Finance internships after freshman year

[Anonymous]

Anonymous wrote:DS tried to find a finance internship and found that companies were only hiring accounting majors for the finance jobs. So now, he's a dual finance/accounting major and companies are literally lining up to hire him. He just finished a summer internship and already has another one lined up for next summer (2025) because that's how far ahead of time they hire interns.

must be school dependent there is not accounting as a major at kids ivy and they go into finance in droves

[Anonymous]

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Anonymous wrote:Just texted my husband to contact 5-6 of our closest friends - PE and banking contacts. I think we'll just use our network for next summer. Unpaid is fine too for 6-8 weeks?

Kid has no GPA yet!! Linkedin and resume updated though.

How has this process gotten this crazy?

It’s not crazy. It’s always been this way. Iykyk. A lot of DCUM doesn’t know. They also don’t make 7 figures.

How do you define “always”? I interviewed Spring my junior year (mid 1990s) for my Bear Stearns summer internship that summer. My whole crew went abroad Fall of junior year to ensure we didn’t miss ibanking recruiting in the spring.

Mmmk in RECENT history, and with Companies That Still Exist.

Ok…that’s recently…not always. So, sounds like always = last 5 years.

More like the last 10 years. But you prolly wouldn’t know if you left the industry when Bear Stearns did.

Ok…that’s still fairly recently. Just trying to get a definition of always…which should be self-explanatory, but apparently isn’t.

Curious what your definition is for eternity…20 years?

Oh honey did you need an extra dose of validation today? You were hired! Good job!! By a company that went belly up in 2008!! You are definitely still relevant. Please keep reporting about the finance recruiting practices from way back in ancient history.

[Anonymous]

Anonymous wrote:This thread is over the top with the angst.
Mine is at a t10 and has friends who interned at Jane Street after junior year who got that position in December and others who got citadel internships right around the start of the new year/spring semester junior year. neither of them had any financial internships before those (but did have other related experience and were econ or math)

Banking internships are different. Let’s be honest, 99% of banking interns have zero chance at Jane Street or Citadel (maybe Citadel because they are large and have more internships beyond quant jobs).

[Anonymous]

Anonymous wrote:

Anonymous wrote:This thread is over the top with the angst.
Mine is at a t10 and has friends who interned at Jane Street after junior year who got that position in December and others who got citadel internships right around the start of the new year/spring semester junior year. neither of them had any financial internships before those (but did have other related experience and were econ or math)

Banking internships are different. Let’s be honest, 99% of banking interns have zero chance at Jane Street or Citadel (maybe Citadel because they are large and have more internships beyond quant jobs).

..99% do not have a chance...yet...they are fairly common to get from an elite...and regular banking internships are a dime a dozen from the same. No fuss needed.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:This thread is over the top with the angst.
Mine is at a t10 and has friends who interned at Jane Street after junior year who got that position in December and others who got citadel internships right around the start of the new year/spring semester junior year. neither of them had any financial internships before those (but did have other related experience and were econ or math)

Banking internships are different. Let’s be honest, 99% of banking interns have zero chance at Jane Street or Citadel (maybe Citadel because they are large and have more internships beyond quant jobs).

..99% do not have a chance...yet...they are fairly common to get from an elite...and regular banking internships are a dime a dozen from the same. No fuss needed.

But kids going to hedge funds aren’t working in banking….the issue was the timing of a Jane Street vs a GS IBanking internship.

Kids that are great candidates for IBanking are rarely the same as hedge funds.

Safe to say, if you want to work at GS for banking you completely missed the boat if you wait until late Fall or Spring of junior year. You probably can’t just pivot to a quant firm.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Just texted my husband to contact 5-6 of our closest friends - PE and banking contacts. I think we'll just use our network for next summer. Unpaid is fine too for 6-8 weeks?

Kid has no GPA yet!! Linkedin and resume updated though.

How has this process gotten this crazy?

if they are at an ivy or another target school, they do not need specific finance internships after freshman or sophomore year. they have to do something productive but that can be anything intellectual, preferably n a stem/quantitative type field. The top banking and finance jobs hire all sorts of students from ivies, particularly loving math, econ, and engineering majors. Many of DS24s friends went into it from math/engineering and even physics. They did research with professors and got interested in finance later. Another is a history and math double major going to Harvard Law (early admit program) and is doing IB for the 2 year break. IB is just a fun side gig on the way to the real career and practically any ivy kid can get into it if they want.

