My firm is forcing me to stay as an intern
Hey everyone,
The title seems odd but sums up the whole situation pretty accurately.
I'm doing my end of study internship at a boutique that had a lot of trouble closing deals in the last year. In June (before I joined), the firm added a top notch Partner who's bringing in a lot of deals which we are currently working on. I also got word that they would be hiring an analyst around March given the workload.
In my mid-internship review, I've been told that I've been doing great work and would start being given analyst type tasks and that the team would rely on me as the sole analyst on a deal I've been working on since joining.
A week ago, the guy in charge of the hiring told me that I wouldn't be hired directly because they want me to take part in the whole selection process as if I was an external candidate and that I should stay as an intern until february to be included in the process.
Am I off for thinking their scheme is weird?
Include me in the process for what? you've already seen my work? I don't get it guys, what do you think?
Thank you for the insights!
Definitely fishy. I fail to see what more they can learn about your candidacy by re-interviewing you. There's no better way to evaluate an Analyst than by having him/her do an internship. I think they like you but would rather see if they can find another candidate with better credentials. I obviously don't know what your office dynamic is like but I would schedule a sit-down with the hiring manager and just ask him upfront why they are doing this.
Thank you for the answer.
I already asked him and he said that that is the process at the firm and they wouldn't change it for me.
The other thing is that they can't afford an analyst right now (they got no cash and are in debt to pay salaries, an ED just left and they aren't not replacing her) and are using me as a substitute analyst but when March comes around and the money comes in, I feel like they are gonna send me off...why would they open the process otherwise?
This is incredibly odd and concerning, major red flag. You need to advocate for yourself, and clear this up asap. If you are getting excellent feedback (e.g. your mid internship review), this should not be a concern whatsoever. Couple thoughts:
1. Why are they treating you like an external candidate when you have been an intern with them for months? I would ask them this directly, even if it is awkward.
2. Why would they not ask you to stay on as an intern, but yet give you a full time offer now to sign stating you will start with them in February? Again, do they not trust your work? Why do they want to keep you on as an intern? Some boutiques can be stingy and manipulative.
3. Are you being compensated fairly? Sounds like you are doing legitimate work (being the sole Analyst on a live deal - I have heard of this happening at smaller firms, as an intern), you better at least be getting prorated as an intern at a decent rate. If this is the case, you better be getting an offer in writing, not some psuedo promise about being treated like a external candidate months from now.
My advice is to advocate for yourself. I worked for a boutique investment bank and had a very oddly similar situation arise. At the end of the internship they basically said we would love to have you stay on as an intern for the next 4-6 months and maybe when you graduate there will be a FT spot you could apply for. I know it sucks and due to the pandemic you may feel like this may be your only option. However this is good life experience, and you need to advocate for yourself.
Thanks a lot for taking the time man. You are spot on on so many points.
1. I don't know at all. I asked and they said that there so many good profiles without a job right now that they can't just take me in and need to see if they can get someone better than me (which is fine by me, but don't tell me to do you a favor and stay as an intern until then)
2. They don't wanna sign anything because of (1)
3. Not really, all interns get the same salary.
I have a sitdown with the hiring guy tomorrow. Will let you guys know how it goes.
Regardless of their response, my advice would be to start/ continue networking ASAP. Assume they dont want you and are looking for better candidates. I am sorry to be so blunt, but this is in your best interest. If they surprise you and actually offer you the job (seems highly unlikely), then it works out for you. Good luck! Feel free to update post meeting tomorrow. I would also go in being prepared to speak to your dedication to the company, your primary advantage over outside applicants.
It sounds like they want cheap work out of you and will then cut you once they open up applications for a full time role if they can get a better candidate in.
leave the firm and go somewhere else
Are you still in school or did you graduate? Def fishy and sounds like they're just trying to take full advantage of you before getting rid of you.
Graduating by the end of the December
I would jump if I were you and have options. They're obviously just trying to take advantage of you
You sure they weren't talking to the person behind you?
They're taking advantage of you. Start recruiting elsewhere
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