Investment Bank with Fee Based Comp
Hey everyone,
I've been doing an internship at a small boutique bank since January. The internship is paid, but only in fees when a deal closes. I'm a college student, so obviously being paid would be great. Anybody have experience with this? How long should I expect it to take for a deal to close if most have been worked on for close to 4 months maybe going on 5 next month? Also, what percentage do you think they'd realistically pay an intern?
Thanks in advance.
The questions you just asked would have been appropriate to ask when you got the offer. When you don't know if, when, or how much you'll be paid, you're working an unpaid internship.
Expect 0
If you don't have a written contract with a fixed fee % you're not getting paid, or your not getting paid much at all. How many hrs / week are you working?
I'm only there two days a week. Just a further question now. Since I've been there since January, and I've already secured a PE internship for the summer, should I cut my losses. I pay for train tickets down to the job and now can put down 3 months worth of experience.
I would cut and run if you’re not furthering your learning and it begins to drag on your school work. You most likely won’t be paid. Spin it as a 10 week winter/spring internship for interviews and move on to your summer gig.
Great. Do you recommend giving two weeks or just an end date, as if I said “ next Friday will be my last day”.
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