I was lucky enough to have been referred through a contact for a summer internship at a BB in NY. I am most interested in trading and this internship is in Risk. The interview process was pretty extensive with several rounds (phone interviews) and I've signed and returned the offer. I began this process pretty late in the game as I was abroad in the Spring and did not utilize my time wisely during recruiting season in the Fall. I am very grateful to have something especially in Manhattan. On top of this it is a paid internship, although extremely low. I feel the pay is just a means to get me officially on the books.
I'm just curious if anyone has been in a similar situation? (Delayed the job hunt and an opportunity popped up in say late March/April, make the most of it type situation) Also, if you have worked in Credit Risk what did your work entail? Oh and lastly it was interesting that HR had specifically stated up front that since this is not a structured program there will be no formal offers for full-time employment at the end of the internship. I'm in it for the experience so I wasn't turned away by that comment, but it was very bold.
Any advice would be greatly appreciated. Thanks!
I think any internship is better than no internship, and given your situation you are in a fortunate spot. Credit risk is more middle office - you don't have client interaction, you don't make the money for the bank. Rather, it is seen as a "roadblock" of sorts to the business side (e.g. this company is bad credit but have revenue generating opportunities down the road so still go through with transaction), but a necessary procedure for BBs to go through for audit purposes. You mainly do what Moody's or S&P people do, but you do it internally for the bank.
Since HR specifically didn't promise you a full time offer after the internship, added to the fact that the analyst program isn't structured, I would take the internship and work really hard to network with any of the bankers or anyone who can help you for a full time offer in a front office position. I wouldn't count on the internship to be something to look forward to as an analyst for 2-3 years.
Most BB's have a structured risk program, so you must be in a developing BB or MM. As stated above, Credit Risk is close to middle office, but it's a pretty good spot. In most BBs it pays well and life style is not crazy. You will learn everything about credit, which is an important skill in finance. Also, if you are higher up, say VP and up you do get client interaction, but it's not to make money.
Btw, if you are interested in trading it would be easier to transfer from market risk rather than credit risk.
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