Best alternatives to an internship??
Hi all,
As you may know, finance is a very competitive field and in order to set yourself apart from the majority you might need to have previous internships at relatively well-known institutions. (At least this is what I have seen looking at other people's LinkedIn accounts)
I am just confused about how students are able to get these in their first year of university. I have tried networking or cold-emailing but most places either tell me that they are not doing internships or they do not hire first-years.
If I can't get an internship, what are the best alternatives? Should I look into specific courses? Are there specific remote opportunities online?
Can someone please enlighten me with what I should be doing?
Thanks in advance
Hey there!
You're absolutely right, finance is a competitive field and internships can be a great way to get your foot in the door. But don't worry if you're finding it tough to land one in your first year, there are plenty of other ways to gain valuable experience and set yourself apart.
Part-Time Jobs or Work-Study: These can be a great way to gain some practical experience. It might not be directly related to finance, but any work experience can be valuable and teach you transferable skills.
Join Finance-Related Clubs or Organizations: This can be a great way to learn more about the industry, network with like-minded individuals, and potentially gain some practical experience.
Courses and Certifications: There are plenty of online courses and certifications that can help you gain a deeper understanding of finance. WSO Courses and WSO Academy offer a range of courses that could be beneficial.
Research or Teaching Assistant Positions: If you're doing well in your finance or economics classes, consider asking your professors about these opportunities. They can be a great way to deepen your understanding of the subject matter.
Networking: Keep networking and building relationships in the industry. This can open up opportunities down the line.
Virtual Internships: Given the current situation with the pandemic, many companies are offering virtual internships. Keep an eye out for these opportunities.
Remember, the goal is to gain experience, learn, and make connections. So, don't stress too much if you can't land a traditional internship right away. There are plenty of paths to success in the finance world. Keep exploring your options and stay determined!
Sources: Undergrads: Non-finance, non-target, not a problem. 5 Steps to get you started., FT: Wall Street banks explore option of ‘virtual internships’, Personality just doesn't fit I-Banking/Finance? Is there a Finance "type"?, What are the best alternatives of IB (or other high finance)/Consulting if people don't get in?, how to be a good intern / employee
You can do some basic modeling and valuation courses in your free time and look into several public companies and develop 2~3 good stock pitches (long/short). It is a fun way to develop sector sense and technical skills.
Here's what you can do so far:
Obviously, an internship is the best one to go with. You can still try and get direct work experience in a closely related field (PE or Consulting) and then transition to IB. But not everyone likes that way. Hope I could help, you can dm me if you have any other questions. Wish you good luck!
Thanks for the advice.
Wouldn't you say doing the CFA at undergrad is very hard as there are many professionals in the industry with experience and knowledge failing it?
Also, how do you go about doing research – do you just ask professors and teachers if you could do research with them or are there specific places you find these schemes?
I got my research position thanks to an academic program that brings students and research professors together. I would recommend to stop by something like Student Involvement Center or, even better, the Business School chairman. You will definitely get the right information.
Just in case you decide to do it - you'll need to have:
Thanks, that is really useful to know.
beating your meet
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