Sophomore at Target Unpaid Summer Internship at a Boutique IBD
I go to a target school, I have 3.8+ GPA, experience in real estate development and investments since HS and am active in school's student investment fund. Does anyone suggest I take this experience after sending out hundreds of emails and meeting with people? The place is a small investment bank and unpaid. I have heard others get paid summer internship at Ibanks and many said the experience is better if it is paid with work you are given. People there said it will be good experience and I'll do DCF/Comps and traditional IB work. Do you suggest I just end my search now and accept or try to follow up/keep emailing more for the summer? Thank you.
Under no circumstances would I take an unpaid internship in investment banking. On the one hand side you'd be selling yourself short and on the other you'd help maintaining a job market where firms get cheap summer work to cover their full time people who are on holiday in exchange for "experience".
Ok, Escobar Houdini is a damn princess. That is retarded. OP you should 100% take the internship. This late in the game you're unlikely to find a better alternative. What actually matters is what you will be making after college (5-10 years down the road). This experience will help you land a better gig next year. I say take the internship...
ChimpOnMyShoulder's point is only valid as long as the firm will actually help you land a better gig next year. If they can't even pay you 500 chips for it, chances are this is not one of those firms. To put it in perspective: you'd be better off starting your own company over the summer if you're looking for experience.
Well Crap, a lot of other places I have reached out says juniors only or filled with connections. I've been trying around since January doing emails and coffee chats. Really do not know what to do at this point.
What the hell are you talking about? They are providing him with relevant experience in the field he wants to pursue... Of course it makes him a better candidate... Did he say that he was thinking about starting his own company or that he had a relevant idea/resources to do so?
What is more relevant to investment banking: A) investment banking B) working on a start up
I hope even you can answer this question escobar.
You have one option on the table OP and it is a good one. I don't understand your dilemma. You have been told that you will be doing real investment banking work. The internship will set you up for recruiting next year. Take the internship don't look back.
Chimp, I think you've answered your own "question" (see point B) ).
Financeadult, in your position I'd ask whether you can at least get a performance based bonus, that way you can overcome the small firm deficit and tell interviewers that you've done so well that they've decided pay you a bonus.
Take it, especially if you can afford it. You may also want to explain to them that you are currently pursuing other offers, potentially paid, although you value the internship opportunity they are extending to you and would gladly do it. I think it's more understandable and fair that you retain the right to split if you land a paid internship.
If you're at a target, you should be able to reach out to alumni (just do a simple search on a career services database), introduce yourself and ask for some advice on getting in through the door without prior experience, or if they have something they can recommend you do this summer if you don't have any good options. Maybe you'll find someone who can fill you on a better unpaid internship or maybe even pay you. A few thousand dollars for a summer intern should be affordable for any half-decent firm.
Obviously take the internship.
I have been reaching out to alumni and career services, just for some reason I have no got any other internships even after chats since 1) opportunities do not exist, 2) Juniors Only, 3) continuously emailing and politely following up with people who are not responding.
Would working at a small firm negatively effect any chances by the way? I've met with many people and do not know what I am doing wrong. Unfortunately time is running up, I have this offer and know any experience is better than none in IB, as long as I showed interest and hopefully am not being lied to, the best I do is just accept and not even go further to look as a hail mary elsewhere? The people are nice and I'll ask for deadline/extension to make decision.
Do you have any other options? No? You're a sophomore? And you want to turn down an investment banking internship with great experience because it's unpaid?
Take it and keep looking. Since its unpaid I'm sure they won't be angry if you have to renege should you find a paid position somewhere else. Even better, they may come up and offer you a small salary if you have a competing offer from somewhere else.
You may be at a target school with a great GPA and good EC's, but don't expect to get a BB on your resume in IB sophomore year. You'll get that next year.
One step at a time here fella
relevant experience is relevant experience. take it if you have no options. the entitlement is mind boggling.
Sure forgive me for sounding entitled, I thank your input on this and will take it.
I really hope Escobar is trolling. Take the internship, easy decision
Okay, to clarify, relevant experience if they are not lying at a small ibank is perfectly fine for next year recruiting?
Yep. You are a step ahead. Most juniors won't have relevant experience. Plus you have a good GPA and go to a target. Don't worry about it you'll be fine
the entitlement wasn't towards OP, my apologies. yes you should take the internship.
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