79 Comments
 

You should pray to the ibanking gods for 7 hours daily, at least 5 of which must be consecutive, that you may be so lucky as to grace the halls of the IBD.

 

Your best two options are:

1) Something finance-related: Anything with a financial services company or corporate setting that gives you some exposure to finance. Obviously you are not going to have a ton of responsibility, but you can get some exposure and experience. This would also be unpaid.

2) Research assistant to a finance professor: Not the best option, but if you can get a good professor who works on something that would help out for next summer, it can still payoff. Also, you can take classes as well, so get some more classes out of the way and have a lighter courseload during the year.

IMHO...

 

Geez, didn't know you had to do stuff during the summer to not be a social misfit...

To be honest, I don't see how starting to look at career options early and doing early internships is "ignoring the best years of his life". Not every person has to have the American Pie II summer to be cool.

Besides, for non-targets, starting early is one of the best strategies to get into banking.

 

Thanks for replies guys. I do plan on "living it up" this summer, but I figured instead of working as a lifeguard I would do something that is somewhat related to finance/banking and would boost my resume for the future since I don't attend a target school.

My main problem is that I will be living in a small city this summer. Right now my main options are working at a bank, such as M&I, a financial planning firm, or working in the finance division of a large clinic.

What is my best choice of these options? Also, what are jobs at a Bank that someone with limited experience could secure, that are above the level of bank teller?

Thanks again for the replies.

 

I'm in the same position as you mwgr5. I did get an interview to JPMorgan's honor program, but that didn't carry all the way through. So instead, I figured doing some kind of volunteering would be one of my best options.

 

I would strongly recommend looking at unpaid internships. Yes it's great to make money, but you have to start somewhere, and there are some amazing opportunities that look great on a resume. As a freshman, I would keep an open mind and look around for some of these (do a search-idealist.org has some interesting ones). During my freshman and sophomore years I did a very average-paying govt job (for college summers) and a non-paid UN-affiliated internship (yes in NYC). Both were awesome experiences and great to talk about with recruiters.

 

Im from a non-target school, but was in a similar position when i was your age...I knew early on I wanted to break into an IB, but realized its an insanely competitive business...I took the option that allowed me hte best of both worlds, gaining financial experience to help build the resume while still chillin with all my buddies... I took a paid internship at a local law firm (upstate ny) 3days a week, and went to an A.G. Edwards wealth management branch office and begged them for unpaid work 2x a week. It ended up working out very well.. I got to add two respectable internships at a young age. Banks eat that stuff up. It also put me in a situation allowing me to get an even better summer internship my soph summer...which eventually led to a BB summer analyst postion that led to a sick fulltime offer...good luck...

 

I'm getting the vibe that freshman summer doesn't really matter in terms of the recruiting timeline then? I've got a paid web design internship lined up already, hoping to leverage that into a financial internship next summer. Is that possible?

 
MeebsI'm getting the vibe that freshman summer doesn't really matter in terms of the recruiting timeline then? I've got a paid web design internship lined up already, hoping to leverage that into a financial internship next summer. Is that possible?

Yeah its possible to leverage your wed design intenrship into a financial one. I had a web design internship the summer after highschool, leveraged that to a pwm internship at a BB think GS/MS during the summer of my freshman year and through the fall semester of my sophomore year. Then I leveraged that one into an internship as a credit analyst at a huge commercial bank for the entire spring semester of my soph year, which im currently in, and now I was able to leverage that internship to get an interveiw for a summer internship at RBC Capital Markets in their alternative assets group trading hedge funds and structured products. So hopefully ill get the summer internship. But these are the things you gotta do if you come from a non-target and you want to end up at a BB eventually doing I-banking or trading. And you'll prob have to suck it up and do pwm, it blows, but itll help get u other internships

 

No one gives a shit about your freshman year summer. By junior year, you shouldn' even have space on your resume to put what you did your freshman summer. Live life. I-banking is not God.

 

kynnad316, how did you get interviews for the pwm internship at GS/MS?? Did you have some connections, through networking, or did you just apply online.

 

I went to my career services office at school and the person there told me that they just got a call from someone at GS/MS pwm saying that they need an intern asap. I had an interview a few days later and got the job. I guess it was just good timing and some luck that led me to that job.

 
Best Response

If you can, maybe try to get some background in asset management. If you live near any decent sized city, there's bound to be several smaller places. It might give you some intro knowledge into how to pick out stocks/bonds, and as anybody who interviewed with a BB will tell you, they often ask about good/bad stock picks you have and why.

