No IB offers for the summer...what now?

I'm a sophomore at a USNWR Top 20 school majoring in math and economics. With a pretty low GPA, I haven't had much luck with getting any summer internships at middle market/boutique investment banks.

The best offer on the table right now is doing research at a Big Oil company...I don't know what I'll get out of it, but I guess it's better than nothing and the name would at least look good on my resume. Not sure what my next steps should be. Should I take the offer now, or scramble trying to look for something more investment/finance related?

 

If you don't get responses, it's probably because most of us got our internships and aren't looking. But positions are still out there!

Think outside the box. Look past the BB. If their "careers" page has a phone number, call it today. And tomorrow. Email them.

Interns fall through on their commitments and then firms need a replacement. You want to be that intern. You will be that intern.

Worst case scenario: Remember that you're a sophomore, so nobody expects you to have a finance internship. You'll learn something from any job you take, no matter how shitty. Even McDonald's will harden you, and recruiters want that. I worked in a 4-star restaurant as a host/greeter. It was shit, frankly a bit of a "girl job", but I came out of it talking about how I learned to represent the company to thousands of people in a day with minimal fatigue. That helped me secure an S&T internship junior year.

Also consider helping your department profs with research over the summer if it's available. Just think outside the box is the tl;dr.

"A modest man, with much to be modest about"
 

Would have upvoted you if it were not for your profile name. Great advice.

GoldenCinderblock: "I keep spending all my money on exotic fish so my armor sucks. Is it possible to romance multiple females? I got with the blue chick so far but I am also interested in the electronic chick and the face mask chick."
 

You're a sophomore - just get some good experience in any field and keep on networking. Plenty of people land SA gigs at BB's without having sophomore banking experience. You'll just need to focus on how to explain why your experience led you to want to get into banking.

 

Consider the following options depending on your financial constraints and if you don't get any other offer before the deadline for this one: 1. Do the summer internship in the oil company, express your interest in Corp Fin./ Corp Dev. and do a fall internship in their Corp Fin or Corp Dev Department. 2. Potentially do a fall IB or corporate finance internship or a big 4 winter internship. 3. Become a part of several investment and finance organizations at your school and network extensively with alumni.

If nothing works, you could possibly delay your graduation. Do a summer MM internship next summer and the internship at your most preferred bank after your fourth year. (But, that's a last resort, try all of the above first)

 

If you are interested in doing O&G banking/PE after school then research for a major or big independent would be a pretty cool experience and you'd be able to understand the entire O&G value chain/macro perspective much better than your peers. It looks like from your past posts that you worked at a VC as well, you should be to spin that and this into a pretty solid story as to your ability (from the VC) and interest (research internship) in O&G.

 

I guess go in with the intention of starting in Energy IB. Frame your pitch around your resume. You built a general foundation in the Oil markets by working (insert company here), then pitch your skill set and how it puts you ahead in IB. Just my 2 cents. Wouldn't hurt to get your GPA up before the next recruiting season either.

 

take spot at big oil company, look through their employee database and see who there has ties to IB firms. Get experience and money from research this summer and look for possible on campus or local internships for fall to further build resume before using connections for following summer. Best of luck

 

Big Oil companies have fantastic S&T desks. I'd kill to be at BP in Houston! Those dudes came here wearing comfy polyester polos and straight up said they work next to a dude who's really good at knowing weather patterns & trading based off that. He just bought a McLaren. (Plus no income tax. Can you imagine?)

Bottom line: You're an intern in an overpopulated but lucrative industry, not a BSD in the making. You're owed nothing. Remember that. Be humble. Know thyself.

"A modest man, with much to be modest about"
 

I've probably said this on other threads, but some advice from my college guidance counselor freshman year - this is what you should target in terms of internships:

Post-freshman year summer: Any job Post-sophomore year: Something in your broad field (e.g. finance-related) Post-junior year: The internship you want (e.g. IBD) Post-senior year: Full-time offer you want

I think that's a fair baseline, although you will encounter kids who have previous IB experience competing against you for junior year IB spots. In general, however, most major banks don't offer or offer limited positions for sophomores. I really wouldn't worry if you can't get IB this summer, but take the offer that you think will best position you for ib interviews next year.

That being said, in terms of the timeline, there are still probably internships out there. Small boutiques frequently don't have structured internship recruiting programs or the bandwidth to recruit and push it off. In addition, with fewer deals and inconsistent revenue, a small firm may not have the funds to hire an intern for most of the school year and then will suddenly be able to in late spring. It's a crap shoot, but definitely a possibility. I somehow managed to land an internship my junior year during finals week. If your current offer doesn't explode any time soon, you could definitely still push and then accept that opportunity if you don't find anything else.

Make Idaho a Semi-Target Again 2016 Not an alumnus of Idaho
 

Ha, yeah bro, you're from Idaho aka Geed City, USA. Let me rephrase this post so a top tier frat god can actually relate...

Freshman Year: Get a bid to a top tier frat Sophomore Year: Have a dozen slam pieces, and twice as many good lawyers on call (consent is Not Frat) Junior Year: Continue banging freshman girls, they'll think you're really old and wise Senior Year: Take a few intro accounting courses Fifth Year Senior: Pass intermediate microeconomics this time around and then hit one of your rich frat boys' parents up to hand you a god tier job running your own business.

 

Keep on looking. What else could anyone tell you other than that? You're certainly not the only one in your position, so don't be discouraged. Given your background, I think you need to have an answer to why you are looking for a job at an investment bank or a consulting firm. You need to have a clear goal -- why would you even bother with investment banking if you have had successes in several ventures?

 

keep working on your "ventures" and start networking with everyone so you'll be in a good place come full time recruiting.

I would suggest you start networking immediately. Although internships start in June/July, people take vacations, come back, have to deal with the economy, etc. and won't be ready to start talking to people til late August to mid-september.


The world has changed. And we must change with it.

------------ I'm making it up as I go along.
 

Try looking at some other industries. While finance jobs are WAY down (71% fewer openings for seniors graduating in 2009), there are other industries such as government that are still hiring. Some job for the summer is better than no job at all - look for a job in another industry that might have some skills that are applicable/ transferable. This article can give you a better idea of where you might want to look - http://gottamentor.com/viewMyLink.aspx?l=211

Good luck!

 

Spoon-fed little target aren't you? Ever had to network a day in your life?

  1. Hop on Computer
  2. Look up banks
  3. Find Employees
  4. Send email
  5. Sit on Daddy's lap and ask if you did a good job
  6. Repeat
Let me hear you say, this shit is bananas, B-A-N-A-N-A-S!
 

Network your arse off. MMs still have positions open, and many boutiques will not even offer formal internships, but if you call and be persistent you can create one for yourself.

If you strike out with that, look to get a job in corporate finance with one of the Big 4, or perhaps an internship with a F100/F500 company with a Corporate Development/Corporate Finance group. I struck out with LEH, UBS, GS, among others junior year, worked in CorpDev at a F500, and ended up getting 5 full-time offers.

All is not lost if you fail to get an SA offer. There are plenty of kids who work in BBs who never did any i-banking before they got their FT offer.