offer for internship at repe firm - advice needed!

Hi folks!

I really could use some advice on this and appreciate any kind of input!!

I have the opportunity to do an internship with a relatively young and small repe firm in Germany (fund of 200mm, founded 2006). According to what they told me, they still are very well capitalized and got sufficient access to external financing. The managing partner seems to really know the business and formerly worked within Real Estate at a BB.

Considering that I don't intend to work for one of the large pe/bb firms in the long-term, for me it seems to be the perfect opportunity, especially since they also are looking to hire an analyst. What they do is exactly what I wanna do and the company could be perfect for me to start my career, since I wanna be involved in the whole investment process and really wanna build local expertise of the real estate market.

So here comes the issue: they only offered to pay EUR 900 per month. Please don't get me wrong, I'm not greedy or anything, especially not at an internship. But it just somehow confuses me and I am wondering if I need to make any conclusions about possible salary at higher levels. I asked the Managing Partner at the interview what the salary is for an Analyst compared to BB and he told me it's about the same, if not even better (I unfortunately didn't ask about the intern salary). BB usually pay their interns EUR 2-2.5k over here, so 900 seems pretty low for me.

Maybe I should mention, that I don't have any other offers right now, I'm still waiting for a decision by MSREF, but workwise I think I would go with the small firm.

What do you think? Do I worry too much about the salary or is it a strong signal to be considered?

Would it be appropriate to call the managing partner (it's only him and an associate in the investment team) and talk about it?

Thanks a lot in advance!!

Region

Comments (7)

 
Feb 2, 2009 - 9:26am

an internship is more of an opportunity to learn the ropes and most of all impress them. Getting upset over pay is the last thing you want to do. 900 euros a month does seem low, but I guarantee that's not what they're paying FT analysts. It sounds like this would be a great opportunity for you, don't get hung up over a little thing like intern pay

 
Feb 2, 2009 - 6:54pm

Hi guys, thanks for your replies!

The pay itself doesn't bother me, I mean it's only for two months.

The thing is, I'm trying to figure out why they pay so few. I mean obviously they don't wanna waste money, but on the other hand, they only have one intern at a time and right now they are looking for one analyst and if they want attract high quality graduates, in my oppinion they would have to offer something at least close to what offer investment banks, consulting, etc... I already did 5 internships, the last two of which with BB and the one before with a pe fund of funds. The Managing Partner himself was with Morgan Stanley, so he should know what they pay and it irritates me that he only offers that amount?

Any more oppinions would be highly appreciated!

 
Feb 2, 2009 - 7:02pm

It can also be to make sure that they are attracting candidates who are genuinely interested in working with them for the long run, and are not in it merely for the money. Just a guess, but that would be my first thought.

 
Feb 3, 2009 - 4:59am

That thought came to my mind as well. Would it be appropriate to call the MD and talk about the issue directly or would that only have downside risk with tiny upside potential?

Thanks!

 
Feb 3, 2009 - 4:36pm

I don't see what that would do. This is the segment you want to be in, this is an opportunity you're excited about, and even with prior internships, if they only take one intern at a time you don't have much negotiating leverage. Worst case, calling him costs you the offer. Best case, he tells you what you already suspect. Even if you find out halfway through the summer that a FT gig won't pay what you expect, you'll have this experience under your belt and they'll know your worth, so you'll be in a position to negotiate for a higher base or find a position elsewhere that will pay what you would like.

Calling the MD to ask about this would just be squandering goodwill.

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