How do you get no-name boutique IB internships?
I know the general advice for getting a junior year SA at a BB is to get a boutique ib internship sophomore year but I've always wondered how is this possible? Without some financial support I can't see how someone can afford to shell out rent for NYC/SF/LA/etc. while doing an internship at a boutique that pays little or no money at all. Where I live there are literally no IB firms and just 2 mezz and growth equity pe funds, an ER shop, and the big pwms. Commuting to the nearest financial hub would be over 4 hours.
Getting a respectable boutique IB internship before your junior year is great but still quite challenging. Most FO/client-facing/deal-oriented position in finance - that includes mezz & growth PE, ER, PWM, AM - would be a good step in the direction of a BB IB summer internship. The company at which you spend your sophomore summer is not the only thing that matters in getting that internship; high GPA, networking, good ECs, transferable skills, a good recommendation/performance during a non-IB internship can all tilt the balance in your favor/keep you in the race.
no name M&A shops are everywhere -- there should be a dozen near your state's central business district (i use that term loosely) -- where are you located?
After I graduated, I took an unpaid internship at a no-name boutique, and worked at a gas station after to get-by. Albeit, I wasn't putting in more than 50 hours a week at the internship.
As much as I appreciate what the opportunity did for my career prospects, three years into my career, I still want to spit every time I think of how much free labor they took advantage of.
I've noticed M&A is used very loosely in smaller areas. A couple places near me do RE or similar development/acquisitions and call themselves investment banks or M&A.
Really would prefer not to say where I'm located.
You would be amazed at the lengths some people go to to get experience. When I was a junior, I had an internship during the year at a boutique. They also had another intern. I lived in the same city where the boutique was located, but this other intern lived two hours away, so she drove a total of four hours every day just for this internship.
That being said, you might need to broaden your search. There are thousands, if not tens of thousands, of "no-name" boutiques in the U.S. Look at boutiques, business brokers, business valuation shops, etc. The work you do is not that important (let's be honest, you won't be doing anything meaningful as a sophomore), but the fact that you took the time to get an IB or IB-related internship shows that you are legitimately interested in the field.
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