Offering to Work for Free as a Postgrad
I went to an ivy and graduated with a 2.8 gpa and no relevant internships. I hate myself for it, I fucked around all of college and have no excuse for it. At this point, I know I need to get some experience and just get my foot in the door somehow. I was thinking of speaking with some real estate Asset Management and small private equity firms through my alumni and offering to work for free. I'm certified with ARGUS and know how to create/analyze pro formas on excel so I could say that they don't need to train me (maybe I need to know more than this I don't know, I'm just guessing that this is sufficient knowledge). What do you guys think of this idea? And if so, do you know any companies that I should target? I just ask because I figure a lot of companies won't take on an unpaid intern and I'm getting so restless, I need to just demonstrate my capability to some company at this point or I feel like I'll be fucked forever.
The advice I was given is try to get your foot in the door as a runner at one of the sell-side majors (running documents). You'll make shit money. Like literally, maybe $20k per year depending on your market. You bust your ass and you are there whenever they need you. You do things they don't ask you for, but you know they need. You keep networking all the time. When a better position opens up, you apply for it.
Runner is still a thing?
Yea, they exist. The idea behind it was, I believe, offer to do whatever it takes to get in the door and you'll probably ultimately land something better
Regardless with an Ivy background and close to 3.0 you should be able to land something that is paying (like above the 20K number) but probably closer to 40K if you hit the ground running.
There are a lot of Ivy leaguers who run a small shop, where they very well may take a chance on you for an assistant to them type role. Just hit the pavements, send out resumes and make phone calls and send plenty of emails and something 'should' surface.
Working for FREE after graduating? (Originally Posted: 01/31/2012)
Long time reader, first time poster.
I'll be graduating in May from a non-target with a decent GPA (3.8), well balanced ECs at school, and a year of work experience at a small boutique in a mid major city.
I've been in the process of trying to find some full time opportunities at boutiques in Chicago and am not having the best of luck. Most say they are not hiring. I did talk to one MD that offered me an internship (he did know I was looking for full time work).
I'm wondering if anyone has took on an internship or job at a boutique like this and what their thoughts were?
Everyone I have talked to thus far I have told I am looking for full time positions. If I go down the internship route, I guess I mine as well try to get into the firm that I like the best as I would assume most of these internships will be unpaid.
Anyways, just looking for some insight from those that might have been in this position before.
How is it that you're in college but also have "a year of experience"?
Whatever the case, yes, people do that all the time, I could've sworn there were old threads on this but maybe not. It really comes down to what alternatives you have and how much time you have to decide.
If you can't find any alternatives, take the internship. With your spare time, network with other ibanks HARD. You would be getting valuable work experience instead of sitting at home twiddling your thumbs.
Take the unpaid internship. First of all, it gives you access to resources - CapIQ, Bloomberg, etc. Those are useful in your full time job search. Second, you are getting experience on the resume (and your resume does not say unpaid, so it is as good as any other). Third, you have a higher chance to get hired full time later by the bank you are slaving for, by one of its clients, or one of your MDs buddies at other boutiques.
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