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Tuck pays for PE internships

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Tuck pays for PE internships [#permalink]

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New post 26 May 2009, 17:33
Haven't heard of this before... anyway, lucky Tuckies!

http://blogs.wsj.com/privateequity/2009 ... ss_WSJBlog

Quote:
Business school students looking for summer internships are in for a tough slog this year, as more private equity firms focus on trimming expenses and in some cases personnel.

But the Amos Tuck School of Business at Dartmouth College is hoping to give its first-year students an advantage by offering firms that hire them for the summer an added bonus in the form of a salary subsidy.

Tuck has created a special program that will pay up to half of a student intern’s salary if a private equity firm or portfolio company takes them on as a summer associate, according to Colin Blaydon, who mentioned the program at a recent event sponsored by the Association for Corporate Growth’s Boston chapter.

Blaydon estimated that around 60% of Tuck’s students this spring are looking for jobs in the alternative investment industry, including private equity, and said that for many, “it’s been a sobering experience.”

Jonathan Masland, co-director of Tuck’s career placement office, said that the program, which is supported through a partnership between the Center for Private Equity and Entrepreneurship and the Career Placement Office, could finance up to $5,000 per internship. So far, it’s designed as a one-off program aimed at students seeking internships this summer.

The program is modeled on the Maynard Entrepreneurial Internship Program, an ongoing program that seeks to place Tuck students in internships with start-up companies, typically ones with $50 million or less in revenue or less than 200 employees. The Maynard program was founded in 2000 by Fred Maynard, a managing director with HarbourVest Partners LLC and a Tuck alum.

“The main purpose is to give Tuck students an extra arrow in their quiver,” Masland said.

Growth equity firm Sherbrooke Capital is tapping into the program, according to General Partner John Bello, a Tuck alum. Bello said that his firm is considering Tuck interns for its home office, as well as for two portfolio companies, San Francisco-based beverage company Adina For Life Inc. and Philadelphia-based sports clothing company Boathouse Sports.

“It takes the edge off and helps moderate the cost,” Bello said.

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Re: Tuck pays for PE internships [#permalink]

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New post 26 May 2009, 17:40
IHTG and refurb are really lucky indeed.....as if I wasn't jealous of IHTG already :(
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Re: Tuck pays for PE internships [#permalink]

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New post 26 May 2009, 18:37
Tuck has a pretty good reputation for PE doesn't it (I don't know much about the field)?

In this economic climate it makes sense to do what you can to make sure your reputation for placement doesn't weaken.

It also puts the school in a pretty good light; "money where you mouth is" and all that.

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Re: Tuck pays for PE internships [#permalink]

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New post 27 May 2009, 04:36
Wow!

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Re: Tuck pays for PE internships [#permalink]

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New post 27 May 2009, 07:02
Working for a portfolio company is going to be vastly different, and less appealing, than working for a fund. And 60% of the student body is looking for placement in alternative investment industry?!?!? Expectations need to be severely tempered in this industry if that's really the case, because hardly anyone is hiring, and firms certainly aren't hiring those w/out previous or applicable experience in any meaningful way. End PE bubble, commence Social Entrepreneurism bubble.

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Re: Tuck pays for PE internships [#permalink]

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New post 27 May 2009, 07:27
A lot of schools fund internships in things like start-ups, non-profits, goverment, extremely low paying stuff...haven't heard of HF/VC/PE stuff getting stipends though. Usually those careers pay insanely well after school so its your problem to have that extra loan amount during school. Most of my friends going into those areas are getting paid for the summer though which surprised me. I wonder how many people this involves at Tuck its a small class and PE isnt hugely popular so i would imagine its not a huge number of folks...then again times like these might mean more people chasing everything imaginable at the end of the year.
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Re: Tuck pays for PE internships [#permalink]

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New post 28 May 2009, 00:50
riverripper wrote:
A lot of schools fund internships in things like start-ups, non-profits, goverment, extremely low paying stuff...haven't heard of HF/VC/PE stuff getting stipends though. Usually those careers pay insanely well after school so its your problem to have that extra loan amount during school. Most of my friends going into those areas are getting paid for the summer though which surprised me. I wonder how many people this involves at Tuck its a small class and PE isnt hugely popular so i would imagine its not a huge number of folks...then again times like these might mean more people chasing everything imaginable at the end of the year.


Tuck does have a small class but it sends a high proportion into PE relative to its peers. For full time employment about 5-10% of Tuck grads, on average, have gone into PE over the last few years and a higher percentage than that usually intern with a PE fund. So that's about 12-25 people full time and another 20+ for internships each year.

cougarblue wrote:
Working for a portfolio company is going to be vastly different, and less appealing, than working for a fund. And 60% of the student body is looking for placement in alternative investment industry?!?!? Expectations need to be severely tempered in this industry if that's really the case, because hardly anyone is hiring, and firms certainly aren't hiring those w/out previous or applicable experience in any meaningful way. End PE bubble, commence Social Entrepreneurism bubble.


