What to expect
Hello everyone, I have a couple probably simple questions to someone who knows what is going on in this world. I landed myself an internship at a private equity firm in Manhattan for the summer. I am in my 2nd year of college and consider myself extremely lucky for the opportunity. I met with a partner of the firm who took a liking to me and said I definitely have this internship. There is another meeting scheduled in the future, however curiosity is getting the best of me. The person who gave me this opportunity knows I have no experience what so ever and am in my measly 2nd year of college. What could I expect to be doing as an intern? I know its possible I may be running around as a little errand boy a lot, however when I am actually doing meaningful work what could they possibly expect? They know I know nothing and I didn't pretend I did. The honesty seemed to be a relief to the partners, I'm sure there is a ton of kids the deal with who pretend to know plenty. Will I just be taught how to research certain deals and whatnot? Thanks, I may be rambling but I'm just excited to do this and would like to know at least the slightest bit of what I am in for.
Your responsibilities could vary widely, and I'm sure the partner can tell you better than we. As you say, you could merely fetch coffee, or they could teach you valuable skills. Before committing to a summer, I'd suggest you make it clear that you would like to learn as much as possible; they know you know little, so won't be expecting you to do anything extraordinary, but make it clear you do not wnat to squander this chance to learn. Of course, don't come off as pushy, but don't be scared to seem hungry and motivated.
How big is this place? My friend interned at a small PE place and all he did was get coffee 9-5
I believe the place is ~8-10 billion, it could be wrong but I'm almost positive. Anyway, they're aware I do not want to be there running errands all day. One of the partner's says he knows exactly where to start me based on my personality (hopefully my personality doesn't come off as someone who likes to get coffee day long! Anyway I know I'm being compensated fairly well for it so I would like to lean towards thinking I'll be doing somewhat serious work! Now that I think about it, if I am receiving compensation wouldn't that most likely lean towards actually finding value in me? Who would compensate someone the money I'll be making to pick up dry cleaning is beyond me! Does anyone know a somewhat loose guideline on what the norm is for compensation in a PE shop as far as an intern goes?.. Just got myself curious on what I'm going to stack up to. Well thanks for the timely responses, I know I cannot get exact answers here but somethings better than nothing!
no clue on compensation but this sounds like a helluva opportunity. I would recommend reading up on basic finance and knowing the valuation methodologies as well as possible. Make a good impression, and most importantly regardless of how smart you are, WORK HARD.
a good work ethic goes a lot farther than someone who is a genius but delivers half-assed work.
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