Investment Banking Internship
Hello everyone,
I am facing a dilemma at the moment, I am currently interning at an investment bank and they offered me a summer position but the pay is quite a ways below the street average and I use the summer to save up money to last me through the school year. Should I value the summer experience higher than the potential income I could get elsewhere or is the fall/winter IB internship that I currently have enough to forgo the summer offer and seek a higher-paying internship elsewhere?
Thanks,
Hey there!
Based on the most helpful WSO content, it's a bit of a balancing act. On one hand, the experience you gain from an investment banking internship can be invaluable, especially if you're planning a career in finance. It can give you a real taste of the industry, help you build a strong network, and potentially lead to a full-time offer.
On the other hand, if the pay is significantly below average and you rely on your summer earnings to support yourself through the school year, that's a serious consideration. You don't want to put yourself in a financially precarious position.
Here's a thought: could you potentially negotiate the salary with the bank? If they value you enough to offer you a summer position, they might be willing to bump up the pay a bit, especially if you explain your situation.
If that's not an option, you might want to consider looking for a higher-paying internship elsewhere. Your fall/winter IB internship has already given you some solid experience, which should make you a strong candidate.
Remember, it's important to think about your long-term career goals, but you also need to take care of your immediate needs. It's a tough decision, but I'm confident you'll make the right choice. Good luck!
Sources: Should I delay graduation by a semester for a summer internship at a large bank?, Leveraging summer offer from top bank for Winter/Spring Internship?, Can't decide between soph internship offers (Equity Research at BB vs IB at a Boutique)
Don't accept straight away if you can and keep them on hold. Try to get a better summer internship; if you don't get anywhere with others then you have a nice insurance to fall back on.
bump
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