2 Internships one summer? PE and PWM
Both are part time and unpaid. One internship is a BB PWM mostly doing bs work (but no cold calling) and another is a part time PE shop for business development and some financial modeling. I'm guess-timating around 15 or so hours for each internship, but it will only be a pain since I won't be able to have a part time job and thus will have to pay out of pocket for travel expenses ($100 a week).
Do you guys feel like it's worth it or should I go without an internship this summer and do a fall term internship (firms have offered me for then as well)? Both internships will be good in terms of networking
what a stupid fucking question. yes, you should do them both and no, you should not go the summer without getting an internship.
Definitely do the PE internship this summer. It's up to you if you want to take the PWM as well. If you need to fill your resume, go for it, otherwise work 15 hours a week in PE and enjoy the rest of your summer.
It's honestly up to you. If you think it'd be wiser to do a PE internship this summer and something in the fall, than do that. You're in a good position and you can't make a wrong choice here.
Would the PWM look better on my resume as opposed to school clubs/school non finance related leadership positions?
If you're a freshman and have no "professional" finance experience, then it will help especially with the name (assuming ML, UBS, MSSB). You need work experience more than school extracurriculars. You need both but at this stage you want to fill your resume as much as possible with real finance experience.
Just curious what are your options come fall?
A boutique IBD that is somewhat legit and a PE firm with around 700million in aum. Also an equity research type position at a HF for spring (maybe). Their all all unpaid internships, and by no means guaranteed rather the free labor seems attractive at this point of time, but I had to network a lot to get them. I personally don't really know what I want to do yet, and so my goal is ultimately to try to hustle into a BB IBD firm for sophomore summer and then MBB for junior summer deciding which path to pursue senior year. I have a 4.0 at a non target, and so I think I understand where your coming from saying that work experience matters a lot more than being the president of random clubs at my school
-to correct my last post, I'd be happy with any "reputable" NY Investment bank (not just BB) for sophomore year, i.e. jefferies
Nice job hustling for these opportunities. Doing one of those fall internships will put you in really good position for what you want to accomplish.
Imo, doing the PWM is just another feather in your cap. It pads your resume with real world finance exposure. You have the opportunity to really build your resume up. You have some big goals and probably should do everything you can get your hands on. So a very strong argument says to do both internships this summer and learn as much as you can and meet as many people as you can at both jobs.
But again, I don't think it will hurt you if you want to enjoy this summer a little bit and just do PE. I'll reiterate that I don't think you can go wrong with any choice. Good luck and congrats on all your opportunities.
Take the PE internship. It'll all look the same on your resume. There's no reason/way they can tell it's only part time.
Absolutely true. If someone eventually asks how many hours you worked/whether it was full time, then tell them.
If you can hack it do both. Then you can speak credibly later as to 'why IB' 'why S&T' 'why xyz' because you've seen at least a touch of many sections of finance. My first finance job was at age 19 with a broker for UBS, cold calling wealthy people - and bang, that's how I knew I never, ever wanted to be a broker.
Okay, so your saying that if I take both it might appear as a part time internship, but if I only take the PE internship it might seem like it was full time? My resume is full (with school leadership and activities) and I feel like PWM would be another solid work experience on it since ALOT of kids get PE internships and recruiters understand that they are kind of meaningless or equivalent to pwm most of the time
It's up to you really. You could just take both and have the other in your back pocket.
But by putting only one on your resume, it looks like you did it full time. Where-as if you put two, it's obvious you didn't do them both full-time and it was part-time.
I have never been asked by anyone "how many hours did you work in this position" nor do I know anyone that has.
It's just like when someone puts a club on their resume, they have no way of checking what the club actually does, your club could consist of just you for all they know, as long as it sounds good. *Caveat: Do not lie. It's pretty obvious when someone lies.
internship during school is gonna be tuff during school. just do it in the summer. u sound like a rising junior or a rising sophomore. definitely a good experience and will get u ahead of most of the competition.
see if you can work more at the PE place and scrap the PWM
having PE and PWM on ur resume along with a potential boutique ib in the fall should set you up well for SA recruiting. If you are only a freshman then that will look very impressive.
as far as whether you should take both or not i dont kno. If you have financial problems, its not like you are going to find a pt job that pays over the summer that quick. id just do both. if you are asked how many hours each u worked just say about 20 hours each. good enough since you will have a boutique internship in the fall (hopefully) to talk about in more detail.
PE. Not even a decision to be made here. Try to do them both if you can.....
