Beware of these "internships"
I've mentioned in another thread that there is a rise of companies/firms charging students (in the thousands of $$ range) to intern for them, which I think is insanity. Sometimes the firms that these companies place them into aren't even real. I just wanted to put together a list of places that does this so that students could be aware of them. Don't even get me started on those "career coaching" programs btw.
If anyone knows of any other firm not listed on here, feel free to comment and I will update it accordingly.
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Alpha Capital Holdings (source: https://www.wallstreetoasis.com/forums/clarificat…)
I've noticed that Alpha Capital also loves to target Chinese-speaking international students btw. -
Amplify Trading (source: https://www.amplifytrading.com/)
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Evermark Capital (source: https://www.reddit.com/r/jobs/comments/3m0qxh/has…)
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Into City Prep (source: https://intocityprep.com/)
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LBN Advisers (source: https://www.instagram.com/p/CBA88mRAMMR/)
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Sutton Fund (source: https://www.reddit.com/r/FinancialCareers/comment…)
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The Intern Group (source: https://www.theinterngroup.com/program-fees/#pare…)
Is this even legal? Sounds like MLM level fraud
If you look closer the way it is being sold is as Summer Internship Training or Training Internship. It is a training course, not an internship. Basically paying bucks to train for an eventual internship, not an actual paid for internship. Really underhand the way its been marketed as targeting young 18-23 year old who wouldn’t know any better.
Is this insta guy for real?! Lol looks like a spoof account.
The guy featured on the insta https://www.linkedin.com/feed/update/urn:li:activity:666398112472698060…
but I think he only tells students that there's a fee after you've sent your resume
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Wow super sus. What kind of "deals" are they doing and how do they expect interns (who are students) to co-invest hundreds of thousands with them lmao
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doubt it. can anyone substantiate these claims?
Ivyline
Do you mind elaborating?
Yep, shocked me when I got to college and saw people literally buy their resume work experience. Seen kids pay to intern at law firms abroad. Couple with that some voluntourism, where you literally pay obscene amounts to volunteer in other countries, you've got a pretty decent resume going.
Really opened my eyes, literal boosting and power levelling of resumes if your family's got the $$.
This has become unbelievably common for 'gap year' students in the UK. People will pay £5k to help paint a school in Thailand (and in reality will spend 90% of their time drinking / partying), then leverage the experience to get interviews for spring weeks when they start university.
Upon discovery there is a staggering amount of people who have paid for their internships. I can't believe this.
All I can think of is how FGLI students are gonna get the short end of the stick if rich kids keep inflating credentials with these scam internships. This is ridiculous.
I seriously wouldn’t worry ... I’m pretty sure employers aren’t stupid!
I seriously wouldn’t worry ... I’m pretty sure employers aren’t stupid!
Lol.
Diversity Interviews = make it easier for poor and/or minorities to break in = everyone loses their minds
Paying for internships = make it easier for rich and/or white kids to break in = "that's just how the world works bro"
for real tho
Earning wealth is often with the goal of giving your kids an advantage in the future. If not for that what are we all working for?
You didn't know rich people have life easier? What are you 5?
Yes, but I was talking about the hypocrisy in people's opinions regarding unreasonable advantages in opportunity due to circumstances out of a candidate's control (e.g. being born into wealth or being part of a minority group). A lot more people on WSO complain about diversity programs than they do about nepotism, even though 100% of them would take those opportunities if they were given to them. If you couldn't see the implicit nuance in that post, you are probably closer to being the 5 year old than anyone else here.
we get it you paid to pad your resume! no need to be insecure :)
add Invest Like The Street to that list
wow I thought the Intern Group was legit because it was on the LSE’s website for work opportunities. that’s pretty insane
I'm guessing they do place you into real companies. But their prices are ridiculous haha
Don't know about any of the other ones so can't talk about those but Amplify Trading is possibly one of the best resources I've come across as a student for keeping up to date with current events and how and why they move markets. While "internship" may be a bad name for the service they provide, they do make it known that these are training course to help you get a better understanding of the industry etc. and given that I've seen a couple BB work with them for Spring weeks (and maybe SA idk) I'd say they're pretty good at what they do. I'm not an ambassador or anything, just really appreciate Anthony Cheung's morning briefings
Kamikaze Kevin strikes again! FFS LMFAO!
