Are internships worth it?

Hello,

I'm a new Monkey and just finished my first year of college; I'm in the process of looking for fall internships. I know that a junior or senior year internship at company where you want to work is oftentimes a prerequisite to a job, and that you don't get to the meatier work until your final two years of college. But are internships prior to junior year worth it?

I'm not talking about a wealth management internship at ML or anything of the sort; I'm talking about working as an unpaid Social Media/Marketing/Communications intern for a No Name Company. I see these jobs by the dozen on my school's career site every day with almost identical descriptions ...

"Manage Twitter, Facebook, and other social media outlets
Perform administrative duties as needed
MUST be able to multi-task
MUST know Excel/PowerPoint/Word
MUST own a laptop
MUST get academic credit to participate; this is an unpaid internship
Minimum commitment of 30 - 40 hours/week"

I'm pretty involved on campus: leadership position in student government, research assistant, winner of a student fellowship that gave me a grant to work on additional research for a year. I'm looking at getting involved in new projects once I wrap the old ones up. I think that my time would be put to better use on campus than answering phones for free and hashtagging.

What do you think, WSO? Are these internships worth it, or should I stick to my projects until I can apply to internships at MBB and the Big 4?

 

Why not try for a PWM internship? A lot of PWM firms offer fall internships to freshman and sophomores, furthermore the description of the internship you posted seems shady at best and would not offer any relevant skills/experiences to the finance industry so don't waste your time with that shit.

"Well, you know, I was a human being before I became a businessman." -- George Soros
 

At the risk of sounding silly, but where would one look for a PWM internship? I've browsed sites for places like UBS and ML in the past, but never got any results.

furthermore the description of the internship you posted seems shady at best and would not offer any relevant skills/experiences to the finance industry so don't waste your time with that shit

I always thought so, too! I guess the pressure of freshman tools is getting to me.

 
Best Response
m56:
At the risk of sounding silly, but where would one look for a PWM internship? I've browsed sites for places like UBS and ML in the past, but never got any results.
furthermore the description of the internship you posted seems shady at best and would not offer any relevant skills/experiences to the finance industry so don't waste your time with that shit

I always thought so, too! I guess the pressure of freshman tools is getting to me.

UBS and ML offer off cycle internships, you should be able to come across them on your school job recruitment board or on their websites although they may be few and far between. If you are not able to get an internship at one of those places and are still desperate, apply to some boutique AM firms around your city and if worse comes to worst there is always Edward Jones lol.

"Well, you know, I was a human being before I became a businessman." -- George Soros
 

[quote=m56]At the risk of sounding silly, but where would one look for a PWM internship? I've browsed sites for places like UBS and ML in the past, but never got any results.]

I would suggest cold-calling the local PWM offices near your school. I'm sure they'll be more than happy to bring you on-board. The only thing is these internships are usually unpaid, although you may be able to get some college credit out of it. Regardless, a PWM internship would look good on your resume and should provide you with a good learning experience. Just remember network, network and network!

 

One of my biggest regrets from college was assuming that internships were only for summer after junior year. Given I studied abroad after sophomore year which was one of the best decisions of my life, but I still could have done something after freshman year or during the school years, but I figured focusing on classes and getting involved in a few activities/organizations was sufficient... but nothing can truly substitute for real world experience.

 

Are internships worth it prior to Junior year? Of course... thats a no brainer...

It really shocks me when people ask these type of questions but honestly - I didn't know any better when I was a Freshman. At least you're reaching out - I just assumed all will be well - given the economy for past 10 years was booming (mistake for sure).

1) Know your audience: know what you're aiming for in terms of a career, the individuals involved and culture of the industry

2) Tailor all work experience leading up to senior year recruiting season that caters purely to that industry. If you're interested in banking, try and get into any division possible at a bank (whether it's an IB or corporate, BB or regional) early on. This will show interest and will make you stand out when you're a junior gunning for that key summer role that you need to crush so it rolls into a FT offer. Also - getting exposure to the general industry early (even if it's a clerk position during the semester) is a good way to figure if you even like some of the stuff you're doing.

