Unpaid IB SA on Wall St
I received an offer for an unpaid 8wk IB SA internship, physically located on Wall St. The company has 100+ associated members on LinkedIn, and has a decent history as well.
I could go with this offer or stay at my current finance internship (paid, not related at all to IB). If I left for summer, theres a strong chance I'd be able to continue my current internship in the Fall.
They said I'd probably be doing a research project over the summer, no DCF work, no M&A work, mainly life science deals and comparable company work. Would be working with an Analyst. No FT/return offer afterwards.
My stats:
- Sophomore 4.0 finance major at non-target state school
- F500 Finance internship
- Nonprofit founder
- Started + sold a business
Would a BB or MM take this internship seriously? Goal is to get a 2027 IB SA at a larger firm.
Also, is the experience worth the ~$12,000 to stay in NYC.
I mean if you can afford it, It will definitely help you. Many people you meet not only there, but in the city, will pay dividends in the future. 40 years from now when you look back on it, do you think you'll really be missing the $12k and regretting the experience? Also I think you can live in NYC for less then $6k a month if you really try.
Basically, if you have the means, I would do it. People from that firm will lateral and people you meet will be contacts for life. You never know how that will help you in the future.
Based on the most helpful WSO content, here's what you need to consider:
Relevance to Your Goals: Your ultimate aim is to secure a 2027 IB SA role at a larger firm (BB or MM). While the unpaid internship on Wall Street offers some exposure to IB, the lack of DCF, M&A, or deal-related work might limit its impact on your resume. BBs and MMs value hands-on deal experience, so this internship may not carry as much weight as one with more technical exposure.
Current Internship: Your paid F500 finance internship, while not directly related to IB, still demonstrates strong work experience. If you can continue this internship into the fall, it might provide a more stable and financially viable option while you network and prepare for IB recruiting.
Cost of NYC: Spending ~$12,000 for an unpaid internship in NYC is a significant financial burden, especially without a guaranteed return offer or substantial deal experience. Consider whether this investment aligns with your long-term goals and financial situation.
Networking Opportunities: Being physically located on Wall Street could provide valuable networking opportunities. However, you can also network effectively from your current position by leveraging LinkedIn, cold emails, and informational interviews.
Sophomore Status: As a sophomore, you still have time to build your profile for IB recruiting. Focus on securing a more relevant internship next summer, ideally at a boutique or middle-market firm where you can gain deal experience.
Recommendation:
If the unpaid internship doesn't offer significant technical exposure or networking opportunities, it may not justify the financial cost. Staying at your current internship, continuing into the fall, and using the time to network and prepare for IB recruiting might be a better strategy. Aim to secure a more relevant IB internship for summer 2026 to strengthen your candidacy for a 2027 BB/MM SA role.
Sources: Unpaid Internship is Paradise, Should I delay graduation by a semester for a summer internship at a large bank?, The Economics of an Unpaid Internship, Can I ask for an unpaid internship?
you started and sold a business?
Yes nothing crazy but thats why I’m able to afford potentially $12k over the summer
what was your business and who bought it? also i'd probably do the internship if you can afford the expenses
If you're not getting paid and they don't take returning summer analysts as full time, then they should at least be cool with you being out of the office often to network with people who could give you a paid junior year banking internship.
They said it’s a full time 9-5. By networking out of office do you mean like coffee chats? Right now all my networking has been calls, emails, zoom, etc. I’m not familiar with the scene at NYC so any insight would be helpful! Thank you
Bump, in a similar situation
Mind sharing? Or pm me
Are they giving you no housing stipend or meal stipend? Jesus Christ, I thought we were done with unpaid internships.
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