Are all 'no name' boutiques unpaid?
Im guessing there are some paid but that's the exception not the rule.
Has anyone ever been paid before working as a SA at a no name boutique? And how many weeks was the SA stint?
I care about the experience not the money but just want to know what I should reasonably expect and whether I should save up now (potentially working unpaid in NYC=lots of living expenses out the door)
Yea,
but don't expect much. Could even be paid lower than minimum.
I was paid for a SA, not much ($15/hour). flexible schedule, easy workdays though. it wasn't NYC.
I was at a no-name boutique and it was supposed to be unpaid. I killed it and walked out with a check at the end of the summer. Make them want to pay you.
Fuck that's a baller phrase.
Also a good phrase for when you pick up hookers.
Wow. This just inspired me.
Second this. Say your boss makes $1m a year, that translates to daily earnings of about $2700 every single day of the year. Now that's a lot of money for a day's work (compare to your analyst semi-monthly pay check), though $1m a year isn't really outlandish in this industry. Point is, it's really not the money that your employer worries about, it's probably more whether or not the person's worth it.
I've heard most banks will pay minimum wage just to avoid doing paperwork, but this is not from personal experience.
I feel like if they have a real structured program that it would be paid.
Also, It seems to me that anyone who labels a summer opportunity as a "summer analyst" vs. "summer intern" takes it a bit more seriously and therefore will probably pay their intern.
The Boutique I interned at was unpaid. Parking and Dinners were covered though. Also got up to $25 for dinner, so you could kind of pocket the difference and call that a salary. If I settled for dinner at Chipotle, I could walk out with about $17 Bucks. Assuming a 10 hour workday, it came out to like $1.70 an hour. Got to love the Boutique.
I'll be a SA at a boutique in Charlotte getting effectively $15ish an hour (I'm assuming I'll be working about 70 hours a week, just basing that off the vibe I got from spending a half day in the office). Also looking forward to killing it this summer and getting a small cash bonus.
Assuming things werent structured, how many weeks did you guys work? 8? 10?
Bump! More inputs pls?!!!
I did an off-cycle internship at a small boutique M&A shop, not in NYC. Started off, they paid for lunch usually when we went together and they said they would pay for parking. Not bad hours since I was balancing it with school. Got mainly bs assignments at first, and slowly got more meaningful research/modeling/ client facing work. Two and half months into the internship an analyst said they needed to talk to me.
We got coffee and they said they wanted to start paying me. Also, they were going to start giving me only modeling/pitch-book/research type work. I was working on real deals and getting paid all of a sudden. Oh, and they said they would reimburse me for the time I already worked. They said the amount of work I was doing and the quality was a lot more than they ever had from an intern. They have never paid interns in the past.
Sounded too good to be true to me. All I cared about was the experience but for them to pay me meant I was doing something right I guess. I think part of it(most of it maybe) had to do with a deal closing just before that but I think a combination of timing and effort led me to that position.
NYC Boutiques Unpaid Experience (Originally Posted: 02/18/2010)
I've emailed about 100 boutiques around the NYC area and have only have several responses about internships, even unpaid ones.
Would anyone personally know of some firms that would allow an individual to come in off-cycle to just gain some experience / help out unpaid.
I know this may be a far reach, especially on this board, but it can't hurt to try I suppose. Please contact me via PM or reply and I would appreciate any help.
Thanks
There are 100 boutiques in NYC?
More
Albeit they may not all have stron deal flow / big players in the market, anything is a step up from my current situation.
Any help would be appreciated
Unpaid Boutique (Originally Posted: 04/09/2011)
Junior from a non-target..3.8 GPA trying to do banking full time...If i potentially have an offer with a boutique for the summer but its unpaid do i still take it? My buddy interned there last year and said he learned a lot
Do you have anything else?
Gotta take the boutique if that's all you have related to IB. It'll help you secure other interview for FT.
agreed with above. an unpaid internship at a boutique is better than nothing. see below post.
http://www.wallstreetoasis.com/forums/i-thought-banking-paid-well
Take it - I was actually in the same exact position as you. Took an internship with an unpaid boutique my junior summer and landed a FT offer the next fall. PM if you'd like to discuss this in further detail.
of course take it, i did an unpaid internship at a boutique shop, which probably was the main reason i was able to break in FT
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