3/14/18

Hello.

I am a freshman at McCombs pursuing a career in investment banking, namely energy banking in Houston. The year is about to end and I am on set for a 4.0, but there lies an issue that is causing me quite a bit of distress.

Internships.

I am having trouble finding one, and I am just curious of how crucial it is to have one freshman summer to set one up for IB recruiting. Superday this year is already for the 2019 summer, so there seems to be a pushback and earlier recruiting. How did you guys fare in getting post-freshman year internships?

Thanks

Comments (45)

3/11/18

It would help a lot but getting IB is not realistic. Get something in PWM, or at a F500 firm if anything. Try for 2019 sophomore internships in IB more. But chill and have a good time over the summer while you can.

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3/11/18

I know common advice out there is to say chill and enjoy summer, but I think that's outdated, and honestly I don't think you can do that anymore. I think shooting for PWM is a fine goal though for freshman summer, considering that you are going to have to recruit soph spring now for your 2020 junior summer lol. That's an easy transition to make, and if you join clubs, with your 4.0 at McCombs, you should definitely be competitive for recruiting.

3/11/18

If I don't end up getting an internship, what would you say I do to compensate for that?

Best Response
3/11/18

Honestly man, you have to try extra hard to make sure you get one. IB and I think a lot of things in life follow a track; having that internship is just going to make you so much more competitive for things down the line.

Again, I don't think you should have a problem finding one with a 4.0 and if you follow the networking advice on this site. People appreciate the McCombs name, and the GPA is a good signal you're smart. Reach out to alums, network, people obviously know you want an internship, and if you come off as sociable and hardworking, they'll get you to the right places.

Aim small freshman year, you don't need anything amazing. But just having some work experience that shows interest in finance will help tons.

3/12/18

So in your opinion, any Finance-related internship will help tremendously? I am involved in Finance orgs on campus and have leadership positions in them if that says anything.

3/14/18

That definitely helps. Jumping in here, I think you should view your options as follows:

  1. Internship in IB/PE/HF (small or large firm) - Reach
  2. Internship in PWM - Target
  3. Internship in "anything finance" OR Internship in Industry(Energy) - Match
  4. Random internship - Safety
  5. No internship - Not an option

Explanation: If you can get IB/PE/HF as a freshman (and some do - through luck and networking), you will far surpass your peers' recruiting potential next year. Otherwise, demonstrating serious interest in finance (PWM) is a great option, and something a lot of people do. Option 3 isn't bad - you have a strong GPA as a business student; obviously you are interested in business. You're in finance clubs, etc., so you can say on calls/in interviews that you wanted to gain experience in the field. Especially relevant for Houston/NRG I feel. 4 and 5 are self-explanatory.

4/14/18

If I had an internship at a Venture Capital Firm abroad, would that be considered a reach?

4/15/18

Yeah, I'd say that's solid.

4/15/18

Would you say it would be more useful in terms of experience for IB recruiting than, lets say, a corporate finance internship?

4/17/18

Is it a legit VC fund, or one of those "pay to go work for a company abroad" schemes? I've seen kids do both, but if the corp. fin role/company is solid, I don't think that's a worse option.

4/18/18

It's a legit VC fund.
How did those who did the latter fare though?

4/19/18

I go to a target, but I know a handful of kids who did corp. fin. their sophomore summer and landed boutique (Guggenheim, Greenhill, Jefferies) and BB (BAML, Citi) internships as juniors. Sure it's a little more cut-throat / early every year, but I still think it's really about 20% what you did and 80% how you spin it in interviews, especially if you have strong credentials in other areas (networking/technical prep/gpa/school).

3/14/18

A finance internship would be best but it is not the end of the world if you cannot get one this summer. Another option is to take summer classes to get ahead for later. This would potentially allow you to take a semester off to do a fall or spring internship (I know plenty of people that have done an internship at banks during the semester). At the very least , taking classes now will reduce your course load when recruiting starts so you can focus on that.

