Offering first two weeks of intern salary for a successful referral?
Background: I am currently about to start a masters program at a semi-target school and will be graduating in December 2018 (I would like to do an investment banking summer analyst internship in 2018). My GPA during my undergrad years was good & I have taught myself financial modeling over the summer, but I know that it's very competitive to get SA positions.
Would offering to give the first two weeks of my intern salary to an investment banker in exchange for a successful referral help me get an internship? And how would I go about making this offer?
Any advice would be appreciated.
TOBINCO
I don't think 2 weeks of intern pay is going to convince someone making $130k+ a year to put their professional reputation on the line for you.
True - but I am hoping it will show my referral just how badly I want to break into the industry.
I'm not a banker, but if someone offered to pay me 2 weeks of their intern salary for a referral, I would assume they weren't very good at discerning what's professionally appropriate and what's not
lol are you in NYC and what school?
Not in NYC currently
I don't want to name the school publicly because I'm not sure if this thread is kosher lol
Compensation for Referrals? (Originally Posted: 11/07/2012)
I'm a senior and I recently accepted an offer with a BB for an IB analyst position.
When they sent me the "welcome materials," I noticed that they have a system where you can submit referrals/resumes for candidates that network with you. Since I'm only eligible to submit once I start working, I don't have access to the details of how this system works.
It looks like they actually pay you a sum of money if one of your referrals gets hired?? If so, how much do they usually pay and doesn't this represent somewhat of a conflict of interest? Makes sense now why alums are so willing to spend the time to meet with you.
Generally this won't apply for entry level positions. Incentives are created for employee referrals particularly when a position requires specialized skills or has been difficult to fill.
Because if they don't pay you they'll have to pay a headhunter anyway
incentives are aligned to bring in talent. It could be entry level.. But you will obviously get more for experienced hires. Entry level spots can be 2-4K... Be wise with referrals because if your guy turns out to be a loser and you waist everyone's time, it reflects negatively on you.
Consultancies in Germany usually pay 1-3k Euro if you recruit a new employee and he stays for the company for more than half a year. The reward depends on the level of seniority, but you will get quite a nice reward, even if its for an entry level position
The amount would probably be around $1-5K. And like shark-monkey mentioned, the reason why you don't just refer anyone and everyone just to try and get some extra $$ on the side is because if that person ends up being a dud, it'll end up reflecting badly on you.
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