Hello, I'm a sophomore Finance and Econ major right now in philadelphia trying to secure an IB internship for the summer and potentially spring. I had sent cold emails out to banks, but had like 1 response which led to a 2nd round interview (so far). I'm a very "cut the bs" guy and and was tired of beating around the bush doing this weekly email sending and just cold call a lot of places. A lot of rejection (one dude was a real Ahole) but also some leads. Tbh if I were to compare the effort-to-result ratio of CC vs. Emailing, CC was overall better in getting results.
My question are:
How can I improve on my cold calling? I every calls different and I try and mention something the banks specialize in, and I usually try and say something like "I wanted to gain some exposure to the industry and was wondering if xxx firm was interested in taking an intern to help around the office"
If anyone has an updated list of banks operating in philadelphia, that would be great. I believe I made a pretty up to date list of like 40 banks but am still interested. Even if there are non-IB related offices of somewhat larger banks I tend to still call them cuz a lot of the time they don't got an ego and are willing to help more.
I'm mainly looking at boutiques in philly, which as some may know, is not a big finance city relative to other ones in the area. Should I do this cold calling with banks in Chicago, NY and other larger cities? My only issue would be housing but not sure if banks in larger cities have the capacity to help with that.
Any advice would be appreciated.
Oh man, dying to know who that was. Almost everyone here is really chill so that's surprising. The banking scene is mostly in the suburbs but I'll rattle off the names: Janney (biggest), Mufson Howe Hunter, Baker Tilly Capital, Fairmount Partners, SSG Capital Advisors, Falcon Capital, Delancey St. Partners, Griffin Financial, Corporate Advisory Solutions. Think PNC has some DCM here.
It's just a numbers game, and nepotism is rampant here. A lot of the interns at these places are connected (e.g., went to one of the private schools on the main line and their dad knows the MD or something, or their dad is a banker and covers one of the PE firms here, etc.). Sucks but it is what it is. Keep hustlin' cuz.
Appreciate it man, the guy was from walnut capital but I think it was prolly acquired or something cuz he said it had a different name now. When I was digging to find info this company apparently one of the guys sold a faulty limo to someone and ghosted them when they found out it was broken. After reading that I knew the company was sketchy but whatever.
So my whole career has been based here and never heard of them, so fuck him.
Don't forget Bryant Park Capital - those guys take alot of folk. But their pay is kinda shit (1000/mo regardless of time you put into them)
Good call, knew I'd forget a few.
i applied to Bryant capital for spring internship. how much work is required and how manageable is it for a full-time student
So basically $50/day?
Have heard good things about SSG, special situations shop that works on small deals but good experience. I believe some of their folks have gone on to bigger banks
On cold calling - it helps if you can find something in common with the people you are reaching out to (school/uni, hobbies, etc.), otherwise you are randomly hoping to get a response and you aren't going to stand out much from the other inbounds.
On other cities - may be okay to do NYC since you can physically get there to meet if an opportunity arises, but I wouldn't plan to reach out to Chicago or other places unless you have an angle. There are lots of others doing the same thing.
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Kinda crazy that the majors IBs don't have outposts here but in much smaller US cities
Such as? Philly is a small city dude
Also not desirable
Philly is a small city? What is it 5th largest metro area in the country? Tiny dude
It's too close to NYC. Makes little sense to have NYC and Philly offices imo
That’s stupid. Boston is close is NY.
In a bit of a different turn from the post, Philadelphia had potential. Philadelphia Stock Exchange was the oldest exchange, really good location, at the time it wasn't empoverished. As northeast cities switched from manufacturing to financial hubs like boston and NY, I believe philadelphia was particularly heavy on blue collared jobs and had a string of bad mayors so it was hit harder in the transition. Introduction of heroin and a wave of homelessness plummeted our citys reputation. From what I understand the cities taxes is also the reason why a decent chunk Philadelphias wealth is on the main line.
Maybe in 50 years things will get better for philadelphia but currently theres too much against it to be a major player in finance.
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