Internship Cancelled
I was offered an internship at the beginning of March, which I gladly accepted (my econ prof recommended me to the president, a former colleague of his).
On Thursday I talked to someone in HR who said that there is a strong possibility that there will no longer be an internship position for the summer. She said she will tell me for certain on Wednesday.
What can I do to save this internship? I have emailed the president, informing her on the matter. I was really excited about this particular internship, it seems like an excellent experience to be able to apply my knowledge and gain real world experience with big name clients.
I am also worried that now I will be stuck without any good internship for the summer. I had to turn down other offers for them and I haven't applied anywhere since the promised me a job. April is a bit late to be starting again from scratch, isn't it? Does anyone know of firms still accepting applications for finance internships? I'm a UC Berkeley Math/Econ major willing to relocate.
Can you divulge the reason as to why it may be cancelled?
And FWIW, plenty of people - myself included - have successfully searched for and found internships even beyond April. It's just a matter of contacting as many people as possible and blasting your resume out starting right now.
She wasn't very specific. It is a smallish firm (around 50 employees) and I got the impression that the team that I was to be placed with no longer had work for me to do.
If you already had the offer, but the internship was cancelled, then you might be in a position to ask them if they could refer you to another firm that has internship openings
thanks, I'll try that.
Don't focus on figuring out how to save the internship... if they need to cancel it they will and trying to save a sinking ship will prove nothing more than futile.
Instead focus on looking for new opportunities. April is definitely not too late (in my years at Undergrad I've never secured an internship earlier than late April). Contact people within firms that don't have structure recruiting. It's going to be a lot of work but that's what it takes sometimes.
Had this happen to me with an offer but it wasn't one I had already accepted like you. Pretty late in the cycle I had all my options laid out and was going to try and make my decision that week. All the sudden they just gave me a call and said that due to some extenuating circumstances they wouldn't be having any interns that year and they had to apologize and rescind my offer. I also got an email from our Career Services about it because apparently that's something that's very frowned upon and they wanted to make sure I wasn't fucked. I asked them what would have happened if that had been my only offer and they said typically you're shit out of luck. If that was the case I honestly have no idea what I'd do but I would NOT be happy. Especially because you probably would have already told anyone else you were interviewing with that you couldn't go on with the process because you'd already accepted an offer. I'd imagine if a firm does that more than once then your school would hesitate to invite them back for recruiting or something. Not sure if it works the same everywhere though.
Sorry to hear that. Wouldn't be able to give much advice because I've never really recruited in the US but I'm rooting for you. Let us know the outcome on Wednesday!
I got a call wednesday and they told me that they would tell me next week. the same happend for the next and has continued each week ever since. They keep telling me they need to figure out the structure of the internship before they continue on with my interviews. It is strange that this situation has gone on so long.
Thanks for all the advice/ support. I have continued applying places and have a few good interviews coming up.
That sucks, maybe they are trying to pressure you into agreeing to an unpaid internship
Good luck on the upcoming interviews. I had a similar thing happen to me a few years ago where the company just cut out their whole paid internship program.
Try cold calling/cold emailing small firms in PWM, smaller local IB boutiques and prop trading firms. I have done that lately and got few offers. Good luck.
Summer Analyst program canceled (Originally Posted: 01/27/2010)
I had recently networked my ass off to get an interview for an summer analyst position. I am a master student in statistics, undergrad finance and economics, 1450/770 quant, gre, 3.99 gpa undergrad, 3.9 gpa graduate, plus alot of other very strong ECs showing leadership and ability to handle stress, although I am from a non target. I was just informed that the company I was going to interview with canceled their summer analyst program, for some reason. Now I am basically screwed as it is too late in the season to try to land anything else. I don't know what to do now. What types of positions should I be looking for since I know that an investment banking internship is not an option. BTW the guy I talked to said he would get me a interview for full time position and that he felt bad that the rug got pulled out from under me. I have spent months getting ready for the interview, I guess I'm just really disapointed, because I know I could have gotten the position if I had just been given a chance. Just suck it up and network harder to try to land a full time position or do I have any other options?
I m sorry to hear that. But I know that banks (not BB or elite boutiques) are still collecting resumes; so do not give up!
It is still very early in the summer analyst process, you have plenty of time to still land interviews and get a job. If it was March/April I would agree that you would be in a tough spot, but not in January. Just keep networking and reaching out to recruiters and alums.
you applied to only one company? that was a bit too risky to boot wasn't it...
I applied to alot of companies but only had a real connection at this particular one that ended up materializing. Thanks, I had assumed it was too late based on various company's deadline dates. I had lined up this interview in november and I got the bomb dropped on me today. Thank-you for the advice. I will press on.
You definitely still have time for Summer Analyst positions. The process only ends in like March/April.
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