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3/12/18

Not sure if I'd get an investment banking summer analyst position, but do you think for freshman summer, any finance related internship helps tremendously?

3/12/18

Freshman internship was completely unrelated to finance and I still got an IB sophomore internship. Just try to get something in a professional setting.

3/13/18

If you have any access to big 4, definitely see if they have any spots left. I interned at one after my freshmen summer, just had to claim I was planning to get my CPA

3/13/18

So I completely agree with the reasoning above that if you do not land a decent internship your freshman summer, make sure you do something fall/spring. I'm currently going through recruiting for summer 2019 and damm it's tough to distinguish candidates. If you have an IB internship and experience under your belt, you're set.

Be smart about this guys. Take like 12 credits and focus on easier classes during the semester you're interning so you can still have a social life. And for people saying relax etc think about this -> you landed a summer for junior year with a good conversion rate and you have 2 years of college to just fuck around, enjoy & travel.

For freshman asking for a plan this is the ideal situation ->

Freshman summer (pwm or F500 company)

Fall semester sophomore year (boutique IB or PE, 12 credits).

Spring semester sophomore year (network, recruit and prep technicals, 12 credits)

Sophomore summer (boutique IB and interview + get offer)

Junior year -> Fuck around, get laid, go travel, study abroad. You can take more credits to make up but honestly at this point as long as you maintain a 3.5+ you're good.

Senior year -> Fuck around, get laid, go travel and blow part of that signing bonus + junior summer saved up $$

Caveat is that your uni should be located in a city that has boutique IBs.

3/14/18

Any idea how to get a pwm of F500 internship lol

3/14/18

Honestly cold email. This is if your parents don't have any contacts.

By pwm I don't mean it has to be in a BB. Financial services or even insurance companies like northwestern mutual work (try and get one on the investing side). Finance/operations/strategy at startups work as well. My brother spun his crappy startup experience into something tangible because he said it introduced him to the VC industry blah blah.

Set targets. 10 emails a day. 10 x 30 days = 300 emails.

Be frank in your emails.

3/14/18

I'm on course to finish freshman year with a 4.0 GPA and am involved with a few Finance organizations(with a few leadership positions), but I don't feel like I'd be prepared to go through the technicals in a boutique IB interview my sophomore fall. I haven't taken any Finance or Accounting classes(will do sophomore year).

How would you suggest I prepare for the technicals? I know that fit is a factor as well, but I'm unsure to what degree it is. Any sources to learn? I heard WallStreetPrep is reputable, but I'd like to know if this is true or hear about any other sources.

3/14/18

The WSP accounting crash course is very helpful - I highly recommend it.

3/14/18

Also, would you say any finance or perhaps accounting related internships help in terms of becoming a stepping stone for getting an IB internship?

3/14/18

So I've seen some of the WSP stuff through my friends who've gotten free access in the diversity programs, and its definitely good but an overkill for even junior year recruiting.

Sophomore IB questions are easy just get hold of the BIWS/WSO Guides or just search up common interview questions on WSO.

The best free resource is probably macabacus.

3/14/18

Cold email the MDs of boutiques, especially those who are alumni of your high school or college. While most will say no, some might appreciate your drive/boldness and let you work at their boutique over the summer. That's how I got IB internships my freshman and sophomore years.

3/14/18

I once met someone who wanted an IB gig at Freshman year so bad, he interned at a BB at an emerging market economy for 3 months. For 3 months, he barely did anything IB related but it was a great boost for his resume and helped him land an IB gig consistently afterwards.

3/14/18

Reach out to upperclassmen who intern at nearby banks. You do not necessarily have to have an in internship freshman summer. Reach out to the pwn alum in the area just to talk. But tbh, in the 20+ info sessions try to hit it off with a few guys and keep in touch. I saw very few freshmen at the sessions and chats so you will stand out.

