Just looking for an opinion
Ok, I've been trying to break into IB for a year, and now with the market downturn, my opportunities aren't going to improve - I graduated a year ago, so my window is closing rapidly.
Do you think it's worth it to do an internship at MM boutique for $250 a week? It irks me that they only pay $250 when the hours are 90-100 on average. I'm looking at it as an intense training program, but I'm just scared of working for 3 months practically for free and then finding myself stranded without opportunities in December.
Any thoughts?
I would not take it. If you REALLY want IDB what I would do is work at a 40 hour job and make contacts, work on modeling by reading some good books, spring for TTS training, and WallStreet Prep. Also, do a lot of community service. The reason I suggest it is because if it does not work for 1-2 years at least you will have work experience and solid extra curriculars. This will get you into a good B-School and you can reapply to banks as an associate.
The reason I would not take the internship is this: I am a first year analyst but I had done 2 summer stints. One at a boutique and the other at ML. The boutique paid me 3500 a month plus a end of summer bonus of 7K. ML paid me 4500 a month with a end of summer bonus of 10K and an offer which I declined to go overseas to do community service and they would not wait either till January or let me defer for a year. BoA let me either start in Jan or defer, so I started in Jan. The summer analysts here who are leaving made 4000 a month with a 5000 end of year bonus.
The morale of the story is this: IBD is fun but it is very few people's end goal. Therefore, if not now it will work later. And in the mean time learn about a different industry and do well in it and help your community. You will then get into a good b-school and have the opportunity to decide between a plethora of options. This is because all that matters is that you are the best be it at a IBD, PE, HF, or managing a restauraunt. Just always have people evaluate your work saying this guy is the best at what he does and he tries and asks a lot of good questions. If so it will all work out.
Caveat: If you can live at home and money is not an issue, which is seems to be, like it would be for most of us after college, then do it and do well enough and you will get an offer. However, a firm offering that pittance is probably bullshit and they will work you to the bone as an analyst and just reverberate that pittance in your bonus.
thanks tbroker for the advice.
the worst part about the whole situation is money is important because I no longer live at home. I agree with your strategy, but the problem is I've been working a 40 hr job for a year now, I've been networking like crazy, and I've been studying for the CFA and doing models on my own, and still nothing.
People look at my resume, they see the lack of internship experience, and they write me off. That's the only reason I'm considering it - I need to show that I've been well trained.
With the job I'm currently at, there's no shot I get into a good b-school. Also, I think the analyst skill set is very important to have, I just wish they actually paid me something for the hrs.
In any event, thanks for the helpful post.
You've probably considered this but don't forget about benefits...if you take an internship at a BB you probably aren't going to get health care, and you probably aren't covered under your parent's plan if you've been out of school for awhile. Even though it's unlikely, if something bad happens and you don't have health care you're in big trouble...
I can't really speak to the internship as I don't know much about it though...
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