Need ideas for last minute internship

Jon-Jo's picture
Rank: Chimp | 8

Long story short:

I was promised an internship, and got screwed over at the last minute.

Long story long:

My intention was to intern at the Dallas Fed this summer, and a former "staff member" (and one of my professors - I can't say more without getting him/me in trouble) assured me he could get me an internship this summer. I applied in November/December at the Dallas Fed, as well as Atlanta, NY, etc. (not to mention the myriad of gov't soup agencies: SEC, FDIC, OMB, etc.)

Unfortunately, Donald Trump won at around the same time, and promptly announced a federal hiring freeze across all levels of government.

I have just received word from the last government agency that I did NOT get the position. As there are no possible government internships I can get, my fallback is a high finance position. Now I have spent the last few days trying desperately to find anything from search fund to IBD. The closest thing I got was a call-back from a real estate developer for a financial analyst position.

If anyone has a list of micro-boutiques, boutiques, search funds. etc. for me to send out cold calls/ email blasts that would be great. Emphasis on the Houston market, or Austin, but can travel throughout the continental US - its just that I have no contacts outside of the south.

Gen. Info: I am a third year Econ. Major at UT Austin (the target for Houston P&E). I was a finance major at a non-target in Houston, but transferred out. My GPA was 3.8+ at non-target, now a 3.6+ at UTA (working on that).

10-year plan: Earn Ph.D. in Economics from top 5 school, and move to Prop. Firm/HF. To get into such a program, I need more industry experience (in IBD) or at a FED branch bank (or so my profs. tell me).

Any suggestions would be appreciated, but a list to cold-call would be a godsend. Thanks in advance.

Comments (102)

May 18, 2017

I can pm about my experience, I just don't want to post it on open forum.

May 24, 2017

Jon-Jo: I hope you've found what you're looking for. If not, please contact us at Searchfunder[dot]com on applying for internships with a search fund.

May 24, 2017

a PhD in Econ isn't the best path to prop/quant HF

May 18, 2017

What would you recommend instead? I've been told that the higher level quant work requires more math and modeling experience than an undergrad would be exposed to ( I've been supplementing my math education with multivariable, diff eq, etc) and although I'm well above average at maths, I'm no Euler, and probably coulndn't keep up in a top-tier math PhD program. (I have no chance at Physics or CS due to lack of background).

Do you think an MFE would be better?

May 24, 2017

Search fund intern.

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May 24, 2017

UT-Austin career services able to help you out? I'd imagine they would have a list of alumni and could possibly broker a call/meeting.

Otherwise, I would recommend scouring LinkedIn and then reaching out.

May 18, 2017

I've been in contact with an alumni (recruiter) at BAML houston office about a summer internship for summer 2018, but don't think he can help for this summer. Career services gave me his email, but that was the best they had this late in the game.

May 25, 2017

Econ PhD programs are VERY competitive nowadays. Look at the stats for some of the schools before limiting yourself to UChicago, Cal, Stanford, etc.

May 25, 2017

At one point I was in a similar position, between my sophomore and junior years as an undergraduate. I would hustle and try to cold call finance firms in your area (I have tried cold emailing and nobody ever responds - so don't email), and just keep going until you get something. I ended up getting lucky by winding up a very small investment office that was actually a pretty good experience / resume talking point. But that's what luck is - where hard work meets opportunity (a famous quote). Just keep at it. I started that job in probably mid June and worked for 5 weeks - no need to work all summer. Keep at it till you get SOMETHING.

Good luck!

Jun 20, 2017

What did you say when you called, and which types of firms did you target/how did you research them? It's the 20th of June and I'm desperate for a summer finance related internship because I want to quit my current one (analytics at a startup)

May 24, 2017

it's very, very late - obviously go for boutiques at this point. All firms with somewhat of an organized recruitment process are done

Jun 20, 2017

Furthermore, I have composed a rather extensive spreadsheet of firms/contact info within 25 miles of my university to cold email. Should I target Asset Management or IB?

Jun 20, 2017

Target whatever the fuck you can get at this point. As reaper said, most places are entirely done with recruiting, so you don't exactly have the luxury of being selective.

Jun 20, 2017

Agree with both of the above posts- you need some finance related experience. Period. In fact, as soon as you lock something down for the summer, you should be getting ready for recruiting for full time. (assuming you want IB, ER, or AM) Note: Do not focus so much on FT recruiting that you don't get a return offer, it is super important to get that for leverage.

