Given IB recruiting often occurs in sophomore year, is your freshman year internship the only relevant experience you can put onto your resume? What type of internship should I be looking for to get interviews in IB (I’m assuming it may be difficult to get an IB internship in fr summer?)
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I was able to work at a small HF with a strong sector focus where the founder was the only one making investment decisions. The founder had done incredibly well at large shops and so there was some clout to his name but all in all it was a small shop. I would say that it was incredibly helpful for me as it allowed me to have an edge in the IB SA interviews and prove that I actually have some knowledge about the specific sector and how the capital markets work (was still obviously a complete novice). Ultimately was able to leverage that internship into a SA IB position at an EB and got a FT offer.
My advice is that getting something in IB is going to be difficult and might not be in your best interest. You are a freshman, you might do an internship in a related field that you fall in love with. Using your freshman internship to set yourself up for IB is a great idea, but also making sure you use that opportunity to try out another field that you might love is just as important. The guy who runs my firm is a multi billionaire, he was an accounting major and did one accounting internship before saying F this and made a complete lateral. Point is, you might think you know what you want to do, but if you have the chance to test multiple different fields, that is a luxury that I believe most college students don't take advantage of.
Try to get in at a regional wealth management shop. They always need office help for cheap and you can parlay that into a better sophomore internship and assist with SA internship recruiting. I did that freshman year and worked out really well for recruiting
Based on the most helpful WSO content, your freshman year internship is indeed a valuable experience to put on your resume. However, it's not the only relevant experience you can have. Any job you take post-freshman year can be beneficial, as it shows your willingness to work and gain experience.
As for the type of internship you should be looking for, it doesn't necessarily have to be in investment banking (IB). While an IB internship would be great, it's understood that these opportunities can be limited for freshmen. Therefore, you could consider internships in a broad field related to finance. This could include roles in smaller financial firms, boutiques, or even relevant positions in non-financial companies.
The key is to choose an internship that will best position you for IB interviews in your junior year. This could be an internship that allows you to develop relevant skills, gain industry knowledge, or build a network in the industry. Remember, the goal is to gradually build your profile and experience towards the internship you want in your junior year, which is typically in IB.
And don't worry if you can't secure an IB internship in your freshman year. Most major banks offer limited positions for sophomores, and it's common to see students with previous IB experience competing for these spots. So, take the offer that you think will best position you for IB interviews next year. There are still probably internships out there, especially at small boutiques that frequently don't have structured internship recruiting programs.
So, keep your chin up, keep networking, and keep learning. You're just at the start of your journey, and there's plenty of time to land that dream IB role.
Sources: No IB offers for the summer...what now?, https://www.wallstreetoasis.com/forum/job-search/advice-for-sophomore-summer-internships?customgpt=1, As A Soon-To-Be College Freshman, What Should I Do This Fall?, How many relevant internships did you have by IB recruiting?
Thanks for the replies everyone. This is helpful insight. I am wondering how soon I would need to apply for these freshman year summer internships? Are there already places hiring or do more places open apps in spring semester?
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