So you didn’t get accepted to the Goldman Sachs Summer Analyst Program or any “Big Bank” internship for that matter, or maybe you were just too late to the application process. What do you do now?
First and foremost, don’t panic! There are plenty of other finance opportunities outside of the Big Banks. There will be other internship opportunities with smaller firms which will give you a great experience and can set you up well for recruiting the following year. Even if you are unable to obtain an internship, doing something in the summer that you can attest to for next recruiting season — whether that’s working at the local ice cream shop or doing research with a professor — is very important.
How should you go about finding other opportunities? Check Handshake: there are plenty of open internship opportunities there. If those don’t work out, your best bet with internships may be with a company that doesn’t even have an formal internship program. Believe it or not there are significantly more internship opportunities than just the ones posted online. My freshman year I was unable to secure any internships and so I decided to cold email ~50 finance-related companies in the Philadelphia area in hopes of finding one (*finance-related is a key point – your internship does not have to be in the exact career you want to do full time. Oftentimes finance roles are interconnected and have transferrable skills so if you want to go into investment banking, doing an internship in wealth management, marketing, or data analytics will give you the opportunity to recruit for that role in the following year). None of these companies had a formal internship program, but I reached out to ask if they would be willing to have a determined college student with an interest in finance to intern at their company for little to no pay, and fortunately it worked out. Furthermore, the good news with these “informal internships” is that it really is never too late to reach out. There isn’t a deadline for an internship program that doesn’t exist so even reaching out in February just a few months before the start date is alright (that isn’t to say wait until February to reach out… of course the earlier you reach out the better). And you may find that a smaller company would like you to work part time or project based, leaving you more time for a higher paying summer job. And, here’s one option to explore funding sources for unpaid opportunities. My freshman summer I applied to for CIL summer funding for my unpaid internship which allowed me not worry about getting paid for my internship.
One thing to note is that cold emailing firms is almost synonymous to networking. Reach out to people at companies to learn more about their background, company, job role, and if there may be an internship opportunities.
If you are a senior, this applies as well. If you are unable to find full time opportunities with the larger firms, reaching out / networking with people at boutique firms would be a great option.
Hopefully this all makes sense and you are on your way to finding new opportunities. Feel free to stop by Career Services in Parrish 135 to hear more or if you have any questions. Good luck!
