Is this Internship for real, or am I missing something?
Hello
I'm a current sophomore at a non/semi target (we get like 10 boutiques and MMs to do OCR, but only resume drops from most BB, and I think only one actually does OCR and they end up talking only 2 or so people) with a current internship offer in a small Equity Research firm. I would normally take it in a heartbeat but a certain few things about the gig kinda make me a bit wary.
First of all, I got this opportunity through "Wall Street Consulting Company" which I assume is just another one of those firms whose job is to connect or network you to professionals in finance and consequently internships/jobs. I spoke with the man who originally reached out to me, and he said that this was a "great opportunity" and many people who do it end up getting fantastic jobs at BB and EBs. However, the position is a "remote" one, meaning that It would be all online, and I wouldn't have to commute or anything, and I would have to pay this networking company 1.5 grand for the opportunity. Excuse me for my possible ignorance but are ER internships even possible to do remotely. Secondly paying someone to get me an internship sounds like a fucking ludicrous idea. Essentially what I'm asking is do you think this is just a scam meant to steal my money, or is it a legitimate opportunity?
I'm considering this only because I still haven't landed anything actually relevant to finance for this summer, and thus I'm a bit worried atm. Do you guys think I should follow through with this, or stick to cold calling/e-mailing in the hopes that I actually get a relevant boutique IB position, if that's even possible this late into the year.
Thank you for your help
Don't take it. Never pay for an internship.
Not legit
uhh.... run away.
Any time someone tries to push a "great opportunity" like that on you, run for the hills. Double if they want money for it; turn into Usain Bolt at that point.
Is there anyway companies like this can be reported to the SEC or US labor dept?
Probably not the SEC (as I doubt places like these are publicly traded), but I'm sure that the BBB may be interested. Plus, the business could be operating within (questionable) legal confines so simply paying for an internship may be insufficient cause for an investigation (otherwise, many legitimate but overpriced study-abroad-and-intern programs would be out of business).
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