Interning for a failing firm?
Okay, I'm in between my sophomore and junior year at a semi target. Have a 3.9 GPA, but no real internship experience.
I secured a position at a prop trading desk for the summer back in the fall, however as the title implies, the group is collapsing and will be closed within the next 3 months. I am still "working" there for the summer, but I don't really do anything. The partner that brought me on feels bad for me, so he is spending a lot of time teaching me about trading and finance in general. Although I am learning a lot, I am fearful that not actually doing anything will hurt me.
Any advice on this situation?
Shit! Ask for a severance package.
Stay - even though the firm is failing, it does not mean the partner who is mentoring you cannot teach you. He probably has strong connections as well, so if you build a decent relationship with him, he may help you.
Once you get fired though, ask for no less then 6 months wage + benefits. Lawyer up if they refuse
I don't understand where the comments above are coming from with regards to lawyers and severance packages. I think they presume it's a full time job.
Just do the internship as you planned. You will get 3 months of experience and since it's your sophomore internship, I presume you were planning on recruiting next year for a BB as it is. In other words, you're in it for the experience at this point instead of the full-time job, and it seems like you will be getting the experience regardless of the state of the firm.
With regards to learning, you're rather useless as an intern in a structured program like a BB so they would understand why you haven't done anything except learn during your time on the prop desk (where I reckon you could possibly be an even bigger hinderance to the traders). As long as you can articulate on your CV and in an interview how you developed and benefited from your experience this summer, you'll be fine. Anyone that would grill you further regarding the depth of your experience would understand if you explained the situation of the firm, regardless.
Thanks for the advice.
Do you think it would be worth it to get an internship with a BB PWM firm this fall? I just feel like having nothing as far as experience aside from this is gonna screw me.
By this fall, do you mean a BB PWM internship for your junior summer? If so, it all depends on what you want to do. Go for whatever you are interested in, whether that is IBD, S&T, PWM etc. In a situation where you are going for S&T and unable to secure an internship, I would try and exhaust most other forms of market based roles before turning to PWM - primarily prop trading, smaller buy-side shops, Asset Management etc.
Voluptates inventore tempora nihil et aspernatur. Est harum deserunt dolor eius ut. Consequatur veritatis magnam eum recusandae mollitia quia necessitatibus expedita.
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...