Summer Internship Advice - Suggestions or inputs?
Hi, new here. I'm beginning the applications for summer internships for next summer, the summer before my senior year. I attend a top-50 liberal arts college, have a 3.5 GPA, financial economics major, president of the economics society, COO of the student managed fund that we started this past year, and a varsity athlete. I will be completing a fall internship this coming fall with farmer's national bank in private wealth management. It's the best bank in the small college town, which allows me to take courses as well as work. Just wanted to give you some background on me so you could advise accordingly.
Anyways, I'm looking at the Goldman Sachs application and there is the option to select up to 3 regions and then different divisions in those regions. So far I am thinking to apply for Chicago, Investment management, Goldman Sachs asset mgmt, and Chicago, Investment Banking, general. I'm hoping I could get some advice on a good third choice that would afford me the best opportunity on landing this dream internship. Or is there even any difference in the competitiveness between the different regions?
Also, what are some other summer internships for firms that will make my resume shine while giving me good experience in the industry. I'm thinking JP Morgan and Bank of America. Suggestions? I want to cast my "net" as high and wide as possible to have the best results with offers. As well, I don't want to only apply to top firms in case I would be disappointed and not land anything.
Thanks for any input.
Any help is much appreciated!
For Goldman you should decide what you want to do and be consistant with it on your application. Choose either IB, IM, or AM and put that for all of your locations. If you put one IB and one IM it'll look like you don't know what you want to do. IB will be MUCH more competitive than anything else, and all of the regions will be competitive. In general, it will be much easier to get a PWM internship than IB. Also, Goldman is probably the most difficult internship to land in the industry.
Given that you said you go to a top 50 liberal arts school I'm assuming you are in the 25-50 range (otherwise you would have said top 25 or top 10) which therefore means you probably aren't at a target school. Also, since you seem to not know of investment banks other than these three that you listed (apologies if that is an incorrect assumption) I feel like you should know that its going to be very tough to land a BB internship UNLESS you are well connected and/or you can build a network over the summer. There are hundreds of threads on this site about networking and how to get a BB internship if you're interested or want to validate what I'm saying.
For your last question. There are literally hundreds of investment banks. Google "list of investment banks" to find them. You should apply to as many as you can to give yourself the most offers like you mentioned. For reference I applied to over 50.
What you have going for you is that you are at/above the magical 3.5 GPA marker, you have good extra-curriculars, you are a varsity athlete which is huge, and you are starting relatively early which is huge.
Final note. From what I have heard (never worked at HR at a bank) banks rarely ever look at online applications. I've always heard that you need someone to be looking for your resume or to be actually putting your name in the ring.
Wow, so helpful. Considering each and every aspect of your reply. Thank you, thank you, thank you. The school I attend is ranked top in the nation for alumni support so I will continue with the networking I've began this past year and I'm going to try your cold call strategy with the large investment banks over the summer. I do need to broaden my knowledge base of the wide world of banking, hence my new membership here,and will be knee deep in articles this summer. I'm currently working an internship with the sales group of a large manufacturing corp. but really can't wait to get into banking! Thanks again for the help!
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