Worth taking Unpaid Ibanking Internship in NY Sophomore?
Assuming you have to pay $1500 to get your sponsor and then also about $1500 per month for living expensives per month, is the banking internship worth it? Versus doing BO/MO somewhere else where you get a pay and don't need to go into debt.
The way I see it, if a bank is only offering you an unpaid internship the firm is likely not reputable enough to be worth the trouble. The only exception here is if you're completely out of other options, then I guess it is better than nothing.
In my opinion, if you're looking at BO/MO at a BB or big MM, it's infinitely more valuable than some mom-and-pop boutique that can't even shovel up the money to pay their interns.
I think this is an interesting opinion. I have been in a very similar situation with OP and I easily took the unpaid banking internship.
I think it really depends on what OP wants to do, what kind of work he'll be doing at this banking internship, and what kind of financial situation he is in. I'm a sophomore working in NYC for the summer, got a MO internship at JPM/GS/MS that paid $21 an hour and I turned it down to work at a boutique that doesn't pay it's interns. This is because 1) Nothing I would learn at the BO/MO position at the BB position was worthwhile and I already spent my freshman summer at a BB for wealth management, 2) I want to pursue a career in investment banking and want to get the experience heading into recruiting, 3) I was impressed with the people I met during my interview at the boutique and the level of work that they did and I know that I won't just be used as a slave doing garbage work and 4) My family's financial situation allows me to not have to focus on making money right now and instead allow me to take on an internship that (in my opinion) will benefit me more towards the future.
M&A Internship Advice (Originally Posted: 04/22/2014)
I am a sophomore at a non-target and have just been offered an internship at a small M&A firm. It is unpaid and I would be walking away from $15,000 this summer if I accept. I already have a venture capital internship on my resume. My goal is to land a SA position next summer. Should I take the work experience or the money?
What are your other options? A lot of places do unpaid but then might offer you a bonus at the end of the internship too. If you want to break in then I'd do it.
Unpaid Internship - 3 month full time unpaid internship (Originally Posted: 02/15/2011)
I have an interview tomorrow for a 3 month full time unpaid internship with a small investment banking firm (12--15 employees).
I have 4 years of experience working as an equity prop trader, and graduated from a top 25(between 20-25) under grad finance program with a decent 3.5 gpa.
I obviously haven't even been offered the position yet. But is it worth it for me to do this for free? Besides the fact that its technically illegal, is the experience i get in 3 months going to have the potential to lead to a job somewhere else? They said that they hired 2 of their interns last year to full time positions and that it could lead to a full time paid role as an analyst but that obviously there were no guarantees.
What are your thoughts?
It's called "volunteer work", and is it worth it? If you can afford it, why not?
bump!
Working for free at a local boutique investment bank (Originally Posted: 03/14/2013)
Do you guys think it's a good idea to work as a summer analyst for free? I plan to do that at a small local boutique investment bank for a month. I am willing to do that because first 2 months of my summer I plan to work at a Big 4 firm. One reason I am willing to do it for free is that they don't have actual internships over summer and are small (18 people) so they don't employ many new people FT every year. I would like to get some investment banking experience and since last month of summer would be free for me I realized I'd better do something productive. I would appreciate any input.
If you want the experience, then yes it will obviously be beneficial..If you want to break into the industry then any type of relevant work will be useful.
Did you propose to work for free?
Yes I did propose it when I asked about the opportunity.
Hell yes! If you're going back to school in the fall, I would try to maintain a working relationship with them throughout the semester. Nothing too time consuming but maybe some basic model work or a monthly meeting to talk about deals they're doing. That will give you a ton of stuff to talk about in an IBD interview. Plus no one will question if you're just trying to get into the industry for the money.
I have worked unpaid at a local boutique for a little under a year. I worked while attending summer classes, and offered to do various tasks during the regular school year. I usually do some research/checking documents/an occasional model. The director is cool and lets me take a lot of the work home, so it fits my schedule easily, and I have gotten some good experience, met clients, etc. With that said, make sure you frequently weigh your alternatives. The shop is too small to do any FT hiring, so it is a dead end in terms of immediate career growth. Sometimes I think it would have been better to pursue something in F500 or corporate banking.
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