Comments (8)

Sep 9, 2017

whats the TL;DR version? finding it hard to sniff out the problem in this book of a post

Sep 9, 2017

TL: DR Need help deciding whether or not to jump ship after just a month with currentfund for IBD internship that Ive been waiting 2 years for. Really like current fund and feeling overly loyal

Sep 9, 2017

Have you addressed these thoughts with your current bosses? Or any of your mentors?

From a quick skim, you're
1. working for free for 50-60 hours
2. have proven your value
3. have the partners from your firm going to bat for you because they respect you

I don't think they will be particularly offended with you presenting your worries, given the prospect of leaving for a paid internship in what is decidedly your dream. If they want to keep you, they will make that evidently clear when you present this to them.

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Sep 9, 2017

I feel nervous about approaching my bosses but I suppose I could. My mentors have stated that the safer option would be to go with the IB route (if I get the offer). Perhaps I really ought to reach out to them and at least explain I would be leaving due to the fact that I pay my own expenses and a position with money would help pay my student loans. Thank you very much for your feedback, I really appreciate it. +1 SB

Sep 9, 2017

Yeah, totally understandable you'd be apprehensive, given your current situation.

I think, as long as you present it with the level of respect and humility you've displayed here, they'll reciprocate and have an open dialogue with you. Hope this helps assuage a little of your concern.

Sep 9, 2017

Again, thank you so much for your response. I do feel a bit better about my situation thanks to your advice.

Best Response
Sep 9, 2017

OP, I don't mean to be harsh but you need a bit of a reality check. You genuinely seem like someone with a good drive.

1) You have worked there for only one month. I have worked with a lot of talented interns in my career, after one month none of them were an integral part of the firm and none of them were that after the three months were over. Yes you have some tangentially related experience, but in reality whether it's IB or PE your internship experience is not enough at this point to make a difference.

2) You are unpaid and working 50-60 hours. I have nothing against unpaid internships (I did one myself), but the amount you are working for them is excessive. With a 3.0 at a non-target you should not be working till 2am during finals week for them. Obviously if they are able to raise capital for a fund and have M7 backgrounds the partners aren't hurting for cash. Sounds like they also have a stable of other unpaid interns working for them as well - again nothing wrong with this but you need to think critically about how much they really value you if that is the case.

3) Following up on #2, you are unpaid, and thus if they truly have your best interest at heart then they should 100% support you in getting a paid job in the industry. HR is not going to call your previous employer unless they ask. Again, you have worked there one month and are an unpaid intern - they will not care at all that you are looking for other jobs.

4) Unless they are on the University board, their recommendations will mean basically nothing. MBA programs will want to see recs from your latest employer following 3-4 years of FT experience with promotions. They don't care about an unpaid internship you did 4 years ago.

5) All this leads me to say - get a real IBD internship. Interview for the slots and try to get that experience under your belt. Worst case you don't get anything and continue your fund internship and best case you are on a better track towards real PE in the long run.

    • 8
Sep 9, 2017