Taking internship after graduating.
So I am a senior set to graduate in applied math from a non-target this Spring. Investment banking was one of those things that I jsut figured I would do after a short stint as an actuary then onto an MBA program and finally breaking into the field as an Associate.
Lately I have been toying with the idea of trying to get into a smaller boutique bank or doing a summer internship to get my foot in the door. (skipping the actuary part. ive already passed the first exam and I'll pass the second one in May)
But, like I said earlier, I am graduating. Do banks ever hire people as interns after they have received their BS? Would this even be helpful in order to land an analyst job? My stats (school, gpa, extracurrics) are not good enough to get an internship or even an analyst offer at a BB or top MM at this point (hence the plan of getting a top MBA in a few years), so would experience at a boutique help this at all?
I'm not shooting for the stars here. I would be happy working at a MM or strong boutique as an analyst prior to getting my MBA in a few years.
Any comments?
i would say apply to as many MM and boutiques right now. It would be much easier for you when MBA recruiting comes for the associate positions. I go to a semi target and many of my friends are getting calls from the boutiques they are applying to. The regional ibank post is an awesome resource. This will take some time so if you need a job right after graduation go with the actuary route. The only thing is you will have to differentiate urself from all the Big4 and other accounting professionals when it comes to Bschool. So i guess my comment would be to continue to recruit if you can.
as for internships I haven't heard of any firms that hire interns out of college.
Well, I was thinking of something a little tricky, and that is to delay graduation until next November but not take any classes. This would technically put me as a junior.
Not sure how well that would go over. I'll try to apply to some MM/boutique positions. The only problem I see is that I have no meaningful financial work experience. The actuary role will certainly give me a lot of exposure to finance and modelling, but I feel that by the time I gian enough valuable experience I might as well go to B-school.
Happens more in Europe (London), as the candidates are usually a bit older anyway. I've known people who have applied to Masters programs (Financial Engineering, Econ, etc) and internships at the same time - basically telling the recruiter that you still have another year of studies in a relevant field
There is also the slim chance that I could go back and get another degree in Finance. I haven't done the numbers on it yet, but it would probably take me about 6 months. I am beginning to think that this might be a bad idea and to maybe just apply to boutique banks right off.
Is there any threads about resume/cover letter strategy for boutique banks? Or should I just mass-mail the market with my stuff.
SA Offer After Graduating (Originally Posted: 03/09/2016)
Hi all,
I was very lucky in receiving a SA offer as I am graduating in May.
I was told I definitely had the opportunity to continue as an Analyst post the internship; my question is, now that I will finally have some experience on my resume during the summer would I still have a chance at recruiting for analyst programs at bigger firms, or should I focus on lateraling later on?
I am excited for the opportunity and it seems like a good firm, but I would just like to have other options if possible.
Thanks
Is this at a BB?
Nah its at a boutique.
Thats why I am asking; I would like to land something at a BB not sure if i would qualify tho since I graduated.
Answer is yes
Is it possible to be considered for SA S&T programs after graduation? (Originally Posted: 12/08/2012)
Hi, I just graduated and still have no offer. I don't think companies will be officially looking for full time analysts until September.
Does anybody know if big banks will consider somebody in my position for the SA S&T programs? or it's a complete waste of time and I shouldn't even spend time on the application. I will be applying through my school's website as well... I can still apply because my graduation date is Jan 2013 :\
Thanks.
bump
bump... sry for the double post :\
Internship After Graduating (Originally Posted: 09/27/2011)
Who here has interned following undergrad school to gain the requisite experience to get an i-banking job?
A friend of mine did so at a boutique and was given a full-time job 2 months in. To be honest he had a connection there, but it seems like a good way in for non-target graduates.
I am in a position where I can work full-time, unpaid, and commute to NYC from home so I would like to do so before I have any real financial responsibilities.
I have been cold e-mailing every boutique I come across, is this the best way to accomplish my goal or should I begin following up HR managers with phone calls?
This is very possible, but try to stick to talking to bankers more than HR. Look up the networking article on m&i and read up on it here as well. More people do this than you realize, and if you dont get anywhere within a period of time just get a mfe/msf
It's an excellent way to get in if you missed the analyst program. In my old firm 90% of the analysts came from internships, which proved a great way to test somebody before pulling the trigger. Does it have to be unpaid though?
