I interned at a boutique investment bank last summer, and I had the ability to sit on one of the trade desks for a while due to small amounts of deal flow. I found that I have a stronger interest in S&T, whether it be trading, sales, or prime services and I of course am going to try to shoot for a summer internship at a shop.
I am a sophomore at a non-target (although it is rated as of the most rigorous colleges), and it is still a good school. I have a 3.1 btw -- should I even bother trying to find an internship at a trade shop this summer? I already have a MS PWM stint lined up, but I of course want to put myself in the best position possible.
IB ---> PWM?? OR Trade shop (if worth looking) --->> S&T?
Also what do you guys think of transferring to Boston University, Boston College, or Tufts?
I saw BC kids at superdays at most banks. I think they do well. If you can do it without going up to your eyes in debt, it might be worth looking into. It can't hurt applying to a whole list of colleges...ugrad admissions are weird, you could get lucky at a legitimate target.
I fully appreciate what you are asking, but I would say get offers first, then decide. Trading is in a rough spot right now, and is suffering some pretty intense layoffs. If you are really passionate, you could still try. Just don't get taken advantage of by those "trading internships" where they make you pay for your own training and the like.
That said, I wouldn't go from a boutique IB to PWM...you should be qualified for a MM gig, if not a BB. Unless your job at the boutique was a joke, it is function > firm.
Thanks for the input. Debt wouldn't be a problem and a family member does currently go there (as well as some other connections) so I could probably pull it off.
When I meant a trade shop gig I meant it more along the lines of leveraging some connections to possibly just sit in on them and just do basic admin work. What do most people usually do that help them land a S&T gig for junior summer?
I am considering doing an MM gig, but honestly I don't know if I want to do another summer of IB. I don't want to pigeon hole myself early on.
IB internships will not pigeon hole you. You would be much better off doing that than PWM if there is anyway you can tolerate it. Even if you decide to do AM, Corp Fin, or whatever, IB will still look better on the resume.
As for the trade shop, if you can get an actual internship, congrats. Most S&T interns just kind of shadow the traders anyways. S&T floors are massively scaling back departments, and many interns are not getting return offers (much worse than IBD). I don't mean to shoot down your goals, but it is really tough to get in right now, and job security is at an all time low.
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