This is also where you will find out if you're more suited for a rigid structured environment or a more open/collegiate environment. Not everyone is built for both.

Just remember the following, it should help: -Know your audience -Cater to your audience -Learn and analyze your experience, especially early on -Show initiative and pay your dues

Who knows - you may be aiming for the typical BB IB analyst position start freshman year and gradually you realize you're more interested in S&T. You're really young - a lot of experiences over the next several years will impact your decision on what you want to do. Just be aware, be dynamic and always set yourself up for what you want.

If you're curious in an area and you're unsure - then by all means, earlier the better to intern and give that industry and shot. Better to realize you're not into something early rather than later.

Quick example of a friend: attended a non-target (BB) univeristy (got full scholorship - best option for him), wanted banking, freshman year worked as a teller at regional bank on campus, started networking like a machine, got into some pwm roles, attended networking/recruiting functions at target schools in neighboring area, nailed an interview - got GS IBD (front office) - killed it, promote to Associate - killed it... moved to trading firm in london, again... killed it and now runs his own media company.

So yes - internships matter unless you're an exception to the rule

"Free Market Capitalism is the best path to Prosperity!" - The Larry Kudlow Creed
 
I would suggest cold-calling the local PWM offices near your school.

I'll do that tomorrow, when the offices are open. Would they generally be responsive to a student asking?

If you are not able to get an internship at one of those places and are still desperate, apply to some boutique AM firms around your city and if worse comes to worst there is always Edward Jones lol.

Boutique firms are a great idea! I bet the competition isn't too bad, either...

Just remember the following, it should help: -Know your audience -Cater to your audience -Learn and analyze your experience, especially early on -Show initiative and pay your dues

That's precisely why I made this thread -- I wasn't sure whether taking on a Facebook stalking internship, essentially, would be beneficial just for the sake of experience. Like you said, know your audience -- they'd probably prefer that I got involved in finance-related clubs and classes than be a pro Tweeter.

Thanks for your input, guys!

 

[I would suggest cold-calling the local PWM offices near your school.]

[I'll do that tomorrow, when the offices are open. Would they generally be responsive to a student asking?]

Generally, local PWM offices are quite responsive. I have several friends that cold-colded UBS and ML local PWN offices and they all were able to land internships which really helped them get their foot in the door. Also, don't sell yourselves short of trying to obtain an internship with a boutique investment bank in the local area. It's not an easy feat, but with some persistence and lucky its definitely possible!

Best of Luck

 
World Banker:
[I would suggest cold-calling the local PWM offices near your school.]

[I'll do that tomorrow, when the offices are open. Would they generally be responsive to a student asking?]

Generally, local PWM offices are quite responsive. I have several friends that cold-colded UBS and ML local PWN offices and they all were able to land internships which really helped them get their foot in the door. Also, don't sell yourselves short of trying to obtain an internship with a boutique investment bank in the local area. It's not an easy feat, but with some persistence and lucky its definitely possible!

Best of Luck

Called two major PWMs today and sent in my resume. Smaller local firms all said they aren't looking for anyone, though. Round 2 begins tomorrow...

 
m56:
World Banker:
[I would suggest cold-calling the local PWM offices near your school.]

[I'll do that tomorrow, when the offices are open. Would they generally be responsive to a student asking?]

Generally, local PWM offices are quite responsive. I have several friends that cold-colded UBS and ML local PWN offices and they all were able to land internships which really helped them get their foot in the door. Also, don't sell yourselves short of trying to obtain an internship with a boutique investment bank in the local area. It's not an easy feat, but with some persistence and lucky its definitely possible!

Best of Luck

Called two major PWMs today and sent in my resume. Smaller local firms all said they aren't looking for anyone, though. Round 2 begins tomorrow...

Send me a PM and I'll try to help!

 

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