Most regional boutiques don't have formal internship programs, but I know they still have a lot to offer on the job. The only problem is convincing them to take an intern. I've reached out to a regional boutique and scheduled a call in a few days; the hiring manager said the company just opened an internship but she doesn't know what the company plans to do with it. That clearly sounds like the dreaded situation I've been in before: telling me there's an internship available but then take it back.
I don't get it either, how hard is it to have an intern around? I know what internships are like in IBD, and even at the most prestigious banks, interns are just Excel monkeys doing grunt work for the most part. I don't need a big project, I don't need constant supervision, I don't even need to be paid; you give me a seat and a computer and some work the company needs, I'll get it done, not questions asked. I just want to learn as much as possible.
Internships are designed to be learning opportunities, and I know how to turn even the most tedious work into great learning experiences. It's all a matter of attitude.
I don't think you understand how small boutiques operate.
Most small firms do very little modeling, and there isn't the type of grunt work available that you're thinking of. These firms have learned to operate at full capacity with 5-10 guys, and most don't need help.
The small firms that go out of their way to bring you in are doing it because they're investing in you as a potential full-time hire. That's why these small firms typically go after the MBA and seniors who don't know wtf they're doing/ are desperate for experience.
You want to learn as much as possible? How is that going to happen when all the MDs are on the road pitching to clients, and there's only one VP in the office who doesn't have time to delegate something he can do himself in 1/10 the time? Whether you like it or not, hiring even unpaid interns is a double-edged sword for these shops, and you just have to go out there and prove to them you can add value. Don't waste your time with the ones that show no interest.
That's another part I have to figure out: how exactly I can add value? Having only been in school for a little bit, I don't have specific investment banking experience. But I am knowledgeable in accounting and finance, know how to research to address specific problems, have strong leadership, and willing to take initiative. Although I wouldn't be surprised if you think even all that is too boring to hear. Maybe that's why finding an internship is too tough, because you have to prove how you can add value when the employers knows you clearly can't because you're too inexperienced.
Also, I apologize as this firm actually refers itself as MM, but it's still a small company with no more than 20 some employees. I'm a little confused with the term "boutique" as I originally thought it referred to all small investment banks with only 1 office and offering 1 or a few services.
How do you add value? - Your actions will speak for themselves.
You're intelligent, a leader, and a good problem solver? That means I should see "President" of some club you're interested in, a good GPA, and a good business school on your resume. The way you carry yourself in your online presence, networking events, and your professionalism when you're reaching out to these banks goes a long way. If you show them you care and are genuinely interested, they will respond to that (I know, really difficult for fesh/soph).
Honestly, the first internship is the most difficult to get, but if you're persistent, it's very doable. After that, hopefully you will be more well rounded, professional, have a higher GPA, more extra curricular involvement, and a clear vision for the industry as a whole. It definitely gives you perspective and motivation that sets you up for junior SA recruiting.
The word "boutique" can confuse a lot of people. The firm you're referring to probably does deals with lower MM companies. Lazard/Greenhill/Evercore are considered "elite boutiques" yet they do deals comparable to GS/JPM/MS. A lot of it has to do with what the bank specializes in. M&A is the typical bread and butter for boutiques, but deal size varies depending on the team's background, industry focus, geographic location, etc. Anybody can say they're a MM bank, but it's pretty much just for credibility/marketing purposes at the regional banks.
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