Please pay the interns!!!

September 28, 2023

by a searcher from University of Pennsylvania - The Wharton School in Miami, FL, USA

Hello SF Community
I see many postings for UNPAID searchfund internships. It is disappointing to see such a lack of abundance amongst this group. If a fund is raising hundreds of thousands of $$$, surely it can afford to pay these hard-working folks $30/hour or $5000/half year...something. Even self-funded searches can afford to work out a financial deal!! One of these "interns" may find a deal that changes your entire economic future. This is to say nothing of the potential legality of these internships which I am sure has been vetted and approved by far more intelligent folks than me (labor attorneys): https://www.dol.gov/agencies/whd/fact-sheets/71-flsa-internships

Reply by a searcher
from Baylor University in Chicago, IL, USA

Coming from my personal experience as an undergrad intern in this role many years ago, it is HARD to get into PE or IB if you dont already come with experience or the nice stamp of education. I didnt have either of those things and just getting guidance under someone for a few months made a huge difference in my career. As long as the leader invests in their education and takes the time to teach them things they need to learn, it is just as much of a benefit to the undergad as it is to the leader.

Reply by a searcher
from University of Pennsylvania in New York, NY, USA

I think this should be taken on a case by case basis. It depends on the financial circumstances of both parties. There are some great connections that might be missed because dollars got in the way. The mentorship is valuable but so is the work the intern provides. Both parties should be open to responding to the other's requirements and capabilities.

On another note, what is the expectation for pay for an undergraduate intern? A graduate intern?

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