Pre MBA Investment Banking
Hello everyone,
I will be starting my MBA program early January in 2018 and have a few months before the program starts. I come from an engineering background, with a goal to break into IB post my MBA. Somebody that I spoke to today mentioned that while I still have some time before the program starts, there might be a way to get involved with a bank for some preMBA work experience. Paid/Unpaid does not matter. However, I was really curious as to if such a thing is really possible. If so, how should I approach this? How can I best position myself to have at least a month or two months of pre MBA experience with an investment bank?
I'd reach out to local boutiques in your area and see if they'll let you do an internship (likely unpaid). It's not uncommon to see non-summer internships being offered at boutiques. Most MM and BB won't though (I've heard of some BBs and EB offering "spring" internships to undergrads a long time ago but don't think it's really a thing anymore).
Where are you getting your MBA?
I will be starting at INSEAD but based out of USA right now.
Most BBs / upper MM firms have some type of program for preMBA positions, but these aren't always in the FO positions. Most of the time, they are also reserved for military / diversity candidates. They are worth exploring, but I think the higher chance possibility would be to explore the boutiques as the other poster said.
The benefits are to gain some insight into the business, create some network in the firm, and to add onto your story of why banking (was an engineer though I would enjoy switching to banking because of xyz, then did a short premba internship which later confirmed these interests. Downside is transitioning to a new city to work and losing your last few months of freedom to relax and travel. Also the learning from the internship may be beneficial, but you will be prepped for all of your interviews through OCD / finance club at school so I wouldn't worry about not being prepped for banking going into your mba program.
unsure if they are paid / unpaid and this may vary across banks / programs.
Thanks. I will have a look through
I'd highly recommend it. A local unpaid boutique internship will go a long ways towards fleshing out your story and adding credibility. "I worked at an IB the summer before starting" is a much stronger hand to play than "I want to work in IB".
I would focus on boutiques and keep your powder dry with the big banks for OCR.
I'm same background to yourself and I applied to 2 summer internship positions at lower BB's pre-MBA, got rejected for 1 the very next day and rejected by the other about a month later, no interviews. I assume the BB's want to use their summer spots for actual current MBA students. You will be off-cycle though so may be given more consideration, though I expect small firms are able to be more flexible.
I didn't end up contacting boutiques as I effectively ran out of time due to long notice period in my contract, as well my employer requested I continue working until the week before school starts, which I can now confirm is not the best arrangement so try not to do that if you can avoid it.
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