Internships and Alternatives

J

JOEY O

Real quick background:

I am 19 years old, and I am a finance junior at Michigan State University. The past two summers I have held two essentially non-finance related internships. However, for summer 09 I am committed to landing an internship/employment opportunity at an i-bank. Now, I understand that MSU is not a hotspot on the i-bank's radar, and I know that without a contact, entry into this field is damn near impossible. I also know that it can be done with proper preparation and persistence. Chicago would be my desired locale and Sales/Trading would be my desired field. I have been studying the markets, and reading every piece of literature that I can get my hands for about a year. My current internship gives me ample free-time(business is slow) during the day to watch the market from open to close (ET also provides me some entertainment.) Also, once I return to school I will have additional time to do further research and job-searching.

I know many of you out there have been in this position, and I would very much like to hear any advice, suggestions, or opinions any of you ETers may have. Even telling your own story may inspire me to do further research.
 
Quote from EEUT84:

you need to start trading, real money or fake.
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Yes, I currently have about 3 grand in securities. Because of the low volume, commission eats me alive, leading me to only own a couple positions at a time.

I would like to trade at a higher volume, but college tuition costs/living expenses wipe my bank accounts by the end of each year.
 
Quote from 4DTrader:

Don't take any advice from anyone on ET, real person or fake.
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Haha, very true. That is why I said ET provides me with some solid entertainment. :D
 
Quote from showyouwang:

The place to go for working at a bulge bracket investment bank is New York City, not Chicago.
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You are completely right. I have never put New York out of the picture, and will definitely be looking out there.
 
It's not exactly what you want, but a Plan B can be to intern at a financial advisor's office. If the goal is some sort of finance/stock experience on the resume, it is an option. Many brokers can use someone in the summer at cheap labor.
 
Quote from brownsfan019:

It's not exactly what you want, but a Plan B can be to intern at a financial advisor's office. If the goal is some sort of finance/stock experience on the resume, it is an option. Many brokers can use someone in the summer at cheap labor.
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First, Thank you for the input.

I am sure I will have multiple Plan B's, but this is definitely a viable option that I have conisdered in the past and will continue to consider in the future. I actually live near Troy, MI, which is a pretty wealthy area and is home to a countless advising firms.

IMO building a solid resume with market experience/employment is just as important as having a phenomenal track record. So, any experience I could gain would definitely be beneficial to my career.
 
Quote from JOEY O:

First, Thank you for the input.

I am sure I will have multiple Plan B's, but this is definitely a viable option that I have conisdered in the past and will continue to consider in the future. I actually live near Troy, MI, which is a pretty wealthy area and is home to a countless advising firms.

IMO building a solid resume with market experience/employment is just as important as having a phenomenal track record. So, any experience I could gain would definitely be beneficial to my career.
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I suggested that b/c I've been where you are. I interned a summer at Morgan Stanley and it really helped the resume and lead to some great interviews as well.

And all I did at the office was make cold calls for a broker. It sucked, but getting the experience on the resume turned out to be much more important than I even realized at the time.
 
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