It obviously sucks paying out of your own pocket to travel, but by working two internships this summer you're only setting yourself up for better opportunities in the future. Definitely stick with PE, but if you can do both I highly recommend it.
Do both baring it's possible with travel, not travel costs but time. The more avenues of networking you can open up the better you are.
Do both. However, prioritize the PE internship. Business Development is not the most exciting work (due to the cold calling involved) but if you can make a solid impression and get some deal exposure, you will be ahead of the game come recruiting season.
Two Internships in one summer? (Originally Posted: 02/22/2016)
delete
If you're internship is long term, you should be able to take some vacation time. Just say you're going to visit some family or something and I'm sure they'll be fine with it. As long as it's in advance notice.
I have definitely thought of that, but the main issue with saying I'm leaving town is that I would literally be right across the street from my office. I guess I'm just asking if I should be upfront about what I would be doing.
Anyone else? Will this create a conflict of interest ?
MBA, MSF - Letters of Recommendation (Originally Posted: 11/19/2015)
Generally, do you know how it works for letters of rec for multiple schools? I feel kind of bad asking my old professors and manager to write me letters of recs for 10 different schools.
Are the letters of rec generally the same for most schools? In other words, is it going to be something my professors/manager will be able to copy and paste for multiple schools?
Thanks.
Generally the same. It's going to be too much to have them tailor each letter for each school.
It's nice that you're considerate of their time. It's also nice that you're seeing constraints of finishing 10 apps. Quality > Quantity, you got only one live to attend one of the admitted.
Now, often then not, you'll get two types of recommendations. since you can google websites of MBA Admission Consultants e.g. Betsy Massar for what each school asks recommenders. so look it up yourself.
Generally I saw two types, although questions within each type may vary:
for example, UVA, HBS and Booth/Kellogg uses the same questions this year, I believe. so if that's true, you can ask someone for one letter and wrap about 4 together.
To be on the safer side, keep the university name generic in the LORs.
I partially disagree because that would make the app canned. B-schools prefer to be cheered in the recommendation, so that the applicant isn't soliciting a blank rec for everywhere.
I would say, if profs mark the school names in the LORs, ask them to mark them in easy-to-see places. Then they can change it out whenever needed. Usually beginning / end of paper or paragraph works best then a random honorable mention in the middle
Schools simply ask for 2 or 3 recommendations. They don't have to be customized or personal. Just ask your recommender to write you a letter discussing qualities they can talk about. It would be rude to start asking recommenders to customize multiple letters.
MBA apps might be different, but zero MSF programs ask for unique LOR's.
never mind for this bum asking every naive question on WSO like GMAT rounds
Top-Tier MBA Letters of Recommendation (Originally Posted: 03/05/2008)
I'm planning on applying to b-school (H/W/S/Columbia range) in the next 3 years, but I need to switch jobs before I do so. Although my job is in technical marketing at a large F500 company, I foresee some gloomy days. Plus, I'm bored and I need to be challenged. I will be promoted if I wait a bit more, but the next step up blows even more ass at this company - truth be told, I see sales and marketing ops being scaled back in the not too distant future due to lower demand and being in a niche market. There is a reason why other guys in my group and in this division are heading for supposedly greener pastures. My bonus dollars for this fiscal quarter are proof of that. Obviously, my next position needs to be stellar in order for me to make it into my target programs; I'm under the impression that with all things being equal (undergrad GPA not great, but electrical engineering from Texas and taking some graduate finance courses locally), and even with a high GMAT (760), I still need some bad-ass recommendations from alumni from my target programs in order to have a decent shot. Is this true? In other words, am I fucked if I don't get a HBS alum to write my rec? I ask because it will impact my choice for my next job - I'm trying to target firms with MDs that are alums of these top programs. Unfortunately, most of them work in finance and M/B/B, and I do not have the work experience at this point to make it into an associate role at a BB or a role (at least in my eyes) at McKinsey/BCG/etc. So in order to show a clear path of professional growth, it may be necessary for me to target opportunities at places other than i-banks or mgmt. consulting firms - places where hbs/wharton/stanford/columbia alums might be hard to find. Your thoughts??
I think the quality of the recommendation itself is much more important than the pedigree. Think of it as the hood ornament on a car, not the engine.
Want to work two internships at once (Originally Posted: 08/06/2015)
I currently work at a bulge bracket bank in their retail segment as an intern. I was recently offered a position at a boutique IB specializing in M&A, and would like to have the M&A experience while remaining at the bank I am currently at as I see future opportunities moving up.