If you can't get something like that, go lifeguard. I know a friend of mine at a top engineering school who lifeguarded until after his junior year and still got a top offer.

One thing I would suggest is that when you get back to school in the fall, get involved on campus. That will be as or more valuable than any internship you can get right now. Run for a position in your college congress. Try to get an important spot on one of your school's finance-related clubs, or better yet, found a club that isn't available. I'm in the process of trying to get an Investment Banking club for my college, in hopes I can help out other kids from my school and also improve my resume.

 

"Living it up" is definitely an option, but if you're serious about entering the industry, you need to get started! The guy who takes your internship spot in two years probably got some unpaid finance-related work while you were catching the rays and flirting with girls. ...you'll have 3 more spring break vacations to do that!

When you're a freshman, your best bet is to ask your mother or father for connections. If they have friends in the industry perhaps you can do some back-office filing or other mundane things.

The main goal for your freshman summer should be to begin building your resume and network. You can definitely apply for internships the old fashioned way, but they don't want you yet because you don't know enough during your freshman summer.

Best of luck and honestly, take whatever you can get. Don't just play video games all day!

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jackofalltrades The guy who takes your internship spot in two years probably got some unpaid finance-related work while you were catching the rays and flirting with girls.

Where are you getting this information from? Are you just pulling this out of your ass, or do you know someone who actually had this happen?

I'm looking through the resume book of my analyst class, and NO ONE has their freshman summer internship on their. Bottom line: it doesn't matter.

Can any CURRENT BANKERS (including class of '07) advise on the situtaion? What did you do the summer after your freshman year?

 
gqbanker

Where are you getting this information from? Are you just pulling this out of your ass, or do you know someone who actually had this happen?

I'm looking through the resume book of my analyst class, and NO ONE has their freshman summer internship on their. Bottom line: it doesn't matter.

Can any CURRENT BANKERS (including class of '07) advise on the situtaion? What did you do the summer after your freshman year?

yeah thats definitely true that people don't have their freshman year summer on their resume, but if you're at a non target school, or even a target one for that matter, it will help you to have the opportunity to find a better internship sophomore year than you could have gotten otherwise. Then, when interviewing for junior summer SA, you'll have a good internship on your resume to talk about which can definitely increase your chances.

 

I don't understand-why not put your freshman summer on the resume? Otherwise only one summer job is listed..I put both-what kind of resume only lists one job?

 

Most people inern during the school year and have enough extracurriculars that are more relevant than a non-paid summer job working as a file clerk. Therefore their resumes focus on those. I'm just telling you what I see.

 

I know but their extracurriculars take up most of the space in the resume and leave no room for two jobs in the relevant employment section

 

In terms of contacting people...Its Duke...so yeah....just try to reach out to people in the alumni database...that would be a good start

As for formal internships for freshmen, they are limited, and this is going to be a bad year.

 

Not likely this year bro, unless its at some POS hedge fund or something. JPM might have the honors program, though doubtful. There is no list of internships as JPM is just about the only bank I know of that has ever had a structured program for freshman. If you are really smart you might be able to get in some other places though that typically only hire juniors or sophomores.

 

not easy, but I would try some MM banks, which may be more accommodating. I worked with a freshman from a liberal arts school in CT at a MM bank in NYC this summer....

 

I have a friend who did a consulting internship after freshman year (though this was last year), and I was always confused with how a bank/consulting firm would critique your application. Basically, would they base everything off your first semester GPA? Do you include high school info (GPA/SAT/extra-curriculars) on your resume?

 

As a freshman, it is fine to have some things from senior year, as there are no real other data points...so

HS GPA, College GPA, SAT, any important ECs from HS like a sports team or such, ECs from College

You just need to start phasing that out as you become a sophomore.

 

how exactly do I reach to people in the Duke alumni database?

I looked in the Duke Alumni website but didn't know exactly where to go.

 

.. so you want us to actually hold your hand and walk you through it?

realize that you have to put in work for yourself and that everything is not spoon-fed. how are you going to even stand a chance

 

I'm a freshman too! I would never do 9-5 for the entire summer. I have 2 internships lined up but they're basically 1 month total.

Vandy is a solid school and your grades are really good. I'd say you can afford to forgo this internship, because you'll find one next summer just fine. If you care that much about staying competitive, you could also try getting a short internship over winter next year.

