Freshman Internship - Hoping to land an internship with a financial firm

I am currently a freshman in college and would like to get an internship at a financial firm. Where should I look? are there any companies that focus on grooming young and hiring freshman summer internships

 
emoney:

I go to purdue university so finance isn't huge. But I am already part of the Finance club and when we had our career fair, no big places came.

As a freshman, you shouldn't be aiming for the big places.
 

do an interesting study abroad or something. WM internships are great and all, but they really don't make you stand out at all. Now if you studied abroad in New Zealand or Europe, that definitely would make you unique. You're a freshman, don't get too eager. I would say study abroad freshman year and then go for internships starting after sophomore year.

but that's just my personal opinion, backed by observing others who have experienced study abroads, whilst I have not.

"My name's Ralph Cox, and I'm from where ever's not gonna get me hit"
 
Best Response

I go to a non-target and wanted an internship in finance after freshman year. I just contacted every firm I could near home (LA) using google and business search websites. 99% will turn you down, but if you contact enough firms and network you'll be able to land something. I ended up getting an internship at a small wealth management firm which laid the foundation for internships/offers later on.

I'm not sure if I agree with the notion that studying abroad over the summer is looked upon that highly. While I never did, and regret not having the experience, I think everyone knows it's just a summer of getting wasted. Then again, it does show that you are cultured, like to have fun and aren't boring. I just think a freshman internship shows your interest and motivation to get into the industry, which may help you more.

 

BB freshman and sophomore programs are really designed for minorities. I'd suggest networking with alumni at MMs and boutiques and try to set something up. If that doesn't work, F500 corp fin would be your next best bet. GE Capital has a lot of respect on the Street and they do take freshmen for their non-FMP internships. I'd steer away from PWM as you really won't learn much and recruiters are well aware of that.

 

I tried recruiting for the freshman programs, no luck. They want women and minorities minus Asians, unless you have a very close connection to the bank (i.e. your dad is a MD). Same goes for the sophomore programs.

I recommend looking for a boutique IB gig after freshmen year, an MM gig after sophomore year, and recruiting for BB junior year. Forget the PWM gigs, they're useless. Networking is the key to boutique IB.

 

You're actually in a very nice position with consulting firms, boutique tech IBs and start-ups in your area. Don't be afraid to work for free, get coffee, do remedial tasks, etc. Getting a brand on your resume is priority number one.

 

To be honest, it will be hard to find a finance related internship as a Freshman. However, it is good to see that you want to get in the game and it is definitely possible to get an internship for the summer. As a Freshman I would try to cold call/email some local wealth management/boutique banks/prop shops and network your way in for the summer. Start with asking friends and relatives if they know anyone in finance and ask if you could speak to them about possibly interning at their place of work. Anything finance related is good as a Freshman. Also, yesterday was the time to start looking as it may take some time to secure an offer. Finally, the internship you get will be unpaid as a Freshman...you will be extremely lucky if you can get paid...However the experience will be priceless. Never give up on your search and network, network, network. PM me if you need more help.

 

I'm a Freshman at an SEC school currently, and I signed to intern at a botique IM firm over my Freshman Winter and Spring breaks. I had a family friend who works there which was the reason I got an interview, and the rest was luck. I'm not sure if I'm sticking with them over the summer, really just depends if they need my help with any projects, but I doubt it. I've been searching for some place else to intern with over the summer and haven't had any luck thus far.

 

first off------------------have fun in college

second do well in school and look for internships...I managed to get an internship my freshman year (this year) at a boutique, and it made me realize I would be much happier doing something else such as inter dealer brokering or something with sales

always keep your options open

I banana back
 

Great! Was it IBD or something else? I was thinking PWM at a BB even though some guys get IBD i hear (which I think is insane)

Also I guess along with trying to maintain GPA, having fun, and getting internships, I want to jion my business school's student body, and my business school has a stock market investing club, I wanted to start somewhat of a private equity investment club ( like investing in small/mid sized companies as a mid term investment). Those were the 2 things I was really looking forward to get involved with when I get there.

Hoogerman thanks for the response I appreciate it very much!

Thanks again, Nick G.

I want a lady on the street, but a freak in the bed, Go Bucks!!
 

