As the title suggests, I am a rising freshman at a non-target, and I want a boutique IB internship next summer. What should I be doing? While networking, which level of banker should I target? Given most no-name boutiques are under 20 people, should I try to network with analysts and work my way up to VP/MD level, or should I go straight for the senior bankers?
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I know it may seem hard to understand now, but freshman summer does not matter as much as you think it does. To be honest, what benefitted me during my sophomore SA recruiting was having a really unique experience that wasn't finance related on my resume. I'd try to savor one of my last full summers as a kid.
are you a non-target though
Yes I’m at a non target. In most cases I think it’s better to be unique and memorable than having cookie cutter finance roles that half the other applicants have
I second this - zero finance related experience but very unique background and extracurriculars and landed MM IB. Show you want to learn and are a rounded person .. secure something for sophomore summer and dial in on Grades. You'll be good!
Completely agree with this. I'm at a semitarget and will be at an EB's NY office that my school has zero connections with. I did jack shit in freshman summer and had two non-IB finance internships at tiny firms (both during academic year) when I entered the recruiting cycle.
Interning at an IB boutique is boring as shit, doesn't teach you much, and isn't even all that valuable on your resume relative to other finance roles. Anecdotally, the one guy I know at another semitarget who had an IB boutique internship is still struggling to find a junior year summer internship even this late into the cycle. It's not a major plus
I actually disagree with this. Since the timelines have been pushed so early freshman summer is actually the only experience that you’ll be able to speak about when recruiting. The only stories that you’ll be able to use for fit questions will generally come from the freshman summer experience. You don’t have to do something finance related but do something that allows you to share something interesting and show what you were able to learn, worked in a team, etc.
When I was recruiting this year all my super days were around April/May (non-diversity, target). This was way before I even started my sophomore summer internship. Keep this in mind when thinking about your freshman summer. I think a valuable experience is very meaningful and can substantially impact recruiting.
That’s what I was saying - do something unique that complements your interests or hobbies well.
Make a list of all the boutiques in your area. Around Nov/Dec reach out to senior people at these firms to set up a call since they have the most pull. If the senior people don't respond, then contact analysts/associates. Ask them some questions about their career path and the firm and then just ask them if they have any internship opportunities at the end of the call.
FWIW I think many people say that you can really do anything freshman summer and while something interesting can help you stand out, you really need to show an interest in finance too especially if you're coming from a nontarget. I think the number of people with boutique IB/PE freshman internships keeps increasing every year so a boutique IB internship will help you stay competitive. How many people doing their SA at BX PE or PJT RSSG right now did nothing related to finance their freshman summer? I bet they're a very small percentage coming from top target schools.
Btw you can still do a freshman IB internship and work 10 hours a week and enjoy your summer like everyone else. That's what I did.
Thank you so much for the detailed response. I truly appreciate it. I have a few other questions:
- Where I will be going to college, there aren't too many boutiques. Could I search for small NYC-based boutiques?
- Should I target LMM PE firms and private capital advisory firms too?
Lmao the guy above is right but kinda speaking BS. Yeah sure the 10 kids who go to PJT RSSG and the 3 who do BX PE do crazy freshman internships but none of those kids are non targets anyway and quite frankly comparing yourself to the top of the top finance kids is a bit ridiculous. The top comment is right about having a unique experience and most importantly you should build strong people skills. Nobody gives a fuck if you work on two 3 million dollar deals as a freshman at a boutique IB where you do no real work. A 10 person boutique internship isn't cool or interesting whatsoever and nobody thinks it is anyhow helpful to your junior summer. On the other hand, a 5 person volunteer trip to cambodia is super interesting to these guys. They want to ask you about stuff they may not have that much info about, not a junior version of their current work. Just my 2 cents
While you can try to get something unique, I’m also from a nontarget and knew I needed a finance internship this summer. I actually found a big asset manager that started a program for freshman summer. Got paid, barely worked, was remote, and had a solid brand name. I’d be happy to pass the opportunity along if you pm
I am unable to PM you, as your comment is anonymous. Could you respond to this comment without the anonymous setting?
Whoops, didn’t notice you were anon. Would rather keep myself private since I said some personal info, could you go off anon?
I recommend, for the non-target students, to do an internship with a search fund or local PE fund if you can't get a boutique IB internship. A lot of search funds take unpaid summer interns (commonly first years) and they can be remote, so you work from anywhere you want.
That's what l'm doing for my freshman summer right now, and many other people older than myself who made it into IB did one in their freshman summer.
Ok, and would it be possible to get a LMM PE internship in NYC as a freshman? I have family nearby so it would be ideal.
Definitely possible, though your best chances will be if you do it unpaid. If you have family there then that's a huge plus.I say this because I'm not sure if they do remote internships as often, but there's no harm in reaching out.Spend a good hour on crafting a solid email and send it out (personalized) to as many small PE shops and search funds as you can.
That's what I did and it worked.
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