Boutique Investment Banking Problems

Career Opportunities & Internships
1

<p>I cold-emailed a couple of boutiques back in June, and I got an offer to join one smaller boutique bank. Tuesday was my first day, but the thing is, the Managing Partner says that compensation isn't guaranteed, and if I will be compensated, it will for no more than $500 for the rest of the summer (up until late August).</p>

<p>I've been working about 12-15 hours per day, and although I'd still do the internship unpaid, I'd really like it to be paid, whether it be salary-wise or hourly-wise.</p>

<p>To give you a background, all I've really been doing is setting up models (crunching numbers, no analysis), researching companies, and going to client meetings.</p>

<p>How should I ask for compensation, given that he seems to be intent on the "maybe 500, maybe nothing" deal? I was thinking of telling him about how I'm a college student and money is hard to come by (which it is).</p>

<p>We have a couple of other interns, and they're getting paid, albeit they've been there the whole summer and are rising seniors. I'm a rising junior.</p>

2

<p>Heh I saw your post on the ibankingoasis.com forums</p>

<p>You're working for a month right? Personally, I would tread carefully. At most, I would carefully ask him when he thinks he will come to a decision as whether to award you $500, because it is very expensive living in the city, and you are attempting to determine your cash flow in order to plan out living expenses. However, I would not ask or demand anymore than that.</p>

<p>Keep in mind there are numerous interns working in the city without a paycheck. Look at it this way, you are getting incredible exposure, and you will be able to leverage that for a BB summer analyst program next summer.</p>

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<p>Yeah, I figured the leverage into the BB Iship next year would be vital. </p>

<p>Oh well, its always nice to dream though, right?</p>