Ok, sorry for the long message I will keep that in mind for next time.

Thank you very much for responding though I appreciate all the advice. and are these PWM internships in NYC?

Thanks again, Nick G.

I want a lady on the street, but a freak in the bed, Go Bucks!!
 

Which company has the best PWM department? Also could u leverage a internship in a different feild but same companies name from that easier?

Thanks again, Nick.

I want a lady on the street, but a freak in the bed, Go Bucks!!
 

Connections are your best bet.

You will most likely have a tough time with cold emailing. That being said - don't approach the email like you are looking for this summer - instead go in "seeking knowledge..." Try to build a relationship, and then if they don't take you this summer they certainly will next summer; meanwhile ask if they know anyone who would be looking for cheap/eager summer finance help. This approach is a lot less forward so it should have a slightly higher success rate.

 

An ambitious one, huh?

The chances of you landing front-office IB at a boutique as a freshman is miniscule - you barely know how to write a proper email correspondence, let alone be tasked with formatting models. Freshman year internship doesn't need to be IB or PWM. As long as it builds some good skills and is marginally related to finance (with brand name an added plus), you should be fine.

Cold-call and cold-email your ass off. Use your alumni directory at your college to get in touch with alums in the area and see if you can do anything finance-related for them, even if it's FP&A stuff at a small company.

Currently: future neurologist, current psychotherapist Previously: investor relations (top consulting firm), M&A consulting (Big 4), M&A banking (MM)
 

First figure out what city you want to work in, I'm assuming since you're a freshman that you might want something in your home town, then check out the company database that WSO has (using your zip code) and google those companies to see if they offer internships, LinkedIn also a job search function that allows you to put your zip code and keywords in and searh for jobs there so that you should give you a start.

You can also talk to your parents to see if they have any friends in corporate roles or if you know someone in a corporate role, reach out to them and see if they offer internships

 

Start early. Call and see if someone in the office has 15 minutes to speak with you, it shouldn't be hard for them to come up with 15 min to chat. Meeting at their office is ideal, but over the phone to start with works. Then work on developing a relationship. Mention the fact that you are considering working at Merrill and see if that person turns around and offers you the opportunity to work with them. If that doesn't work out, try to get in the local ML office and keep in touch with your PE connection, that way you have hopefully set yourself up well for an internship the summer following your sophomore year. Best.

 

thank you so much for your kindness Ive never thought of that! Thats amazing! it seems a little hard to find one but Ill try! thank you anyways

______________________________________________ Mark Takahashi Junior, Faculty of Math, The University of Tokyo
 

Definitely look around and cold call the smaller firms around your town... there should at least a few wealth management, asset management, financial advisory, and possibly even a few a boutique IB firms around. Most of these places may not actively recruit interns though, so you're going to have to take the initiative and get in touch with them.

 

thank you for your help. I live in tokyo and probably there are much less firms in here than in New york though Im gonna try. Thank you for noticing me that the Internet is not the only way to get in touch with them. But I think I can't get in touch with that kind of firms in New York without using the Internet at all... It's kinda hard to find one just by googling

______________________________________________ Mark Takahashi Junior, Faculty of Math, The University of Tokyo
 

You're right. It doesn't particularly matter what you do freshman summer. The most important things for consulting are GPA and ECs--not experience. Pick the firm that you feel fits your interests best. That said, if MBB's your ultimate goal, try to get on with a BB sophomore summer. These people always get MBB interviews for junior year SA positions.

 

www.igsboston.com

I'm assuming you're still in the Cambridge/Boston area right? If so try Investor Group Services. It's a private equity consulting group. They almost always need people to conduct research for strategic and market due diligence. I worked there last summer. The job isn't the most rewarding experience, however you get paid well and it has helped my resume a lot.

Besides, this is only your freshman summer and you attend MIT. If you didn't do anything for this summer and the next, I'm sure you'll still nab a summer internship your junior summer.

Also a few of the consultants there are from MIT so you can probably secure an internship for your sophomore year while your working there. The actual interns get to do more of the analytical stuff (I think)

TeamLRAM http://teamlram.wordpress.com

 

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Here is the job description

 

It depends on what your other options are. Is there a list of some sort that you get to choose from?

