Demanding an internship
Do you guys think I can get an internship by going into some BB or MM office and say "I would like to intern for your company because I will be very valuable to your company. Now where do I start?"
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very simple, no
I read a similar story (successful) in a different thread -- but I'd estimate the success rate at 0.1% tops.
It would be funny to do so though.
Hahaha is that a serious question?
You could try that for a small boutique, they might be impressed, you may be able to pull it off if you have the balls, which I highly doubt you do.
worked for a friend but it was a small boutique. coming from a non target until i landed a BB for the summer, one thing i learnt and always kept me going was the fact that rejection never takes you down and never hurts but only makes you stronger.
i know it sounds cliched and all but thats how i truly got my summer internship at a BB not through any traditional manner but pure hustling.
Show up at the bank, talk to their receptionist, and explain that you're a college student (don't mention where you go to school unless asked- it may seem snobby) who's interested in investment banking and would like to take one of their employees out to lunch (on you). Be friendly and respectful to the receptionist. Your goal today is to have everyone who you need a favor from to feel like you respect them and be able to identify with you.
There's a good chance the receptionist will help you out, and there's a good chance she'll point you to a nicer I-Banker. As a receptionist, she probably gets ignored by most bankers, so the ones who she happens to know anything about will probably be very friendly, easy-going, and totally delighted to meet a college student like yourself.
Be sure to ask the banker where he/she would like to eat. After all, they are doing you a huge favor. Remind them that you're buying; their time is worth a whole lot more than lunch, and you just want to make sure they get something out of this for answering your questions. Be prepared to do anything from spending as much as $100 to going to McDonald's. Also, they may want to buy despite your offer.
Treat this as you would a lunch interview when it comes to manners if it's a fancy restaurant, but remind yourself that your biggest downside is $100 and maybe the inability to work for him/her, specifically. You can always find another banker tomorrow.
Most people love talking about themselves, their work and giving advice. Get them to tell you the story of how they got into I-Banking. Ask them about their work. Ask them about the people they work with. What do they do for fun? Try to remember any commonalities you have. If you can still say it honestly, let them know that you're interested in getting into I-banking, and what advice they'd have for a guy in your shoes.
Don't forget to thank them for lunch and ask for an email address (When you get home, you'll use this to send them a thank you note that hopefully will tactfully slip in common ground between you and the interviewer).
There's a small chance any of the following may happen:
1.) The guy will ask for your resume. 2.) The guy will try and set up an interview for you. Maybe even this afternoon. 3.) If the guy isn't working on a sensitive project, you're wearing appropriate clothes, and security rules permit it, he may even take you upstairs for a tour of where he works. People love to show off to those who are interested, but often, red tape and secrecy issues will get in the way.
If you're a trader type, the "give me a job" route might work. Just be polite to the receptionist (they really like helping respectful people who act as humble as they have to), and ask to speak to the head of the desk you'd like to work at. Then, be aggressive but somewhat respectful with the desk's MD. In other words, be aggressive enough to pass the newspaper interview trick, but respectful enough to come off as though you understand he's the one in charge. Be ready to offer several stock recommendation and discuss them in detail, have a general idea of what the treasury yield looks like, and know the details of any other overarching statistics that would be relevant to the desk you're trying to get a job at.
This strategy will be more successful, naturally, at the boutiques and maybe middle markets, as well as some of the trading firms.
That said, all of this is just advice from a typical human being who likes to offer it. Feel free to take part, all, or none of it. Also, let us know how things work out.
thats the funniest 700 word joke i've ever heard.
Have you ever even been in a bank's offices? Security in the lobby doesn't know anyone's name. I know you said to talk to the receptionist, but that requires getting by security. In my building that isn't going to happen if you aren't already on the visitor list.
this is true of every bank i have ever been at and security wont help u at all...
maybe MMs are different tho
Really? At my building, I've seen a whole list of explanations work to get past the front door security at a certain NY BB over the summer:
-"I forgot my ID." -"I'm here for an interview." -"I'm here to see a friend." (Which would be the truth for you)
Naturally, the inside employees-only checkpoint past the receptionist is going to be impossible (and illegal) to get past. But your goal is to get to the receptionist, not some guy's 16th floor office.
And to be perfectly honest, most of the security guards are halfway decent guys if you talk to them. Their goal certainly isn't to intimidate away college students who want to basically do a favor for an employee who has the time. Heck, they may not be willing to let you in the building, but they may help you find an I-Banker they happen to know who's leaving the building.
I know they post security at the doors, but if you're wearing appropriate dress, you can generally talk your way past those guys and get to the lobby. Tell them you're there to meet a friend in banking (It is the truth, after all), or if they seem nice, tell them the whole story. Whatever the case, if it doesn't look like you could be concealing anything dangerous, there's a 90% chance they'll let you inside and point you to the receptionist. That's why I suggest showing up on a business casual Friday; not only is it easier be a more believable college student, there's less room for security to worry about stuff being hidden under your suit jacket.
The three banks I've interviewed at and the one I worked at didn't have a guest list at the front door. They had one at the receptionist/security, but anyone with a decent alibi who doesn't look shady can get in the front door.
Naturally, getting past the employees-only security checkpoint is quite another issue, but your goal is just to get to the receptionist, not to somebody's office.
What's the worst they'll do? Have security escort you out? Since they let you in the building, you're not tresspassing until they ask you to leave. Something tells me, though, that the receptionist won't be a jerk about it. If the receptionist doesn't already hate his/her job, he/she'll probably truly enjoy helping people, including you.
You can't even get into the building at my bank if you are not on a list or don't have a badge.
However, if somehow you could get through to a receptionist and she is hot, I would ask her out to lunch...forget banking...you might get laid!
LOL take them out to lunch. I gotta give it to you, that was one hilarious post.
That is going to cost me a pretty penny if I go through your route. Also, seems odd to take someone who you don't know for lunch.
I'll admit that I'm not exactly a New Yorker, so my attitude is a little different. Have you ever done a lunch interview? Think about it along those lines.
Well, I am looking for some in Dallas. I don't think the boutiques, MM, or any of the BB have a whole floor dedicated to them. I will be going to their regional office than corporate headquarters.
Remember, don't get stuck in Equities at Citigroup/Salomon Smith Barney out in Dallas.
Ever consider doing going for an internship in Chicago? You've got several big exchanges, and it's more likely that you'll be more than just a salesperson on behalf of the New York guys. I can also assure you that people will be a lot friendlier in Chicago than New York, and my strategy will be more likely to work.
Problem will be traveling to Chicago to do your route. Also, I won't be going for S&T.
Also, why not Citigroup in Dallas?
Please just do this for the sake of us having the chance to learn about how embarassing it was / or how it worked!
I think I will at some boutique.
The Family Man with Nicolas Cage and Tea Leoni...I think he sort of does this with a bank president while working at a tire store.
Granted he was already a Big Time Banker before that "angel" ruined his life, but at least you might get a few pointers before you try.
maybe i will check that movie out
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