"Kicked Out" by my Freshman Summer Search Fund Internship
I am a diversity student at a T30 non-target university in the U.S. I recently completed my foot-in-the-door search fund internship at a LMM 'PE' firm, and I can hardly recall a time in my life when I felt more frustrated than how this unpaid remote internship ended.
There's no doubt that internships like this are mutually beneficial in that students gain their first finance experience without being paid, and the firm benefits from free labor to handle basic tasks. Everyone knows this, and yet, everyone keeps their mouth shut. Nevertheless, I believe it is the firm's responsibility to ensure that free labor, like myself, concludes the internship with at least a thank-you note or an email during the off-boarding process. However, instead I realized my internship is over by discovering that the firm's Google account assigned to me was deleted, along with my Slack account.
For reference, this search fund internship mainly involved sourcing companies and writing emails, with occasional deal-related opportunities that required tasks like assisting with pitches and conducting market research.
I am feeling extremely frustrated and I'm starting to seriously doubt my decision to enter the finance industry without the backing of a target school's name brand, family connections, or the low self-esteem that seems to be a prerequisite for climbing this corporate ladder.
I would appreciate any comments or advice. I would love to hear your thoughts.
I'm just an SA in IB, but here's my perspective. For context: I've worked in many unpaid or remote internships, with both amazing and unprofessional companies providing both positive and negative experiences. I have experienced - and still to this day, struggle to a degree - with imposter syndrome and concerns about my school's "brand", lack of family connections, [insert other insecurities, concerns] etc.
Look, you're a freshman. You've got experience under your belt, so put that on your resume. Yeah, your experience at the end may have been bad, but move on. It would be foolish to extrapolate this one experience to the entire finance world. You have valuable things to put on your resume, so take it on the chin, and move on. Some companies will be great, some will be awful, just put your head down, do your job, work hard, give it your all, and keep your eyes on the prize (IB, PE, CorpFin, S&T, HF, whatever you're interested in man).
As many more experienced people have said about this industry on WSO, it requires hard work, commitment, a thick-skin, a deep desire to learn more, and (to a degree) a genuine passion or interest in finance. Don't be discouraged by this experience, instead, treat it as a learning experience. Reflect on what you may have done wrong (you could have done absolutely nothing wrong, but it is worth thinking about nonetheless) think deeply about whether this industry will fit you (talk to upperclassmen, alumni, attend information sessions, get a feel for the industry), and make a decision.
Oh, and don't be consumed by self-doubt, it can be destructive. In the end, hard work triumphs over all hardships. Don't let small things like your school's name or other excuses like the lack of familial connections be the reason you fail. I know many folks who have gotten internships without connections, recruited into top-tier MM, BB, or EB banks without a prestigious university brand, and have met numerous students with sub-par GPAs who thrive in finance. Not saying this is the norm, but it isn't exactly an exception either. Either way, you shouldn't discourage yourself by overthinking about factors outside of your control.
Good luck in the future, stay strong!
Thank you so much for the well-thought-out, heartwarming reply! I read it multiple times and realized that I will never be able to change what has already happened. There is indeed absolutely no gain in drowning in negative feelings. I know what I have on the table, and there is no way to change them but to use them to their utmost potential because that is how I can maybe become one of those who came from nothing yet made it in the industry. And yes, you are so right; I shouldn't extrapolate this experience to the entire finance industry. Good luck on your summer internship—hope it is with a good company and that you will leverage it or get a return offer!
Don’t take it personal. Like you said you both used each other for something, so move on and continue grinding. Getting an internship freshman year is already a great step so I’m not sure why you are being affected by the way the internship ended. You need a thick skin for finance and you better start developing it early. Great job on the internship, now keep moving up.
Hey there! I totally understand your frustration, and it's unfortunate that your internship ended without any acknowledgment. It's essential to feel valued and appreciated for your hard work. Remember, you're not alone in facing these challenges, and it's not a reflection of your abilities.
While the lack of recognition can be disheartening, try not to let it discourage you. Focus on the experience and skills you gained during the internship. Networking is crucial in this industry, so connect with colleagues and mentors for advice and support. Don't underestimate the value of your diversity and unique perspective, which can be an asset in the finance world.
Currently going through something similar. Doing a remote internship for a small firm which is ran terribly and don't feel appreciated at all. Either way I wouldn't worry, spin the experience as best you can and move forward. No one will reference check that you got "kicked out" anyway
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