Risk Mgmt isn't something you'd want to get into long term if you're looking for front office and later HF/PE opportunities. But as a Freshman it will be better than most other students' experience in your year and it will look good to have Barclays and some international exposure on your resume regardless.

Still depends on what your other options are though...

“Millionaires don't use astrology, billionaires do”
 

Well that is the thing. Risk management isn't what I want to do long term. However working at barclays in london is a huge plus I guess. TO be honest I know I want to get into HF or PE down the line and coming out of college I will work a few years in IB and then get an MBA. There isn't a list per say, but I don't really know what to ask for. What would be expected of a freshman student, like what be a better opportunity for me is what I am asking?

 

I would recommend networking to find something finance related, but unique. Personally, I used some connections to spend a summer interning with the Federal Bankruptcy court. You can find something more unique that way in my opinion. When interviewing afterwards, this was always a great talking point and attention grabber on my resume.

As a freshman, you can afford to do something more interesting and less of a Banking101 type internship.

 

I had a family member set me up with an opportunity to speak with the Judge and convinced her I could be of assistance over the summer.

Someone you can speak to personally is usually a better bet than a cold email to an alumni when looking for stuff before the junior/senior year in my opinion. Actually, probably still better those years as well.

 

I spent my freshman summer working on the academic side of finance doing research abroad at a German university. Like the people above said- have a different experience than your average kid, and you might stand out.

"Do not go gentle into that good night"
 

As a freshman, I applied for a lot of different things - international things, totally non-finance things, start-ups - but ended up an SA at a regional boutique IB. I know I was pretty darn lucky to get the offer, especially considering I hadn't done any networking.

I saw the posting on UCS and although it said sophomores/juniors, I figured it couldn't hurt to apply and sent in an application. Got a phone interview, had a second round interview and was told I'd be contacted about a final interview but then was called and said that they'd decided to just skip it and give me an offer.

It was a great experience (especially since it was paid and I was living on my own in a new city) and I'm glad I took the chance and applied. That said, part of me regrets not using my freshman summer to travel or do something cool and non-finance, since it's likely that my sophomore and junior summers will be spent doing finance internships too.

 

Realistically, your only chance at IBD or S&T at a BB is if a) you're connected, b) an absolute, 100% rock star or c) a minority. However, that is not to say it is impossible to get banking; it just will almost certainly be at a boutique no one has heard of, you'll have to spend a shitload of time cold-calling and networking to find it, and you'll likely spend 10 weeks fetching coffee. If you really impress them, they might give you a little bit of work, which will then be triple-checked before anyone important touches it. However, it will look great on your resume, and still be much more interesting than PWM, which is your other realistic alternative.

A small hedge fund or PE firm is also an option, if you can get in touch with them and they have room.

 

As everyone has pointed out, a freshman internship in any of the areas you're talking about is extremely unlikely in a branded shop. You might be able to find something in a small outfit, which could be good exposure and good for your resume.

There are many other ways to start getting some good experience that can position you well for internships after sophomore (still tough) and junior (more likely) year. Anything that will help you do the following would be a valuable use of your summer:

1) Tell a story about key skills: financial modeling, quantitative analysis, financial market insight

2) Demonstrate how outstanding you are: internship at a branded and selective company

3) Highlight your ability to have an impact: quantifiable results doing something meaningful (started a lawn mowing business and generated business to pay living expenses for a year; organized 100 people to come out for a good cause; petitioned your local councilman to change a local ordinance, etc)

You've got plenty of time to build a great story for next year and beyond. One of the key things you'll want to communicate in interviews for any job is why you are interested in the job. To successfully answer this question, whether asked explicitly or not, you'll need to point to experiences that show you've got what it takes to succeed and you're genuinely interested in finance. Take a look at this advice as a guidepost to evaluate different opportunities you explore for the summer, and see if it helps you create a compelling story for PE/IBD/S&T/Hedge fund jobs

Craft Your Personal Story: Why this Job - http://bit.ly/2GcZga

Gotta Mentor www.GottaMentor.com Connect to the Advice & People You Need to Achieve Your Career Goals

Gotta Mentor Connect to the Advice & People You Need to Achieve Your Career Goals
 

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