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.
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.
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.
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.
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.