Interning At Middle Market IB/PE/PC Firms?
Hello fellow monkeys, for context I'm a freshman studying Economics and Finance in Australia looking to break into banking post grad and build up a strong portfolio of internships while studying. Whilst the major BB's are present in Australia and regularly take on internship classes, the M&A landscape in AUS is much more saturated with smaller MM/EB firms that whilst still taking on a solid deal flow, it is rare that these firms will take on interns.
The question I have is that would it be worth/appropriate to build connections with the teams at said smaller firms and from there try to gain internships at these firms. I want to do this just so I can maximise my reach when recruiting and also interning at a smaller firm would provide me with slightly more exposure to deals.
Please be honest and let me know your thoughts.
Building connections with teams at smaller MM/EB firms in Australia is absolutely worth it and can be a strategic move for your career goals. Based on the most helpful WSO content, here’s why and how you can approach this:
Networking is Key: Smaller firms often don’t have formal internship programs or structured recruiting processes like BBs. Networking is your best bet to get your foot in the door. Reach out to alumni, professionals, or even second-degree connections at these firms. A well-crafted cold email or LinkedIn message can go a long way.
Exposure to Deals: Interning at smaller firms can provide you with more hands-on experience. You’re likely to be involved in various aspects of the deal process, from sourcing to execution, which can be invaluable for building your skill set and resume.
Maximizing Reach: By targeting both BBs and smaller firms, you diversify your opportunities. Even if a smaller firm doesn’t have a formal internship program, they might be open to taking on a motivated intern if you demonstrate value.
How to Approach:
Persistence Pays Off: As noted in WSO threads, many networking initiatives may not yield immediate results, but you only need one to hit. Keep building relationships and following up respectfully.
Alternative Strategies: If smaller firms are hesitant, consider part-time internships during the semester or remote opportunities. These can still provide valuable experience and help you stand out during recruiting.
By taking this proactive approach, you’ll not only increase your chances of landing internships but also build a strong network that can support your long-term career in banking.
Sources: Q&A: VP in Private Equity (Growth Equity + LBO)...Post-MBA...Formerly IB Analyst, Q&A - Starting Post-MBA Megafund PE, Two Internships Later: What I wish I Knew While Recruiting! (Toronto), In Search of Wisdom, What do sophomores usually do for internships?
Try your hand at Canaccord Genuity. Legit shop based out of Canada but has operations in the US and Australia as well. Most deal flow is mining in Aus afaik but they might be willing to take on an intern.
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