Wall Street is laying people off; others pay 6g's to be interns!!

Students pay to take first steps on Wall Street

5:00AM Monday January 07, 2008
By James Doran

American university students used to get paid for spending three summer months in an office opening mail and making coffee for some of the world's richest bankers. Then some did it for free. But now a growing number are paying thousands of dollars to secure the best internships on Wall St.

The University of Dreams, an internship agency in California, charges as much as US$7999 ($10,380) to place university students in summer jobs on Wall St.

And if you want a cheaper option, you can pay US$6000 for an internship with an investment bank, such as Goldman Sachs or Merrill Lynch, in a lesser-known location. The organisation can even arrange to send students to Barclays in London.

A decent internship is crucial to securing a job at a top Wall St bank these days.

Indeed, working for free at a big-name firm is key to jump-starting a top-flight career in many industries, from media to technology or finance.

The University of Dreams, which has 46 staff and 1200 students, builds relationships with Wall St banks and other top companies, such as Google and General Electric, and claims that CVs sent in on behalf of its clients always make it to the top of the pile.

For the banks, the service helps human resources departments overcome the problem of sifting through millions of CVs sent every year by eager students.

And University of Dreams is not alone. For the budget-oriented, Fast Track Internships of Texas offers a similar service, costing just US$699 for unpaid work or US$999 for paid placements.

And if politics is your dream and you have US$3500, then the Washington Internship Program is the place to send your CV.

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