Hi All,
I just got offered an unpaid IB internship at a top 10 boutique shop in LA. I'm wondering if it's worth pursuing, considering average offers for other non-IB roles hover around $42k? I have a math degree and graduated at the top of my class from a non-target on a full-tuition scholarship.
Cain
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If that's your real name I would change it to remain anonymous.
Are you still in college?
Why wouldn't you take it?
It's a nickname. I'm not in college -- I graduated at the top of my class in '17. I wouldn't take it because my other offers typically range from $38k-55k at 40 hours, and I hold CFA Level II Candidacy. I'm really just wondering if I'm selling myself short by working for free? The internship is 6 months long.
Is this through a personal contact, networking, or under the table? I'm pretty sure working for free is illegal in CA. i.e. you need to earn college credits for being an unpaid intern.
If you want to work in IB & this is your only offer... You should consider it.
If you just want a paycheck then take the highest offer with the most upside? It's hard to tell you what to do.
I think you should try again in 2-4 years. Get an MBA.
It basically comes down to whether or not you want to work in IB at the analyst level. The internship could be leveraged to lateral to a larger bank after a year of working there. Your life is going to be terrible for that year, though, as you're living in an expensive city and state and working terrible hours for no pay.
On the flip side, you could take a non-IB role, do well and get promoted, and then get into a T15 MBA program and get into IB as an associate.
Capello Group? I had some friends intern there and they all got extremely good offers for their next summer and I know some people that successfully lateraled to some decent shops after
Is the 42k number you quoted the pay for other 6 month internships? What are your other offers? What have you been doing since you graduated are you currently working right now?
I would be wary of these 'unpaid' internship experiences, YMMV.
Los Angeles is a HCOL area, so not getting paid is not necessarily a worthwhile experience. There are other boutique firms out there.
Even with a mathematics degree, I am certain you can find some offers well over $42k. Keep searching, don't settle for less.
Eh... while the experience would be great, 6 months unpaid already out of school is a bit of a stretch. If it was 3-4 months I'd say go for it 100%, but 6 months... that's a deal breaker honestly.
If you can survive with no pay you should definitely do it, you should be looking at the bigger picture. Myself and a lot of other people that worked with me at the unpaid internship I was at have jobs in M&A now that we otherwise wouldn’t have
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