Should I consider this summer internship?
Hi everyone, I recently joined WSO but have been reading the forums for awhile. I'm currently a junior at an Ivy and going through the campus recruiting process for summer internships. Unfortunately, I haven't been very successful, but I did manage to get interviews with some boutique firms.
I know at this point, I really shouldn't be picky, and nothing is for sure yet. As I understand it, the whole point of an internship is for the experience, not the pay. With that said, I'd like to at least be able to cover my rent. I was wondering if I should consider a particular boutique in NYC that pays its interns $250 week, for 8-10 weeks.
I heard that rent in NYC is absurdly high, so I doubt that amount will be able to cover rent alone. However, my options are really quite limited. I also applied to non-Wall Street internships relating to public policy in DC, but of course those are unpaid as well.
Any thoughts on if I should keep looking for others? I've applied to 50+ different places, all in finance and consulting, but I'm not expecting much.
If your parents will help pay for rent, do it. You're going to need an internship this summer to get one next summer to get a FT offer following that. Boutique is good, probably better than a bigger firm for you right now because you'll get more experience.
If you can't afford the rent, still do it. Look for other sources of income to swing it. Bar backing is pretty good during the summer in NYC. You'll meet some cool people along the way.
Also, get a roommate or four. You aren't going to be living alone.
Thanks for the input. I'm not sure if I'll be able to get another job at the same time for income though. The intern specifications for this firm directly states that interns will almost always be working extra hours with no additional compensation.
I'm definitely going to find roommates, living alone is impossible in NYC for undergraduates.
You'd be surprised how much bar backing on a Saturday night and Sunday brunch session can make you. The first summer I interned in NY, my schedule looked something like:
Mon-Fri : Slave Away Fri Night: Go out hard Sat: Rest Sat Night: Bar back Sun Brunch: Bar back Sun Evening: Rest, Grab some drinks
In any case, I'd be surprised if your internship required you to come in over the weekend or stay past 7-8 most nights.
Good luck.
Take the offer then figure out the money. That might seem haphazard but I would not risk having nothing on your resume your junior summer, the most important summer.
Try to borrow some additional student loans or borrow money from your parents. 2-3 thousand extra won't kill you in the grand scheme of things.
Oh and this is from experience. I did an unpaid internship in NYC and lived in Manhattan for 3 months. Took a toll on my credit cards, but was worth every bit.
Sling some yayo
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