Is it a bad time to network and build connections to lead to a boutique internship?
With covid, civil unrest, and uncertainty with the economy is it bad to network to ask for internships? I'm still going to do it but I wonder how it will come off.
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Most people are working from home so they have more time to check their emails/LinkedIn and take phone calls so it's actually a good opportunity I think
Thank you for the perspective! I got a question relating to IB. I'm going to be a Junior this upcoming fall and am currently interning as a PWM intern at PNC, and I've done some networking and should be able to get a internship with Tesla in the fall. After the internship I'm going to put a request for their AM internship next summer. How much easier can this make it to break into IB like a Boutique or a MM.
PWM and IB are quite different and lead to different (although similarly prestigious/profitable) career paths, so you'll have to make a choice. To appear convincing in front of recruiters, you have to be either 100% interested in PWM or 100% interested in IB. With this in mind:
In terms of storytelling, you may want to show on your resume a "transition" from PWM to IB. In the United States, the Junior year summer internship is the most important one: for instance, you do an IB internship at Lazard during Summer 2021, perform well, get a return offer, finish your senior year, graduate in 2022 and start directly your career at Lazard. However, most BBs and EBs are already conducting interviews for Summer 2021 Analyst internships, so you're a bit late. Don't worry tho, here's what I would do if I were you and if I wanted to get into IB:
Tesla would look great on your resume. Depending on how strong your contact is, you should try to get your fall internship in the "Corporate Development / Mergers & Acquisitions" division. A lot of people at Tesla have this title on LinkedIn, look into it. At the moment you know you'll do an internship there, update your resume: PWM Summer 2020, Tesla Fall 2020 then start networking for your Summer 2021 IB internship. At the same time, learn about IB (valuation, M&A, LBO, etc).
There are boutiques and MM everywhere in the USA. As soon as your Tesla internship is confirmed and resume updated, apply to the ones that are still "officially" recruiting and reach out to those that do not have structured internship programmes.
Starting from something like May/June 2021, you'll have to start applying to BBs and EBs (which may be tricky since you'd also have your IB internship in June/July) in order to get a Summer 2022 internship. At this point your resume would be: PWM Summer 2020, Tesla Fall 2020, IB boutique/MM Summer 2021.
If you can graduate a semester later (in January 2023) you may want to do it. Anyway, perform well during the Summer 2022 internship, get a return offer, and then kindly ask HR if you can start either right away or in January 2023 depending on your situation.
Don't forget that you still have to ace the interviews. Good luck!
Thank you for the great answer my guy! I didn't even think about Tesla's M&A group. My contact is an intern there and he'll pass my resume to their recruiting team, but one problem with the M&A part is that there is no job post for it. For finance, Tesla has this Finance Internship where you can either do FP&A, engineering finance, manufacturing finance, energy products finance, Finance business intelligence and Sales. I'll ask for an M&A position (I only noticed 3 people at Tesla with the job title you mentioned, do they not have a structured program?), but in the case they don't have a position for M&A open, should I do something else there? Thank you again for your thoughts and opinion!
I did a quick search..... came up with many more than 3.
google “corporate development Tesla LinkedIn” and you’ll find plenty.
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