). For sophomores, there is the IBD Sophomore Rotational but it is a class of only 10, and seats are reserved almost exclusively for female students (often with some overlap with diversity, i.e. Asian female, Hispanic female, LBGT male, etc.). Interns in that program spend time in two groups. There is also the Richard B. Fisher Scholarship, but it diversity-focused (has no hard cap on seats, a class of roughly 20-30 each year) and placements are all over the board (back office, S&T, and few in IBD because it counts towards the class size in the Sophomore Rotational).
JPM: One of the few banks to have a formal frosh/soph application process for non-diverse candidates. It's a small program, and interns are usually from target schools with great grades and some kind of hook or connection that got them through the door. At that point, they're often too young to have resumes that really stand out of a pile. Besides that, there are froshes there through the Smart Start program (Google it if you have to).
CS: I haven't heard of froshes interning here. Their sophomore program is called the Douglas Paul Scholarship and is for diverse candidates. It's usually a class of UBS: They have the President's Sophomore Internship program which is not diversity-focused. However, I found out from staying in touch with other kids from the Sophomore Symposium that year that it was almost exclusively Wharton kids (who were Penn football athletes as well). I believe it's a class of DB: I literally have no touchpoints here. I remember reading about a diversity program for sophomores, but that's it.
Citi: They run their Institutional Scholars Program for sophomore and juniors; it's diversity focused and is small as well.
BAML: They have ~15 seats in the sophomore IBD program. As far as I know, this is the only other BB to run an exclusively non-diversity summer program besides JPM (see Barclays below).
Barclays: Runs the Generation Next Sophomore Program, which offers placement into HR, Pub Fin, IBD, and S&T. No clue on class size, but I know there's a lot of overlap with the Inspiring Excellence Scholarship which is their diversity program. Generation Next isn't exclusively diversity-focused, but because of the scholarship program, there's not many non-URM students in it.
Again, all of this may be slightly outdated because I'm years removed from it, and frankly, all my stay-in-contact communication has been with my peers or people ahead of me. I'm happy to do more digging and refresh this if people would find it helpful (and this info is incorrect), however.
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