SA after graduation (Originally Posted: 07/22/2014)
Hi,
I am in a precarious situation. I am between my first and second year of masters (non target school). I have 2 years of manufacturing experience. I could not secure IB internship in the first year because I am coming from non finance background. (I am a graduate student but still trying for analyst position- just to clarify)
Do I still have a shot at FT IB analyst recruiting without actually having IB experience? I presume very little.
What I am wondering is, can I again apply for SA position. If I get it, try to convert it and join immediately again as FT analyst. Does such thing happen? Is that a thing at Wallstreet? If not what do you suggest?
Any thoughts experiences, welcome.
you cannot apply for SA if you are graduating in '15
Do you think MM or Boutique IBs will be more flexible in accepting me. I'm finding myself in catch-22 situation here. What can be the way out?
If I want to be in IB as FT Associate 3-5 years down the line what should be my path? I am even considering full time MBA from top 10 b school (if i'm unable to get through with current credentials.)
I know a guy who made it post graduation with 0 finance experience. You need to bust your ass and get smart on technicals and modeling first. And then network hard. I don't know if it will happen for you but ask to volunteer on deals at local boutiques and maybe that'll turn into an offer or you can use that experience to land something else.
why do an internship after graduation? Why not just apply for the new analyst position specifically set up for people with no finance experience?
I would specifically want to go into IB M&A role. My perception is that internship is very very crucial. I would be more than willing to apply FT directly. Maybe I am not aware about the jobs specifically for non-finance background people. Can you please throw some more light on this... Thanks in advance.
http://www.goldmansachs.com/careers/students-and-graduates/our-programs… I believe a few wall street banks do this as well but cba finding link
I'm not sure what it's like for American recruiting but I know quite a few people who did a SA in London the summer of their graduation year. Some then joined full-time immediately after, others received an offer to return the following summer on the full-time program. Some did a Masters in between while others enjoyed the year off. I also know a few who got onto off-cycle internships and then received a full-time offer as a result of that. Off-cycle internships are random in their posting and entirely dependent on business requirements. A team which suddenly has very busy deal flow might need to take on analysts as off-cycle interns, some will get offers if they impress and the group needs full-time analysts.
At a MM. We have science majors, arts majors. I don't know why you would be less qualified than the analysts we have now. Why are you shooting for an analyst position though?
2015 Summer Analyst After Graduation - UK (Originally Posted: 09/06/2014)
Hi, I am currently a final year Economics student at a semi target in the UK and I am on track for a 1st class (GPA>3.8). I am applying for IBD and I am struggling to decide whether I should apply for SA or FT roles in the UK. I have done various finance related internship (including one at Big 4) but they were all in my home country and not directly related to IBD. Therefore, I was thinking that I should apply for SA roles to have a higher chance to get a FT eventually. I have heard this is common practice in the UK. What do you think? Would it be a problem that I am starting my final year now? btw I am considering doing masters, but I prefer to get a job. Thanks!
Just write on your application you are planning on doing a Masters therefore a 'penultimate year' and apply for SA (as most places hire through their intern pool now or poach from another intern pool). I've seen so many people intern then just stay on FT. All this penultimate year crap is just for HR but in reality things are quite different.
I am in the same position, did my summer internship at another bank which is not that big in S&T. Majority of banks seem to only have SA open only. Would really appreciate for someone to clarify the masters situation as well?
Should I apply for an internship after I graduate or go for a full time analyst position straight away? (Originally Posted: 06/20/2014)
I'm an accounting and finance student at a non-target in the UK, I've tried to get a placement in finance for my sandwich year and this summer, but I think perhaps being from a non-target I shot too high. I'm just finishing up a year long accounting-related placement at a big oil company, and have a few other short jobs/internships in my CV, but nothing in finance. I have broken through to an AC at a BB once, did a few phone interviews, but that was for work experience roles.
I graduate next year, and I'm wondering whether I should focus on internships and then hope for a full time offer (or at least that relevant entry on the CV), or go for the full time analyst positions. For banks/funds where it's either one or the other, I'll be going for whatever comes up within my area of interest, but I would imagine it would be a really stupid idea to apply to a BB for both an analyst and summer analyst position.
Thoughts/experiences to share?
In a similar position to you - the last two people I spoke to: one from JPM, one from MS, both said apply for summer analyst positions - neither said to not apply for grad programmes but apply for both if possible.
Thanks for the input. So, even if it's the same company? For example if I apply for a BB's IBD internship and grad scheme? Does this send the message that I'm trying my best or that I'm desperate (and probably not worth considering)? For this next wave of applications I really don't want to screw any of them up from the beginning.
