How to get Freshman/Sophomore Internships (not hard)
Hi all - seeing a lot of threads about this and wanted to provide a strategy that worked for me. I truly do think if you want it badly enough, you'll do whatever it takes. But I'll make it easy. If you're struggling to find an internship, then make one for yourself:
1) Go on Linkedin, scour the internet, and find every single boutique investment bank, search fund, equity research firm in your target area (depending on area, you now have 25-100+ leads)
NOTE: these are not firms with existing applications and programs
2) Kindly email each of them (emphasize interest in finance/learning and gaining experience) with resume attached. Subject line: "XYZ Student Seeking Unpaid Internship"
3) Prepare and perform well on introductory calls/interviews: good reason for WHY you're interested, speak to any previous experiences (finance, waiter/waitress) and tie them to IB
4) Many colleges/universities have programs that will pay you for an unpaid internship you take on (congrats, you've landed a paid IB internship as a Freshman)
5) Try to complete 2+ internships (1-2 months) by the time you apply to Junior SA positions in your Sophomore Winter (not irony at all)
6) Best of luck: it's gonna suck and it won't be easy, but it'll be worth it when you land your SA 202X offer in a year or so
Based on the most helpful WSO content, here's a strategic approach to securing internships in investment banking or related fields as a freshman or sophomore, which doesn't rely on traditional application processes:
Research and Identify Targets: Start by using LinkedIn and other online resources to compile a list of boutique investment banks, search funds, and equity research firms in your desired location. Depending on the area, you could end up with a list ranging from 25 to over 100 potential leads. Focus on firms that do not have formal internship programs or applications listed online.
Initiate Contact: Draft a personalized email to each firm, expressing your keen interest in finance and your eagerness to learn and gain practical experience. Attach your resume and use a clear, direct subject line like "XYZ Student Seeking Unpaid Internship." This step is crucial for making a good first impression.
Ace the Interviews: If you secure introductory calls or interviews, prepare thoroughly. Be ready to discuss why you're interested in investment banking or the specific field, and be able to connect any of your past experiences (even non-finance ones like working as a waiter/waitress) to skills relevant in IB. Demonstrating genuine interest and a strong work ethic is key.
Leverage University Resources: Investigate whether your college or university offers stipends or grants for students who secure unpaid internships. This could effectively turn an unpaid position into a paid opportunity, giving you a financial buffer while gaining invaluable experience.
Aim for Multiple Internships: The goal is to complete at least two internships, each lasting about 1-2 months, before you start applying for Junior Summer Analyst positions in your sophomore year. This experience will significantly bolster your resume and make you a more competitive candidate.
Persistence and Resilience: Securing these internships and making the most out of them will be challenging and may require stepping out of your comfort zone. However, the effort and perseverance will pay off when you successfully land a Summer Analyst offer, setting a strong foundation for your career in finance.
Remember, the journey to securing a great internship, especially in competitive fields like investment banking, requires determination, strategic planning, and the willingness to leverage unconventional paths. Good luck!
Sources: How to Get an Internship After Freshman or Sophomore Year, What do sophomores usually do for internships?, Freshmen: What to do during your freshman year summer, Tips for Getting an internship in Investment Banking as a freshman, Banks that offer summer internships to Freshman?
Go on searchfunder for a guaranteed internship as a last resort.
To second this as someone now in the process and getting feedback on my resume/experience: 1) search fund internships are pretty easy to find and look good. 2) Tons of remote “externships” online that require minimal background and commitment that look good with big name credibility. 3) At almost all schools there will have been someone who runs their own small firm. Literally type in “Capital partners” to your LinkedIn alumni search and reach out to anyone who is a partner/founder/CEO/CFO/etc.
Would be happy to help further if anyone wants
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