What internships should I look for freshman year summer? (IB)
I'm a rising freshman at a target school studying econ (not the business school), targeting investment banking. I just did a boutique capital markets advisory internship, and I'm scoping out roles I should be looking for this summer.
I've heard some people say that search funds are a good route, but others say that they're just intern mills that don't give great experience. Ditto for business brokerages, which some people say are Main Street and not Wall Street. Meanwhile, it seems like even sophomores have trouble landing boutique IB internship roles.
Any advice for this situation?
Based on the most helpful WSO content, here’s a breakdown of what you should consider for your freshman summer internship as a rising freshman targeting investment banking:
Search Funds: These can be a good option for gaining exposure to deal sourcing, financial modeling, and business evaluation. However, as you mentioned, some search funds may operate as "intern mills," so it's crucial to research the specific fund's reputation and the quality of experience they offer.
Boutique Investment Banks: While it’s true that boutique IB roles are competitive even for sophomores, your prior boutique capital markets advisory experience could give you an edge. Focus on networking and reaching out to smaller firms that might be more open to hiring freshmen.
Business Brokerages: These are often more "Main Street" than "Wall Street," but they can still provide valuable experience in deal-making and client interaction. If you choose this route, ensure the role aligns with your long-term IB goals.
Corporate Finance or FP&A Roles: These positions at mid-sized companies or startups can help you build a strong foundation in financial analysis and modeling, which are critical skills for IB.
Private Equity or Venture Capital Internships: While rare for freshmen, some smaller PE or VC firms might offer internships that involve research, due diligence, or financial modeling. These roles can be highly relevant to IB.
Networking and Informational Interviews: Use your time to build relationships with professionals in the industry. Even if you don’t land a formal internship, shadowing or assisting professionals can provide valuable insights and connections.
Relevant Training Programs: Consider enrolling in programs like the WSO Modeling & Valuation Bootcamp or the IB Interview Bootcamp. These can help you develop technical skills and stand out in applications.
Ultimately, focus on roles that provide hands-on experience with financial analysis, deal-making, or client interaction. Even if the role isn’t directly in IB, the skills you gain can make you a stronger candidate for sophomore internships.
Sources: (London) So you didn’t get any spring weeks, here’s what you need to do:, No IB offers for the summer...what now?, Can we get a list going of sophomore summer 2019 programs/internships? (Confused), https://www.wallstreetoasis.com/forum/school/mba-summer-associate-2021-recruiting?customgpt=1, My Four Year Plan
Not super important where you end up freshman summer, you just need to land something within finance
Email boutiques around your area who have taken freshman/sophomores, as well as search funds / LMM funds, and something should pan out
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