I'm entering an MBA program this fall and am trying to get ahead of things by researching the benefits/viability of doing a pre-MBA internship this summer. Most BB and boutiques recruit from my (future) school but since I don't have a IBD or finance background I am worried I will run into roadblocks while in my 1st year summer associate hunt.
Anyone heard of doing a pre-MBA in IBD to make up for my background disadvantage? I've even considered applying for a summer analyst position in my MBA program's city and work there between quitting my current job and starting the MBA program. Is this a good option? Although applying for an internship that is supposed to recruit undergrad juniors may be idiotic. I don't know... clearly.
Dude - i'm in the same boat. i just secured a pre-mba IBD internship. PM me to chat...
can apply for the itnernship doesnt hurt but also ive heard this past year IBD has been pulling more non-finance people than previous experienced finance people into the internship pools -- not that I thinka a pre-MBA internship will hurt at all
im poking around for investment management stuff at pension funds myself
@shortheworld - are you pre-MBA / MBA / working? IM is what I really want but it just seems so unreachable.
That's interesting to here IBD are scooping up more non-finance people. I wonder why. I wonder if the career resource center at my future MBA has insight into any of the above.
Do it. I went for my MBA in order to switch from an engineering role to finance, and had little to no relevant finance experience. I got KILLED in recruiting. In virtually every instance, I was going up against someone with similar qualifications, except they had years of experience that I didn't. No surprise that I didn't get in anywhere decent after graduating.
I assume you are talking about summer internship recruiting? This is what worries me. Thanks for sharing your experience, goto11.
I couldn't get anything finance related for the summer, I remained in an engineering focused role. I ended up with an unpaid equity research internship during my second year, just so I had something to demonstrate my commitment to finance. Looking back, if I had the chance to get a decent pre-MBA internship, it probably would have made a big difference.
Out of curiosity where did you get your MBA?
Mid-tier (ranked in either the 30's or low 40's nationally depending on which ranking you look at) in the Northeast. The school is not a finance powerhouse by any means, but places well in other areas. I'm sure my experience would have been easier if I attended a top school, or at the very least understood how challenging the career transition would be and focused more on recruiting rather than academic pursuits.
Not to burst any bubbles, but you are very, very unlikely to find any sort of structured, paid internship in finance for pre-MBAs. I looked pretty heavily for several months and came up with nothing. Granted, I haven't been accepted, so in most cases I was applying online with a resume that doesn't indicate I am or could be in an MBA program soon...so maybe that made a difference. You mileage may very if you can tell someone that you are attending XYZ school in a few months and are just looking to learn, etc.
BB and MM IBs probably won't be interested, even if you offer to do the internship at the analyst level, because they are using those SA positions to find FT analysts post undergrad.
What I determined is (1) you are very likely to get paid, so you have to be ok with unpaid and (2) you have to look down stream. Don't look at large firms, find smaller ones where you can get on the phone with someone and let them know that you are serious about helping out and adding value and that you can do if for free and are just looking to gain the experience for better access to future opportunities.
It will still be a long shot but worth a try.
Regards
Does anyone know how much easier it is to get an MBA IBD summer associate position if you have a pre-MBA internship at a small M&A boutique?
It is extremely difficult to pull off a pre-mba internship, but not impossible. You really just have to cold call your way into those places and try to make a hit. It's the old fashion picking up the phone/email and letting them fly (strategically) on this one.
You are matriculating to Rice, yes? As a mid-tier school you might not get the benefit of the doubt from firms when it comes to your finance chops that you might get if you were going to a Columbia or Wharton type school. I would recommend getting in touch with a local Rice alum if you can and asking if you can come in and do something part time/unpaid/informal to at least put on your resume.
Good luck.
Yeah, I think the alumni is my best bet. I know of a few recent grads in IBD energy boutiques here who were engineers prior to B school so maybe they can help a brotha out. Or at least give me their take on options. Thanks.
landed a pre-mba internship at a local boutique, and it's paid. I have zero previous finance experience. Started looking in January. Sent ~150 cold emails/cold applications. It's totally a numbers game in my opinion.
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