Banking internships as softs

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tigertim
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Banking internships as softs

Postby tigertim » Mon Feb 07, 2011 10:39 pm

I'm currently on a sort of I-Banking track: finance internships these past two summers, one during the school year. How would a couple (say two summer, one or two during the school year) internships at brand-name banks and financial institutions (say, Morgan Stanley, Goldman Sachs) look as softs on an application to HYS? Average? Below average?

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Grizz
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Re: Banking internships as softs

Postby Grizz » Mon Feb 07, 2011 10:42 pm

tigertim wrote:I'm currently on a sort of I-Banking track: finance internships these past two summers, one during the school year. How would a couple (say two summer, one or two during the school year) internships at brand-name banks and financial institutions (say, Morgan Stanley, Goldman Sachs) look as softs on an application to HYS? Average? Below average?


Do not go to law school right now. Do banking.

tigertim
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Re: Banking internships as softs

Postby tigertim » Mon Feb 07, 2011 10:48 pm

Obviously that's an option I'm considering. What I'm wondering is if my internships would be meaningful if I were to apply my senior year, or if law schools would view them as worthless because I haven't worked full-time. That is, would it be worth it to apply to give myself options, or would I be wasting my time entirely?

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Grizz
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Re: Banking internships as softs

Postby Grizz » Mon Feb 07, 2011 10:52 pm

tigertim wrote:Obviously that's an option I'm considering. What I'm wondering is if my internships would be meaningful if I were to apply my senior year, or if law schools would view them as worthless because I haven't worked full-time. That is, would it be worth it to apply to give myself options, or would I be wasting my time entirely?


Minor soft at best. Just do banking.

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dr123
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Re: Banking internships as softs

Postby dr123 » Mon Feb 07, 2011 10:54 pm

do banking for a bit make stupid money, go to law school for free if you still want to, win at life

icpb
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Re: Banking internships as softs

Postby icpb » Tue Feb 08, 2011 12:00 am

I think buy-side internships would make better softs than sell-side internships. The buy-side shops (BX, Bain Cap), especially a fund focusing on distressed debt, offer more intellectually stimulating experiences (more research, more due diligence, less tedious number crunching) than investment banking, which consists mostly of perfecting pitch books and valuing companies, and sales & trading, which is fast paced but repetitive and not hard to do. I would choose an buy-side internship if I had the chance to choose again.

tigertim
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Re: Banking internships as softs

Postby tigertim » Tue Feb 08, 2011 12:44 am

icpb wrote:I think buy-side internships would make better softs than sell-side internships. The buy-side shops (BX, Bain Cap), especially a fund focusing on distressed debt, offer more intellectually stimulating experiences (more research, more due diligence, less tedious number crunching) than investment banking, which consists mostly of perfecting pitch books and valuing companies, and sales & trading, which is fast paced but repetitive and not hard to do. I would choose an buy-side internship if I had the chance to choose again.


Interesting advice, since my finance friends all say to avoid buy-side at all costs. Apparently it pays less. Are there finance-related internships that make better softs than the typical work experience? (I'm surprised that law schools look down on it, actually, since Goldman's analyst positions are incredibly competitive)

rundoxierun
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Re: Banking internships as softs

Postby rundoxierun » Tue Feb 08, 2011 12:50 am

tigertim wrote:
icpb wrote:I think buy-side internships would make better softs than sell-side internships. The buy-side shops (BX, Bain Cap), especially a fund focusing on distressed debt, offer more intellectually stimulating experiences (more research, more due diligence, less tedious number crunching) than investment banking, which consists mostly of perfecting pitch books and valuing companies, and sales & trading, which is fast paced but repetitive and not hard to do. I would choose an buy-side internship if I had the chance to choose again.


Interesting advice, since my finance friends all say to avoid buy-side at all costs. Apparently it pays less. Are there finance-related internships that make better softs than the typical work experience? (I'm surprised that law schools look down on it, actually, since Goldman's analyst positions are incredibly competitive)


I highly doubt that law schools make any distinction. Regardless, probably a pretty average soft if not combined with some kind of service.

icpb
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Re: Banking internships as softs

Postby icpb » Tue Feb 08, 2011 11:03 am

I don't know where your friends got their info. The best students from my school (a top finance target) gun for buy-side (PE, hedge fund, and VC) positions at BX, Bain Cap, Citadel, etc. The pay is just as good as BB IBD or better in case of BX, Bain Cap, Citadel, etc.; but the hours are much better, and the work is more interesting. Although GS IBD is up there, IBD at most other BB's (with the additional exception of MS M&A) and MBB are their backups in case they don't get the limited number of buy-side positions.



tigertim wrote:
icpb wrote:I think buy-side internships would make better softs than sell-side internships. The buy-side shops (BX, Bain Cap), especially a fund focusing on distressed debt, offer more intellectually stimulating experiences (more research, more due diligence, less tedious number crunching) than investment banking, which consists mostly of perfecting pitch books and valuing companies, and sales & trading, which is fast paced but repetitive and not hard to do. I would choose an buy-side internship if I had the chance to choose again.


Interesting advice, since my finance friends all say to avoid buy-side at all costs. Apparently it pays less. Are there finance-related internships that make better softs than the typical work experience? (I'm surprised that law schools look down on it, actually, since Goldman's analyst positions are incredibly competitive)

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174
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Re: Banking internships as softs

Postby 174 » Tue Feb 08, 2011 11:05 am

Go banking and never look back. Enjoy employment and no debt.

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robotclubmember
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Re: Banking internships as softs

Postby robotclubmember » Tue Feb 08, 2011 5:51 pm

icpb wrote:I don't know where your friends got their info. The best students from my school (a top finance target) gun for buy-side (PE, hedge fund, and VC) positions at BX, Bain Cap, Citadel, etc. The pay is just as good as BB IBD or better in case of BX, Bain Cap, Citadel, etc.; but the hours are much better, and the work is more interesting. Although GS IBD is up there, IBD at most other BB's (with the additional exception of MS M&A) and MBB are their backups in case they don't get the limited number of buy-side positions.



tigertim wrote:
icpb wrote:I think buy-side internships would make better softs than sell-side internships. The buy-side shops (BX, Bain Cap), especially a fund focusing on distressed debt, offer more intellectually stimulating experiences (more research, more due diligence, less tedious number crunching) than investment banking, which consists mostly of perfecting pitch books and valuing companies, and sales & trading, which is fast paced but repetitive and not hard to do. I would choose an buy-side internship if I had the chance to choose again.


Interesting advice, since my finance friends all say to avoid buy-side at all costs. Apparently it pays less. Are there finance-related internships that make better softs than the typical work experience? (I'm surprised that law schools look down on it, actually, since Goldman's analyst positions are incredibly competitive)


So you're telling us that... law schools... give a shit? About any of that?

OP, do banking. Get WE. Then think about law school in a couple years. Odds are, you'll decide against it by that time anyway.

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Veyron
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Re: Banking internships as softs

Postby Veyron » Wed Feb 09, 2011 2:29 am

Below average softs. HOWEVER, one or two years at one of those banks will make you GOLDEN at OCI.




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