How to get a Finance Internship

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Getting a finance internship is the most important factor that will determine whether you are able to break into investment banking upon graduation. As a freshman or sophomore, you should diligently reach out to small finance firms with loose recruiting processes, like search funds, small hedge funds, and merchant banks. Make sure to run a "careers precedent" and look at the past experience of people who have walked down your path.
0:00 - Intro and the Ideal Finance Internship
2:33 - 1) Researching Potential Jobs
4:07 - 2) Reaching Out to Companies
5:18 - 3) Impress Employers
Peak Frameworks is a business career prep service started by Matt Ting and Patrick Fong, who have each spent several years working in investment banking and private equity in New York and Silicon Valley. Matt and Patrick met at Evercore, a top tier investment bank, and over the years have tutored and coached dozens of candidates to land their dream business job.
Matt Ting: / matthewting
Patrick Fong (HBS 2021): / patrick-fong-0b773041
#InvestmentBanking #PrivateEquity #Careers

[@joelsbaseball]

Thank you for all the great content! Your videos are very helpful and probably as comprehensive as they could possibly be.

[@anuragray2323]

Thanks Matt! The timing couldn't have been any better, given the recruitment season here. Structured and professional, thank you for keeping it real!

[@almost401]

This is a great vid! Would have loved to see this when I was recruiting. Would love to see a vid about choosing between offers and trajectories in banking (comparing MM shops or industry boutiques), generalist vs. specialist, analyst to associate promotes, etc.

[@dylandong9258]

Very helpful video! Learned a lot as a college student. Thanks Matt!

[@elastictricks5219]

Thanks Matt about the Search Fund Tip! worked at a search fund this fall which helped me get a boutique IB internship for this winter/spring

[@PeakFrameworks]

Wooooo let's go! Congrats!

[@LongNguyen-vj8wc]

Excellent content. Thank you!

[@ignitelegend5957]

very helpful appreciate it

[@user-ix1nu8tw4w]

Thank you!

[@fififinance7469]

Good research for me 👍

[@pedropaulomacielsilva3696]

Thank you!!!!!!!

[@erickchen3602]

Hey Matt, thanks again for another amazing guide. Is there any value in working at a ‘newer’ search fund? I found that most search funds usually hire freshmen to do basic industry thesis generation/lead generation, and was unsure how this would help in breaking into IB.

[@PeakFrameworks]

I think it's still a better gig than a lot of other potential roles as a freshman. At least you're working on a project where the intention is actually to do a deal. It's still probably better to be at a buyside role or something similar, but those are less common.

[@Ethan-kl7kx]

Hi Matt loved the video. For search funds, when do they usually look to hire interns for the following summer?

[@PeakFrameworks]

I think search funds most of the time are the same year, so maybe start reaching out in December or January if you want to work for the upcoming summer

[@raheemnisar8957]

Hey Matt great video. I was wondering if you have any books u could recommend for investment banking.

[@samwhaddad]

Discussion materials

[@PeakFrameworks]

Rosenbaum & Pearl is the standard textbook, I recommend that

[@glin930]

Thanks for the video. I have a question to ask. My son he is a senior and he just received a full time offer letter from an elite boutique working as a M&A analyst. He did summer internship with this firm for 2 yrs now. The offer letter mention the position is open till May 2023. My question is due to the current market condition that many firms are cutting staffs. How likely will the firm decline the offer? Thanks for the great video content.

[@manjitbasra3721]

Hii, my concern is that according to my academic performance, It won't be difficult to enter Canadian target schools, but it will be hard for me to pay for them as an international Student, so shall I go to a little less prestigious school in Canada( University of Alberta, Calgary etc..) please tell🙏

[@ashishc7900]

im a non finance major ( not even business im a engineering major ) can I get a finance internship if so how do you suggest I build up my resume for applying !

[@alexandercamaev8770]

Thanks for the information! I understand that IB internship recruiting is hyper-accelerated, but for reaching out to small finance firms and landing an initial summer/school-year finance internship, when would you recommend to begin reaching out to firms?

[@PeakFrameworks]

By initial summer do you mean freshman year summer? For smaller firms, I don't think you should be reaching out over a year in advance. Reach out the same year you want to start.