Yes Ivy.
Thx for the reassurance

[Anonymous]

What about niche banking jobs for weird sectors? Still considered IB?

Thinking infra? Hard assets? Agriculture?

[Anonymous]

Anonymous wrote:This thread is over the top with the angst.
Mine is at a t10 and has friends who interned at Jane Street after junior year who got that position in December and others who got citadel internships right around the start of the new year/spring semester junior year. neither of them had any financial internships before those (but did have other related experience and were econ or math)

When you say "top 10" do you mean MIT because the MIT reputation is crazy these days.
Yes, if your kid goes to MIT and bury the needle in math/compsci then quant hedge funds want to talk to you, so will the fusion energy start-ups, AI start ups, etc.
Cal Tech too but they're so selective that they don't actually accept anyone, they grow their students in a lab somewhere

[Anonymous]

kid texted and called today.
somewhat distressed.

Said the IB/PE/asset management "clubs" are apparently super cutthroat and the "recruitment process" is ongoing but painful. DH said he'd just email around for internship opportunities from our/his network bc the official intern programs aren't even for after freshman year. does this sound right?

anyone btdt? what types of internships did your kid get following freshman year and how early did they line it up?

kid interested in finance, investment management, resource/energy advisory (trading or commodities) and/or consulting

[Anonymous]

I've seen a few off to TwoSigma and hedge funds with specialty programs for sure.

[Anonymous]

Anonymous wrote:DS tried to find a finance internship and found that companies were only hiring accounting majors for the finance jobs. So now, he's a dual finance/accounting major and companies are literally lining up to hire him. He just finished a summer internship and already has another one lined up for next summer (2025) because that's how far ahead of time they hire interns.

+ 1 for accounting to open doors.

[Anonymous]

FWIW, most of us working in finance in 2024 got our first jobs when Bear Stearns was still around. FFS. I was at JPM when it acquired BSC and I was 10 years into my career by then

[Anonymous]

Anonymous wrote:Sounds like I need to have my HS senior apply now for Summer 2027 the way this is headed.

Anyone understand the philosophy of recruiting Summer interns two years before they will actually work?

My son went through this process for banking. It is a very long interview process - multiple rounds, which include technical questions. Most kids are trying to interview with a handful of banks. Good news is he landed an internship with J.P. Morgan after his junior year and had a job offer by the end of the summer.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Just texted my husband to contact 5-6 of our closest friends - PE and banking contacts. I think we'll just use our network for next summer. Unpaid is fine too for 6-8 weeks?

Kid has no GPA yet!! Linkedin and resume updated though.

How has this process gotten this crazy?

if they are at an ivy or another target school, they do not need specific finance internships after freshman or sophomore year. they have to do something productive but that can be anything intellectual, preferably n a stem/quantitative type field. The top banking and finance jobs hire all sorts of students from ivies, particularly loving math, econ, and engineering majors. Many of DS24s friends went into it from math/engineering and even physics. They did research with professors and got interested in finance later. Another is a history and math double major going to Harvard Law (early admit program) and is doing IB for the 2 year break. IB is just a fun side gig on the way to the real career and practically any ivy kid can get into it if they want.

Ha, ha, ha - no, not that easy for Ivy kids or anyone. Highly competitive. Banks now look at a broader range of schools as well.

[Anonymous]

Anonymous wrote:kid texted and called today.
somewhat distressed.

Said the IB/PE/asset management "clubs" are apparently super cutthroat and the "recruitment process" is ongoing but painful. DH said he'd just email around for internship opportunities from our/his network bc the official intern programs aren't even for after freshman year. does this sound right?

anyone btdt? what types of internships did your kid get following freshman year and how early did they line it up?

kid interested in finance, investment management, resource/energy advisory (trading or commodities) and/or consulting

Poor kid. Yes, some schools are well known for cutthroat clubs. Georgetown, Wharton, Columbia and Cornell are in this category. Too much pressure! I’m pp who posted about my son interning w JPMorgan and then getting an offer. He just graduated (class of ‘24) and after freshman year he just worked the same summer job he had in high school - it showed that he was wanted back, plus I think plenty of employers want to know the kids have actually had to clock in and WORK even menial jobs vs having unpaid internships from family connections.