Monday, November 22, 2010

Dr. Krause Tells Students That Bulge Bracket Banks Are Beginning Their Summer Internship Interview Process

Dr. David Krause, AIM program director said recently, "The bulge bracket investment firms are beginning their summer internship interview process. If you want to work in New York or some other major money center this upcoming summer, then now is the time to be applying. While some Chicago, Minneapolis, and Milwaukee-area investment firms might come to our campus to interview juniors for summer internships, the NYC firms do not. Therefore, you'll have to apply on-line and work with a 'champion' within the firm."

"I also want to remind my students that there are marvelous internship opportunities locally," Krause said. "Mason Street Advisors, Baird, M&I, Wells Capital Management, and others have provided outstanding summer and school year internships for the AIM students. While it might sound appealing to be in New York for the summer, students should not discount the opportunities in our own backyards. Milwaukee is a major investment city and the internship experiences are outstanding."

He continued, "The summer investment banking and equity/debt research positions are very competitive in the major firms, such as Goldman Sachs, Morgan Stanley, JP Morgan, Bank of American Merrill Lynch, etc. Just within the past week or so, the bulge bracket firms have begun accepting applications for their summer analyst positions. If you want to be considered, you must complete the on-line application. Once this is done, my students generally meet with me and I help them connect with one of our alumnus in the firm if they fit the bulge bracket model."

"What does it take to secure an internship with a major financial firm?" Krause said he is often asked. "For non-core schools it takes a high GPA. A 3.50 or lower will probably not get you a look by a NYC investment bank - and the higher the better. These are very competitive positions and you are up against students from the top East Coast schools. The other things essential to getting a summer internship offer are to have a strong resume, a network in place that can help you advance through the interviewing process, and to have excellent interviewing skills."

Dr. Krause continued, "Right now I am telling my AIM students to be working hard to secure an internship. Students who procrastinate or expect an internship to fall into their laps are not going to land a top summer internship opportunity. What happens if they don't land their dream internship? I tell my students that not all is lost - they should seek out meaningful opportunities in firms that they want to work. Taking a job in operations or the back office at a well-regarded asset management firm can help to turn heads if you are a hard worker and seek out advanced opportunities. Also, if a student is interested in investment banking and can't land the ideal internship, then seek out corporate finance opportunities within a strong firm. S&T and PWM are also good summer internships for students with an interest in banking and/or investments - and these are great career choices as well."

"The bottom line is to work hard in school to achieve good grades, follow the capital markets and macro-economy, and be active in student finance organizations," Krause stated. "It is also vitally important to network with alumni and seniors. Students should check internship postings on Career Manager and daily - and they should continue to monitor opportunities at major firms in the Midwest, such as R.W. Baird, G.K. Baum, Lazard, etc. I tell students to think of this as a landing a job - getting the summer internship that sets them up for their senior year and beyond is something that generally doesn't happen by chance."

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