Paid Equity Research Firm vs Unpaid Investment Banking No-Name Boutique

Hey guys, I'm currently a junior at a non-target school and a Finance major. I've been networking in attempts to land an internship this Fall.

Recently, an Alum I've been in contact with said he would be able to get me an unpaid internship at a small boutique bank. The hours will be lenient around 10-15 hours and he said the people there are generally very nice and understanding (if I need time off for exams etc). However, there would be no FT opportunities available due to the very small size of the boutique ($10M-$50M deals) He said this would allow me to get my foot through the door and have some IB experience on my resume. Another potential option is a Bio-Tech equity research firm, my role would be "Investor Relations Intern". On the job posting it said I would work with the "non-deal roadshow team" and help create 13F quarterly reports for the deal show team. I have a phone call with them this week. I'm not sure if there is an opportunity for this to become FT because the firm is quite small and niche, 5-8 analysts maybe 3-4 MDs and 2 Founders/CEOs with majority of the team holding M.D licenses or Ph.Ds.

I would appreciate any advice or guidance you guys have, this is my first time networking and actively finding internships related to Finance.

Edit : I can do without the money for a couple months, my question is what would be some potential internships after this boutique?

2 Comments
 

I'm a fellow student, but my $0.02 would be for 'deal experience' > 'investor relations' experience.

Even though it's a no-name firm, I'd hazard a guess that you'd still be able to talk about your engagements and what not. The FT recruits I've networked with have said that 'any experience is good experience'. I've interned at a very small boutique, but it was of great interest to interviewers as most students in competition with me didn't have deal experience prior to SA applications (I'm from Australia).

Good luck!

Ignore my Title and Industry - I can't seem to change it under 'Edit Profile' lol
 
Best Response

Numquam quidem ut molestias accusamus aut et. Vitae quidem qui repellendus alias aut. Illo quae eaque dolores. Voluptate exercitationem dolores incidunt unde est.

Et cupiditate unde placeat. Quaerat eaque culpa non eaque omnis autem.

Aliquam consequatur sunt illo aliquam occaecati quo. Eveniet debitis quia aliquam in autem quia delectus. Praesentium aliquid qui laboriosam qui ut.

Career Advancement Opportunities

August 2026 Investment Banking

  • Evercore 01 99.5%
  • Moelis & Company 01 98.9%
  • JPMorgan 01 98.4%
  • Goldman Sachs 01 97.8%
  • Morgan Stanley 07 97.3%

Overall Employee Satisfaction

August 2026 Investment Banking

  • Moelis & Company No 99.5%
  • Morgan Stanley 02 98.9%
  • Evercore 01 98.4%
  • Banco Santander 02 97.8%
  • BMO Capital Markets 12 97.3%

Professional Growth Opportunities

August 2026 Investment Banking

  • Evercore 01 99.5%
  • Moelis & Company 01 98.9%
  • Morgan Stanley 07 98.4%
  • Goldman Sachs 01 97.8%
  • JPMorgan No 97.3%

Total Avg Compensation

August 2026 Investment Banking

  • Vice President (16) $429
  • Associates (50) $259
  • 3rd+ Year Analyst (8) $210
  • 2nd Year Analyst (26) $182
  • Intern/Summer Associate (14) $159
  • 1st Year Analyst (84) $151
  • Intern/Summer Analyst (75) $101
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

Leaderboard

success
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”