Beware HarbourVest Summer Analyst Program
I will preface this by saying that this is second-hand information through a DEI-oriented network (you can probably guess which), but it is important to consider for anyone who may be interested in such an opportunity and seems to check out.
HarbourVest’s analyst program gave 0/7 of their eligible summer analysts within the investment team return offers this year. They are currently trying to entice a new cohort with an offer rate of above 60%, but they fail to disclose that none of these offers were for investment positions and that they contained anomalous unfavorable language. At least some of the offers, rather than the advertised 2 in-office days, required 5 days a week in-office, and they paid less than $60k in Boston all-in.
Only one of the 7 full time analyst positions is being hired for, and the rest, which were advertised as convertible opportunities, are being scrapped altogether. Along with all of this, there is talk that the summer analyst program, which, face it, only exists for the purpose of maintaining a DEI-friendly facade in 2023, may be on its way out after just 3 years, so this upcoming summer may also not be a credible full-time employment opportunity.
Their recruiter talked a big game with me on the phone about their uniquely “amazing people”, but they’ll scum anyone just as hard as the next firm on top of compensating considerably below-market.
Watch out.
I will be interning at that firm next summer. Could you send me a private message?
PMed
This information is just flat false. The investment teams did give out return offers, but there were some teams with only 1-2 interns that decided to no-offer given the interns were subpar and hiring for FT would lead to a better candidate. All interns were brought on this summer on the assumption a FT role was available, they just didn't make the cut if they didn't receive an offer. You may be confusing some of the no-offers with the sophomore interns who opted for banking next summer.
Also not sure where you are getting your other stats. The firm is 2-3 days in the office, with most coming in 3 day. It used to be 1 day only last year, but the firm has moved to a global 2-3 day policy. Also, base comp for 1st year PE analysts is around street at 110K and then total comp is 150-180K. Your numbers are way off.
This kid says that no one he has spoken to has received an offer to return aside from two sophomores who have the option to intern again next summer. In that case, which investment teams actually gave out an offer? No shit that they are going to cite “individual reasons” if the alternative is having to walk back the language that they used during the hiring process. The fact of the matter is that only one of the full time positions has actually been recruited for.
Also, a non-investment team offer with the 5 days in-office stipulation was verified, so don’t try to shill and deceive anyone on this board. Regardless of all of this, the 60%+ figure that they are advertising is laughably misleading.
You can tell this is bullshit because the supposed pay of 60k for FT is less than the amount that interns make on a prorated basis.
Source: I work in IB and one of our interns this summer did their sophomore internship there and they highly enjoyed it. They did banking because they wanted to try it before deciding if they wanted to do PE.
This sounds like someone who didn't get an offer and is now lashing out on WSO.
I have no interest in FoF, but it seems like HV has some major boosters on this forum, and it’s important that people hear about this if it’s true, which I have reason to believe it is.
Hey man, I have ZERO skin in the game when it comes to HarbourVest. I'm not going there next year, and the only way I know of it is because of this intern. I'm just pointing out that one part of your story (the one I'm familiar on) about pay is flat out wrong.
I quite literally work on an investment team that gave out offers. But also have coworkers in other teams that didn’t give out offers because their interns sucked and acted unprofessionally. That is normal in a class of interns. I’m not going to name teams for the purpose of staying anonymous, but I doubt some salty intern who didn’t get an offer is a reliable source.
I have no idea why you’re bunching together investment team and middle/ops/back office roles into the same bucket. The firm has a 2-3 day in-office policy plastered everywhere internally, even our interns were told to only come in 2-3 days. The office is practically empty on Mondays and Fridays. Not sure about non-investment team roles, but have a hard time believing they’re being made to come in 5-days.
I literally cannot find any linkedin activity that corroborates that statement. Either way, emailing me with a “60%+” is totally misleading given that no one is looking for a poverty wage in Boston.
I meant to put the above comment as a reply to your earlier response, but what you are saying is nonsense. You can very easily find linkedin profiles of investment interns --> FT for current and prior summers. Considering the program has only been around for 2-3 years and started with just a couple interns, I don't know how many profiles you were expecting.
Again, I don't know the exact % of return offers, but I know for a fact that all interns were hired with an open FT spot available to them as long as they didn't screw up the internship. The FT classes are larger than the intern classes, so it makes no sense to not give out offers.
Sorry you didn't get an offer.
Would you be comfortable in privately messaging me? I'll be a summer analyst at HarbourVest in 2024.
Temporibus ullam voluptate eum architecto expedita. Aut porro esse optio eos recusandae. Commodi eum deserunt eveniet inventore libero suscipit sed et. Rem repellendus sequi harum dolorem beatae eaque doloribus.
Dicta eaque laudantium laudantium delectus aliquam consequuntur. Recusandae quos expedita quo eos. Voluptas est quisquam officiis.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...