Plan B for Summer '11
I'm a second-year sophomore at a non-target school and I applied to a lot of Summer Analyst Internships. Unfortunately, I haven't heard back from any of them and I don't know if the process usually takes this long, regardless I have started to consider other options for this summer as a back-up in case I get rejected from all the summer internship programs. Therefore, I applied to a couple of financial internships (accounting, financial analyst), but that's about all I that I could find.
What would you recommend that I do this summer in case I get rejected from all the banks where I applied? What can I do this summer to increase my chances of landing an IB internship for next summer?
PWM this summer, many freshmen and sophs will use this to get some related experience and network, especially if it's within the BB. If not, try to find something, even unpaid, as long as it's related. Intern at a M&A legal firm, an accounting firm, insurance . . . there's so much out there.
What he said.
Is it too late to start applying to PWM? Do you happen to know of any in the Los Angeles area off the top of your head?
Call local ML and UBS offices asking about the PWM internships. They're always looking and from my experience there isn't a structured internship process. Quite a few guys I know cold called local offices, landed interviews, and ended up securing the gig.
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Look for a large regional bank and try to get some experience there. For example, PNC Bank has some very solid positions in Pittsburgh and Philadelphia within their Capital Markets Group that can give you great relevant experience. Plus, most of these regional banking jobs paid... which for me was a deal-breaker when considering branch ML offices.
Is there usually a certain application process that I need to go through to for an internship at a regional bank? I'm looking for something in the Los Angeles area.
I was for sure in your shoes sophomore year of college. I ended up working for this asset manager in my town and got like $10/hr.
I think what you should be focused on is, regardless of where you end up this summer, go to the place that will give you the ability to learn the most and have autonomy to do a bunch of projects (i.e. company or market research, modeling, etc...). If you can network well and get your resume in the stack for a SA position your Junior year and communicate to the interviewers that you learned a lot at your internship in the summer after your sophomore year, you will have done well for yourself and have had a productive summer.
After your summer experience with the asset manager, how did it help you in your case? Where are you now, as for getting into IB?
get a few of your friends and go live in nantucket or the hamptons for the summer doing bullshit jobs. it's your last summer to be a kid so get to the beach and start on your applications for summer '12 early next year.
Hahaha...explain. I haven't heard about this method of getting into the industry.
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