3/14/18

You can always volunteer or take classes as well in the summer. Just something to do to show more peak performance. If you take 15 hrs in the summer, you can add a minor or make getting a double major easier in the regular school year. 15 = Maymester 3hrs, Summer I, 6hrs, Summer II, 6hrs. 5 classes.

You could do a part time internship on top of that if you found one mid-May or just do Maymester, Summer I and internship etc if you found one late.

"If you always put limits on everything you do, physical or anything else, it will spread into your work and into your life. There are no limits. There are only plateaus, and you must not stay there, you must go beyond them." - Bruce Lee

3/14/18

I think it'd be good to hear opinions from some certified users.

You're not really a born and bred, traditional aristocrat if you work hard enough to get into Harvard.- Prospie

3/14/18

I work at a BB within an energy group in Houston, the Mccombs name is huge here. I would start reaching out to fellow Mccombs alums. PM me if you want more info.

3/14/18

If you have connections try to find someone's dad or a family friend that will let you dick around in their office as an "Accounting Intern" or something for a few weeks.

Other than that I'd focus on drinking beers, upping your golf game and trying to hook up with girls from High School now that you're the smart kid on the block.

3/14/18

why was this monkey shit lol

3/14/18

A while back I called someone out for having four different accounts and bumping his own posts about which sub-optimal job offer he should accept. They took the effort/time to MS every post I've ever made and continue to do so. Whole situation is pretty damn funny.

3/14/18

lol, but yeah I usually see your kind of responses on threads like this and they get ms. I mean I cant really add value to this but I've been told Freshmen year doesn't really matter that much. I don't know how accelerated recruiting has gotten lately though. Like I've seen plenty of people who did some FA internship junior year then intern IB their Senior year or something like that. I'm sure times have changed though.

3/14/18

How long ago was this for you? Right now, BB banks are having super days for summer 2019 internships for current sophomores. I'm not sure about mid-market thought.

3/14/18

How would you suggest I prepare for boutique investment banking interviews? I am going to try for Sophomore Fall or Spring for one. I heard WSP is great, but if there are any other resources you guys could point me too, that'd be great.

3/14/18

Look up the cold emailing and networking guides on this forum. There's a bunch of good advice on how to network and try to get your foot in the door at places that might not be officially hiring. That'll help a lot as a lot of boutiques don't go to great lengths to actively recruit on campus.

3/27/18

Get introduced to some of the mm/boutiques nearby and get that internship sophomore year. The deadline is over but consider the abroad internship program or try something local. Set up calls with the people you enjoyed talking to and tell them you'd be more than open to wait till next year because the number of incoming sophomores they take in Houston is very low (only diversity candidates from what I've seen). Keep in touch and they will remember you next cycle and come to you first. It's like that Asian girl who rushes to talk to them at every FREAKING info session. Persistence with genuine intent is what'll land you offers.

TLDR: Upperclassmen will be your route to a post-freshman year internship. Or join relevant clubs (USIT, TUIT, TEG, or finance team of big orgs).

3/27/18

If you want to do Houston IB, just get anything that's either finance or energy. It doesn't have to be IB or F500.

4/16/18

Look, everyone on this sight is going to tell you to try and get a finance related internship in your freshman year. Heck, I would too. So go for them. But at the end of the day if you don't get one it's not the end of the world.

I coached biking for my freshman summer, and did an engineering internship for my sophomore summer. Yet even without a finance internship on my resume I still got multiple interviews through OCR (I'm going for an internship on the West Coast).

Yes, finance internships help, but at the end of the day as long as you network and do something somewhat productive with your summers, you will still get looks for interviews. And once you're in that room, all that matters is that you prove your interest in the job.

4/16/18

Yes, but with the accelerated recruiting schedule (Today's sophomores are recruiting for junior summer internships), I feel as if the condensed timeline makes the need for an internship greater.

4/16/18

You just need to do something meaningful - find some classes to take or a local wealth management internship or a meaningful job that you can work to earn money for school. You just need to say that you did something and be able to talk about why you did it.

4/16/18

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