Guys, I am working as an unpaid summer intern in a boutique investment bank in New York City. I am assisting senior professional 50-80 hrs/week on company valuation of M&A transactions. Currently, I am doing an MBA and waiting for CFA level 2 results. I am an international student and not familiar with US work culture. I am planning to ask for some compensation at work. Is it appropriate to ask for compensation at unpaid internship? Any suggestion is appreciated. Thanks.
Yes. But then it is not appropriate to expect a full time offer upon graduation.
What do you mean?
Think about it…is it appropriate to ask for compensation at an unpaid internship? If you can’t figure that out I don’t know how you help in valuations… My condescending and facetious comments, of course, don’t apply if you didn’t know it was unpaid, but then that is still pretty hard to believe.
They’re paying you in M&A experience, just shut up and do your internship. I swear the sense of entitlement within this industry is ridiculous.
I have sent an email to CEO in May that I am looking for internship. We didn’t discuss anything about the salary during the interview. I didn’t ask, because I was in need of a good internship. I am not sure, what should I do now?
Ask the CEO for the key to his bathroom. That would show some true initiative.
Nothing except continue to do your work and accrue experience. Unless you’re blind, I-Banking experience is going to be tough to come by. There’s 1,000 guys who are a lot smarter than you who will do that internship for free. Just shut up and don’t ask for anything except for a good reference.
Thanks guys. I think I should work here unpaid till I graduate in December. Thanks again.
lol…i’m waiting for someone to somehow throw in a request for i-banking manuals and give their email to make this the best thread of all time.
I’ve got a ton of i-Bank manuals and spreadsheets from Goldman and Greenhill, what’s the big deal?
oh man here it comes…BOMC refer to the thread a couple below this.
Parikh, An internship in the US is mostly unpaid unless otherwise specified. Do not ask for any compensation because that would make you look greedy for money and they may not hire your full time after graduation. Good luck.
“So, we have this unpaid internship” “Can I be compensated for this unpaid internship.” “No, then it would be called a paid internship.” “But I’ll be doing work, why can’t I be paid” “Next!”
Another factor is that you are an international student, and I assume that you are here on a student visa. Except for reimbursement of out of pocket expenses, it probably would be illegal to pay you. While you can’t ask for pay, I think that Sept/Oct would be a good time to ask about what happens after December, since if they did offer you a full-time job they would have to sponsor you for the hew visa.
I can work full time during the summer and part time during the school year, so it is not illegal to pay me. Super I - you are right. I might ask in Sept/oct for the full time position. anyways…thanks for your suggestion.
BOMC - can you shoot those manuals over to my email at email@example.com? I’ll be sure not to forward them to anyone else that asks and go back to not contributing anything. TIA
anishcandy Wrote: ------------------------------------------------------- > Parikh, An internship in the US is mostly unpaid > unless otherwise specified. Do not ask for any > compensation because that would make you look > greedy for money and they may not hire your full > time after graduation. Good luck. Greedy to ask for money for an 80 hour a week job? For an MBA student? Sounds to me like the company is taking advantage.
BOMC Wrote: ------------------------------------------------------- > They’re paying you in M&A experience, just shut up > and do your internship. > > I swear the sense of entitlement within this > industry is ridiculous. are you serious?