Sophomore Summer and Reaching Out to Boutiques
Hello,
I’m currently a second-year student at a “semi-target” university. I have been applying to all the major BBs, but know that the odds are against me in getting these internships. I also will be trying my luck with the Sophomore programs at BAML and UBS, but am not a minority so again the odds are against me.
I was wondering what internships other people had after their Sophomore year and what the best way of going about getting one is. I’ve heard of some people working at a boutique bank, but can anyone provide specifics about how they went about getting a job at a boutique bank?
Thanks in advance for the input.
I would look at what sort of resources your career services center has in terms of giving out alumni contacts. They might allow you to search alumni and find contact information in which case I would reach out to as many possible that are in banking/PE/any sort of financial services. Ask to speak with them about their firm/work, and then ask about possible summer opportunities- even working unpaid (though not ideal). In the case that you don't have an alumni network provided by your school, I would just make a big list of boutiques and email them through their websites- most won't even have formal programs listed online. Cold calling is also an option, though be prepared to be rejected. In all of these cases it is a trial and error type thing- you might email 20 alums and get a response from 1. Reach out to as many people as possible, and hopefully something will work out. There is no real 'system' to getting work at a boutique- everybody does it a bit differently. If you want to go to a BB in IBD there are also other non IBD things to do that are attractive to banks- I mentioned PE but also asset management positions and things like the federal reserve can be appealing to the banks. Some of these do offer internships to sophomores. The bigger your list of potential places to work the more likely something will work out.
Thanks Black Jack. I think you definitely raise a good point that I shouldn't be looking so narrowly so early on, so thanks for the suggestions of industries that will be looked at as a positive experience by the BBs. I did begin networking with alumni a few months ago, but I guess my question about it, especially with the boutique and MM banks that don't have formal internships, is how do I shift from a relationship to asking if there are jobs available? Also, when I reach out to boutiques that I do not have any connections with would you suggest asking about internship opportunities immediately or asking about their company and trying to start a relationship first?
You can also look at some F100 and F500 companies. It will be good experience, they will probably take sophomores and it is great to get some solid corporate experience on your resume. Just a thought
Thanks ct banker, I will look into that as well...
when reaching out to boutique banks in your area, I would suggest emailing MD's directly and try to set up an in-person informational interview. a couple years ago when I was in your shoes, I had some pretty good luck with this approach - I think you'll be surprised with the amount of replies you get from these guys (and this includes non-alums as most of the people I reached out to actually weren't alums of my school). Even if they don't give you an internship, I found that the advice they gave was worthwhile and if you can actually get them to like you, they might share some contacts with you that do lead to an internship.
Thanks mr. b... Not sure why someone threw MS at you when this does answer my question about whether to call for an informational interview or about the internship
Notable sophomore-friendly non-elite boutiques in NYC? (Originally Posted: 12/13/2013)
Hey everyone,
Does anyone know of any non-elite NYC boutiques that are friendly on taking interns who are between their sophomore and junior years? Kind of like the "rite-of-passage" boutiques that NYC BB/EB SAs do the summer-before? Thanks.
I'm sure any firm would love hearing that you consider their firm a rite of passage before joining a bulge bracket bank. Be sure to tell them that in the interview.
I know what you mean, but it's tough to say out loud (ever) without coming across quite poorly.
That said, to actually answer your question: I'd look at MM firms, e.g. with an industry focus. Are you at a target? A bunch recruit on campus and are usually open to sophomores. Compared to larger firms, networking (especially with an alum) usually seems to convert to offers at a greater percentage.
TBH - there are also plenty of dedicated sophomore programs. Think Citi, BAML, Barclays, MS, etc, though a bunch are restricted to URMs.
Just do a search on google for investment banks in NYC. Look on linked in and find where juniors who interned at BB's did their sophomore SA. These places probably only take 1 or 2 interns so by posting a list here you're just making it harder since everyone else is going to search this thread and work off the same list.
there was a great list posted recently that gave out the top 200 banks or so, broken down by bank size. ill see if i can find it
Interning at a Boutique as a Sophomore...Obstacle (Originally Posted: 01/30/2013)
Hi guys. I have recently been trying to reach out to some boutique firms in my area and other near metropolitan areas. I have seen that many sophomores have had luck finding a formal/informal internship with boutique firms for a summer, but the biggest (and only) obstacle I've run into so far is that the people I talk to will reply saying that they currently only take juniors for their summer analyst positions.
Anyone have any advice on how to overcome this or if every boutique firm does this? I know at all BBs they will only juniors for their positions, so I am trying to get my feet wet by starting off a a boutique.
Thanks guys.
Go to Linkedin and do a search. You can look up people from your area who are graduating in 2014 and have interned in IBD in the past. Chances are it'll be a boutique. Call up those places, who are likely more open to it, and now you have a counterpoint if they drop the "we only take juniors" line.
BB have sophomore IBD rotational programs, but I am guessing they probably only take targets
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