I can either do a boutique IB internship in California (out-of-state) or stay home and do a remote IB internship for a boutique firm in NY.
Both are unpaid, but I think I will be doing a lot more modeling with the remote internship, though the MM said that it would expose its interns to a fair amount of modeling and that each intern would be involved in a deal.
While there is no compelling financial restriction, my parents don't want to spend more money because I am attending an out-of-state target university. What should I do?
Thanks!
seriously, where do you guys find these MM IB internships that don't pay? Is this actually an MM or rather a boutique?
They're all boutiques basically
gotcha, terminology on this forum always confused me
Always wondered how people can afford non-paid internships that are not remote or in their local area.
I did a - probably over in-depth - write-up after mine last summer (http://www.wallstreetoasis.com/forums/the-economics-of-an-unpaid-intern…). In the end I came out $1200 in the hole, which is easily made up for by my internship this summer - and, hopefully, future earnings. Also note that my write-up is for ATL/CLT/DC areas, and LDN/NYC/SF will be much more expensive on a COL basis.
I also second what Quaneaser said about shipping off modeling work to an inexperienced intern. It's hard enough for them to teach you in-person in such a short period, let alone when they have no ability to teach you since you're not there.
And my last point is just that, if you can financially manage, I would do the on-site internship simply because of the value of being in the office for that period of time. You will learn a lot just from being there - hearing people talk, seeing how people interact, what the analysts' days are like, etc. Also, you're more likely to pick up things to do if you're there. An MD could be about to hop on a call and see you and invite you to listen in, which obviously wouldn't happen if you weren't in the office.
Try to negotiate into getting the California boutique to pay you, at least enough to survive summer (housing/food/etc). You could also search for unpaid internship funding through your school but it may be late for that process. Otherwise, I would take the remote position.
In-Person >>> Remote.
In person over remote as long as you have enough money to survive without putting undue financial strain on your family.
I am leaning towards taking the out-of-state internship. Does anyone know what is the best way to search for inexpensive apartments in SF?
Pick one
Is it possible to complete both internships at the same time? Chances are, you'll get mostly grunt work and nothing too in-depth, making it possible to take on additional work on the side.
I would do the in-person internship because come interview time for SA or FT roles, you will always have to spend part of the interview explaining what a remote IB internship is, and this will just create a giant distraction.
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