Chicago Winter/Off Cycle Internships?
I know this has been discussed a bit on here, but each thread seems small and indeterminate for the most part. Also, most are older. So I thought I'd bring it up again.
I'm in a unique postion, whereas I "graduated" in the spring, major in finance, but my school requires 100 hours of relevant work experience in order to finish your degree. So, having no finance work experience, I am actively looking to get my foot in the door. I am looking at summer programs right now, but I'd rather not sit around for the next 8 months. I'd like to get something started right away.
My ultimate goal is the buy side, specifically at a equity long/short or global macro fund. Obviously, that's a ways away, but I want to get started correctly. My location currently is the biggest problem. I am in WI, and there are a total of about 4 hedge funds in the state. I have cold-emailed all of them, still waiting to hear back. My next step is to reach out to any boutique funds/banks in Chicago, but the issue of money worries me. I cannot work for free. Not because I won't, I would in a heartbeat if I could. Rather, I'm broke, have almost no savings (most of my money went to school expenses), and I am on my own financially. I would love to work for free, but I obviously cannot move away from home to Chicago for free. So, that's roughly where I'm at. My main questions are:
1. From what I've heard, unless you're at a bigger MM/BB firm, don't expect payment for an off-cycle internship, at all. Is this true? Do I have any chance of negotiating something otherwise?
2. I am networking my ass off (or attempting to) in order to reach out to a couple MDs at BBs in Chicago, but I highly doubt that anything will come of that within the time frame I have to do this in. Barring that, how acceptable is it to be frank with the HR department at any firm and ask what their policy is for off-cycles? Boutique, MM, or BB?
3. My GPA, due to some personal issues during my second and third years, is not great. This is what I see being my biggest hurdle. I am currently going through a refresher on modeling, basically covering everything. Also read extensively, and did do very well in all finance coursework at my school. Upshot is I have a 3.1 but much more intelligence than I think that number conveys. Am I screwed? This is more general as well, for both off-cycle and summer programs.
Thanks in advance. Wouldn't even know as much as I do now without this place. A shame I've only known about it for 11 months.
Quick bump. Would still love advice on any of these questions.
Chicago Off-Cycle Internships 2018 (Originally Posted: 03/12/2018)
Hey guys,
I noticed there were some threads regarding off-cycle internships a few years ago but none of them received much attention. I'm a transfer student so I missed the application deadlines for 2018 internships.
I was wondering if anyone knew of some companies who offer off-cycle internships in the Chicago area? I'm hoping some other students who weren't lucky enough to get an internship this summer can benefit from this thread as well.
Also interested. Do many banks offer off-cycle internships in the States?
bump
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