Leaving an Unpaid PE Internship
I'm a rising junior at a semi-target and started working at a PE firm this summer. Its unpaid, which I really didn't like, but I couldn't find a paid internship for this summer since I was recruiting for both this summer and my junior summer internship (which I prioritized) this past semester. I've already had two previous internships at a large bank and a highly regarded PE firm which were both paid $23-25 / hour + free lunch. My gpa is also pretty high and I already have s&t internship secured for next summer at a large bank. This internship is also full time in person and I have a pretty long commute so I can't get a second job. It feels like I'm downgrading from my previous internships and being taken advantage of, but I've already started and didn't want to have a gap on my resume. I also come from a middle class household and rely on my summers to make money.
How bad would it be if I leave a in the middle of the internship or have a dug myself into a hole?
How long have you been there? I'm guessing 2 weeks or so now? It won't be a great look to leave after a couple of weeks. You should have decided that the unpaid work and the commute were going to be too much beforehand or you need to stick it out. In general, I'd probably lean towards just sticking it out, at least for 8 weeks or so. How much money are you really missing out on by leaving? Assuming you leave at the end of the month, you have two months of making 15-20/hour, so maybe a few grand. Probably not worth pissing off someone who gave you a shot at the firm you're at. So I'd lean 60-70% towards staying if you can. Maybe truncate the internship and leave at the end of July if you want 4/6 weeks off at the end.
With that said, if you absolutely need the money, the commute is brutal, etc, sure go ahead and quit. I'd do it firmly and respectfully, express remorse for potentially leaving them in a bad spot, say they you're open to staying on for a couple of weeks to transition work and just claim that you had a change in circumstances, that the unpaid nature and the long commute are challenging and that you need the money for school, etc and just leave it at that. You risk some reputational damage, which you'll need to understand and be open to, and there's potentially even a really small chance that it impacts your summer internship next summer, small, but not impossible if the people you're working with are jerks/vindictive.
I'd also say it kind of comes down to the work you're doing and how you got the job. If someone pulled for you to get the position, I'd be very wary about quitting. Also, given your experience, if you're serving some sort of even basic analyst role and it seems like the team is relying on you or had a plan for you to be there to help with the work over the summer, then I'd also be hesitant around quitting. If you got the job via cold email and you're doing nothing but filing papers and doing meaningless research work all day, I'd feel a little better about quitting.
So for reputation and lack of a real reason to leave, I'd say you should strongly consider staying. Doesn't seem like you have any better options lined up, the money is minimal, and even the outlier chance of reputational damage isn't worth the $5k you'll make instead. With that said, life is short, if it's a complete waste of your time, you maybe do have some better options and really do need the money, and think the risk of reputational damage is low, then as I said be respectful and just say that unfortunately you need to finish up by the end of the month, circumstances have changed, etc. Keep it brief, don't lie, don't give more details than you need, offer to stay on to transition work, and express gratitude for the opportunity.
Edit: One last point I forgot to make, we're all taken advantage of in some shape of form in this industry. Don't think you're too big for your britches after having a couple good internships. You still have a ton to learn even though the learnings might not seem like it on a daily basis. Regarding the lack of pay, yea it sucks, it's kind of just a thing with internships. I've seen MBA students with years of experience take unpaid PE/VC internships to try and get experience on the resume. You may get to a point in your career where you're trying to switch careers and have to go back to square 1 where you're minimally paid. That doesn't mean you need to take abuse but you should also be willing to humble yourself. Also, you're an intern and a Sophomore in college...I guarantee you're not that good at your job and if you were, you'd have found a paid internship this summer.
Id say if they’re not paying OP then they probably don’t value him that much to care. Sure it’s not a great look but they may actually respect OP more for walking away vs working for free Deep down these guys know they’re taking advantage of OP.
if they value OP that much, they’ll offer to pay him when he says he’s quitting.
just my two cents.
I agree with above - you should stick it out for at least 8 weeks, it would be really unprofessional to just bail this quickly. If you cut it short, ideally time it so you have 3 different months on your resume, ie May-June or June-Aug... as silly as it sounds, that makes it look legitimate.
These were previously known issues with the commute and it being unpaid... if you had such big problems with that you shouldn't have taken the job, but you did. You're not going to find anything but retail jobs at this point anyway, that is hardly much money and certainly not $25 an hour.
Suck it up, see what you can learn, cut it short if it's like a 12 week internship but otherwise I think you just need to do your best and it will be over quickly.
I do not believe he should quit, but you should see what they are paying lifeguards for this summer.
Your time is worth money lmao. Quit the damn job (albeit be communicative, respectful, and provide notice). You've already got the paid internship lined up for next summer. This is your last summer to really enjoy yourself -- don't take that for granted. I was in similar position before, unpaid and long commute included, and it was awful. Best thing I did was quit that gig. I'd never want to see anyone else -- who isn't from a wealthy background -- do something like this.
If you recruited for your S&T with this firm and summer internship on your resume, they WILL confirm all work experiences during the background check. Speaking from my time summering at a BB.
Are you even a student? Most put “Incoming Summer Analyst at X” on our resumes for sophomore summer when recruiting for junior summer
You already have your summer lined up, so just quit. Whoever thats telling you to stick around for 8 weeks at least are those who will gladly hire interns for free in the future
Stay.
You have no idea what connections your bosses may have to your future S&T gig. It would be a huge unforced error to lose that opportunity because you can’t stick it out for 10 weeks this summer. If you’re really worried about the opportunity cost of $20/hr for 10 weeks during your sophomore summer, I would encourage you to read up on the concept of convexity before starting S&T next summer.
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