Is it too late to cold call for summer internships?

Currently, I'm a freshman doing a rotational program at Morgan Stanley. It is only a week long, however. I would like to find an internship opportunity for the rest of the summer but I am not sure if its too late for cold calling banks, PE firms, etc. Should I just prepare for next summer?

 

Its never too late to Network. Even if you don't get an offer or if "hiring" is over, reaching out and getting informational interviews are always in your best interest, in my opinion. I say basically the same thing every time. "My name is So and So, and I'm a recent graduate of Greatest College. I'd like to learn more about your firm.... blah blah blah. They know you want a job, so don't say it. And PLEASE don't embarrass yourself by saying "Are you hiring?'

Great question. I'm sure you can search "cold call" or "cold call interview" and get a lot of great insight. Also, check out the WSO Networking Guide.

 
BigFatPanda:
They know you want a job, so don't say it. And PLEASE don't embarrass yourself by saying "Are you hiring?'

What's wrong with asking if they're hiring? I've gotten 2 interviews this way (my most recent one was a phone interview and onsite the next day since they were looking for someone soon)

-- Recent Actuarial Science (good statistical skills) grad looking for entry-level work ANYWHERE. Writing CFA Level 1 in June 2010. Passed 3 actuarial exams.
 

Not at all. I officially landed my Freshman year internship during finals and my sophomore year one after I was already home for the summer. Don't limit yourself to I-Banks though. Also look at small local buyside shops.

 

Cool, thanks guys. A lot of the resources I read about cold calling strategies were aimed at long term networking. I was looking for strategies to turn a cold call into an interview quickly (as in for this summer).

 
Most Helpful

As was said above, make a commitment to yourself to contact a certain number of bankers each day. Then do it. As you contact these people, try to distance yourself from what they can do for you or what you can get from them. Just meet them, talk to them ask them about their career. What was their path to investment banking? What are common misconceptions about banking? What types of qualities really stand out when you interview new hires? Just open your ears and learn. Don't listen to fools who try to scare you about "if you didn't get a soph summ. internship, then you won't get a jun. summ. internship, then you won't get...get. get. getget" Just meet as many people as you can make friends, gain allies, ask questions, and LISTEN.

 

I think the OP is looking for tips on cold calling directly for an SA. You'll have to be able to tell your story when you finally reach the right person. The position at a small IB or a fund will usually not have a formal intern structure which is both bad and good. Bad, in that most of your calls will be hit or miss. Good, in that if you do find someone who is interested, they'll provide you with great exposure.

I'm actually in the same boat as you except that I have something lined up just in case I can't find one. It's afforded me the ability to be a little more choosy, but in your case, you have to be willing to cast the net wide.

The emails are never returned by anyone. They just get ignored and pushed down so don't waste your time. I suggest calling first then ask for their email address directly. That way you approach them twice. If you leave a message, make sure you call back 2-3 days after.

 

I actually have to thank you guys for giving me all this information. I cold called about 10 banks this afternoon and actually already have a really good lead. I think it is important for me to not push the issue about a job. Rather I should try to build relationships for next year.

How do you guys think of open ended questions on the fly when speaking with bankers? Especially with the higher ups, such as MDs, when you get flustered.

 

Have a list of open ended question you can ask - but don't be a tool. Ask them about opportunities at the firm, their background, if they have any advice, etc.

Your main goal is to get an internship so you can ask them straight up if they have any internship positions available. It's hard to build relationships that last long with these small firms. You want an internship to put on your resume so you can have a good shot at summer analyst recruiting in junior year.

 

What if you only have HR's number, should you ask to be forwarded to a MD?

And if you can't, can you ask HR for any available paid/unpaid internship opportunities? I assume the hit rate with this would be very low, right?

 

When I had to call HR I basically said, "Hi, my name is _________. I'm very interested in investment banking and I would like to speak with someone to learn more about your firm and banking in general." I've only called small to medium sized firms, but they all forwarded me to their MDs.

 

It's definitely not too late to reach out. At the end of the day, even if you don't earn any position, it is great practice - you want to be comfortable cold calling and you want to be comfortable on the phone, discussing yourself, different companies, technicals, etc.

The key here will be in getting to the point and being prepared to showcase your skill set as well as your interest in the company. Do some research, prepare some questions and get right to it - fire out some inquiry emails, or make some cold calls and be flexible. Explain that you are interest in the learning opportunity and chance to witness the profession firsthand, rather than making money and such. Focus on your talents and how you can help them, even on a PT basis - if that's what they need. What you want to avoid, however, is sounding desperate. There is a line between driven/hungry and desperate. You don't want to beg for an opportunity, you don't want to go on and on about how you'd feel privileged just to sort papers, make copies, get coffee, sweep the floor, etc - part of selling yourself is in having goals and standards. Yes, you might be asked to get coffee and make copies - but you should be vocal in your goals to learn, to grow and to contribute to the team.

Learn about the company, know what you are looking to get out of the opportunity (but be realistic - don't expect to close a bunch of deals, run models, etc as a soph on a cold call) and be comfortable, yet persistent. There are a lot of boutiques out there and if you can work unpaid, you might actually get some solid experience ahead of junior recruiting. Good luck and worst case scenario is you are in the same position as you are in now (no offer). In other words, give it your all - no one is going to hold a grudge, no one is going to reject you next year because you cold called a few places this year.

 

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