Tips for Getting an internship in Investment Banking as a freshman
Hey all,
I wanted to reach out and ask for any tips you all may have for freshman aiming to land IB internships for the summer.
YES, I'm well aware that this isn't easy (which is why I'm asking for tips). But for those like me who are determined to try, what are your best tips as to where I can find potential opportunities, how to ask for an internship, how to pitch myself (considering the fact that I'm a freshman with basically no solid experience in the field), etc.
Unless you've got family in high places, not happening. Don't even bother. Try getting any other solid finance experience instead (PWM, corporate finance etc).
Try reaching out to local boutiques next semester/quarter. Introduce yourself, explain why you're interested in their firm, and if they don't explicitly have a job posting up, just inquire if they might be open to having an intern for the summer.
To the extent that people are receptive, I think the best thing you can do to position yourself is to emphasize that you're a hard worker and you're eager to learn. No one expects freshmen to know anything and they most likely aren't going to be giving you anything terribly complicated to do, so you just need to convey you have a good attitude and can be helpful with even basic stuff. (but it would help you stand out if you learn some basic accounting/finance, if for no other reason that to demonstrate interest)
If you don't need to be making money, you may end up getting opportunities with places that are open to having you there to learn a few things but aren't prepared to pay you (wouldn't mention this in your intro email though)
To Buzz's point though, certainly cast a wide net. The main goal for a freshman is just having reasonably relevant internship experience
While it might be almost impossible to land an internship at a BB in your freshman year, it's definitely doable at a smaller boutique.
I was able to do just that, and now on my second year, I landed a SA role with a BB.
Prove the recruiter you are passionate about their firm, and learn the basics of finance so you can show them you are actually interested in the work. Having an internship in freshman year is a great way to get ahead during sophomore summer analyst recruitment. These achievements compound over time, so the earlier you start the farthest you'll go.
If you express enough of an interest to tiny boutiques (no-name firms) who don't have hiring programs, you might stand a chance at a few (possibly unpaid) weeks of experience. I began reaching out to these firms after my first semester as a freshman. I was able to set up some informational coffee interviews and ended up spending two months with a small firm over the summer. Got some fantastic exposure (for a freshman anyway) and was able to leverage this for bigger and better opportunities.
Unless your uncle is Jamie Dimon, this is perhaps the best thing you can do as a freshman. Good luck!