Freshman Internship Frustration
I'm a freshman at a target, double majors, 3.8 GPA, 2400 SAT score. I've been applying for summer interships with BB's, made it into final rounds with a couple but was later told I was welcome to reapply as a sophomore. I've been networking and talking to a lot of firms who are first impressed but they seem to lose interest once they find out I'm a freshman. Thinking about applying for IB internships abroad- would that be easier? Any recommendations on where to look for foreign internships or anyone in NY that accepts freshmen? I have some relevant high school internships and am fluent in French and Mandarin. Would appreciate any tips; I feel like people aren't taking me seriously just because of the freshman factor:(
It is tough getting an internship as a freshman, you really don't have the necessary courses to be valuable or take away anything from these places. You can't help on a deal if you don't know what basic finance terms are, etc. Look for smaller places, boutiques, talk to some of your professors, go overseas for the summer and get some international exposure. Sounds like you are off to an impressive start, once you get further along in your college career you will have no problem getting internships.
I'm sorry to say it, but the big problem with taking freshmen in general is that they, usually, lack any finance background. As a freshman, you may take a financial accounting class and maybe a corp. finance course, but even that may be a stretch. I'm not saying that you, specifically, don't have any finance background, simply that the vast majority of freshmen bring nothing to the table as a summer analyst. This is still usually the case with sophomores. If you can show that you have some experience in any thing finance related, that may help, but you can't blame banks for taking Juniors with the same grades and more experience over freshmen.
Anyways, like I said, being able to bring up previous experiences in finance is probably the most important thing one can do, no matter what year you're in in school.
London for one is the same as NYC with regard to freshmen apps. Sorry bud, I would take a last summer off to enjoy myself.
Everyone giving you advice on this thread is an idiot.
Internships are done as a recruiting tool (i.e. they get to test you out, also sell you on the firm/experience over the summer). They like to recruit juniors because it gives them a look at potential employees for next fall. They will also look at high potential sophomores because though there is extra cost (i.e. an extra summer that needs to be filled, presumably with another internship) it will be worth it because it's good to get them young (i.e. the best talent). It's the same thinking for the HBS 2+2 program, leadership programs in F500, etc. As a freshman, you will basically be a cost center for 3 summers before they ever get any real use out of you. Why bother?
It has absolutely ZERO to do with your "finance background", "financial accounting class" or your understanding of "basic financial terms". This is a constant crutch used by finance majors from bad schools who get beaten out by the Russian studies major from Harvard for Wall Street jobs. If you really go to a target or have any touchpoints with recruiting, you know this is true.
People also SHOULDN'T take you seriously as a freshman. You may think you are mature enough to handle a work environment like finance but you probably are not. Trust me on this one. Take it easy, try and land something finance related but don't sweat it if you don't.
Ideating is definitely right about the fact that banks treat SA internships as a sort of prolonged FT interview process, but I wouldn't go so far as to say that everyone who's posted is an idiot. Most of the reason that I (and I think Anthony D as well) mentioned previous coursework is the fact that, as a freshman, you bring very little to the table (like full time potential). This is true for "finance majors from bad schools" and "Russian studies major from Harvard." With respect to the potential for FT recruiting, Ideating hits the idea right on the nose.
You're a freshman, chill out, enjoy summer with your new friends and worry about it next year. I didn't have a finance internship until sophomore year like most on these boards.
You have some impressive stats, keep them up and you'll be fine next year.
I would recommend doing a summer semester abroad. It will give you something to talk about and make you more interesting. You can even look into those internship programs abroad for the summer. They will place you somewhere plus you will be abroad.
Honestly, doing anything as a freshman will look great on your resume. See if you can get hooked up with some kind of gig by a family friend, doesn't necessarily have to be high finance.
1) I am not an idiot
2) Name calling on the internet is utterly pathetic
3) There are multiple reasons why companies hire interns. Some will not look at freshman for the reason you mentioned. Some will not look at freshman because they have zero relevant classes. Do a search on google pertaining to freshman internships and you will see a lot of talk about not having required fundamental classes, not being mature enough, being too early in the college career, etc.
Getting offended when someone calls you an idiot for saying things that are wrong on an anonymous forum is pathetic.
Yes, there are multiple reasons that "companies" hire interns. The reasons I listed are relevant for the internships the poster is trying to get; the reasons you listed are not.
The fact you got an interview with BBs as a freshman is ridiculously good, i know kids with 3.8s from Ivys who have trouble getting interviews as a junior and with finance experience, so you are in fantastic shape whether or not you do anything this summer (obviously anything>nothing but you are on a great track)
I disagree that what I said was not relevant. It might not of encompassed every possible reason that he has not received an offer , but it was a valid response to the question. You disagree with what I said, that is fine. Calling everyone, not just myself, an idiot is neither helpful towards the OP or constructive in anyway.
Just a suggestion:
LSE Summer School
pm me. We hire freshman
Thanks everyone for the input; while I haven't taken valuation or other finance courses I do have significant accounting experience co-managing a six-figure budget for a regional youth organization; I'm not sure how relevant accounting skills would be at this point. From what I gather being an Excel wiz is one of the more valued skills for SA's.
You could probably get something if you offered to work for free.
Et in quia quia et. Illo odit consequatur ducimus ullam omnis. Ratione nemo qui natus nihil. Pariatur ullam quo ab nobis repudiandae ea. Nihil adipisci omnis ut quia molestiae a mollitia. Quia vel libero illo in officiis cum odit.
Fugit quia odio facilis voluptatum dolores. Et officia quasi quaerat ea. Iure nostrum ipsum velit ex dolorum.
Quia ut velit illum voluptas quasi. Dolores aspernatur in est suscipit similique sapiente accusamus. Cupiditate aspernatur aliquid iure non nemo recusandae ducimus consequatur.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...