From a target LAC.
Emailed more than 100 regional IB's (LA area) and have received 0 promising leads. I have a strong alumni network, but I'm not quite sure how to reach out to them without sounding like I'm using them for internship purposes. Any tips?
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In my experience, it is often best to reach out to someone with a genuine question. Something along the lines of "Good Afternoon _____, My name is _____ and I attend ______ University. I am very interested in investment banking blah blah blah. Is there any advice that you can offer to me, as a freshman, that would help set me apart in the future for IB recruiting?" And then maybe some questions about their firm. They will probably mention internships and you can then ask if their firm offers them, and if so, when they are offered.
Structuring your email like that is quite a good start. I would just say to keep your mind open to non-IB internships. As a freshman you basically have to be open to anything unless you have a family connection. Maybe try and find a corporate finance internship or a wealth management gig. You’ll still be ahead of most other candidates as long as you have somewhat relevant experience and a story to tell. Best of luck!
Should I keep it to the point like this email format is or also mention something amongst the line as "would you be able to schedule a call to talk about what you do?" ... I've called up a few alums and listened to career advice but never really asked them for internships exempt one. Would emailing in that format stated above or calling them and then asking prove more effective?
It never hurts to try to schedule a call. Just keep in mind that they have a busy schedule and will most likely need to reschedule/cancel on short notice. However, the most important thing is building a relationship and trying to stay in contact for when you’re a sophomore/junior and more likely to be recruited for an internship. If you can schedule a call and try to talk to them every month or so, to build a relationship, that would be very beneficial to you in the long run.
BUMP
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Not all of us come from privileged backgrounds where we get to live such lives of whimsy frolicking about on our parents dime.
Sorry. When I said travel abroad I meant to say study abroad. Obviously not everyone can travel but if you’re on financial aid at a top target I would venture to say you can probably find scholarships or aid for a study abroad program. Why should you waste the last three free months you will have for the foreseeable future grinding out a 60+ hour/week internship? If this guy is as motivated as he sounds he will not have trouble finding something next year and IMO the advantage a freshman internship gets you over your peers is not large enough to forfeit your freshman summer for (if you can find the means)
I did the above funding everything through my savings - go work in [insert developped foreign country] as a barman or something and then go to insert [third world country] and live there like a king for a month.
As a freshmen, I was trying to find the location of next weekend's kegger not an internship....as should you. Freshmen year - have fun, keep a decent GPA for the future, and explore life outside of a career. You have your whole F*%#ing life to stare at spreadsheets. Don't waste this moment.
Getting an internship as a freshman can be really tough - even if you're at a target school. Like you said, you could try going through the alumni - may be ask if they know anyone at their firm looking to recruit interns for the summer.
Another alternative is to look for non IB internships in finance.
What non-IB specific finance fields would you recommend? All of the PWM near me are big names (JP Morgan, Merill) that don't take freshmen (according to the job listings online). So, I'm not sure what else to look for aside from PWM or PE. Thank you
Sure - To give you an example: what about asset management? You mentioned you're in the LA area. Capital Group has presence there.
By a quick look on google, I found this list: https://www.seia.com/wp-content/uploads/2013/01/2016-Money-Management-F…
I'd look on their sites to see if their looking for summer interns/analysts. If not, I'd e-mail their recruiting contact.
go for something other than IB, simple. don't be boring.
I studied abroad and landed lower BB IBD as a sophomore.
You still have a lot of time - so don't worry. Continue reaching out to the boutique LA banks you find. I know there are a tremendous amount of small VC funds in Cali so reach out to them. Also, look into working for startups seeking capital or ones with funding.
Also, be open to a remote internship. For example, private equity search funds offer a tremendous amount of experience if you actively put in the work. Also, look into working for your schools Endowment? Endowments also offer great experience as they invest as an LP across different asset classes and funds.
Good luck! I was in a similar position last year and didn't find something until March, so hang in there!
Try small PE shops/search funds/boutique AMs, they could always use an extra hand, FWIW I landed a gig at a small buyout shop working it part time during the semester then full time in the summer.
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