Has anyone had any experience in working two internships, and would I even be allowed to?
-Thanks
Wait, so do these jobs overlap, or is it one month of one, then another month at the other? If it's the first you're either insane or you can be in two places at once. If it's the second, go for it, not sure what the issue is.
I'm assuming that this is two part time gigs? If so, on that employment agreement or whatever you want to call it, you likely signed saying something that you can't work for a competitor or something like that.
If it is two part time jobs where you're working one, mwf and the other tth, that would be like working one normal full time job so not a big deal. I've done it before, but it was in two entirely different industries. But the first thing you should do is ask if it's even OK to do that, because 1 internship is better than 0 internships after you get fired.
Thanks for the feedback guys.
To answer the first post, these are two part-time internships and they're both very flexible, so I was planning on doing MWF at one, and TR the other.
I will definitely get together with someone to discuss, but I wanted to see if anyone had done something like that before. Again, one is retail while the other is M&A, so I would think that they would be relatively better than if I was working at two bulge brackets doing the same job.
If you do 2 internships, aren't you pretty much ruling yourself out of working longer than contracted hours on intense projects arising from either internship? For example, if a great deal comes along and they need all hands on deck to get it done, you'll end up being the guy who says "sorry, can't work on it, gotta pip! Toot toot!"
Since the current job is retail, seems like no big loss if he can't go extra time on that.
Since the additional internship is M&A/more in line with what he wants to do, surely working a few days a week there is better than not working there at all.
There will only be a couple of days I'll be allowed to work at the IB since they'll be two interns, and they only want one of us there at once. Meaning I'll already have a couple of days every week that I can work somewhere else.
If this was a proper full time position, I'd take M&A only for the above reasons, but since I'll have a few days off, I'd rather get to work in something in retail banking vs. get a random side job to fill up the rest of the week.
I have no idea how an M&A gig can be part time, but do it if you can bear it. Assuming this will be running only for a few months - you're young and can give up some free time to get good experience.
Worst that can happen is you catch up on you M&A work on the weekends
I would quit the BB internship and take the M&A one. Brand name does not matter when the work is not IB-related (assuming IB is your end goal).
I'm currently doing 2 internships, and the key to managing two at the same time is flexibility. For me, one job is less flexible so I work it Monday-Friday 8-4, and the other one is an extremely flexible start up, so I work it during evenings throughout the week, and on weekends.
However, I see both of my internships as adding value to my profile and bringing me closer to my end goal, IB. In your case, as Sil said, working as a bank teller won't bring you any closer to investment banking in my opinion.
If you're unfamiliar with the environment, the Glass-Steagall Act causes financial institutions to keep the activities & affiliations of commercial lending and other verticals dealing with securities to be extremely fragmented.
Thus, nobody that you'll ever meet in your area of the bank will have ever had any sort of connection to those working in m&a/s&t/ER.
So unless you want to keep the payroll of working 2 jobs, and can't get all the hours at the m&a shop, then quit the retail gig, and hustle to make a good impression with the m&a guys.
Two Internships at Once? (Originally Posted: 04/30/2014)
I'm currently a freshman at a non-target, and eventually want to break into banking.
That being said, this summer I will be interning at Morgan Stanley in their Private Wealth Management division, which I got through a connection. However, I just found out that I will only be needed 3 days a week, which was not what I was expecting.
I'd still like to work every day and make the most of my time in NYC. I'm going to be networking a lot, but I am wondering if trying to secure a second internship (part-time, obviously) for the other two days of the week might be a good idea.
Some thoughts that I've had of how to proceed with this idea include just cold-calling/cold-emailing boutique investment banks or small PE shops. I've also thought that maybe I could see if I could do some unstructured internship or externship with a Morgan Stanley banker or someone within the Morgan Stanley research department.
Which of these options would you recommend that I do, or that I might be most successful with? Any advice or other recommendations?
I like your attitude and drive.
Yes, keep pounding the pavement and offer to work unpaid for a boutique. I really am not sure if the MS banker thing would work.
two part-time internships (Originally Posted: 03/25/2008)
I received two part-time internship offers for this summer, one from a boutique investment bank and the other one from a boutique consulting firm. Currently, it looks neither wants me to work for more than 15 hrs a week. Will it be ok for me to do both internships at the same time and put them on my resume?
Thank you.
If you can work out the hours, and there is no conflict of interest between the two parties, then absolutely do it. During school I'd usually have 2 jobs, and if you can only find 2 part time internships, it's better than 1 part time. And if you do work at both, definitely put both down on your resume.