How is a part-time internship after graduation viewed? (Originally Posted: 02/19/2014)
Hey guys,
I am currently working FT as a sales consultant for a software company and I am looking to break into ib. I have a fairly strong GPA (3.5), so I will be able to make the cut for most banks, in terms of GPA. I have no finance or banking experience. I am looking at several path to do it. Please let me know which strategy would work, and the pros and cons of each one:
1) Apply for internships in local boutique banks. If given such internship, I would most likely work part-time (20-30 hours a week). Do boutiques do this? How is this viewed by other banks when I apply for FT?
2) Should I quit my job if I find an internship that wants me to work full-time hours and pay me? Too risky if they don't offer me a FT position? I am in no financial position to get an unpaid one, unless it is only 20-30 hours a week.
3) Just straight up apply to FT jobs? I am not aiming for BBs or elite boutiques, I know I have virtually no chance there, just MM and local boutiques.
4) Wait and apply to MBA programs? ( I have a 332 GRE already, should I retake? )
Any help is greatly appreciated
how are you going to work part time when you're already working full time?
If your area has plenty of boutiques, then call and ask about ft opportunities, and if they don't have any, let them know you would be willing to start as an intern. Figure out how to leverage your current experience, especially if they work in the software space.
@"matayo" I mean, I could ask to be unpaid and come in later in the day (5pm?) And just work on the modeling, etc. @"Loki777" I live on the East Bay (Oakland), so yeah there are a lot of those around here, should I always push for a FT job first? Internships should be my second priority right?
Still an intern post-graduation, looking to get into IB. Any advice/tips? (Originally Posted: 04/14/2014)
Hey WSO family, I hope all is well.
SparkNotes: - Graduated from NYC non-target last summer -- 3.7 GPA / 3.9 Major GPA - Interned at a few asset management firms during college semesters - Currently an unpaid intern for a small PE fund post-graduation (no FT possibility) - Looking to break into banking and feel I've exhausted all of my options (recruiters, LinkedIn, etc.) - Have money saved up due to living at a relative's place in NYC for the past 5 years
Any advice/tips on what else I should be doing? Thanks!
I'm in a pretty bad position myself, actually similar to you BUT man unpaid internships are just not worth it.
Try the staffing agencies like Robert Half or Atrium - they'll place as a paid contractor somewhere and you can impress and turn it into a full time role.
I agree with you about unpaid internships, especially if you're fresh out of college. They're okay if you're in college and hoping to break in. Luckily, this internship I'm doing is from home, so no worries there.
Any other advice/tips would be greatly appreciated.
Bump to this. Thanks, WSO family.
Another bump. Happy to shoot my resume for some harsh critique.
Thanks.
I don't know if I can offer advice but I'm considering interning post-graduation in ib. Have you been reaching out to boutique MDs about Analyst positions? I think you can go back to your contacts when you have a "new story"--maybe you should move on to a new internship? Are you still interning "from home"?
Shoot me your resume via pm. We can talk about what I think you should do-- I'm not the only guy whose advice to take into consideration of course but hopefully I can give you some helpful thoughts.
If I am graduating next summer (ready to work September 2017), should I be applying to summer analyst or full time analyst? (Originally Posted: 09/23/2016)
Engineering student in London with past internships in Accenture(consulting) and small private equity firm (Trading intern).
Should I be applying to summer analyst or full time graduate? I have heard that most of the full time positions go to past interns on those companies...
Full time. I don't think companies will let you apply for summer internships anymore given that you're graduating summer 2017.
Should I apply to IB internships or FT jobs now that I am out of school and working FT? (Originally Posted: 02/14/2014)
Hello!
I am currently 23 years old, working full time as a online software salesperson. I graduated May 2013 with a degree in Actuarial Science, which is a pretty quantitative one. The thing is, I am not happy with what I am making now, even though I make 50k+ and work only 40 hours, I will gladly trade it for 90 or 100 hours a week if it means I will make 100k+ and have better long-term career prospects. I have NO ib internship nor any previous jobs related to finance. Like I said, I am fairly proficient in math (I got a 166 in the GRE Q, with minimal studying).
My questions are: 1) Should I apply to IB internships or FT jobs? 2) How do I leverage my degree and strengths when and IF given a phone or in-person interview? 3) Will working in sales be something that bankers hold me against?
