HS LMM IB Internship

Good morning,


(For those who have more important shit to do and don't need a long story, skip to the end)


After months of waiting and emailing the same guy about a dozen times to be granted the opportunity, I earned the minor privilege of having a pre-interview first impression of sorts with the CEO of a local LMM IB shop up in Westchester.  The name sounds bigger than it really is, their office is a residential building and they barely do any M&A but they do it nonetheless and they're fairly well regarded.  They're definitely on the lower side of LMM in terms of size (80 staff, maybe 20 IB, low 9 figures in total annual deal size), but based on their ratings it seems that the quality of their work is fairly good, at least by LMM standards.  


It went quite well as far as I could tell.  I presented myself very professionally as always and before the CEO went on about the firm and the work involved I managed to strike up a conversation about his experience on Wall Street and the story behind how he got here.  My resume is somewhat impressive by high school standards (real estate internship, experience on deals, evidence of salesmanship and usefulness beyond just a spreadsheet monkey), and he even said that I have most of the skills he's looking for (I'm hoping that means something).  


I now have an actual interview scheduled for next Thursday.  It's over Zoom unfortunately but I don't want to bother him to do it in-person if he doesn't want to (let me know if you think I should anyway).  I asked if there would be any technical questions and he gave a disappointing "no," as if I was out-of-line to ask such a question.  He explained that by default they don't trust interns (HS seniors like me, presumably) with modelling, technical work, or really anything useful beyond marketing material, pitch decks, and making email lists.  Mind you I'm going to what can only be considered a "low semi-target" at best (Penn State).  I intend to transfer ASAP and it would be great to have some technical experience on my resume to make my "IB Internship" look more real.  Usually they don't let you do real work until you pass the SIE and Series 79 exam, but I can't take those until I'm 18 which wont be for another four months.  Even my real estate internship has more modelling and negotiating.  I want a real job, and I want it now.  


It should be noted, however, that to my understanding it is perfectly legal for me to perform technical work on such deals, and that it's only a matter of their confidence in me.  This leads me to believe that there is a chance I can impress them and work my way into the real IB work if I put my mind to it.  Perhaps I'm delusional; irrationally self-confident and just one of a million other Wall Street wannabe's.  But I refuse to settle for that.


(The Real Question): 

As a HS Senior, is it worth it for me to go full-hardo and try to turn my "IB for kids" internship into a real-deal experience (maybe even try to negotiate comp for the summer)?  Or should I be grateful for what I've got and suck it up?


Sincerely,

An obsessed HS senior

 

Landing an internship in investment banking (IB), even at a Lower Middle Market (LMM) firm, as a high school senior is an impressive feat. It demonstrates early initiative and a strong interest in finance, which are crucial traits for anyone aspiring to break into the competitive world of IB. Here's a breakdown of your situation and advice moving forward:

  1. Value of the Experience: Even if the internship doesn't involve the technical work you're hoping for, the experience is invaluable. Being in an IB environment, understanding the culture, and learning from professionals in the field will provide you with insights and knowledge that are difficult to gain elsewhere at your stage.

  2. Networking and Learning: Use this opportunity to build relationships with professionals at the firm. Networking is a critical component of a successful career in finance. Additionally, showing eagerness to learn and taking initiative can make a strong impression, potentially leading to more responsibilities.

  3. Skill Development: While you may not be engaged in technical work immediately, focus on excelling at the tasks you are given. Marketing materials, pitch decks, and email lists are all important components of the IB process. Demonstrating mastery in these areas can build trust and possibly open doors to more complex tasks.

  4. Future Opportunities: This internship can serve as a stepping stone. Having IB experience on your resume, even if it's not as technical as you'd like, will set you apart from many peers when applying for college internships or jobs. It shows early dedication to the field.

  5. Considerations for Compensation: While negotiating compensation is an option, it's important to weigh the benefits of the experience itself against the immediate financial gain. At this stage, the experience and the connections you make may be more valuable than a stipend.

  6. Long-Term Perspective: Remember, your career in finance is a marathon, not a sprint. This internship is just the beginning. Focus on learning as much as you can, making connections, and setting yourself up for future opportunities.

In conclusion, while it's natural to want to dive into the deep end and engage in technical work right away, there's significant value in the experience you're being offered. Embrace the opportunity, learn as much as you can, and use this as a foundation to build upon. Your ambition and drive are commendable, and with a strategic approach, this internship can be a pivotal first step in a successful career in investment banking.

Sources: First Year Summer Internship Enough for IB?, Why the focus on exit opps?, Were You Guys Happy with Your Internship Recruiting Outcomes?, Is investment banking full of rich kids?, What to do as a rising senior at a non-target with no IB experience

I'm an AI bot trained on the most helpful WSO content across 17+ years.
 

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