[@alexandercamaev8770]

@@PeakFrameworks Freshman year summer is what I meant, yes. Thanks for the input!

[@verifyj17]

@@alexandercamaev8770 how has your networking been going?

[@Joe-cm6qt]

Matt, for freshman trying to get a summer internship, how early should they start this process? Do you think recruiting now over winter break is doable?

[@PeakFrameworks]

Yes that's when I would start doing it! January through March is probably the best time

[@geoffman6597]

I'm a graduating high school senior and have been accepted into a semi-target so far, and applied to a couple targets. I am really intrigued with your second bullet about finance research. Is this something accessible to someone who has little knowledge about finance so far? I would obviously be open to learning as I'll have the entire summer free before freshman year. I've been trying to search around for internships that could expose me to finance but that has proven to be difficult. Any thoughts?

[@PeakFrameworks]

Internships probably near impossible as a high school student. For finance research, you probably need to do more learning before you produce any content. Read Seeking Alpha, Value Investors Club until you can form your own theses. Start learning the fundamental valuation stuff and reading news.

[@thomaskev]

Hey, could you talk more about Investment Banking in Canada. There is no reliable data about IB salaries and the landscape in Canada. I would really like to know how much fresh IB analysts make in Canada especially in cities like Calgary and Toronto.

[@PeakFrameworks]

Responded to your e-mail, but I think it's low to mid $100ks. My guess is $130-150 for BB / EBs and slightly lower for Canadian banks.

[@comronjalilpour3367]

I have a 3.68 gpa and I have applied to 45+ internships and nothing

[@Joechaayan]

Hey Matt, I'm a year 1 uni student, and I want to get a summer internship in investment banking. What would you recommend, because I don't have any prior experience.

[@PeakFrameworks]

Join investment clubs, other finance clubs, learn on your own, offer to do unpaid work.

[@bear2bull741]

Pundi X NPXS get a bag full now

[@Ultimatepawn]

Hey Matt. I just finished my second year as an IB analyst in a mm firm. I've been working on a ton of deals, but none of them closed (due to covid reasons). How should I structure my resume and should I wait until deals close before recruiting for hedge funds?

[@PeakFrameworks]

Were you still hired by a client or was it all pitches? You can just include them on your deals and put (mandated) or something on them so people know you did tangible work. Honestly hedge funds don't really care about deals as much. You can start recruiting now as long as you're technically ready.

[@Ultimatepawn]

@@PeakFrameworks thanks so much for the reply! they were all active and engaged deals, but just didn't close. Working through hf interview prep now. Would you be able to do a video on hfs?

[@_Chess_]

@@Ultimatepawnhow is it going mate

[@andrewyuan7881]

Hi Matt, where can I find these search funds started by HBS/standard/wharton graduates?

[@PeakFrameworks]

Requires some resourcefulness, check on LinkedIn, go through / e-mail the search fund clubs at each school, google "search fund investors" and find investors that invest into search funds.

[@tyson3406]

Bro I’m only 14

[@1percentmilk675]

You had a one year head start on me. Progress report?

[@thariq33]

Hi Matt, when it came to your info on international internships, would a finance technology internship in Shanghai be of any use in the US specifically applying in the Bay area? I want to check your thoughts on that since Shanghai is a major business hub and lots of US businesses want to interact with some aspect of the Chinese market. I was thinking of possibly finding a US based company that has internships in Shanghai so that once i am back i will still have relevant experience to find work in the Bay area.

[@PeakFrameworks]

I think it would be of use, but people might still discredit a bit it depending on how you got the internship. I think most people assume that international internships are earned through nepotism vs. merit.

[@thariq33]

@@PeakFrameworks thank you for the response! Luckily i went through the whole process of applying for my internship program on my own including applying through the entire scholarship opportunities so i will remember to explain that to potential employers when i bring up my internship program for the future.

[@faaizerk9068]

Hi, does first year uni results matter when applying for summer internships at IBs?

[@PeakFrameworks]

Yes, but not that much. Just get pretty good grades (3.7+ generally) and stop worrying after that

[@davontawilliams3958]

I just got rejected from BMO Capital Markets Freshman Internship and I dk why😢.

