First-year student with an internship in IB
Hey,
I'm a first-year student at a top target here in Canada, and I've been talking to a couple of bankers so far over the phone. I just had a call with one today, and he invited me to the office and go for a coffee with him whenever I want. I want to take him up on the offer over the break, and I just wanted some advice.
I expressed my interest in banking, and he was impressed that I'm starting early even though I'm at a target, which is why I think he invited me down. What should I be expecting, and what would be some good questions to ask? (Keep in mind I'm in first-year, and don't want to come off as a know-it-all or just douche).
Another thing that I mentioned was getting a job over the phone, and expressed that I don't care if I get paid or not, and that I just want experience. He told me to send over my resume, but when I meet him, I want to further enforce the fact that I don't care if I get paid or not because I just want relevant experience going forward. So what would be any advice going forward from now? It's a boutique firm mainly dealing in the MM market, so would they be willing to take on a first-year unpaid? Or is that just out of the ordinary right now given market conditions?
I guess I'm willing to go unpaid if given the opportunity because it would be great experience, and it would show that I'm really not just interested in IB for the money. I don't have any prior experience either, but I'd still be willing to bust my balls to learn everything quickly, if given the opportunity (still no finance classes).
Thanks for everyone's insight, it's appreciated.
Let him dictate the conversation. Why would you repeatedly tell him you'll do it for free when you might be able to join and get paid hourly?
You can say that you really like following the markets, you're a hard worker, analytical, blah blah blah and that you would really like to try the career out. If he asks will you work for free, then you say yes of course you would. Stress how hard of a worker you are and see what happens...good luck.
Ya I agree don't try to sell yourself on the fact you will do it for free. I feel like they are just as willing to hire for fairly cheap (say $10/Hr) than not pay you at all if you are as willing as you seem. Sell yourself (hardworking, intelligent, willing to do busy work) rather than your price tag.
Last ditch effort is sell your price tag.
100% agree. I did this with an investment management firm, and even though I offered to work for free, he decided to pay me a pretty decent amount. The reason I was given was that "I am not going to hire someone I do not need, even if they offer to work for free. I hire because I need them, and in turn, compensate accordingly"
First off, thanks for the advice thus far.
I brought up the fact that I'd be able to work for free just to show my genuine interest in breaking into the field, and I'm not necessarily motivated purely by money, but more by experience. He seemed to also bring up the money aspect of the job, and I just thought it was appropriate to bring up the fact that I'm not entirely motivated by cash.
What should I be expecting when I go and meet with him? I'm not technically-inclined in finance (don't know how to build a model, DCF, etc.), but have a very strong GPA for my first semester. I know it will be mostly a casual interview/get together, but what kind of questions should I be expecting? Any questions to ask? How to show more interest in landing a job?
He obviously knows that you are interested. you wont be expected to build a dcf or any of that. just engage in good convos and talk about the mkts and the biz in general. its not a final round interview and id be shocked if he grilled you on valuation shit since youre a freshman.
if you are paid or not; it is of no consequence to them and not a deal breaker. Your are obviously interested, as is everyone else. Demonstrate the interest clearly enough, but do not place all hopes on an internship.
The worst thing you can do is burning a contact out early; he could be a great resource come the crucial junior year summer/ fall so you do not want to press him too much, use the contact up this summer by pressing, and fade into oblivion.
Just thoughts. I have been drinKin forties since 9 so....You sound proactive tho.
Ask a lot of Questions... about his work but about the company too (transactions, comparative advantage, team, etc...)I think this will show interest not only in the industry but also in the company... so get to the web page and have a good look at it.
You can also ask him about his experience in the crisis... I don't know but I think it is important that you show him interaction and not only answer to his questions otherwise you will look like a shy intimidated student.
Just found out I'll be meeting with 2 bankers now (one whom is very senior). Any different approaches to take when dealing with an Associate/Sr. Associate and then with an MD/Partner?
Thanks for the advice so far.
with topics, potential interview Qs, etc etc; I think in terms of asking questions, the biggest thing to do is to be genuine, because I myself have been in interviews where analyst candidates will rat off transactions the bank is done, and it sounds terrible. It's easy to tell the difference between organic knowledge and regurgitated knowledge.
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