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

Et voluptas quia atque veniam aut repellat modi. Voluptatem magni soluta eos ut ea aut qui. Non aut aut minus dignissimos illum dolorem molestias.

Assumenda fugit voluptas illum eos. Architecto ipsa corporis voluptatibus aut porro. Enim nam esse laboriosam doloremque omnis sed qui.

Rerum dolorem aut quam assumenda. Quisquam distinctio eaque officia officia vel animi ut nam. Voluptates veniam ut consequatur. Ut deleniti est itaque sed aut ratione eum sunt.

Vel velit ut magni quo blanditiis voluptates. Quo molestiae sed eos molestiae et et. Commodi nobis id quam reiciendis. Maiores temporibus a autem.

Career Advancement Opportunities

July 2026 Investment Banking

  • Evercore 01 99.4%
  • Moelis & Company 01 98.9%
  • JPMorgan 01 98.3%
  • Guggenheim Partners 01 97.7%
  • Morgan Stanley 07 97.1%

Overall Employee Satisfaction

July 2026 Investment Banking

  • Moelis & Company No 99.4%
  • Morgan Stanley 02 98.9%
  • Evercore 01 98.3%
  • BMO Capital Markets 12 97.7%
  • Banco Santander 01 97.1%

Professional Growth Opportunities

July 2026 Investment Banking

  • Evercore 01 99.4%
  • Moelis & Company 01 98.9%
  • Morgan Stanley 06 98.3%
  • Goldman Sachs 01 97.7%
  • JPMorgan 01 97.1%

Total Avg Compensation

July 2026 Investment Banking

  • Vice President (15) $434
  • Associates (46) $258
  • 3rd+ Year Analyst (8) $210
  • 2nd Year Analyst (22) $179
  • Intern/Summer Associate (13) $156
  • 1st Year Analyst (79) $150
  • Intern/Summer Analyst (73) $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

1
redever's picture
redever
99.2
2
kanon's picture
kanon
99.0
3
Secyh62's picture
Secyh62
99.0
4
BankonBanking's picture
BankonBanking
99.0
5
dosk17's picture
dosk17
98.9
6
Betsy Massar's picture
Betsy Massar
98.9
7
GameTheory's picture
GameTheory
98.9
8
DrApeman's picture
DrApeman
98.9
9
CompBanker's picture
CompBanker
98.9
10
Jamoldo's picture
Jamoldo
98.8
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...”