Any SFers in finance want to help me?

[leftover_salmon]

I hate to do this, but I've knocked on a lot of doors (probably emailed over 100 people at almost as many firms) looking for jobs this summer and haven't locked anything down yet...interviews at a couple big HFs (SAC, Campbell), a couple smaller ones, and for Bear Stearns fixed-income. I know there are more than a few SFers in finance, so I figured I'd post here as a near-last resort.

I'm at Penn, but I'm a sophomore, so that -- combined with the **** hiring environment these days -- has worked against me. If anyone here knows of any decent opportunities in IB/PE/HF/AM or is in a position to interview and is looking for someone very eager to do summer work, please PM me. Thanks a lot.

 

[Joffrey]

What are your grades like? Unless they are exceptional don't bother with Hedge Funds or Investment Banks (bulge bracket ) as a sophomore. Have you tried approaching people in your alumni network? When contacting DO NOT ask for a job, just ask for career path advice, an informational interview/meeting or a chance to maybe observe them working for a few hours. They will know you are interested in work and the conversation would eventually lead that direction. If you're lucky they would suggest a support position at their office or someone they know who could use some help. It may not be exactly what you want position/experience wise but would probably be great for a sophomore.

Also, if you definately have the grades to try for internships your junior year, you may want to spend this summer doing something different that could help you stand out (work on a campaign, travel, volunteer, do economic analysis for some consulting company or law firm, etc.).

Follow my advice (in terms of contacting alumni) and you'll find something decent.

 

[leftover_salmon]

I have decent grades but they're a little lower than what most banks like to see (I have a 3.2 cumulative, but it's clearly broken down on my resume -- I had a 2.7 first semester, thanks in part to appendicitis during exams, and a 3.5 since). However, I do have one excellent extracurricular that takes up about 45 hours a week (senior editor at our daily paper), so that compensates a little for the GPA.

I've gone through the alumni network extensively, both through the directory of newspaper alumni and just finding alumni who work at boutique banks/HF/PE -- the only reason I got an interview at Bear was because I impressed an MD there that I emailed (I'm also in very good position at Morgan Stanley for next year thanks to alumni) -- but a lot of people either a) aren't in a position to hire, b) say they won't hire sophs, c) didn't like me enough, or d) work at smaller firms that don't hire interns at all.

Frankly, I've tried really hard and it sucks that I don't have anything yet. My first round of emails, back in December, were more indirect ("I'm interested in finance and was wondering if you could give me advice...&quot, but now that time is running out, I'm essentially emailing out my resume and giving my pitch. The people that have answered me have all said that's the right approach at this point.

While I'd love to take a gov't job this summer (the U.S. gov't seems to have really interesting internships), I'm a Canadian citizen, so I can't...and the Canadian gov't has jack **** for students. Basically, I need a finance internship because I need it to strengthen my resume and give me a leg up for next year (because of my GPA).

Thanks for the advice.

 

[haganah]

It's your soph year. Enjoy it. Plus it's very rare to hire a soph and even if we did, you'd get no learning out of it. Most firms are only interested in juniors. Honestly, enjoy your summer...do something you won't get to do later on...

 

[spertia]

Originally Posted by haganah

Honestly, enjoy your summer...do something you won't get to do later on...

Like waiting tables?

 

[Souper]

what's up with this obsession for juniors? I'm a finance freshman, I have no useful internships available to me although I would be far more capable than at least most of the juniors I know. Granted, I see that's just the status quo of the system, but why are positions LIMITED specifically to juniors and seniors, rather than just an open interview process...? I interview very well, have more relevant skills than many juniors, and all this doesn't matter because the number one criterion which has no relevance whatsoever is years/study, even if the person's study course has not earned him anything relevant in his skillset.

 

[gdl203]

Originally Posted by Souper

what's up with this obsession for juniors? I'm a finance freshman, I have no useful internships available to me although I would be far more capable than at least most of the juniors I know. Granted, I see that's just the status quo of the system, but why are positions LIMITED specifically to juniors and seniors, rather than just an open interview process...? I interview very well, have more relevant skills than many juniors, and all this doesn't matter because the number one criterion which has no relevance whatsoever is years/study, even if the person's study course has not earned him anything relevant in his skillset.
Because the investment banking summer internship process is merely a form of recruiting (actually the most efficient one) for full-time hires - think of it as a 10-week long interview or a trial period. No Wall St firm can plan its full-time recruiting 3 years ahead - one is enough. Sophomore summer internship are still a rarity and, honestly, not that useful for investment banks in their FT recruiting efforts.

 

[Souper]

thank you gdl. very clear answer, I had not considered that aspect.

 

[gdl203]

Originally Posted by Souper

thank you gdl. very clear answer, I had not considered that aspect.
No problem. Do well in school, use your summer for a less mainstream internship, enjoy your time in college, and you will have some real opportunities in your junior year.

 

[haganah]

Originally Posted by spertia

Like waiting tables?

Wait tables, be a lifeguard, work in a fricking national park...have fun. Drink. Party. Get some pink. Or is partying and getting pink looked down on these days?

 

[leftover_salmon]

Originally Posted by haganah

Wait tables, be a lifeguard, work in a fricking national park...have fun. Drink. Party. Get some pink. Or is partying and getting pink looked down on these days?
I can do the latter three even if I do work. But in any case, I actually want a job in finance because that's what I want to do (I'm not playing shortstop for the Red Sox or joining the CIA anytime soon). Waiting tables or working in a national park doesn't interest me. I've worked for four summers now, but now I want a job where I can do something I like that actually strengthens my resume -- working in a warehouse again or doing data entry won't accomplish either of those.

 

[Joffrey]

Ok, but you are SOL looking for a banking internship if you arent a Junior. You can look at working in financial advisory but that WILL be only cold calling. But it will be finance.

 

[Beckwith]

Maybe not as glamorous, but most major financial institutions will hire you in their brokerage business. Will you get a lot out of it? Probably not, although you will be exposed to the markets on a daily basis. Is it career suicide? Not sure, but if you are only a sophmore, than it will probably be the closest you will get to a formal internship at a major bank. I always get confused is Penn U Penn or Penn State? I am assuming it is UPenn.

 

[Pennglock]

You will have no problem getting a junior internship. Do something fun and different this summer, Salmon. Spend some time brainstorming and researching and land something cool. Out of the box internships sophmore year can actually make for a more compelling resume when full-time recruiting comes around. You go to Penn- they know you can do finance, plus you'll likely have a junior year banking stint under your belt, so be able to talk to them about something interesting.

I really don't think you'll ever regret doing something off-the-wall this summer. Life as an Analyst is a real drag. You're going to want to minimize the amount of time you spend in that position, no try to cram in an extra summer full! Trust me, no one gets to middle-age and regrets not having spent another summer as an Analyst!