"Even if you're on the right track, you'll get run over if you just sit there" - Will Rogers

Jun 20, 2017

bump

Jun 20, 2017

Start cold-emailing firms asking straight up for internship positions with your resume attached. You should also consider cold-calling (being prepared to pitch yourself in 1 minute on the spot)

Jun 20, 2017

-

Jun 20, 2017

Chicago has a ton of firms. get on google and start cranking away cold emails. Don't mention working unpaid unless thing bring it up as a point of contention.

"Even if you're on the right track, you'll get run over if you just sit there" - Will Rogers

Jun 20, 2017

Reach out to alumni, start networking, you can still probably find a small firm with no structured intern program.

Jun 20, 2017

Been doing the same emailing tons of firms in the are I got a few responses so far just saying that they don't give out internships and 2 saying they forwarded me to HR.

Good luck

Jun 20, 2017

You can go on LinkedIn and look for companies in "Investment Banking" with 1-10 employees. That will give you a good list. Also if you have access to Capital IQ or something similar then you can do the same and might find some more.

Jun 20, 2017

I'd give wealth management a try too. If you're doing the right type of work can show firms you're at least familiar with reading financial statements and such.

Jun 20, 2017

-

Jun 20, 2017

PM me your cold email template. I was in the same situation as you and emailed probably 600-700 people. Led to about 15-20 interested replies. About 10 phone calls. 5 Informal interviews. 3 or 4 Phone interviews. I have a superday for a MM bank in NYC (unpaid).

If you get nothing I would go abroad or some shit to make yourself interesting lol

Jun 20, 2017

bump for visibility

Jun 20, 2017

If we are talking about Stanford you shouldn't have problems getting interviews?

Jun 20, 2017

Definitely reach out to alums and at least get a sense of the timeline for each firm. You're not too late into the game but definitely not ahead.

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Jun 20, 2017

Network? Or try an alternative industry and gain similar experience?
Maybe consider some interview training. If you received phone interviews and didn't get pulled to next rounds something is wrong.

Jun 20, 2017

Why not continue your previous IB internship this summer?

Jun 20, 2017

To answer your question, yes it is probably too late but you have solid experience. Go volunteer or take a mission trip or something.

Jun 20, 2017

Email your last boss and ask for the job again? If your at a target reach out to alumni?

Jun 20, 2017

I may not ask my old boss because somebody else has the position (in hindsight, I should have kept it...). Anyways, I'm still putting my resume all over the place on many job boards so hopefully I get some sort of feedback. My phone interview and real interview skills are fine, it was only one or two places that didn't follow up.

Jun 20, 2017

if you're going into consulting, stay where you are; otherwise, ER sounds better for IB.

Jun 20, 2017
coach01:

if you're going into consulting, stay where you are; otherwise, ER sounds better for IB.

You mean if you're going for consulting, take the internship in Asia, but if you're shooting for IB, ER sounds better?

Jun 20, 2017

yeah

Jun 20, 2017

Quite frankly, I think that both opportunities suck

Jun 20, 2017

yes, far too late

Jun 20, 2017

If you want a good internship..yes. You are still better off applying to anyone that will accept your application at this point to get some sort of experience but you will not get an internship that will be a resume maker.

Jun 20, 2017

A bit too late. Some boutiques in the area might still be recruiting.

Jun 20, 2017

BB like Goldman, JP, Morgan S, Citi, BAML are done.. some opt are still open though, not bad if you just wanna work and get paid for the summer :)

Signs of Recession:
Banker: "Where's me Bonus?"
Yuppie: "Whadya mean I have to actually work?"
Fox Rock Mum: "Lidl's the place to be seen in now!"
Cowen: "It's not my fault that me and my party are complete f**k-ups - it's the recession silly!"

Jun 20, 2017

i need some advice quick! anyone know about jp morgan checking work history? the dates on my internship with ubs were a month off. this is my current employer so will they even check?

Jun 20, 2017

I would advise to apply way before the deadlines as a lot of roles are filled on a rolling basis

Jun 20, 2017

for bulge brackets, yes it's too late. but the big 4 recruiting for sophomore will start later in the semester and the boutiques will also start looking for interns soon so you can still shoot for those.

Jun 20, 2017
hellowhatsuphello:

for bulge brackets, yes it's too late. but the big 4 recruiting for sophomore will start later in the semester and the boutiques will also start looking for interns soon so you can still shoot for those.

thanks.