I'm in a similar situation and its working out okay. Just make sure that they all know whats going on and that you know for sure what their expectations are.
Good luck.
Doesn't that reflect negatively on how intense each internship was? I was in a similar situation where I wasn't sure if I should put both of my summer positions on my resume.
Honestly that sounds like a sick situation to be in. Especially if you're trying to get a taste for what each job is about, I'm personally a bit lost as to what I want to focus on...
You're god damn right it does. Part-time work on wall street is ghetto. Part-time work at a boutique consulting firm? Ghetto as FUCK.
Come to think of it, part-time ANYTHING is a bad idea and is where a lot of losers seem to end up. Examples: Part-time MBA. Working part-time at a restaurant while you take 8 years to finish college because you're afraid to take on student loans. Unless you are a part-time olympic tennis player, don't be such a god damned loser.
Save the part-time work for when you are a 50-year old with millions of dollars who can serve as an "advisor" to a firm and on various boards, for a total of 3.5 hours per month.
http://www.drmarkklein.blogspot.com/
Dude, he's part-timing because he wants the experience. If you have no experience whatsoever in your previous semesters, you need something to give you an edge.
If a resume comes across my desk with a "part-time internship" on it, I will write "THIS IS WHAT NOT TO DO" at the top of the page, take it to the copy machine, make a couple thousand copies of it, walk into the middle of Times Square, and throw them everywhere.
http://www.drmarkklein.blogspot.com/
Two Internships at once (Originally Posted: 10/16/2010)
I'm currently interning part-time at a small no name boutique. I got an offer to work at a lower middle market PE shop (10 hours a week). Should I do both at once? Or quit one? How will that look to recruiters for summer internships?
If you can do both at once, I would say do it, but I don't think you realize how difficult it will be doing two internships with school.
If you can handle it, go for it dude. Just don't let your work at either place suffer
Last winter semester I did 2 finance internships, had a part-time job, was taking classes full-time, and was also a leader in a club on campus. Recruiters loved it. Do both..
wow
i do an internship (20 hrs), part time job (20 hrs), take classes full-time, i'm the president of my on 501 (c)(3) im the vp of our finance club (200+member), im the president of our student run equities portfolio, and I'm captain of a sports team.
BOOM
and I close deals twice a week.
i just make it to senior chimp! this is exciting you guys!
Summer Predicament: Two Internships in PE? (Originally Posted: 05/03/2010)
I recently received an offer from a local PE firm for the summer. However, I also found out that I got third round interview for a top technology PE firm based in California (pretty late in the interview period). The thing is the internship in at the CA firm is only 4-6 weeks.
The tech PE firm is my top choice as I will definitely get more work experience (plus it is pretty prestigious as well). Since my summer is 12 weeks, I really want to work for both places at once instead of working only for a month and then sitting around doing nothing. I've verbally accepted the offer for the local firm. Should I still interview and see if I can schedule my summer so I can work at both places?
Both opportunities were through alumnis whom I have a really good relationship with so I do not to disappoint either.
what year are you?
I am currently a Sophomore.
Yes, nothing wrong with interviewing if you're going to try to make it work so you can intern both places, and if you're upfront about it.
Silver Lake?
MBA Recommendation letters (Originally Posted: 06/04/2008)
If you have worked with and impressed two alumni from the business school that you are thinking about attending in future [INSEAD], are these the sort of people that you should be looking to when it comes to recommendation letters for the MBA?
Does it help you out to get recommendation letters from people who have attended the BS you are applying to?
apologies if this is a naive question but I am fairly unfamiliar with the BS recruiting process
No these are not appropriate contacts unless they are your supervisors or colleagues. Adcomms want recs from people who have been in the trenches with you and can speak to you abilities. Some schools ask for a 3rd peer rec but most ask from 2 recs from the people you report to.
The key with rec letters is that they come from someone you've worked with closely - preferably a direct supervisor. It doesn't matter at all whether the recommender is an alum or not (adcoms really don't care) -- the name on the rec letter really has no impact -- it's the content of the letter itself, and if the person hasn't worked with you closely (the first thing the letter has to address is "how long have you known and worked with the candidate and in what capacity?"), then it doesn't matter what the rest of the letter says.
Alex Chu
MBA Application - Recommendation Letter (Originally Posted: 06/20/2012)
Hello,
I am working right now on my several applications to master/mba. I did 2 years ago an internship for a company and at this time, I asked for a recommendation letter. The letter should be dated Octobre 2010. Is this a problem when applying to mbas/Master? I am pretty sure my boss wouldnt accept changing the date.
