If You Have No Other Options, Consider an Unpaid Internship

When I was in college I heard stories of how hard it was to get into advertising. The supply of qualified candidates far out weighed candidate demand. This meant that besides having to fight like mad to get an advertising job you also had to endure low wages for awhile until you proved you could deliver value.

I struggled with this concept at the time, but I now understand it is purely a function of supply versus demand.  Today the equity research field is somewhat like this…especially when it comes to internships. The supply of qualified intern candidates is much greater than the number of positions available. Therefore, if you are unable to obtain a paid internship and equity research is something you are dead set on trying to break into, I suggest that you consider offering your services to a firm for free.

I fully realize an unpaid internship can be difficult to pull off from a personal finance perspective. However, if you have the means to do it then I ask you to consider it as:

1. getting an equity analyst internship allows you to get some experience on your resume
2. later on, when you are interviewing for a full time equity analyst position, the fact that another firm "hired" you as an intern makes you look like a more proven commodity
3. an internship will give you an idea whether or not you actually like equity research work

Networking with alumni from your school probably offers the best chance for finding leads for an unpaid internship with an asset manager. Alternatively, a resource in your school’s career services office may prove helpful.

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