Boutique advice
Some background info: I am a 4th yr junior at a complete nontarget and will be graduating next December with a mediocre gpa (3.3-3.4) but will get it up hopefully to 3.5ish or above before I graduate.
I just landed a part time internship from cold calling boutiques. An alum from my school is an MD at one of the boutiques and when I called we talked for about 25 min just about my school, market etc and he told me to come in, meet the team and see if I like it. Note: This is a very very small boutique around 5 to 6 people all senior people who all have BB experience and other tons of industry experience.
They do not have a formal internship program at all, but decided to bring me on. I am not really doing much modeling, but I will get exposed to it and hopefully learn it the longer I am there. I just started so I am not sure what exactly I wil be doing in the future, but so far I have done mainly due dilligence, gone over previous/current deals, organized info on deals, maintained databases etc. Should I look for other non-banking opps this summer (f500, theres a PE firm by me that brings on summers, investment mngmt etc) if I cannot land a SA gig or stick with this company. I do think the most I will gain out of this company is networking and all of the guys know tons of people in the industry, they have been in the industry 15 + yrs from top BBs to MMs. Also, is this experience going to be of much help breaking into IB next yr? note: I am not aiming for top BBs, just anywhere solid I am hoping
Thanks
Obviously keep looking for BB or MM formal internships, but this is a great opportunity. Maybe you could intern with them during the year when you couldn't do a formal internship. Either way you will gradually learn and do more at the boutique and do not underestimate the connections these guys have. A couple formal BB or MM internships coupled with a strong boutique IB continued internship will really make you stand out.
Be upfront with the guys. It sounds like a small group where you can be honest. Try to find out what this position will develop into. If you legit get to join the team years down the road than tough it out. Ask your MD's opinion on what you should do.
There is a huge misconception (myself included) that you go to school and then work in a job where you can apply those skills. You don't really get to make decisions and flex your intellectual muscles until years down the road (late 20's if your luck).
Keep working hard and with every decision value the pay, the hours you have to put in and most importantly, the exit ops.
Don't be too upfront, honest, etc, with anyone there until you have proved yourself and feel extremely comfortable with them...just be professional and bust your ass. I had a very similar internship and I'd recommend using the ad-hoc nature of it to your advantage; if you give 100% and prove yourself on the small tasks, you could eventually get some high level projects thrown your way, but you'll have to earn the responsibility.
In this market you don't know what your future holds, so sure, go for a MM/BB but do NOT count on it coming from a non target with a mediocre GPA. So if you want IB FT, make the most of this internship so it can shine on your resume, and impress the hell out of every banker there for reference purposes and in hopes that they'll be willing to help get your name out later on.
Oh, if your concerned about modeling, and you've been doing everything you can but aren't getting models thrown your way, drop a hint about having done wall street prep (assumign you've done it, or some modeling program) or something to let them know you want to get technical. If that doesn't work, be upfront about it if you think you've proved yourself and have enough clout to ask for it.
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