Pre MBA Internship (Unpaid)
This is more of a rant than anything else, but shocked to see how prevalent this is. I get interning a freshman in college unpaid for a summer who has no skillset / is probably a drag on productivity, but have seen a large number of VC funds (some with decent AUM of $100mm+) running unpaid summer internship programs for people starting up their MBAs at top schools. They have criteria (consulting, IB, or other relevant experience) to be met and an interview process, which seems to most of the time include an assignment on a project they are currently working on (more free work). How cheap can you be? If you're trying to get real work out of someone for 3 months, at least pay them minimum wage or a stipend.
Curious to hear others' experience with this if any. Presumably there are takers for this sort of thing. I've interviewed for 2 of these roles only to find out at the end of an hour long interview that the role was unpaid, and they acted as if I shouldn't have expected anything else, even with multiple years of buy side experience at later stage growth equity vs. venture.
Sorry for the rant, just find the whole thing a bit ridiculous.
Fuck 'em, you get what you pay for.
where do you even see these roles at?
More word of mouth / sent along in the Slack groups for admitted students
Many VCs don’t pay for in semester or summer internships for MBAs too. Even a fund with $100m AUM isn’t necessarily going to have strong regular cash flow to support keeping a lot of people on payroll. However it is true that the partners in these funds could easily afford to throw someone $10k for a summer out of their own pockets. On the other hand, there is huge demand for VC internships and people are willing to do the job for free in the hopes of striking it rich on carry, however unlikely that is.
None of these internships are giving carry to anyone. My point was more answered in your first comment -- if you're going to screen people / go through an interview process to find people that can actually add value, then at least cough up 10k for 2-3 months work
Yeah with respect to carry I was extending the discussion to the fact that even full time people are willing to spend time at VC firms for very little cash comp.
-wrong part of thread
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