Boutique Internship Help
Hey, so I’m trying to get a boutique investment internship. I’ve heard about cold email, but after I do get a call response, how do I bring up the topic of an internship? Should I even ask for the internship during the first phone call?
Yes
How would you bring it up though?
Asking for the internship in the first cold call? I don't know why anyone would take it and back with the necessary emphasis.
You have to build some rapport before you 'ask' for the internship. I am assuming you did not go to a target school. So, use this cold call to build a relationship. Here are some things you can ask the responding person - How did she/break into the business? What are the challenges/biggest lessons she/he has acquired so far? How is the firm standing on or working on some XYZ problem in the industry? What does she like the most about the job/her role/ the firm/ the industry group? (I think you can guess the natural progression from here).
Meanwhile, you have to show them in the same conversation that you are competent, likeable and enthusiastic to learn. It would only help if you have the right story as well.
This is what I usually do in the very first calls. You can ask them about the internships - when are they usually listed, what kind of profiles are preferred, what kind of skills are preferred, yada yada. But don't ask for any outright backing. Take it little slow.
Once you are done with the call, take the cues from there and work on the lead. You can always schedule more calls later, because now you have some understanding of the person and the firm. They also know a bit about you. It would really help them later if you can show some form of your work product; or if there is some relevant progress/achievement you have just made, you can share it with them. Asking 'the question' is for later calls; definitely not the first one.
Make sure when you are making the ask, you are firm and confident. Something in the lines of, "Hey ABC, Thanks a ton for giving me your time. Would be comfortable in recommending me for the internship?"
Also, don't feel shy to talk about the internship. It's like being on a date with a girl/guy. The other person knows what you are looking for because it's natural. As far as you are not compulsively pushing it, you should be fine.
Thanks. sorry I forgot to mention, I actually do go to a target. When I am contacting alumni, can I be more direct then? also, how late should I wait to ask? Since it's already January, how long do I have to form a relationship?
If you're going to a target, things would be a lot more linear for you. But if you are hunting for Summer 2020 roles, I think you are already too late. Might as well focus on building a relationship for the long term.
If you are doing this for Summer 2021, you are in a strong position to work on things. I don't have a thum-brule for this one; but I have observed that it takes a few months for your relationship to ripen. But this may not necessarily hold true in every case; some people hit off almost immediately and things go at a much faster pace from there. This is dependent more on the common ground between you and the person you are talking to at the firm.
I think as far as the first call is concerned, it would always make more sense to establish good grounds instead of asking for a recommendation.
Okay. Is it too late for pwm/ small boutique investment firms? From what I've heard, is it true that small boutique firms tend to hire around January?
I don't think I have heard about a firm posting for summer openings in the January of the same year. Sometimes you might find an opening on LinkedIn; but more often than not, the position is filled by January and is just waiting to be removed from public attention. I would still say that it's a possibility; but a thin one.
Anyway, this shouldn't stop you from talking to the folks at the firm. It would show that you are doing this to build a relationship and not just to get some leverage for the internship. Keep us posted. Cheers!
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