Jun 20, 2017

i would say to you, next time, make sure not to limit yourself. do whatever you can.

Jun 20, 2017

oh, and go for it. trying definitely doesn't hurt. try to email hr and network a lot!

Jun 20, 2017

I don't understand...I go to a major target and none of the drop dates have started yet...

Jun 20, 2017

if none of the drop dates have started, why have so so many people been interviewing on this board already?

Jun 20, 2017

non targets and non traditional paths, they save spots for target schools which are starting in the next few weeks

Jun 20, 2017

Like waltersobchek said, it's for non-targets, very connected people, and those going abroad. If you go to a major target, don't worry they've saved plenty of spots for you.

Jun 20, 2017

To the OP, if you are at a non target, your chances are quite a bit lower if you keep waiting. While they havent filled their classes, they are reserving them for ONLY target schools. In some banks, with the subprime mess, they are reserving a higher proportion I believe for target schools (senior alumni at a BB told me).

Jun 20, 2017

That's right. If you go to a non-target, it's not entirely too late. You still have till Feb5-Feb10th to network your way in. After that, you're out.

Jun 20, 2017

does anyone mind listing possible target schools?

it's not listed anywhere and i was hoping to get an idea what they are specifically

thanks!

Jun 20, 2017
GardnerExpress:

does anyone mind listing possible target schools?

it's not listed anywhere and i was hoping to get an idea what they are specifically

thanks!

Does the bank recruit at your school for front office positions? If it does, you are at a target for that bank. If it doesn't, well...you get the picture. NETWORK

Jun 20, 2017

This has been discussed many times.

Jun 20, 2017

Why not? AFAIK they haven't given out first round interviews yet

Jun 20, 2017

PM me, maybe I can help you.

You choices are going to depend on what you like to do. Ops tends to be non customer facing, kind of repetitive tasks.

Accounting ebbs and flows according to tax season, audits, etc. Good area to start though since you really learn about companies from the inside out and a lot of accounting is transferable to IB if you decide to get a MBA.

Commercial banking, well you can do a ton of stuff within that space. A good place to start is as a credit analyst.

Jun 20, 2017

You are better off reaching out to alumni (aka networking). Don't know how much help you'll get from people reaching out to you.

Jun 20, 2017

Too late Koho. TPG's already sniped this guy. He's off to bigger and better places.

Jun 20, 2017

Get cold calling and leverage your contacts. If you were amazing see if they can extend the period another month or two. Go to the alumni directory and look people up. Call every MM, boutique etc. Look to small firms, regional banks and get going.

Jun 20, 2017

Why can't you stay on with the BB?

Jun 20, 2017

cuz it's project-based and now it'll be soon ended...

Jun 20, 2017

If you did a good job and they like your work just leverage to do another project...

Jun 20, 2017

PM me, my group is looking for an intern and it is a bulge bracket.

Jun 20, 2017

any advice is welcome

Jun 20, 2017

up up

Jun 20, 2017

Make money. You don't need more back-office on your resume.

Jun 20, 2017

post your resume

Jun 20, 2017

not going to post my resume on here, theres enough to answer the question already in my thread.

Jun 20, 2017

tell me about it man ...

Jun 20, 2017

I was in the same situation you are and ended up getting a pwm internship at a boutique a week ago. Not sure how much it will help but at least it is something!

Jun 20, 2017

UBS takes about a month to process new interns so keep that in mind when thinking about the bigger banks

Jun 20, 2017

cold-call PWM firms

Jun 20, 2017

You may not even have to cold-call - I think plenty of good places are still looking for PWM interns. Look around and do some searching. All things considered, don't kill yourself over it; you're a freshman and have some time to work things out. And if you'll be in a major city such as NYC, you have plenty of opportunity to find something relevant to what you want to do.

Right now, your best options would be to network, search up internships on job boards, and cold email and cold call as many places as you can.

Jun 20, 2017

audit/tax/accounting

Jun 20, 2017

I believe JPM still has several SA positions still listed on it's website.

Jun 20, 2017

if by 'save' you mean 'wait', then absolutely not.
keep your contacts thinking about you, by staying active.

I recommend hitting him up asap to catch up / discuss next moves (and hint at him giving you a hand)

"Success means having the courage, the determination, and the will to become the person you believe you were meant to be"

Jun 21, 2017
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Jun 21, 2017
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Jun 21, 2017
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The way Ah see it, is that it took a revolution f a bihllion people for your darn short to work out!