Freshman Internship Dilemma
I have an internship offer from two companies for this summer. One is a series C funded start up in NYC and the other is a start-up company in my hometown that has about 10mm in revenue.
Pay- the internship in NYC is unpaid, the one in my home town will be paid(Minnimum wage)
Role- NYC will be a business development role where I will be receiving informal training from executives and directors. Hometown will be in an unofficial role that will mostly do excel and access databases.
I am going to be interning abroad already this summer in a high tech city (Sao Paulo, Bangalore, Singapore, etc.) and this internship will be a supplement to that experience.
My goals moving forward would be to work in a tech or media focused investment bank next summer (Union Square, LionTree, etc.) or even a tech group at a BB. I want to work in VC or tech focused PE when I graduate.
I want to work at the start up in NYC as it is a very promising company with high level investors and in an industry I am very interested in. There is also the benefit of being in NYC for networking and getting access to the highest level of work experience. On the other hand, it would be very expensive to work in NYC for 6 weeks (assume to be about $2000), and will strain my financial situation very significantly. It also heavily limits my last summers home to relax and catch up with friends. It has become a decision between following my dreams and leaving everything else behind and logic, safety, and security.
I am leaning towards taking the risk of going to NYC, but wanted to see what some opinions and maybe some aspects of the decision that I am missing.
Thanks everybody!
Based on what you've said, the NYC internship is not a "risk" for you, it's a "hardship". You do not risk anything by doing it - if anything, you risk loosing potential opportunities in the future if you DON'T take it. You trade in leisure time and some money that you would otherwise spend on things you don't require to survive* for adventure and taking a significant step towards your dream. I'd do it in a heartbeat.
What makes this more risky is the fact that I am paying for college for three more years. While I have worked the last 6 years to save up, I will never be confident that I have enough because life is usually more expensive than we expect it to be.
It's good that you're being cautious about your money, especially early on. The fact that you're paying your own way through college is also very admirable.
Get in touch with the career center at your school or the office in charge of helping students apply for fellowships/scholarships (not necessarily school-sponsored scholarships, but things like TFA, the Rhodes, etc). At many schools, these offices offer funding for students like you to take on unpaid internships and will give you anywhere from $2000-$6000 for the summer to cover the costs of living in NYC. Business development is also infinitely cooler than data entry. :)
Enjoy your summer and have fun abroad!
I completely agree with these two posts...other than the financial aspect, the NYC gig is no doubt the way to go...that being said, I understand firsthand how finances can be restraining...if it truly is do or die (not just the situation @qayin described) then I would definitely contact someone at your university and explain the situation...I am sure that if you are qualified they will do everything they can to help you out...best of luck my friend!
I'd definitely go for the NY opportunity, and there is no doubt that saving money there is tough- especially when you don't have an income. Worst comes to worst, check out some couch-surfing setups, maybe try and find a group of students who are cramming together to live on the cheap.
This. If you truly want to make NYC happen, you can. All the greats, whether it be entrepreneurs, athletes, or whatever, made sacrifices and gambles at one point or another. So whether you need to eat rice and beans for the next 6 months and share a room with two sweaty Turkish guys so be it if it gets you closer to your dream.
Good luck!
In contrast to everyone else here, I will say do not jump at the NYC role just yet.
You've given nowhere near enough information about the non-NYC role for people to give an informed opinion.
What industry is it in? What are your excel skills like currenty? Is there opportunity get involved with things other than data processing?
Whilst the NYC role sounds exciting, mostly for the city and industry, I'm unconvinced that you'll learn a great deal doing business development (cold calling?). If the other option is more interesting than you have made it out to be and you have an opportunity to significantly develop your skill set (excel) then I really wouldn't rule it out quite so fast.
Is there the option of doing both, so that the NYC option doesn't hit your wallet so hard?
What is the probability that taking the NYC position will mean you can't afford college, and is the risk worth the reward? Again, hard to say as it's unclear what the position in NYC actually involves.
I'm not trying to rain on your parade, but it really seems to me that you've got yourself excited about working in that industry and you haven't thought through the roles themselves sufficiently.
I really appreciate your post ironuts. I think you are right, I am definitely getting caught up in the sex appeal of the NYC job. It will be at a technology/media company vs. Healthcare in my hometown.My excel skills are decent (skilled enough to solve most equations and gain valuable information from databases, but definately still use a mouse) and my modeling skills are beginner level, I can build a comps and precedent transactions well, but my lbo and accretion dilution models could use some work. I don't think I will be doing just data processing because they offered me the job based on my performance on the outreach team. I also don't think I willcold calling because that is basically my current role with them.
The other job might also be more exciting than I think it will. I haven't had a very active role in getting it (was recommended) Vs. Working with the NYC company weekly. I unfortunately cannot do both, simply not enough time to be of any use with 6 weeks already being spent abroad.
I will be fine in paying for college, I have made enough money. I just only have enough leftover for one summer of unpaid work. That is why I brought up my sophomore plans. As long as I can secure a paid internship next summer, I will be more than fine.
I really appreciate you deviating from the pack and finding some weakness in my thought process. Let me know if there is anything still missing on either side of the story.
Ok. Well if taking this NYC position won't affect your finances so badly that you risk dropping out of school then there's no reason to rule it out.
I imagine you'll find the idea of working in NY more appealing than being at home because of nightlife etc., but rember you're going to be on a tight budget so factor that in, as it might not be as sexy when you're broke. If you think it would still be great fun on a tight budget, then I would give this a quite lot of weight in the decision making process.
The last thing I would say is give more weight to the role than the industry. There's plenty of opportunity to change industry later if your experience is sufficient. So 1) Role 2) Having fun/Location 3) Industry
I have heard more kids regret not spending their freshmen summer at home than kids regretting looking for internships. The fact that you can have a paid internship at home is great. You are also interning abroad? My guess is in your next interview they will be asking you alot more about your abroad internship over the ny/home one. Dont look to much into it go home, get paid, and have fun.
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