Should I be upset I didn't get a paid internship?
My university was pushing a £20k paying one year internship as an accountant at a non-profit. I want to get into investment banking, which I applied to but got entirely rejected (I'm not surprised since I go to a non-target and my plan is to get a masters at a target uni). I almost got the non-profit accounting internship, but they rejected me at the last minute.
I have this new offer of a summer internship which is unpaid. It's as a writer for investment banking related news for a new online financial newspaper. However it is a .net website which I have never heard of before. It is pay per view.
Maybe I'm upset because I don't have a stable paying job which my bank account would like, or maybe because my university REALLY pushed the non-profit accounting internship which would've given me money and stability. Now I have an unpaid internship at a startup blog. I feel upset. Or am I feeling the complete wrong way and should I be happy that I got SOMETHING related to IBD? I'm feeling very mixed feelings.
Nah man, I understand where your coming from, working for free is not ideal. You should find other internships as writing ib related articles is easily replaceable through external societies. Merger sight and your own uni clubs can offer you the choice of words in an interview. Hence find a paid or even unpaid transactional finance internship if there is still time because the experience of writing ib articles can be done through ECs.
Why does it matter if it's an easily replaceable job? It's an internship. Unless you're saying that because this internship is for a job that is easily replaceable, there's no point in doing it. Not even for the micro-peripheral investment banking experience I'm receiving?
In context, I think my words were vague and inaccurate, got off on the wrong foot there. My bad, sorry.
In relation to what you said, I definitely think it's not a replaceable 'job' where everyone can do it. You need an in depth knowledge on how deals operate and understand different industries, the 'job' is not replaceable.
What I meant to say is the 'experience' gained from writing these investment banking articles can be shown by joining m&a online societies like merger sight or your own uni m&a related clubs.
Banks are looking for someone who is a leader, analytical, 'genuine' interest in the industry, communicate well and is not a bore. I'm sure you can agree with this.
If you do the internship and put it under work experience, you can show interest in the industry while being analytical, nothing wrong.
You might say what's the catch, being in an online m&a society also allow you to demonstrate the same qualities albeit under ecs section. Sounds the same but it's not, it's a big difference. By having the opportunity to work, you can have a large range of experience such as risk management , accounting and corporate finance.
For example, if you received an internship in risk, you could also write for m&a articles on mergersight. This is my point, you can hit two birds with one stone. Now you have experienced more of the financial industry.
Hypothetical situation in an interview - why this role? Simplified answer below.
If asked why ib? Internships-m&a society-your other work experience. A well rounded interest with little holes in the answer cause you get 3 ammo.
If asked why ib? internship-your other work experience-interest in ib. You get 2 ammo worth of experience. Compared to the first answer, you get 1 extra ammo and this is worth 50 words or 20 seconds in your story. Down the line in your interview, you could use the answer again, meaning 100 words or up to a minute and you will have bigger psychological impact on being a better candidate due to 60 seconds gained from 1 ammo and this answer can't be easily replicated by your peers. Your peers can say the same thing about their m&a society but they can't say these all these internships point towards ib. You can even use the phrase I tried different areas. Since you took accounting, your answer would be, tried accounting, tried corporate finance, tried another, tried writing deals, leading to ib, the associate interviewing thinks your not bullshiting your interest.
Furthermore, if you fail in recruiting, you could join other industries by using a different internship as a platform to show interest.
wanted to help, really sorry if i came across as downgrading your internship, genuinely did not mean that in the slightest
No, you didn't at all come across wrong. I was just trying to understand your point better and now I do. I get what you're saying. Be extra extra fully-rounded. The good news is that there are still a few 'one year finance placements' running and they should start in July or August and I may have a shot at that.
Also I'm president of investment society at my university and we're just starting an investment banking project. So I'll stick with the writing job but I'll keep looking for finance placements at the same time.
Yeah if that was your goal? Are you dumb
Honest I will say this categorically: if you are in the UK, and you want to do something with your life, get the fuck out of that country
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