eFinancialCareers

You'd never buy an interview outfit without trying it on first, to see whether it fits well and becomes you. But many people jump onto a career path without considering whether it's the right one. Having an internship lets you try a profession on for size.

Corinne, the director of investor relations and marketing at a Connecticut-based hedge fund, is a perfect example. In college, she double-majored in finance and art history. Her first internship was at a major auction house. But she realized her path there would be stunted. So she took on business-related internships with employers large and small, public and family-owned, and found her niche. Without an internship, she says, "you're not prepared for the responsibility and independence."

That said, however, finding an internship in the financial world is challenging now. "It's tight this year, there's no question about that," says Barb Hewitt, senior associate director of career services at the University of Pennsylvania's Wharton School. "We're down about 27 percent in terms of on-campus interviews. The big banks we typically work with are cutting their classes of students. And I don't think things will be rebounding any time quickly."

Among other things, Hewitt notes, that means prospective interns don't have a lot of negotiating room. If a bank makes an offer, it's one a student can't refuse. "They're not interested in extending deadlines, and aren't willing to give people an extra two weeks to decide whether they want a position because they wanted time to interview with other firms," she says. "Ironically, though, it's more important to have had an internship now. The large banks didn't come back and do a lot of hiring with people who didn't intern with them. But it makes you competitive at other organizations (such as asset management and boutique firms, corporate finance departments and non-profit organizations) if you understand finance in an applied way."

Eileen Stephan, the head of graduate recruitment at Citi, has a slightly different perspective. While declining to give specifics, she reports the number of internships at her firm is fairly consistent year to year. "We're aware of the current economic environment but have not decreased the size of the program significantly, and we may go a little bit higher as the markets improve," she says. Further, Stephan says, Citi "abides very carefully by the guidelines set by the schools we recruit from" in terms of setting decision deadlines.

In choosing summer interns (rising college seniors) and summer associates (students between their first and second years of graduate school, 90 percent of whom are MBA candidates), Stephan says, "we look for people who can articulate an interest in the financial markets. Are they academically capable of doing the work? And an enthusiasm for financial services is important."

You'll have "a leg up," she adds, if you identify internship opportunities early. "The recruiting process can take a lot of time in researching firms, preparing your resume, interviewing, and networking," she says. "That's a lengthy process along with your academic requirements."

Hewitt agrees. "It's more important than ever to go to the interview having done your homework," she says. "This is not a time at all to wing it. And whenever you can, get people to put in a good word for you. It makes it that much easier when you can get recommended."

Keep Your Eyes Open

When seeking your internship, cast a wide net. "Understand that there's a variety of positions within financial services," Stephan says. "We look for people with a variety of backgrounds for positions in human resources, risk management, sales and trading, etc. This industry welcomes students with varied and interesting backgrounds."

Once you're in the door, keep a mental checklist:

- Do you like the work?
- Are the other employees' interests and skills similar to yours? Be curious (but not pushy) about their backgrounds and responsibilities.
- Is the work environment comfortable or somehow lacking?
- If you don't feel you have enough to do, ask, politely, for more.
- Always be enthusiastic and professional.
- If you're in a new city, try to network with other students and alumni from your school while you're there. As you hone your existing skills and acquire new ones, you just might meet someone who can help you find a permanent job.