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?

 
Best Response

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).

 

Iusto amet ut saepe expedita et fugiat. Similique et minus sit.

Voluptates doloremque id qui culpa quia fuga molestias. Ipsa incidunt provident animi repellendus sunt eum. Accusantium explicabo sapiente ut blanditiis.

Maiores ratione velit dolores magni non eum. Numquam exercitationem delectus non tempora et inventore dolorem. Vel sit officia corporis est. Dignissimos fugit enim harum voluptate qui facere consequatur.

Career Advancement Opportunities

March 2024 Investment Banking

  • Jefferies & Company 02 99.4%
  • Goldman Sachs 19 98.8%
  • Harris Williams & Co. (++) 98.3%
  • Lazard Freres 02 97.7%
  • JPMorgan Chase 03 97.1%

Overall Employee Satisfaction

March 2024 Investment Banking

  • Harris Williams & Co. 18 99.4%
  • JPMorgan Chase 10 98.8%
  • Lazard Freres 05 98.3%
  • Morgan Stanley 07 97.7%
  • William Blair 03 97.1%

Professional Growth Opportunities

March 2024 Investment Banking

  • Lazard Freres 01 99.4%
  • Jefferies & Company 02 98.8%
  • Goldman Sachs 17 98.3%
  • Moelis & Company 07 97.7%
  • JPMorgan Chase 05 97.1%

Total Avg Compensation

March 2024 Investment Banking

  • Director/MD (5) $648
  • Vice President (19) $385
  • Associates (86) $261
  • 3rd+ Year Analyst (13) $181
  • Intern/Summer Associate (33) $170
  • 2nd Year Analyst (66) $168
  • 1st Year Analyst (202) $159
  • Intern/Summer Analyst (144) $101
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

Leaderboard

1
redever's picture
redever
99.2
2
Secyh62's picture
Secyh62
99.0
3
Betsy Massar's picture
Betsy Massar
99.0
4
BankonBanking's picture
BankonBanking
99.0
5
kanon's picture
kanon
98.9
6
DrApeman's picture
DrApeman
98.9
7
dosk17's picture
dosk17
98.9
8
CompBanker's picture
CompBanker
98.9
9
GameTheory's picture
GameTheory
98.9
10
numi's picture
numi
98.8
success
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”