I'd just chill.

 

For BB banks like Goldman and MS, it won't make a difference. It sounds like you're not 100% set on IB, and your interests might change, which is fine. Enjoy your summer while you can, and once you're back in school, take advantage of random finance opportunities -- case competitions sponsored by PE and IB firms, student-run funds/credit unions, doing well in your classes, doing research with your finance professors, etc. Reach out to people over the summer, and enjoy your time with your friends! Freshman summer truly doesn't make a difference unless you do something incredible, like interning at an IB firm or even doing one of those leadership camps, like UBS's Sophomore Symposium. It sounds like you're going to be a financial advisor's assistant, which isn't a big learning experience.

Good luck, and have fun! Vandy is a great place.

 

OP, I am about to transfer into Vandy after this year. Would love to speak over the phone.

I am a blogging intern at Wall Street Oasis. Feel free to follow me to see my weekly posts.
 

Not that freshman year is critical, but having some experience is better than no experience, in my opinion. Having an internship on your resume affects the internship you get after sophomore year, which can affect junior year, so on and so forth. It isn't make or break, and you can do research or take a class instead, which would be fine and less time consuming, but personally, I would not pass up an internship that's related to what you want to do. You get off from work at 5, so you'll have all night to hang out with your friends, plus weekends.

 

That's fantastic you already got an internship as a freshman and sounds like a solid opportunity. I would take it if you are interested in finance. Try to learn more about the markets, business in general (not only the business world, but how people conduct themselves around the office, who to impress, office politics, etc.). Don't think you need to work crazy hours by any means - just do the 8:30 to 5:00 but try to obtain some of the relevant technical skills (using Excel, modeling to any extent you can). If your goal is GS, MS, etc. I think this definitely puts you on the right track and people will be impressed with a relevant internship between freshman and sophomore year. Think you can also do a decent amount of hanging out with friends - hours are not too bad and maybe try to negotiate 8 weeks for it?

At the same time, if you choose not to do it and would rather work at golf course, retail, etc., this is by no means the end all be all. You've got good grades and go to a great school. Next year, I bet you'll be a good candidate for those banks that target Vanderbilt.

 

Don't be a pussy. Just take it, and thank yourself in January when you have a legit shot at landing a boutique sophomore internship.

 

Freshman year summer is the best cause all the girls from high school have a year of college under their belt and are down to clown. That being said, take the internship, you'll still be ready to go hard on the weekends and occasional weekday and will be a step ahead of most going into soph internship recruiting.

This to all my hatin' folks seeing me getting guac right now..
 

Alright I think that I should definitely take this internship. Any suggestions on how I can try and negotiate something shorter than M-F all summer long without seeming like a complete ass-clown?

 

I interned last year during my freshman summer, and it directly helped me get an NYC HF internship for this summer.

Definitely take whichever sounds most interesting to you, your freshman internship doesn't have to be related to IB if thats what you want. Taking a freshman internship is a huge advantage because it demonstrates your interest and aptitude early on, and gives you a leg up for sophomore recruiting. Keep that GPA high, and having two internships come your junior year will be huge for you.

 

Take the internship. It sounds like a good avenue to wet your feet and see if finance is what you really want to do.

i'm not smart enough to do everything, but dumb enough to try anything
 

Same thing as after sophomore summer- I would look into

  1. PWM
  2. Federal Reserve Banks (believe they do internships for students of all class years)
  3. Unpaid boutique or MM
  4. Some other non-finance internship that could be interesting to talk about- doing something when you are a frosh most banks will ask you very little about anyways (it will have been 1.5 years by the time you are interviewing for SA spots at BBs)

Also I think some larger mutual funds have programs (maybe fidelity?) as well as some commercial banking type of stuff (more than just being a bank teller- more analysis involved).

Just having any internship that early is better than most who work at camps, or restaurants, or as lifeguards, so I wouldn't worry too much about what it is/if it is even finance related.

 

I was going to say PWM (it's what everyone else does) but volunteering your time to teach English would be a lot better. It will add community service to your resume, show that you are bilingual, and that you are interested in things other than finance.

 

I just got one in the last week, so yes it is. It will require a lot of cold calling though unless you're lucky, so if you want to try it then start now. I think teaching English may be just as powerful though. Like turtles said, it is different, interesting and will evoke conversation in informational interviews, etc. I would definitely do something though, even if its only a day or two a week, just to show that you aren't wasting your summer.

 

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