Unpaid Return Offer at Boutique IB, Need Advice
Hi everyone,
I’m currently working at a very small boutique investment bank. I initially joined without pay, and although I received a return offer for a full-time position, it’s still unpaid — my boss mentioned that compensation would only come in the form of bonuses.
I believe I got the return offer because the firm is trying to expand in Asia-Pacific, and I have a dual background in finance and biology from an Ivy League school. I’ve also volunteered at multiple biotech conferences (mainly focused on Asian countries), and I’ve helped the firm build business development connections through an organization I’m involved in.
My boss said I could earn a bonus of 10–20% of the revenue I help bring in — which sounded great at first. I’ve already introduced six potential biotech clients, and while one had serious potential, we lost the deal because my boss didn’t show up to the meeting on time… which felt really unprofessional, and we moved on with two clients.
I’ve been doing BD, sourcing, client calls, and helping coordinate between the valuation and execution teams — basically involved across the entire deal process. I’ve even driven out to meet clients in person and visit their companies. Despite all this, I’m still unpaid. It’s been months now, and I’m feeling tired, frustrated, and honestly unsure if I should continue.
Has anyone else been in a similar situation? Would love some advice — is this normal for such a small firm, or am I being taken advantage of?
Thanks in advance.
It sounds like you're in a tough spot, and while your contributions to the firm are impressive, the situation raises some red flags. Based on the most helpful WSO content, here are some key points to consider:
Unpaid Return Offers Are Rare and Risky: While unpaid internships are somewhat common in boutique IBs, a full-time unpaid return offer is highly unusual. Compensation tied solely to bonuses, especially in a small firm with inconsistent deal flow, is risky. This structure places all the financial uncertainty on you, which is not standard or fair.
Your Contributions Are Significant: You've clearly gone above and beyond — sourcing clients, handling BD, coordinating across teams, and even traveling to meet clients. These are responsibilities that warrant proper compensation. The fact that you're still unpaid despite this level of involvement suggests the firm may be taking advantage of your skills and dedication.
Red Flags with Leadership: The incident where your boss missed a meeting with a high-potential client is concerning. It reflects poorly on the firm's professionalism and could hinder your ability to succeed, even if you're doing everything right.
Evaluate the Long-Term Value: Ask yourself if staying at this firm aligns with your long-term goals. While the experience you're gaining is valuable, the lack of pay and professional support could limit your growth. If you're aiming for a transition to a larger firm or a different role, consider whether this experience will help you get there or if it's time to pivot.
Consider Other Opportunities: If you're feeling undervalued and frustrated, it might be worth exploring other options. Boutique firms can offer great experience, but there are others that will compensate you fairly for your work. Networking and leveraging your Ivy League background and biotech expertise could open doors to better opportunities.
Have a Direct Conversation: If you decide to stay, have an honest conversation with your boss about your concerns. Highlight your contributions and ask for clarity on when and how you can expect to be compensated. If the response is vague or dismissive, it may confirm that it's time to move on.
Ultimately, while small firms often operate differently from larger ones, your situation seems to go beyond the norm. You deserve to be compensated for the value you're bringing to the table. If the firm isn't willing to recognize that, it may be time to prioritize your own career growth and financial stability.
Sources: Intern Return Offer Rate, Full-time intern for 5 months - being taken advantage of?, Why did you take a job at a small boutique?, Can I ask for an unpaid internship?, A Guide for Switching From Commercial Banking to Investment Banking
GTFO ASAP
I have never heard of this, this doesn’t even sound legal
lol what kind of nonsense is this.
Is there a reason you're still working with them? I'm in a similar but not so severe situation and there's no expectations for unpaid work. I think it's a really good experience but I'm not sure why you're even considering this. It's best to start your career at an already established firm with rep.
Ivy League nowadays is not enough to find a paying job
I didn’t receive a good offer during my last term, which left me feeling really upset and frustrated. As an international student, it was even harder to break into investment banking. At the time, I thought gaining some experience might still be beneficial. My boss also mentioned that he would discuss a good compensation with the team.
However, to be honest, I feel like I’ve been doing more business development work—volunteering with various organizations to build networks, especially by meeting international companies from Asia and driving long distances—rather than actually learning technical skills like PowerPoint or financial modeling.
Now, since no deals have closed yet, I haven’t received any compensation. I feel really discouraged because I’ve been so busy, yet I feel i didnt get anything from this job that I was hoping to learn from this role.
And thanks for the responses and im recently taking some financial interview prep course again to better prepare myself moving forward and apply for more jobs.
Looks like Tobin & Co. has some new competition in the full time unpaid strategy
Upside for your boss: 80 - 90% of the fees you bring
Downside for your boss: None (free labor)
I would suggest you ask your landlord to raise your rent so you can hustle harder
Wanna work for me? I'll pay you 30% of revenue you bring me.
deal lol
actual sweatshop employees gets paid more. I suggest either leaving or flip burgers at McDisgusting for $. Joking on the burger thing. You should've quit after your boss didn't show up for the client meeting. Have more self respect or just run the process yourself.
Absolutely insane. Plus, you have the background (work experience + Ivy) to go to a reputable firm.
And name drop these places/report if you think you are free to do so because this is wildly illegal and nothing changes until they are called out.
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