Freshman at non-target, need specific internship advice.
I'm a freshman at a large, public state school majoring in finance and mathematics. I have a 3.8 GPA and am in the honors program. I am a member of two finance related organizations. I realize that breaking into investment banking from a non-target is extremely difficult, and getting internships early is the key to doing this. While my school is a non target, we have had several people get into Goldman Sachs PWM over the past few years. No IBD, unfortunately.
Being a freshman, I have very little experience. I am taking my first accounting course this semester, and have a good deal of math experience, but that's it. Would it be worth it to cold call small investment banks in my area? Most of the MD's are graduates of the university that I currently attend, so that could potentially be beneficial Is it possible that they would give me some sort of work to do over the summer? I realize that I don't have much experience, and this probably stands in my way. What would I say when I cold call/email, is it rude to directly ask? I hope to get some relevant experience so I have a head start of target students. There isn't much guidance at my university, so I don't even know where to start.
Just do it
Directly ask, but be polite (obviously). You'll be surprised at how much further you'll get by saying "I'd love the opportunity to apply for an internship" as opposed to "I'm looking for summer experience." Not many people, especially if they are alums of your own school, will deny you the opportunity once you can get a convo going.
As for where to start, your being here and asking is a step up. Google "cold calling investment banking" and read up networking tips, and then, as Ace said, Just do it. Aim for local firms, use your school's connections, and be willing to work your first internship unpaid, and you should have no problems getting experience.
Thank you for the advice. I guess my main question is this: is it even possible for a freshman to do anything useful at an IB? Assuming that it's a local one. I would post the names of the banks that I'm considering, but they are extremely local, and I don't want to give away my identity. What motivation would an MD have to give me the opportunity, even if it was unpaid?
It is an unpaid internship, AKA free labor. As long as you manage to prove yourself capable of doing decent work, they will have work for you to do. Aside from free labor, an MDs motivation is simple, it improves analyst morale...meaning they no longer feel like the absolute bottom of the totem poll. Your work will generally consist of mundane tasks like tracking CEO e-mails or pulling together company bios, but the analysts will find work for you to do. If you do a good job, you will probably get a chance to work on better projects. Something like searching for transaction multiples.
Coming from the non target is not as much of a death sentence as some folks on here might lead you to believe. With relevant experience, stellar grades (3.8+) and a quant based major, you will have opportunities. Network, and most importantly, stay hungry, humble and happy. No one likes working with a fucking grouch.
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