Is DS making a mistake with work experience - investment banking

[Theworried2]

DS will be studying economics at Uni starting this year.
He wants to aim for a career in investment banking in the future and got 1 week work experience at JP Morgan, though this is a generic one covering all divisions. He also got an 8 week summer internship at an Insurance firm in underwriting and he has decided to take this one instead because he feels that he can earn some money and have some significant work experience in his CV.
However would this put him at a disadvantage in applying for spring weeks and summer internships in IB at the future, as the work experience at JP Morgan would signal his interest in the industry more.
he can’t do both as the dates clash.

I’m very impressed that he secured a paid internship before even starting uni. Most DC can’t secure an internship until their second summer!

I think I’d go for the 8weeks in insurance. It will have more depth to it. A taster week is less meaty. It is adjacent to investment banking and most of his peers at Spring week won’t have any relevant experience at all. He is already streaks ahead.

I think online on A level results day IF you have got the grades you know first thing so he could then go into work that day so that releases one day for a start.

Definitely 100% go for this one. That's a really good opportunity. 8 weeks!

Just take the summer off and have a holiday and rest before starting uni. Both sound like a waste of time and energy.

My brother got a job at Goldman Sa hs straight iff the back of the short internship he did there. They just kept him on because they liked him during his internship. I would definitely pick an internship at JP Morgan if that's where your son wants to end up.

Goldman Sachs straight off the back of his internship*

Definitely not a waste of time. That's how you get an "in" with those type of companies and if you make a good impression during the internship, you might get a job out of it.

I wrote that it was a waste of time since this DS is only in Y13. I’m perfectly aware of the relevance of internships but I do genuinely think it a waste of a summer when in my view there’s heaps of time and going up to uni refreshed after a break is something I’d far rather see my DC do. No need whatever to be so serious so early. The internship in the second year vac is the key one. This kid could well just burn out. All work and no play etc. Also if was recruiting I’d be seriously questioning what led a DC to do an eight week internship in the summer of Y13 - alarm bells would ring.

Yeah if this kid is starting uni this September he reallybshoukd be relaxing and working to earn actual .oney this summer - not worrying about a summer internship! He has his whole life ahead of him!

Wouldn't this be better approached by doing a placement year on his degree?

Sorry just seen it's a paid internship but still, he's 17/18, there's plenty of time to do all the necessary to get taken on by an IB surely (and yes, watch Industry, was very reminiscent of the 10 years I spent at Citi).

Will an internship the year before uni really be that useful given he couldn't actually start working for them for 3 years? Unless it leads to a placement or later internships? Would he not be better doing a degree apprenticeship if he's this keen to guarantee a job at an IB?

Ah I just realised he was in Y13.

I still wouldn't turn down an internship at JP Morgan. Those internships are extremely competitive and it's only a week out if the summer. It will hardly prevent him from having a nice summer break.

@goodbyestranger We asked DS if he wanted to just take a break this summer but he said no, as he said he will just get bored and fret about results day! It was him who took the initiate to find this internship.
If he gets his first choice uni, he will have 4 weeks holiday after the internship ends and since terms are very short there (8weeks), he will have other longer holidays too in the future.

@SmartHome He got far in the degree apprenticeship application process for a few IBs but pulled out as having spoken to some apprentices there, it seems as if it is hard for the apprentices to leave the operation roles they are initially placed in to sales and trading/ M&A.
Besides, he is passionate about his degree subject too and wants to study it at a highly ranked uni (grades pending!).

Alarm bells? That's a bit melodramatic. It's obvious why he's doing it. He's a keen bean. That's admirable

OP how did he even get these two opportunities in yr13?

My DD did an investment banking experience week 4 years ago before starting uni (economics like your DS). It was a Scottish location which was mainly tech and back office. She didn't enjoy it. Only job function she thought was interesting enough was the cyber security. Useful to rule out working in the industry though. They did give an afternoons practise on testing and interviews. Most unis offer similar.

Stick with the paid job and if he is still interested in this area when he gets into his degree he, he can do an investment internship later.

yipeeyiyay not in the least melodramatic. It would smack of parental pushiness to me. It's very unusual to do an eight week internship in the summer ahead of uni. Even if I gave the DS the benefit of the doubt I might think wow intense. Maybe not great for our company. There's a lot to be said for normal and chilled. From that point of view doing the JP Morgan thing has far more benefit. It's something to stick on his CV if he really feels it will help and takes almost no time even if it's pretty basic.

With the eight week term thing I'm assuming Oxbridge in which case avoiding a long not especially targeted internship is even more of a mistake. The DS is going to find the terms are full on. One big issue with the long internships during the vacs is that they can sap the energy for the following academic year with knock on results.

Does the DS not have any hobbies he'd prefer to pursue over the summer? Or how about travelling with friends?

Sorry typo avoiding

@Theworried2 could you share where he found the jpmorgan scheme? My dd has applied for an online morgan Stanley onr (I think) but couldn’t see anything in-person for pre-uni students like you describe - does sound like a great opportunity to get a brief taste of that world. I think spring weeks and internships while at uni deffo make sense and certainly in the case of DS friends (he has just finished his finals) put them off in some cases so they could then explore other options!

@Theworried2 i found it! Looks like applications only open for a day in October. Good for anyone applying next year!

https://careers.jpmorgan.com/global/en/students/programs/uk-work-experience

He should take the paid one. Thankfully these days most places are quite understanding of the fact that not everyone can afford to take unpaid experiences. Earning over the summer will mean he may not have to so much/at all whilst at uni so can devote more time to his study.

I suppose my posts were written with the assumption that the DS had had a paid job while at school as most DC do. They certainly did at the school my own kids went to. Mine mostly worked from Y9 which built up a decent pot to do a bit of travelling etc. Also good for the CV (prepared to get hands dirty etc as well as being reasonably smart), not that that was in any of their minds at all. I shouldn’t think the insurance internship for a Y13 pays very much at all and that’s assuming that the DS can commute from home.

Very few have part time jobs at school here. We live in a pretty deprived area but employers will not employ children. They want 18 year olds who can be fully flexible through the whole working week. Not enough jobs to go round.

I'd do the 8 week one. He'll learn much more than he would in one week at JP Morgan and he has plenty of time to do IB internships later.

Is there any chance he could ask JP Morgan if he could come in the week before or the week after his Lloyd's placement?

I'd do the same. but be honest about it. Say be really wants to do the internship but has already agreed to a week at JP Morgan. he could offer to add an extra week at the beginning or end of his internship.