Sketchy Firms
Hey all, incoming SA27 here from non-target. I am launching a student accelerator of sorts for students pursuing a career in high finance (mostly IB but not exclusive to it).
I am currently working on a list of smaller firms and boutiques to aim for during freshman and sophomore year prior to the "bigger" junior year stints. Moreover I am also creating a blacklist of firms to avoid. Most of these companies are sketchy, usually smaller firms that younger students often waste time upon. Was wondering if anyone has any experiences they'd like to share or knows of any firms to avoid. (note: I am more than happy to send the blacklist to anybody once I finish, or will probably create another thread).
Based on the most helpful WSO content, here are some insights into sketchy firms and those to avoid:
Alpha Capital Holdings/Corporation: This firm has been flagged as highly questionable. They reportedly require payment for internships, which is a major red flag. Additionally, they recruit through unconventional platforms like Craigslist and target students from reputable schools. Their website is outdated and unprofessional, further raising concerns.
Bastien Capital: Although labeled as a consulting firm, there seems to be little evidence of legitimate consulting services. Their online presence is sparse, with a focus on internship recruiting rather than actual business operations. Many students have reported negative experiences or dropped out after initial interactions.
Cantor Fitzgerald: While not necessarily "sketchy," this firm has been criticized for its toxic culture, poor hours, and lack of meaningful deal flow. Analysts have reported working on small co-manager deals with minimal fee potential, coupled with challenging management and poor exit opportunities.
General Advice: Be cautious of firms that:
If you're building a blacklist, these firms are worth including based on the feedback from WSO threads. Always vet opportunities thoroughly and seek advice from trusted professionals or alumni before committing to any internship.
Sources: College Freshmen and Sophomores Beware - Avoid these internships, Your thoughts on William Blair & Company?, If smaller banks say they offer juniors more deal exposure, why are bulge bracket positions still more highly regarded?, Which groups should you avoid at all costs?, Firms to avoid
^ Hahaha Cantor got sniped. Fuck that place though. Scummy
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