Am I getting a raw deal?
So I just accepted a summer internship with a hedge fund group based out of Boston. Basically the only reason I landed it was because the CEO is an alum of my non-target school. The hedge fund is run by former higher-ups at Harvard's endowment fund, and it's kinda a big deal, comparable to Sowood Capital (only this one makes money).
When I learned it would be unpaid I was okay with it. I figured the experience and connections up the wazoo would more than compensate the thousands of dollars I'll have to spend living on my own half way accross the country in Boston. THEN this past week they informed me they would only keep me as part time. This is when I started to feel like I'm getting screwed. This fund made in excess of $150 million (that I can account for, though the total is probably much higher) for its clients in 2007, and they can't "afford" to pay me, they can't offer housing, and now they don't seem to be offering me much experience.
Now my question is, do you think taking part in this whole fiasco is worth it? Are the connections and networking worth it alone? Now my only other options are working at a local accounting firm and a slight chance at an MM bank working equity research for the summer. Anyone else been at a similar firm or position?
This sounds pretty messed up. If there is anyone there who is reasonable, I would just be straight up and explain your position to them.
There is no real reason for your internship to be unpaid. However, the only thing I can say is maybe the fact that this is part time will help you because you can find a regular job to make some money on the side. However the fact that they will only take you part time calls into question what their commitment is to you.
Did you ask why they can only take you on as a part time employee? Given that it's an unpaid position, I would think they could afford you full time...
You can get another part-time job that actually pays. Honestly, I think all that matters is that you have it on your resume, part-time/full-time, paid/non-paid.
you have 2 resumes in front of you - one kid worked at a credible HF, the other kid worked at a local accounting firm. Which one do u want to interview for ur full time position? yeah thats what i thought...
A lot of HFs/PEs only have unpaid internships, mainly because they run an extremely lean staff and see no reason to invest any $$ in you because they will likely not hire you out of college and any wasted money lowers their margins. Sounds messed up but it's true. The other reason is that if you don't take the unpaid internship, some Harvard or MIT kid will take it and just live at school or their apartment, which they were already paying for.
If you can somehow afford to do it, then I'd take the job. Sounds like a great stamp on your resume. Look into seeing if BC/BU/Northeastern/UMass Boston will let you live in one of their dorms at reduced rates. That's what a lot of SAs in NYC do.
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