Newbie Canadian with Questions
Hi, I'm a freshman incoming sophomore, from a "target" University in Canada and I managed to get a summer internship with a mid size Wealth Management Firm specifically for the position of portfolio analyst, in Toronto.
It is unpaid but since I have relatives in Toronto living cost isn't an issue. I was wondering about internships for next Summer. From what I know (I could be wrong) most bulge bracket firms hire interns who are in their junior year. Exception being JP Morgan which has a sophomore program. Firms like Goldman Sachs do hire selective sophomores along with UBS but I'm guessing the chances are lower to get the internship as a sophomore.
That being said, aside from the 3 bulge brackets, there aren't many IB firms in Canada that offer paid internships for sophomores.
What are your thoughts on unpaid internships in cities like Beijing, Shanghai, New York, and San Francisco? They are unpaid internships and usually the cost of the internship program including housing is from $4000-$9000 USD for about 6-8 weeks. The internship company matches you with a company that suits your interest so a boutique IB firm is likely.
Is it worth it to pay that much for a sophomore internship? If not, what other options do I have in regards to internships for next Summer?
While unpaid internship by themselves aren't bad, getting them through an agency is rather...questionable. I think you should focus your efforts on getting an internship by networking. Worst case, you can still pay for it last minute. You also have to consider that many people, especially in Beijing and Shanghai, are put into TERRIBLE apartments (if you even want to call them that).
Yes, most BBs hire interns only in their junior year (unless you have really good connections).
Why does it have to be paid? IF you get an unpaid internship with any other BB besides the top 3, wouldn't you rather spend some money on doing the internship and getting a FO?
Again, just network. You will be fine coming form the University of British Columbia. You can also use OCR (probably fairly decent).
^SCAM!
Second one in two days :(
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