Pay for internship?
Hi guys, been a while since I've been on WSO, primarily because I had moved on from banking into a tech startup. Still, because I had spent the past 3-4 years in finance, on and off students still reached out on how they can get into IBD and of course, being their alumni I'll like to help where my time permits (which is still not much).
I remember that in a few years back, there have been some programs where students can literally pay to do internships at some of the boutique firms around the country. Do these programs still exists today? I know there was one called New York School of Finance maybe 4-5 years back which is doing this, but they don't seem to offer that now, and only financial modelling courses.
I'm sure we all agree that we need that first IBD/PE internship to put some credentials on the resume, so if anyone knows which of such "pay for an internship program" out there, would be useful. I think it can really help one or two of those students who are struggling and need a leg up.
P.S. please don't suggest networking the ass off, that's definitely one very workable option of getting an internship (and should always be explored first). I'm just looking at possible options - there are different routes up the same mountain and I am curious about this specific one of paying for an IBD/PE internship.
Paying $11K for an Internship (Originally Posted: 06/09/2016)
What are you getting:
The price tag: $11,000.
Would you do it?
A week ago, I stumbled upon this website called Dream Careers. This company helps place students in internships, and one of them is this NYC Investment Banking Immersion Program. For a hefty price ($10,998 to be exact), they promise to land you an IB summer gig including some other perks.
I know what you're thinking. This is ridiculous! I agree. I did some more research, and it seems like although this program is legit, the internship will most likely at a nobody firm, and you will be doing some coffee fetching tasks instead of a typical summer analyst work.
Regardless, an IB gig isn't the easiest thing to get nowaday, especially for students who come from non-target schools, having mediocre GPAs, who want to get into IB. Getting this IB gig on their resume maybe the easiest way for them to get their foot in the door.
What do you think? Can money buy dreams? Has anyone been through this program before?
I can definitely see some kids (esp internationals) paying for this.
Sounds like another scheme to harvest profit from desperation and naivete.
predatory companies going after Asian international students - resume goes straight to the trash can if I see that crap.
To add to this, any idiot can get an internship at a small
Is Trump University considered a target school at this firm?
No idea. But I am sure some of the profits gained in this slimy scheme goes to fund Clinton global institute
I've done a program like this and I wouldn't be so quick to be critical. My motivation was I had a strong STEM background, but 1. during networking, the biggest criticism of my resume was "no finance" 2. most banks had rigid recruiting and it was tough to get in - "no finance experience, no finance job" vicious cycle.
I ended up going the MBA route, but I took a similar program in the summer to gain that valuable experience. Now that I've actually worked at a few banks (big five Canadian and BB in NYC) I can safely say that the quality of the training in the program I took was actually really good and prepared me really well for my summer internship and transition to full time. I'd caveat that with "like all opportunities in life, it's what you make of it".
So in other words, it's not really an IB gig, but they're just going to lie and say it is for $11 grand?
Maybe. Hard to tell. Most of the review sites are fabricated with fake reviews, it's hard to tell if whose reviews are genuine.
Also, I don't think any legit firms in their right mind would have people pay to intern there...or I could be wrong
I think there might be value if it's done VERY right.. but $11k seems steep. I've seen plenty of people do the 2-4 weeks summer "IB" courses (in NY or abroad), and then use that training to outperform in interviews following year and the time in the city to network.
Would I do it as a freshman or sophomore? Maybe. Would I do it as a junior in hopes of landing a FT gig afterwards? No.
I landed a SA position from a non-target through years of networking and steadily moving closer to M&A in each job I took. I will outsource my work to you at said SA for only $10k!
def seems like a last resort, but tbh $11k for a summer of housing alone isn't a terrible deal in Manhattan. I'm starting an internship Monday and paying $11k for a midtown loft for 10 weeks (albeit split between multiple people). So I wouldn't say the pricetag is that outrageous. If you have no other options, 11k for a resume line item, housing, and a networking platform doesn't sound too bad if you're dead set on finance.
Paying for an internship (Originally Posted: 04/21/2012)
Was browsing another forum and came across this thread, title caught my attention instantly.
"Paying for an internship
A friend of mine is currently doing an internship on Wall Street in Private Equity, which he paid for out of his own pocket. At first I was horrified by the notion of paying for work experience but on reflection consider the idea more palatable.
1) You get great experience on your CV 2) To my knowledge actual employers won't know that you paid for it 3) Potential for networking
Anyway, what do the rest of you think?"
Has anybody seen this before? Hahahaha wow, I knew some internships weren't paid, but ACTUALLY you paying the employer?
that sounds like one of those stupid wall street boot camp "internships". I always wonder what the actual credibility of those programs are?
What about for someone who lives in Europe and wants to do an internship in NYC?
Is it still stupid?
Check out University of Dreams (I think that's the name) they've been selling internships for awhile now. It's mainly geared towards rich students (Freshmen, Sophomores I'd assume) who were unable to lock down jobs on their own. From what I hear it's a one time price that sets you up with housing and the job (we're talking like 10k+ for the package I think). I'd have to believe that your employers would know that you paid for the internship---whatever gets you the experience though.
If any future employer knows you paid for the internship then doesn't it defeat the purpose of paying in the first place as they'll be aware you didn't gain the position based on merit?
I dont think they care as long as you can convince them its good experience. Think of it as someone who networked to get a job or had a family member in a big bank that helped them out. The banks arent gonna care how you got it, but what you did there. Obviously you wouldnt tell them you paid for an internship the same way you would tell them you got an internship through a connection, but I dont think it really matters
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