Thanks a lot!
Yes, it's a problem. Plus, you can assume you have changed as a person and a professional over the last two years. It is to your advantage for an admissions committee to know who you are today, not two years ago.
Is there a reason why you are going back 2 years? Are you also including one from your current employer? If not then it is a problem and you need to have a reason why you are not. If you are including one from your current employe as well, then I don't see why its a problem.
As someone who went through applications not that long ago, it is important to point something out here. I don't know exactly what you are applying for, but for the U.S. MBA programs I applied to, you did not get recommendation letters and turn them in. Instead, you were asked to give the contact information for recommenders, and then the recommender would answer questions about you. So, if you are applying to MBA programs, your pre-written letter may not be of any use.
Thanks guys. I am undergrad and I have been preparing this application for some time. So when I did my internship two years ago, I asked for a letter and asked him to keep it (just in case I would need it). I kept in excellent relation with this person and he indeed kept it. So that's why I am asking
Two IB Internships during Summer? (Originally Posted: 01/17/2014)
I am just wondering if doing 2 internships(1.5 months each or 1 month-2 month) will work better or worse? I know people usually don't do this but I have my reason. I am a 2nd year international student from a non-target on the west coast. I sort of secured a BB IB SA internship in Asia through family connections. It is not a top-tier BB and the branch has limited deal flow since the mkt there isn't as mature, but I thought it is still a BB so may look good on resume even if I don't get to do any staff(I know many interns don't do real stuff in the US as well). On the other hand, I am actively looking for a SA in the US and am talking to a few boutiques, one of which will really let the interns do whole lots of stuff. So assume I can get an SA offer from the boutique in the US, (greater LA region), should I do both or should I stick with one? If both, emphasize more or even? If just one, which one will be more helpful for my junior summer recruiting? If I should just go Asia, probably I will concentrate on learning more and reduce time spent on talking to different boutiques for the rest of 5 month before summer. Is there anyone who had similar situations before?
Thanks in advance, and any thoughts will be very much appreciated.
Anyone with some thoughts please help..
Two Internships (Originally Posted: 08/27/2007)
I posted this in another forum but didn't get any replies.
My situation is that I've just done an internship in research, and could probably leverage it into a full-time offer, but I don't want to because (a) I have a quant background, including work experience, that would be useful for something like trading (which I might possibly enjoy more than research), and (b) I would like to get a master's degree (this will take one year).
So now I am thinking about going for another internship, potentially with a new employer, between graduation and the master's. Is this completely unheard of, and what should I watch out for if I go for it? I have a good résumé, I'm pretty sure I will get interviews as long as I don't make any silly mistakes, but there will be some extra dynamics now that I am graduating, and already did an internship. Clearly I am going to have to come up with a convincing story to sell myself properly. Any advice? I'm doing this purely because I want to find the job that I will enjoy the most and allow me to learn the most as quickly as possible.
Go get an internship..... what the hell else are you going to do?
That's what I did and it helped me get a job in the Big 4 (and make me a few bucks). I'm not even doing accounting anymore, but quality, relevant work experience is always a good thing.
Every internship might be beneficial as long as you get the offer in the end.. In case you don't get an offer it would have been better to have no internships at all...
Bankers have simple logic: no offer = crap = not likeable = REJECT ASAP
I know a lot of people who work internships between graduation and doing a 1 year masters. I think it is more expected than anything else. Think of it as re-doing junior-senior summer again.
Doing the internship would be the wiser choice. this way it shows you're willing to learn and being offered a full time gig is much more likely to happen. you dont want a full time job and then realize you dont like it. if you're still unsure Id say go it. Doing an internship between graduation and 1st yr isnt unheard of
Thanks for the advice guys. At this point I'm pretty sure that a year spent trying out a different line of work and writing a thesis would be better spent than committing to something I'm not 100% on. Good job! Now I should get to work...
There is likely a non-compete clause or something in your contract at the bank which prevents you from working for another financial services company, meaning it would be a breach of policy. If they found out, you would not only be fired/not given an offer, but also potentially get into legal trouble.
I would advise against being privy to confidential information at a bank while concurrently working at a hedge fund...
(sorry, could't help it)
In addition to everything stated above, how would you explain the situation when recruiting for either IBD or ER down the road? I doubt either would be happy to know you were simultaneously working for a bank and a HF (while not telling the bank about it). That would likely raise questions around what you'd do once working FT (I know I would be very hesitant when making a decision around a candidate like that).
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