Internship as a First Year Student

Hello everyone, as the title suggests I am a first year student in one of European target schools. I unfortunately do not speak the language of the country I study in so I am having a hard time finding possible internships. I heard that wm is easier to break into compared to IB but wm forum seems a little dead and I am not 100% if my information is correct so I decided to post here too. I think my best bet would be UAE as it is generally English speaking and quite easy with visas. What are my chances of securing an internship if I email some mid tier firms? Any type of financial firm is okey for me really. Or would it be better for me to just give up and wait for the second year? Thanks for your help in advance

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10mo

Securing an internship as a first-year student can be challenging, but it's not impossible, especially if you're open to exploring various financial sectors and locations. Here's what you need to know based on the most helpful WSO content:

1. Wealth Management (WM) vs. Investment Banking (IB):

Wealth Management (WM) is generally considered easier to break into compared to IB, especially for first-year students. However, opportunities in WM may not provide the same level of technical skill-building as IB internships.
If you're targeting WM, focus on networking with mid-tier firms or boutique firms, as they are more likely to consider first-year students.

2. Targeting the UAE:

The UAE, particularly Dubai, is a great option for English-speaking students. The financial sector there is growing, and firms are often open to international talent.
Mid-tier firms or boutique financial firms in the UAE are more likely to entertain cold emails from first-year students. Highlight your willingness to learn and your international perspective in your outreach.

3. Cold Emailing Strategy:

Personalize Your Emails: Research the firms and individuals you're reaching out to. Mention specific reasons why you're interested in their firm.
Highlight Your Strengths: Even as a first-year student, emphasize any relevant coursework, extracurricular activities, or previous experiences (even if not finance-related) that demonstrate your skills and work ethic.
Volume and Persistence: Send out a high volume of well-crafted emails. Persistence often pays off, especially in competitive industries.

4. Alternative Options:

Startups and Small Firms: Reach out to startups or smaller financial firms in your home country or other English-speaking regions. They may be more flexible with internship requirements.
Remote Internships: Post-COVID, many firms offer remote internships. Explore platforms like LinkedIn or specialized internship boards for such opportunities.
Networking: Leverage your university's alumni network, LinkedIn, and any finance-related events to connect with professionals who might help you land an opportunity.

5. Should You Wait Until Second Year?

While second-year internships are more structured and competitive, gaining any experience in your first year can set you apart. Even if it's not in IB or WM, roles in corporate finance, startups, or even unpaid internships can add value to your resume.

6. Action Plan:

Short-Term: Start cold emailing firms in the UAE and other English-speaking regions. Focus on mid-tier and boutique firms.
Long-Term: Use this time to build your skills. Enroll in financial modeling courses, attend networking events, and prepare for more competitive internships in your second year.

Remember, the key is to stay proactive and persistent. Even if you don't land a formal internship, gaining any relevant experience or building your network will pay off in the long run. Good luck!

Sources: Freshmen: What to do during your freshman year summer, https://www.wallstreetoasis.com/forum/investment-banking/investment-banking-in-the-uk-an-overview?customgpt=1, International Student - Chance of getting an IBD internship in London?, Intro to Investment Banking

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