Best, IC
Takes a deep breath A lot of questions I can ask, but I will start with this one: Why IB? (especially given your math background which you could put to greater use in S&T)
Note: Please do not mention money as a biggest motivating factor....
@"FinanceWizKid1000" : I actually have been studying for my actuarial exams and one of them is Model of Financial Engineering, which is really interested. It deals with pricing options almost exclusively. Things such as Black-Scholes and Oto's lemma, Monte Carlo valuation... I never really liked studying for them except this one, which applies to finance a lot more than calcualting mortality rates and such. I guess I could shoot for S&T but I have no experience in ANY financial field, but IB has BETTER exit opps (Been reading this forum quite a bit). Ultimately I want to leverage my IB experience to get into PE or HF.
Dude not to be a dick or anything, but do you know what IB analysts actually do? (hint: it has nothing to do with options pricing)
Regardless, to successfully make this move you'll need to have a compelling answer to the WHY question. Saying that you want to go to PE/HF after an analyst stint is not an acceptable response. Exit opps are important, sure, but it sounds like you need to think about what you really want to do, and not where you'll make the most money.
Post-graduate internships aren't common. Why would they hire you when they just got a new class of bright-eyed, bushy-tailed 1st years? And why would they take you vs an equally bright-eyed college student who they can brainwash into the system?
You should consider something along the lines of quantitative investment, which your degree might assist in. I don't think you even know what IB vs. S&T does. Do you do any investing of your own? I could see a place like Peak6, etc. being interested in your actuarial background and experience with options pricing, provide you can point to solid results. How long have you been in your sales position?
Also. 166 on GRE is nothing. That test is a joke.
Agree with parctribe. I would say research the IB field thoroughly (WSO and M&I should be your guide plus networking with people in the field). The answer you provided leads to believe more strongly in recommending that you explore S&T (as an IB professional myself, option pricing is not you will be dealing with coming into the field or spending the majority of time on).
Plus, be careful of allure of IB based on what a is written on forums. The information is a mix of people in the field, but moreso people looking to break into the industry. Think about what next step you truly want to take in your career and go from there. The fact that you mention the exit ops immediately in pursuing IB would be a turn-off for most people doing interviews (the strong exit opps are implicitly understood for candidates.
Just some food for thought...
@"parctribe" I have read a lot about what ib analysts and associate do, and I know it is basically an Excel and Powerpoint machine, with little sleep and little appreciation. But you have to pay your dues in life and I am ready to do so. Compelling answer of IB would be that I go suddenly interested while studying my first real financially related actuarial exam.
@"chicandtoughness" I have been on this position for a little less than 4 months. Also, technically I am STILL a birght-eyed recent college grad O.o .Do you recommend me to go directly to regional boutiques and skip the BBs and MM banks? Do you recommend me to shoot for internships or FT offers? I just read a little bit about Peak 6 and it seems like a pretty good field to get into (particularly trading associate position) can you give me a little insight of what is the nature of their work? Shoot me a pm if you think it would derail this discussion.
I would look for entry-level positions in your case, unless you're trying to get into an industry that requires internship experience (for example, PR is nigh impossible to break into without internship experience). I don't know too much about Peak6 but I know someone who works as a trading associate there. Want me to connect you? PM me your email.
@"FinanceWizKid1000" Of course, I won't mention exit opps in front of a banker. And that is why I am interested in IB more than S&T, the very strong exit opps opportunity that would get me into an buyside job where I think I would excel. I am a very aggressive and excellent seller, so if I get into IB and progress through the ranks into VPs etc, I think I would be a very engaging and good at pitching. But analyzing and investing appeals me much more, even more so considering I would like better working hours after grinding it out in IB for a few years.
Anyhow, I am not afraid of the hours. The time that I spend working and studying for my exams is already in the low 80s. If I throw in sending emails and calling people in the future it would soon be much more than that.
lol 166 GRE
Apply Full Time or Internship (Originally Posted: 09/08/2011)
I'm graduating in one and a half semesters. Should I apply just for internships and then apply for full time next year, or is it okay to apply for full time this year? Several firms at my school are only recruiting for full time.
Just go straight for full time. Theres no time for an internship.
One and a half semesters? How does that work? Quarter system?
If you mistyped and meant you were graduating in December 2012....then apply for SA then FT the next year. If you're graduating this March or whatever would happen with the one and a half semester thing, then apply for FT.
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