Is a unpaid IB internship worth it?
Hi, I am currently a sophomore at a non-target school. I am offered a summer internship that I applied for through handshake. I am scared they will have me do useless work and it is far from home. I honestly, don't care that I would have to pay at least 50 bucks in tolls and gas a day, but I just want to make sure that it is worthwhile for my career. I have to be able to get a full-time IB offer for something in consulting. I am unsure whether an unpaid internship like this will give me real experience. If someone could please give me some insight on whether this is a good idea? I have had a unpaid internship at a start up before, but its a lot of work for me to get to NYC and I just want to make sure that this is something that is worthwhile.
Job Info Below:
Summer Associate Intern – Investment Bank
Coast Equities INC
Overview + Responsibilities
· Learn how business is conducted on Wall Street firsthand
· Train with Financial Professionals while learning many aspects of the business
· Speak with high-net-worth prospective clients for the branch
· Learn how to conduct yourself professionally over the phone
· Minor clerical duties such as handling telephones, mailing and filing
· Financial research file management
· Will learn basics of financial suitability requirements
· Be witness to sales process of financial products from beginning to end
Based on that description, it sounds like a crap internship, and the fact that they don't list basic tasks like drafting deliverables is concerning. Not saying it is bad, and if they have some sort of a name it may be worth it, but I would go on LinkedIn and look at past interns and the banks they ended up at. Just be careful, because there are a lot of crappy boutiques or sourcing shops that call themselves investment banks that try to take advantage of desperate college students so they can get a free administrative assistant. I did two unpaid internship in college, and they were worth it and major contributors to me getting my offers, but that was only because I got actual deal experience, not just BS admin tasks.
Yeah, I did. Of the six people that I could find who have interned there one got in GS everyone else didn't have much going for them. Most of executives that work at Coastal were not that qualified IMO like they went to third-rate colleges not sure if that means anything.
I would recommend shooting a quick email to past interns, and see if you can get them on the phone or ask them a bit about the internship. Unpaid internships can be very hit or miss, and can great experience or a complete waste of time. Also, did at least the founder/head come from a reputable bank? If not that would also make me question the quality of the experience. If you were close to the internship and had nothing better to do for the summer, I would say why not, even if it was bad experience. But, since it will cost you around 3k to make the trip for the summer I would make sure you are getting good experience from it.
Lol I did an unpaid internship but barely did any work (guy couldn't complain, he literally wasn't paying me lmao) and pretty much just killed time by reading reports to put it on the resume, then just over-exaggerated what I did and the dude vouched, etc. and it was a good deal. Had to drive pretty far for it but it helped a lot in interviews. But yeah man, this process is just a bullshit test you need to pass. Look at LinkedIn.
Reading the job description, it doesn’t even sound like IB (more like a cold-calling PWM stint). I’m guessing that you come from money (or earned it yourself?) if you’re willing to pay $50 a day for an internship, and if that’s the case, I’d probably take it. But only if you can’t find absolutely anything else finance-related.
I don't come from money, but I have enough money saved up from working. I would probably pick up a part-time job to offset those expenses. If it is a great opportunity I wouldn't mind the gas and toll money.
Hmmmm. Heard on the money part, good job. I said that because I’d be wary of spending a ton of money on a pure cold-calling internship (especially if it’s my own lol). I’m guessing it’s for this summer, right? Will you do anything else that purely clerical work? Either way, I guess it’s better than nothing, but I’d look at other offers too if they’re on the table.
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