What kind of F'n BS is this shit?
So I got in touch with ML's PWM hiring manager in my area (Requesting an Internship), and she said that ML now has to pay its interns.... WTF? I though this shit was free labor? This makes PWM internships much harder to ascertain for inexperienced 18-19 year old freshman. FA's have no incentive to hire us anymore... This is a whole a lot of horse shit.
I thought PWM were easy to get; I guess not anymore.
Breathe, Kid. Breathe. It will all be alright. ML is not the only PWM firm.
You would bitch about getting paid for working as an intern... unbelievable. Listen up... ML doesn't owe you a free internship so that you can try to pad your resume prior to recruiting as a sophomore. If you suck, aren't personable and aren't competitive, you don't DESERVE an internship in the first place. This thread is a joke. You want the internship process to be LESS competitive and you DON'T want to get PAID for what you do?
Yeah, real winning attitude there broseidon. How about you sack the hell up and prepare for an interview and then go buy yourself some strawberry daiquiris with your hard earned Abe Lincoln's... unbelievable
LMAO. Had me on the floor Rufio.
protip: ascertain =/= obtain
I hope you don't speak like that in person.
it's still gonna look like shit on a resume. why even bother
Technically it is against labor laws not to pay you. Big firms generally don't do unpaid internships. I suppose PWM has smaller, branded offices and the FA's there bend the rules (which they technically shouldn't do). It sucks, look elsewhere.
There was a bunch of debate about this in past threads about how unpaid is unfair to lower income students or whatever.
TNA is 100% correct. It's against labor laws not to pay you. I love these threads...
Oh man, you actually have to put in effort to get a freshman internship?
haha. You sound like you are used to getting everything you want. Good luck. I hope you don't blow up about every little thing that goes wrong.
the only thing a sophomore or freshman year PWM internship on a resume tells me about someone is that they probably have a dad who knows the right way to start building a resume for their kid to get into banking and thus is probably a privileged brat who learned nothing that summer anyway. im sure this guy's no different
So you are basically admitting that you can't add $8 an hour of value to begin with...?
I hope you're jobless for the summer.
I can confirm that ML is now paying their PWM interns. Have a good buddy who has been interning with ML through the summers and school year since his FR yr (now a JR). He loves PWM, dealing with HNW/UHNW individuals and has actually convinced his FA to recompensate him for hours worked when he was unpaid. According to him, one of the major reasons ML has moved to the paid structure is to secure better talent - a lot of kids were choosing JPM/Smith Barney/etc...because they were paying up to $20/hr for interns whereas ML was only school credit.
I actually ran into this exact same problem with ML a while back. Thankfully it didn't stop me from getting a much much better internship later on
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