Desperate for finance internship

ioe2010's picture
Rank: Chimp | banana points 11

I am getting desperate now. I am starting to cold call and cold email resumes to boutique ibanks. Should I mention the fact that I am willing to work unpaid when I cold call?

If I email a resume should I always attach a cover letter? (I am asking because I can do the fire-emailing a lot more efficient if I can just attach resume and send out.) Do I mention willing to work unpaid in cover letter if I send one?

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Comments (16)

Mar 24, 2009

I wish you luck buddy. My friend is doing that too but there's not much luck because all the hiring as already been done. He is going to go work for his uncle now. Since you are cold calling I think you should attach a cover letter and also I don't think working unpaid should be mentioned unless it is a very small firm who doesn't really hire interns and you just want experience.

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Mar 24, 2009

i really could care less about getting paid.. My family is pretty well off. I just want something finance related. Any suggestions?

Mar 24, 2009

you should not sound desperate; if it's unpaid/for credit they will let you know

if you go to a target, drop the name when you cold call, usually if they are interested in hiring, they will ask you to send a resume to their e-mail address; leaving a voice message is usually useless

Mar 24, 2009

i would offer to work for free

seriously, what can it hurt? my school has advised people such as yourselves to do exactly that. these banks/firms are desperate as well. no cash, terrible losses. if you can work out a good arrangement, you might sneak in the door.

i would not spam resumes, i'd write up a cover letter. or at least a customized email with a resume attached

Mar 24, 2009

I guess my school is as non-target as it can be. I am at Univ of Michigan Engineering

Mar 24, 2009

for cold-calling, i would find something that makes you stand out, maybe prior work experience, something that will make a recruiter interested in looking at your resume when making introductions

Mar 24, 2009

Univ of Michigan is not "as non-target as it can be". It's a very reputable school. Don't get discouraged.

There are several options you can consider:

  1. Contact alumni. This is much better than simply cold calling HR. You can find alumni through facebook or school career center.
  2. Postpone graduation. You can choose to participate in the next recruiting cycle by postponing graduation just by a semester. You can also consider one-year master's program.
  3. Lower your expectation. Don't just look for investment banking analyst position. Any decent finance job would give you relevant experience. You can always lateral to a better job when the market picks up.
  4. Re-evaluate your goal. Why do you want to get an i-banking job? What is your ultimate goal? Take a step back and ask yourself an honest question. I can't stress this enough.
Mar 25, 2009

Agreed, Michigan is not a non-target. I am also in the Big Ten, at IU (non-business major). We get all the BB's Chicago offices, and some NY slots (maybe 1 or 2 from GS, and a few others). The only one that I haven't seen here is Morgan Stanley. The big MMs and boutiques comes here (except Lazard). I assume Michigan has an even better presence, just keep your eye on the Ross recruiting schedule in the fall.

Anyway, my advice to you (because it worked for me), is to find a firm or two that REALLY get's your interest. For example, an i-bank that focuses on two-three industries that you are interested in. Specifically, try to do this for a firm/office in the city you're from. People were more willing to talk to me in my hometown.

When you e-mail, e-mail an MD. Do not send your resume, but as a first message, just explain who you are (engin. student at Mich., looking for "x" experience, when you're graduating). Tell him exactly why you like his firm. If you are genuinely interested in the specific industries they deal with, your natural reasoning for why "x" bank will look meaningful to the MD, and will likely keep him/her interested. Say that you are looking to gain experience, paid or unpaid. (Don't say you are willing to work free, say you are willing to work paid or unpaid, doesn't look desperate). If he/she likes what they read, they'll ask for a resume.

Good luck. I tried the shoot-your-resume-to-everyone-in-sight strategy. Didn't work. Found a great place, spoke genuinely and specifically to them, and all went well.

Mar 25, 2009

go juventus !

Mar 25, 2009

not Ross. The only bank I've ever seen at the engineering career fair was UBS and barclays capital..and some occasional online job postings on the engineering career office website from some trading companies like allston trading or jump trading and some small banks named lazard (i think that's the name) and echelon partners
that's why i said it's non target

Mar 25, 2009

...and some small banks named lazard (i think that's the name) and echelon partners
that's why i said it's non target

Dude, seriously? If you are so desperate to get in to banking, at least know who Lazard is.

Mar 25, 2009

Okay, well then I am in the same boat (only 2 IBs come to our arts & sciences school). However, you shouldn't just assume that Ross' recruiting doors are completely shut for you. As a non-business student, I was able to take 1 career course in the b-school to be eligible for their career services. I could then take part in the same recruiting process and services that the b-schoolers received.

Even without that course, I could attend company presentations at their school to network. See if Ross offers a similar environment, if you haven't already.

BTW, Lazard is the top boutique IB, not some small bank.

Mar 25, 2009

I am very sorry my knowledge of the industry is still limited. I have always wanted to be in banking ever up till my junior year in high school. I took an "internship" at the IT department and loved it and never looked back and therefore switched my career goal to tech. Through my recent internships and part time job in tech and interaction with people in tech I realize i hate it, and am therefore looking for a career that I should shoot for. That's why I just recently started paying attention to ibanking.Given that this change of mind came after recruiting season for internships I am therefore "desperate" right now...

Mar 25, 2009

why don't you transfer to Ross?

Mar 25, 2009

This is coming from a fellow Wolverine and Ross Alum, explore all your options, don't chase banking for the money and imaginary lifestyle("models and bottles"). You don't seem to have done your research, but if you really want to do it, there are a lot of small boutique banks that you could cold-call and email in the NY area. I was like you, got into banking for the money, not the best way to approach your career.

Mar 25, 2009

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