[@chingpongtongpof]

What do you think about interning at a Startup Accelerator/Startup?

[@PeakFrameworks]

Good for freshman year, you should have something definitively finance by your sophomore year though.

[@mikhail3272]

Would you say the Canadian Securities Course or Bloomberg Market Concepts is a better course?

[@PeakFrameworks]

I don't think either are going to meaningfully help you but CSC seems more serious. The Bloomberg course is kind of a joke.

[@mikhail3272]

@@PeakFrameworks thanks for the response, I figured they aren’t that helpful but my current internship is not really finance related, so I wanted to add something to add more weight to my experience. Anything else I can do?

[@jai1577]

Does working in M&A in IB give relevant skills to enter into VC after becoming an associate?

[@PeakFrameworks]

Yes, lots of IB people end up in VC!

[@conductingintomfoolery9163]

When the Yield rates come up, Job openings go down

[@4KKHABIRTV]

seems like people are screwed if your'e not sophomore now w intern my junior year was advised had to be sophomore for finance intern in my four-year as junior (associates degree in NC) skip pre requisites str8 to major wish this video was present B4 went the cheaper route nevertheless am in my field much harder

[@mikhail3272]

What are some search funds in Canada?

[@PeakFrameworks]

I worked at Auxo Management. Ashbridge is another one with a lot of Ivey folks. If you start here and go on LinkedIn you should find a lot.

[@kalancouch3583]

What MiT xPro certificate would you recommend?

[@PeakFrameworks]

I would say pick something that interests you, it's more the overall name brand and I don't think most people would be able to distinguish between the certificates

[@anuragpant2545]

How can I improve my profile before applying for an internship in finance ?

[@PeakFrameworks]

Finance clubs and stock pitch competitions are the best / easiest

[@amruthakrishnakumar4297]

Koch industries is a good company for doing finance intership??

[@PeakFrameworks]

Seems solid to me!

[@ignaciopazgarcia5370]

Thanks!!. But as a freshman I can't find internhsips for first years😢 EU

[@PeakFrameworks]

It's hard to find freshman internships around the world! Just keep at it and keep reaching out.

[@ignaciopazgarcia5370]

@@PeakFrameworks I'm into that! Your videos help a lot!

[@alexandercamaev8770]

Hey Matt. I didn't get a summer internship this year, so I'd like to work during the school year if I can. Because my school is kind of isolated, I'd be far from any large financial center where I could show up in-person - how willing would smaller firms usually be to take in interns during the school year who can only work online?

[@PeakFrameworks]

Generally still pretty willing. A lot of people in my year did virtual internships and that was several years ago, I can imagine that firms are even more willing now. It's on you to reach out and find which firms are open to it.

[@jean-baptistesay6941]

Agree with all of this except that bloomberg market concepts is a meme

[@PeakFrameworks]

Yeah it's not great, but can be better filler than a lot of other things and is pretty easy to complete. I had it on my resume back in the day and got asked a few questions about it!

[@Tony-ot5uf]

Meanwhile in Belgium we have standard unpaid internships :((((

[@axelsanchezsigala4254]

I'm a loser business major

[@mayavik1034]

You should start a Discord channel too ....you have enough subs now.

[@PeakFrameworks]

Maybe! Managing a KZbin channel is enough work for me though...

[@edingilic45]

@@PeakFrameworks Do you think you could simply start one for your subscribers? You don't need to be involved, it would just provide a space for your subs to connect, help each other out, and provide resources.

[@TLiu-1b]

@@PeakFrameworks Matt, please do consider making a discord channel, it's a great platform for your viewers to share knowledge with each other, it won't take much of your time to manage it since you don't need to output contents on there. I can see it being a start of a great community, please do consider. Also, amazing vid as always

[@learneconomics2021]

If any of you guys are interested in how to prepare the interviews, what questions will you be asked and minimum requirements for working in finance, I just made a video explaining my experience up to getting hired by the European Central Bank. Check it out guys if you find it useful kzbin.info/www/bejne/sHO0dp18i8ZshsU