Applying Summer Internship vs. Full-Time

[John Games]

Hello all, my name is John and I am enrolled at Washington University in St. Louis' Masters in Finance program this coming fall. As of now I have been accepted into the Corporate Finance track, but after speaking to several of the deans at the school it would seemingly be possible for me to either transfer to the Quantitative Track or create a somewhat hybrid program.

My question comes in the recruiting process, at WUSTL the Corp Fin track is 2 semesters long while the Quant track is 3 semesters long. It is my understanding that should I continue the Corp Fin track I will apply for full-time positions very quickly after beginning the program, while if I transfer to the Quant track, I would have the opportunity to apply for summer analyst positions and hopefully pick up a full-time offer as a result.

I have read that being able to apply for summer internships is a bonus (e.g. Princeton MFin is 2 years I believe and accelerated MBAs do not have a summer to apply for internships). Please correct me if I am wrong in this assumption, but would it be a significant bonus to be able to apply for summer internships and then transition into a full-time offer (or even apply for a full-time position during the third semester)? While it certainly would be nice to knock this out in a year, I want to maximize the opportunity to secure a job, and if it helps to continue into a third semester that would definitely play a role in my decision. Thank you!

 

[Anthony DeAngelis]

I'd advise you to look for an unpaid internship in St. Louis. I actually did a search a couple days ago and there are a lot of firms in the city center. Email or call them and ask about the opportunity to come in on your own time and help out. Most places are open to it and it will be a good way for you to build your resume. You might also find a job out of it.

MSF programs move pretty quickly so it is imperative that you have your resume, LinkedIn, school career website profile, etc all in order. You should start networking with WUSTL alumni before you even get on campus. The more prepared you are now the better OCR will be for you in the fall.

As for trying to obtain a SA position before you do the final 3rd semester, I think it will be a lot tougher than you think. Investment Banking SA recruitment is very formalized and the larger banks shy away from masters students when it comes to internships. You might have more luck with MM banks or boutiques. I'd spend my time focusing on landing a FT gig and then use the internship option as a back up.

Try and do an internship during the program though. That will satisfy your internship needs when it comes to interviewing. No need to essentially add a year of being out of work unless absolutely necessary.

Tell Nikki I say hello!

 

[John Games]

Anthony, thank you for your time in responding, I appreciate it! Just a few thoughts and questions.

I'd advise you to look for an unpaid internship in St. Louis. I actually did a search a couple days ago and there are a lot of firms in the city center. Email or call them and ask about the opportunity to come in on your own time and help out. Most places are open to it and it will be a good way for you to build your resume. You might also find a job out of it.

Are you referring to an internship during the academic year? If so, that is an option I have honestly not thought about. I suppose I will have to look into whether or not I can handle the coursework and an internship at the same time, I'm sure it would be possible. If you are referring to the summer prior to beginning, I have an internship at a small asset management firm in CA.

MSF programs move pretty quickly so it is imperative that you have your resume, LinkedIn, school career website profile, etc all in order. You should start networking with WUSTL alumni before you even get on campus. The more prepared you are now the better OCR will be for you in the fall.

The program does seem to move exceptionally quickly! I have begun making arrangements with Olin's Weston Career Center for meetings and such in the next few weeks before I leave back to CA.

As for trying to obtain a SA position before you do the final 3rd semester, I think it will be a lot tougher than you think. Investment Banking SA recruitment is very formalized and the larger banks shy away from masters students when it comes to internships. You might have more luck with MM banks or boutiques. I'd spend my time focusing on landing a FT gig and then use the internship option as a back up.

Looking at the employment report for 2012-2013 there seems to be a mixture of BBs, MMs, consulting firms, and corporations. Obviously, since the student profile was so strong, many of these hires were excellent candidates prior to entering the MSF program. As someone who is not one of these strong candidates, I guess you could say I'm trying to play the game in order to put myself in the best position with regards to recruiting. If applying for summer positions rather than full-time is not a significant benefit then it is not worth the extra time/tuition, but coming from the legal recruiting process, it is summer or nothing. I just wish I could find some numbers on the different recruiting processes.

Thanks for your help!

 

[Anthony DeAngelis]

Yes, you can either set something up before class starts or during the year. You'll have to work hard to juggle responsibilities, but it can be worth while. The internship will most likely be unpaid, but in exchange for free labor you'll learn a lot, have something to put on your resume and be able to have flexibility. I did a spring internship while completing my masters.

Looks like you already have a head start which is good.

All one year programs go by quickly, but with fall recruiting starting right as the program begins I think things tend to really fly by. You need to be on top of recruiting deadlines and when resumes have to be in. You also need to start networking right away. Seems like you know what is going on which is good.

WUSTL has very good placement stats. Recruiting is going to come from on campus postings, off campus postings (online, Efinancial, etc etc), networking through your UG university and networking through your grad university. Utilize all of these.

I always suggest that you cast a wide net. If you want banking don't just look at BB firms. Look at MM firms, boutiques, regional offices, Big 4 TAS and Valuation, other valuation firms, etc.

Banks have rotational programs for corporate banking and MM credit analyst programs. Those can be good springboards for going into fixed income, credit funds or capital markets depending on how you sell it.

F500 leadership programs (FLDP) are also great entrants into a career. Too many people focus on banking when you can land a rotational program with a top company and get great exposure to upper level management, see different product areas, make good money and still have a life.