Not enough XP??

I'm coming into IB with no direct IB experience, however am post-MBA with 6 years of international business experience and have a good amount of school/classroom experience with regards to M&A. I know all the technical stuff very well from studying guides for about six months. I've been applying at regional boutique firms and got back a couple replies recently that they're looking for "more direct experience in M&A".

Any suggestions on the best way to get across the fact that despite not working on any live transactions, I still know the processes, concepts, etc., and believe I'm very capable nevertheless? Would offering to intern for free for a month or X period of time to prove myself be worthwhile?

 

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