Just to clarify the article said that 60% of students recruiting in the spring, not 60% overall. That's pretty typical as AI jobs are the last to hire. All the people that were going after banking, consulting, cpg, the large mutual funds, etc finish their recruiting earlier. For example all the big consulting firms, all the bulge brackets, 5-6 large mutual fund companies, etc do on campus recruiting at Tuck and that ends in January. There is also a lot of off campus stuff that happens simultaneously, and also ends around January/February. I would guess in a normal year its even more than 60% of students recruiting in March-May that are looking for PE type jobs but this year there are probably also quite a few people that failed to land jobs in the winter and are still looking around for anything they can get.

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Re: Tuck pays for PE internships [#permalink]

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New post 28 May 2009, 01:34
tuck screwed me with the fin aid..they didnt even give me half of what i needed.. How come they have so much money to give away to future billionaire Private Equity interns ?

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Re: Tuck pays for PE internships [#permalink]

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New post 28 May 2009, 05:20
ashaker wrote:
tuck screwed me with the fin aid..they didnt even give me half of what i needed.. How come they have so much money to give away to future billionaire Private Equity interns ?


lol...if 40 students get PE internships, that's $5000*40 = $200,000 per year. That's an extra $1000 of potential financial aid money per student (240 students per class, I assume 200 of those get financial aid). Tuck still would've screwed you, just a bit less.

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Re: Tuck pays for PE internships [#permalink]

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New post 28 May 2009, 13:10
Booth does this too - also to the tune of $5K.

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Re: Tuck pays for PE internships [#permalink]

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New post 30 May 2009, 10:56
Am I the only one who finds this objectionable? With non-profits and government, it makes sense -- those interns weren't getting paid much (or at all) anyway, and there is a social benefit. It also reduces some of the psychological difficulty of giving up a high-paying IB/MC/Marketing internship for a social sector one. (Well, it would if there were IB/MC internships to be had. :-) )

But it's not like PE funds can't or don't pay their interns well. This really seems like a bribe to companies to hire Tuck students over other students. Imagine if schools did this for IB or MC to entice companies to take their students over those of other top schools.

In non-profit, the subsidy helps the student afford the summer; in this case, it's a bribe to entice the company to hire students from one school over another. Seems ethically questionable to me, and it sets a bad precedent other schools may be forced to follow just to get their students jobs.

(I should point out that I have no intention of recruiting for PE jobs or anything related -- I just find it troubling overall.)

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Re: Tuck pays for PE internships [#permalink]

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New post 30 May 2009, 12:16
I don't see it so much as a bribe as an incentive to hire more summer interns. Say PE firm X has a $20,000 intern budget, which in normal cases would cover the cost of 2 interns. Because of the subsidy provided by Tuck, they now can hire 3 interns for the price of 2. It's a win for the PE firm (which gets essentially free labor from the 3rd intern), a win for the school (better placement stats in PE), and a win for the students (more openings at PE firms).
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Re: Tuck pays for PE internships [#permalink]

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New post 31 May 2009, 13:33
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I don't see it so much as a bribe as an incentive to hire more summer interns. Say PE firm X has a $20,000 intern budget, which in normal cases would cover the cost of 2 interns. Because of the subsidy provided by Tuck, they now can hire 3 interns for the price of 2. It's a win for the PE firm (which gets essentially free labor from the 3rd intern), a win for the school (better placement stats in PE), and a win for the students (more openings at PE firms).


Internship hiring isn't motivated by the number of people they can afford for the summer -- it's motivated by how many people the company wants to hire full-time. Internships don't do the company a lot of good in and of themselves. Their value is in allowing firms to evaluate potential candidates for full-time positions.

Consulting is the industry I know best, but there, if anything firms hire fewer interns than they can offer full-time jobs to -- because there aren't a ton of engagements that are self-contained over a summer.

So I don't see this "subsidy" creating jobs -- I see it taking jobs away from students at schools that are not willing to pay PE firms. Or it'll just create the expectation that all the schools have to pay employers to take their students, meaning our MBAs will get even more expensive than they already are.

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Re: Tuck pays for PE internships [#permalink]

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New post 01 Jun 2009, 13:56
Most firms take more interns than they have FT jobs, because it is a very cheap 10 week option. The PE and HF world have started to take advantage of this, as people will fight to do them and earn nothing as cost.

Tuck shouldn't necessarily subsidize this, but it is the schools choice - personally I think that it should be a means tested decision. Extreme hardship (100% loans) should not prevent someone from the opportunity compared to someone funded by the bank of mom and pop.

I can assure Skitalets that paid HF and PE internships are a pretty rare deal, and can be, at the long end of pay, enough to cover your rent. Maybe. Because they are taking time to teach you, and selling you on a really long term, perceived in the money, call.
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Re: Tuck pays for PE internships   [#permalink] 01 Jun 2009, 13:56
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