It’s hard to say because I don’t know your current year in university or time frame, but if you’re in your first or second year of university and need experience ASAP, yes, start cold calling these firms. Cold emails can also work, but they tend to be better if you’re at a top school with a high GPA and/or previous solid internships. I would contact the Associates and MDs directly and start with Associates to “practice” before speaking with more senior people.

Really appreciate all you do.

Need some advice, I got a spreadsheet from an associate with a lot of firms and hq numbers of all sorts of shops in my area. I read your piece about cold calling for internships and was wondering if you think that’s the right move or next course of action for me. I could contact associates or MDs based on the info from the websites in the spreadsheet or contact the front desk and be transferred. Let me know when you get the chance!

I’m looking for an off-cycle internship and I don’t have any prior experience. Thanks a ton.

I would take the fall/winter internship because you want to give yourself as many options as possible, and no one knows if the market will actually turn around next year. Also, you’ll be in a stronger position to win full-time roles if you have the summer internship + one additional internship on your resume.

Hi Brian,
Thank you for this post. I am a second year MBA candidate at a semi-target school. I did my summer internship at a MM Investment Bank but did not receive a return offer for full time (my group did not give return offers to any of the Summer Associates). I have been networking with banks across street and most have told me that they may have openings later this year / early next year, but not right now.

Meanwhile I have a also been talking to a few less known LMM banks, who are willing to give me a fall/winter internship (paid opportunity) with potential to convert into full-time roles. My goal is to break into Investment Banking at a reputable bank but given the current economic environment I also want to play safe. Would you recommend taking the offer for the fall/winter internship (time commitment might be ~15 hours a week) or stick with networking and trying to get a full time role? Do you think that the fall/winter internship would provide me any advantage for full time recruiting?

We’ve covered both these regions recently, and the short answer is that HK and Singapore are not ideal places to work unless you have exactly the right profile (native Chinese speaker for HK or strong SEA connections and language skills for Singapore):

https://mergersandinquisitions.com/investment-banking-in-hong-kong/
https://mergersandinquisitions.com/investment-banking-in-singapore/

If your goal is to work in NY, and you graduate next year, your best option is probably to find a role at a large bank with a presence in NY and then push for a transfer to NY after 1-2 years.

I can’t say whether you should stay in the Philippines or move to Singapore or somewhere else because I don’t know what kind of connections you have to the regions. If you’re a native speaker of Tagalog (for example), you should have a pretty decent chance at winning SG-based roles because the language skills will help quite a bit there.

You can’t do much about your school unless you do another degree (not recommended). In short: if you have the right skills/background, consider Singapore-based roles and then push for a transfer to NY. If not, stay where you are, see if you can find a role at U.S.-based bank there (no idea if they even exist in the Philippines), and then transfer from there.

Thanks for the article. I’m currently a master’s student at a Southeast Asian university (in the Philippines). I wanted to ask for some advice regarding my approach into getting into large banks like JP Morgan, Morgan Stanley, and Goldman Sachs in Hong Kong or Singapore. I’m currently interning at a large investment bank in my country (the largest in fixed income deals by far, together with some equity deals). Because of your article, I now intend to apply for summer analyst positions instead of off-cycle positions in the future. However, being that I graduate at 2024 with my master’s (I’m currently 21), I was hoping to ask would working for a full-time position in a large investment bank in my country be an experience that large banks in Hong Kong and Singapore would consider? Together with this, I’m worried that prejudice might arise from my school. I come from a reputable school in the Philippines, however, I’m doubting whether they’re expecting people from Harvard or Wharton.

Lastly, is experience in Hong Kong and Singapore enough to break into Goldman Sachs (specifically in New York)? That’s actually my main goal, honestly.

Thank you.

In general, if you already have a full-time offer at any bank, it’s almost always best to accept that offer rather than turning it down or delaying and looking for an off-cycle internship at a larger bank.

If you already *had* an off-cycle internship at one of the larger banks, it might be better to accept that and try to turn it into a full-time offer there. But if you’d have to spend time searching once again, it’s better to take the full-time offer, get some experience, and make yourself more marketable to the large banks from that experience.

Thanks for the article. I have a full-time offer for a one of / similar level to the “other banks” mentioned would you recommend taking this offer or gaining an off-cycle internship at one of the larger banks?

I am unsure whether it is easier to start at the lower-tier bank and then after 6 months to a year try and get into a larger bank, or to convert an off-cycle into full time.

Any advice would be great!

If you think you have a > 50% chance of getting a full-time return offer from this fall internship, yes, I think it’s worth it. I don’t think it will help a huge amount if you’re trying to leverage it to interview around for roles at other, larger banks, especially since banks are unlikely to award many full-time offers outside their intern classes this year. So I would not bet too heavily on that unless you have some very good connections at these banks already.

Thanks for the helpful article. I am a rising senior (class of 2023) at a target in the US studying Mathematical Economics and I wanted to ask your opinion on my situation and if it is still realistic for me to break into the industry, especially given the current macroeconomic situation. I just accepted a fall internship offer at a reputable MM bank and I plan on graduating on time in the spring. This summer I interned remotely with a less well-known LMM boutique as I was not able to secure a more reputable summer analyst role. I think it’s worth recruiting full-time as a return offer from this fall internship is not guaranteed, however, I am worried about the fact that my previous work experience won’t be seen as “legitimate” in the eyes of more established banks. Do you think this fall internship makes sense given my current situation?