Hey everyone. So I was just wondering what exactly it meant when a internship is listed as off cycle? The internship I am interested in for example says that it will start between April and July and will last approximately 3-6 months. It also said to just say my availability on the cover letter. Does this mean you could enter say March - August and have your internship coincide with the summer internship?
Thanks for your help!
What is an off cycle internship?
As explained by @Sil:
Off-cycle internships are internships that take place outside the regular cycle of when internships normally take place. Since most internships take place during the summer, an off-cycle internship would be one that takes places outside of the summer. They usually are just as worthwhile as "regular" internships.
Among bulge bracket banks in the United States, off-cycle internships are common for schools that operate on a trimester schedule, such as Dartmouth College. However, smaller firms have more flexibility for offering off-cycle internships. In other regions of the world, such as the EMEA - off-cycle internships are more common at bulge bracket banks and among other firms.
When looking for off-cycle internships - your first step should be to look on corporate websites and school job boards to pursue any listed leads. The next step would be to email and cold call contacts to search for opportunities. You should also remember that for non-formal off-cycle internships, firms will be looking for extra help to fill a need and will not necessarily be looking for full time hires. With this in mind if you cannot find structured off cycled programs - target small firms or specific groups at larger firms and cold email/call more senior people at those places.
What is the value of an off-cycle internship?
Off-cycle internships in investment banking, private equity, hedge funds, or venture capital can be just as valuable as typical summer internships and can help gain skills and experience that you can leverage into different full time or summer analyst positions. For example - if you are looking to get into venture capital after having had a sales and trading internship - taking a semester to do cold calling for a venture capital firm will help you gain valuable experience that you can talk about for interviews.
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