Fake News! hahaha hahaha
how much did Amplify pay you to write this
Thought I'd just clarify due the MS I've been getting for this comment. My only connection to Amplify is I watch free youtube videos they put out everyday and thought they might be a good resource for other people trying to break into the industry. Maybe I should have just talked about BB rankings or asked for HireVue questions instead, probably would have gotten a better response
Textbook Kevin Kamikaze for those who don’t know what that means do your due diligence on other forums to find out
Add Tobin & Co
as shady as they are at least they don't make their interns pay them to work there. Their unpaid full time employees are a different story tho, 100% shady
I’ve heard NYIC international capital is not registered with SEC (sketch investment bank) offers unpaid M&A internships
I almost interviewed with this place last year...
their CEO was arrested on worker fraud
“New York School of Investment Banking”
Claims 90% placement in to banks/firms, in a massive bold ribbon on their website...
Mind blowing fraud level shit.
These things pop up from time to time and after a moment of cringe it really is terrible to see them preying on vulnerable people. Very similar scheme to larger “legit” for-profit education institutions that you have heard of and spam your TV with endless commercials. I don’t think many of these finance focused places are big enough, but the ITT Tech, Univ. of Phoenix, Art Institutes etc. are all huge money making scams of the same vain. Floating on the barely legal spectrum and often times shut down by big brother.
Do a quick google search with “lawsuit” on any of those bigger names and you will see massive settlements/whistleblower suits/student horror stories for placement rate fraud, recruiting violations, lack of accreditation, massive debt, fake guarantees... Crazy stuff.
I wonder where their alumni actually end up lmao
Yeah there's one that was popular at my school that involve an international experience in a foreign country and an internship called iXperience. Felt kind of annoying since it gives you a really beefy type of work experience when you're only a sophomore, but it costs $10K. I couldn't really afford it, but would have been a good deal if you have the money.
Northwestern Mutual's Summer Financial Representative Internship anyone??
NWM is a weird one. Sketchy family of companies. I’ll disagree with it being fraudulent/misleading though since I know people who have used that internship to get a full time position that they enjoy quite a bit
hahahaha i really saw someone did an internship at amplify trading and i heard its a paid programme, turns out he can’t even get a decent graduate placement through that trading intern
Not exactly an 'internship' but I keep getting ads from this "Wall Street MasterMind" agency that claims high placing for BB/EB internships.
The guy that charges 5k to give advice? lol
That guy is legit tho
redacted
Any info you need to find is on this website and M&I imo
Why is is that the only people that defend this have very few bananas? Find one of your clients that is an active user of this site to defend the company.
I've actually got scammed with Evermark Capital when I did not know WSO (or anything really about the industry). paid about $1k for some sketchy research notes and models.
Big yikes. Did you find it useful at all
goddamnit this Amplify Trading thing is spreading like gonorrhea, this popped up on my Linkedin feed
i hate these cringe linkedin posts. We get it you paid for your internship smh
Worse is these fking InsideSherpa and Bright Network internship experience popping on my linkedin — Its a virtual workshop and THERE IS NO SELECTION CRITERIA, why are people like this
“Time to relax” Not a good first look if he’s already burned out
mans must be exhausted from those FRANTIC simulations
"insights"
Thoughts on Romero Capital?
Another "paid" internship?
Charges an insane amount of money but heard it’s legit... alumni actually end up with bb offers
new york school of finance?
New York School of Investment Banking. http://www.nysoib.com/. When searching the website my search engine said the website was "Not Secure".
Update on Amplify Trading: all participants are clones and seem to post the same slightly modified message on LinkedIn
cringe
Anyone heard of program called sage corps? A friend looked into it (they claim to offer internships, virtually for this year, at startups), but you pay to get into the program and don't get paid for the jobs so obviously thats a red flag. Curious if anyone has heard of them/worked with them.
Blackmore Partners in CHI is likewise a scam.
Wall Street Mastermind, for only $10,000, Sam Shiah will teach you the BIWS 400 guide! (Paper LBO prep surchages may apply)
10k? Is this fr
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Harvey and Co.in Newport Beach in Southern California.
Can you elaborate?
That LBN Advisors guy used to be an Exec Director in GS. He must be printing money to leave that role.
I wonder how much the "real bank" attendees who give workshops etc get paid. Are they still employed by those firms or is this a bit like those teaching programmes where they hire people to give courses at banks?
He was an ED in IT and operations at GS
HA! Apologies then if my post gave him a moment of credibility. I wonder how people who purchase this course react when they find this out.
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