for those of you who have done IB internships at boutiques, did you get paid? wondering because often many boutiques have never had interns or rarely do, so how did you approach the issue of payment?
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cant edit but I was going to say: doing pwm this summer so it would really suck to have two unpaid internships in a row.
My PWM was paid. I know at my old firm (boutique), we didn't pay, but gave a bonus at end of summer.
In Chicago, most are unpaid. It does suck to be unpaid (no models and bottles) but good summer experience will position you very well for FT recruiting. If you're lucky, dinner will be covered by the firm.
Mine this summer is paid (thankfully). Like you, I had done pwm unpaid last summer yet I was talking with and expecting to work with a few boutiques that said they only took unpaid interns. Its a mixed bag.
I was in the same boat. Unpaid PWM, had an offer to work unpaid at a boutique this summer (rising junior), but decided to work at a family fund instead.
Depends on the boutique, but if there small regional ones than most likely its unpaid. Mine is unpaid.
I got 1K as a rent stipend for 10 weeks at a boutique IB when I was in college.
Funny because the crap MO internship at a BB the summer befor ethat paid me $23.50/hr with 1.5x pay after 40 hours. Regardless, the IB internship opened tons of doors for me.
What do you mean by "opened doors"? Within the boutique or you mean it looks good on a resume for BB SA and FT recruiting?
To the rest of you, thanks for all the info. Sounds like its unlikely I'll make much but that's not the point of a sophomore internship I guess.
Well to go back to your OP, i should probably talk about how the $$ subject was approached. In my final interview the MD said "so are you expecting any money because we don't have any for interns." I was thrown off pretty bad, stumbled for a second and then said "I was under the impression that a lot of firms still help cover housing costs for interns if they have to relocate.". -- result: 1K so not much but it was something.
Onto your question - by 'open doors' I mean through the people I worked for and the skills I learned I was able to really go after the full time positions. The boutique took me on with no chance of an offer. Thus I really tried to make an impression with my bosses. In turn they introduced me to their friends at different banks. Once I got the intro's it was up to me to make it. Also, being able to put deal transaction experience on my resume helped, especially as I really went after buy side opportunities.
You need to be somewhat careful when going for boutiques though. Some are 5-10 person groups where every person is over 35. I found that the associate level and/or age people at my boutique who were recently out of analyst classes at larger banks were able to introduce you to the most people. So if you go boutique make sure its has a good mix of levels (i.e. - 2+ analysts, associate, VP's, Directors and MD's). Just my opinion here but I feel that helps you build the best network possible even if you are forced to a boutique for a summer.
I had to bring up payment with my boss as the firm said there was a possibility of me getting paid.
I would try and get a stipend to cover living expenses (rent, gas/transport, cheap food).
If you have to ask chances are you aren't going to get paid much so I would aim for a small stipend and hope it works out. Your chances will be helped immensely if people like you.
Usually unpaid with a bonus upon completion. My summer internship with a boutique bank in NYC provided me with a small stipend to cover the cost of travel and lunch as well as so free spending money.
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