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The guy sounds like a total ass and I would not accept this job personally. That said - it's really helpful to have something to talk about and having "Investment Banking Intern" on your resume goes a long way. 

What were your prior internships? I would say worth it if you don't already have IB or anything of note. If you already did something similar in a previous internship, you are likely okay to skip it.

I think 3 months is the minimum for anyone to take the experience seriously. You can quit on the 1st day of the third month and still put that month on your resume. 1 month is so short it's not even worth putting on there - it's basically a shadow experience at that point.

 

A job is better than no job.

I’d accept it and then keep recruiting. Worst case you do the job, best case you land a paid gig with someone that isn’t a tool and you renege on the prior offer.

It might take some explaining if you left after 2 months, but it should be easy to spin especially as there are already red flags. Simply stating that it was unpaid, or that it wasn’t a culture fit, or that school needed to take precedent would be sufficient.

 

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