I want to break into Investment Banking this summer, but realize I missed the formal recruiting deadlines months ago. I'm planning pitches and getting ready to fire some solid, cold calls... however, I realize working 80-90hrs/wk is not worth it unpaid, and unwise for my financial situation as a student with loans. I don't want to call, land an interview, and have them offer me an unpaid position only to back out at the end because I didn't know it was unpaid.
What are your thoughts? Is there ever a position that demands 80-90hr/wks that doesn't pay?
going into the call, you can't worry about that. Just have a normal conversation and if they like you, then they will let you know what they have to offer. Some will offer part-time unpaid (if that is doable for you) and you make get shocked and find out it is paid. Either way, from networking as a college student, I think it is best to not mention pay, and let them bring it up
Pay shouldn't matter right now. An internship is better than NO internship. ROI - essentials of finance bud.
I mean yes, but also be realistic about your ROI. If you secure an unpaid offer at a firm with a conditional paid offer associated with it, that's great. If it's a no-name boutique and this is your junior summer... well, my point is balance it against your alternatives and your student debt obligations.
Take an unpaid internship this summer. If you land a decent FT IBD gig, you'll be fine on student loans very soon.
i did ibd at a boutique last summer in midtown manhattan, worked 90 plus hours for free and took the subway back home every night to queens. i even covered my own food. don't be a bitch, it helps.
not to be a douche, but if you're still hunting for internships in April (which is okay, you can still find smthing) you CANT be picky about pay.
itl will be worth it when you get your FT offer and that WILL be paid. I'm literally living proof as i interned for over months and months unpaid until i learned enough/networked enough to get my FT gig. in the end it'll be worth it if you want it bad enough. dont be lazy, keep trucking and you'll see next fall :)
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