Summer Internship got Cancelled. What do I do now?
Hi all,
I’m a sophomore at a non target with a 3.77 GPA double majoring in finance and Econ and am aiming to break into IB. I had a PE internship ready for me for this summer. After many interviews and rejections, I finally found this opportunity. However, I was told today that they are cancelling it since they can’t afford to pay me. I asked if I could work without pay and they still said no. This could have been my first finance related internship too.
What do I do now? I’m a bit late to the game but I’ve started networking since the beginning of May and have built a few relationships at MM and boutique banks who’s apps open in the fall. Should I cold email places around my area starting tomorrow for an unpaid internship? If not, should I do the Invest like the Street Program? Buddy of mine said it helped him. I just want to obtain experience and work hard this summer.
Looking forward to everyone’s insights! Thx guys
I think a lot of search funds and random VC firms are looking for interns right now. Those always look for interns, even better if you’re willing to work unpaid. Keep reaching out!
Happened to me last summer due to COVID. Firms were generally understanding about it and I just wrote canceled summer analyst on my resume regarding that internship. I would still try searching for a summer internship for this summer (resort to unpaid ones if you have to) but don't think that you need to have one for this summer for you to get one for next summer. Thus, whilst you search for one for SA 21, don't let off the gas on recruiting for SA22. I got all of my superdays and the offer after my summer internship got canceled.
What kind of PE firm can’t afford to pay an intern for 8 weeks?
Keep it on your resume for the sake of 2022 recruiting and signaling to firms that you can make the cut. Example.
You need to salvage the situation and at least do that. If people ask about it, just give them an honest answer (what you said above). I'd probably leave out the working with no pay part and instead say you offered to work part-time.
Anything to make this a W.
That’s super annoying and I’m sorry to hear that. Echoing what others have said, for sure put it on your resume and explain. I would also start mad cold calling firms, just explain what happened and people should be understanding. Focus on boutiques, if you get the ear of an MD there it’s pretty easy for them to randomly hire another intern. Best of luck
Your best bet is going to be LMM banks, Search Funds, PEs Firms, etc. in your area. Going to have to leverage your network on this one and talk to as many people as possible to explain your situation and sell yourself.
Keep pounding on the door and you will get let in somewhere
Here is a great directory for LMM banks:
https://www.axial.net/forum/companies/investment-banks/
Thanks so much for this!! Was able to get 2 interviews for next week. Cold emailed more firms today and planing on doing more this Monday. I appreciate the help!
You’re going to do great. Godspeed.
DO NOT DO INVEST LIKE THE STREET.
In my opinion, it's a big red flag. It's essentially paying for an internship and the only thing that it indicates is that you can afford the program.
take the SIE, shows initiative. Should be very doable. You could also start prepping GMAT so by time you are a senior you easily clear 730+ and get deferred admit into a top 5 program.
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