Thoughts on unpaid internships in real estate private equity?
In the context of being two years out of college, trying to transition from a different industry. Duration of internship would be somewhat short but full time in acquisitions dept.

Edit: current financial situation would allot me some time to do this but I’d just be scraping by and likely drying up the last of my funds (not entirely but a good portion of it)
[{"id": "id2wy7y", "text": "Fuck any unpaid internship. Might as well bring back slavery", "replies": [], "depth": 1}, {"id": "id2xabx", "text": "Considering that market is likely to dry up pretty soon I would be so keep on it. \n\nI would get an internship I'm more recession friendly sectors.", "replies": [], "depth": 1}, {"id": "id2xt7a", "text": "Experience is probably worth it if you dont need the money. The money will come later. I would do it but reddit hates unpaid internships. Reddit is also full of losers. Take what you will from that.", "replies": [{"id": "id2z09l", "text": "Reddit is full of people who don\u2019t understand value and that getting a job isn\u2019t a right lol how do you provide value when you want a job in an industry you\u2019ve never worked in before? Work for free for a while until you have enough experience to get paid to do it!", "replies": [{"id": "id30867", "text": "Fuck that. Your time is worth something at a bare minimum, even if it yields long term career benefits to you. \n\nMaybe find some self-respect, bud.", "replies": [{"id": "id359qr", "text": "I\u2019ll say current and forecasted market conditions look good in RE despite recession but if shops get scared later this year new employees are first to go typically. \n\nHolding on to the Internship through this can lead to opportunity.", "replies": [], "depth": 4}, {"id": "id39kr5", "text": "We all spent more than a decade in school with no pay to learn skills that would be valuable later but once we turn 18 suddenly the mere thought is no better than slavery \ud83d\ude44.", "replies": [{"id": "id3chs5", "text": "Right...but I thought that was the point? Learn for no pay in school, and then get paid when you start working? If the schools don't teach us anything that has value in the occupational world, then what are we doing spending all our time there?", "replies": [{"id": "id3eziz", "text": "There are too many possible occupations for schools to teach job and company specific occupational coursework. Learning without getting paid is fine if there is a pretty clear chance you will get paid later. Obviously getting paid is better by every stretch but only the individual can determine what is acceptable to them. For someone without specific training transitioning from a different industry they are a risk and may not be able to secure a paid internship competing against people with specific training and experience. An unpaid internship may set such a person up for success down the road in a way having no internship because unpaid learning was beneath them probably wont.", "replies": [{"id": "id90952", "text": "Idk why people are downvoting you, you understand it.", "replies": [{"id": "id9bfrs", "text": "Because reddit is full of losers. They upvote the things that feel good and downvote the things that don't.", "replies": [], "depth": 8}], "depth": 7}], "depth": 6}], "depth": 5}, {"id": "id3u3k4", "text": "Ya\u2026 there\u2019s a big difference between school and work\u2026", "replies": [{"id": "id3yllw", "text": "Not big enough to matter.", "replies": [], "depth": 6}], "depth": 5}], "depth": 4}, {"id": "id48yal", "text": "LOL I did it and it\u2019s worked out great for me. Some self respect? How about setting myself up for a great long term job and career. It\u2019s fine though, people like you keep Passing up golden opportunities in the name of \u201cself respect\u201d that smart people will take", "replies": [], "depth": 4}], "depth": 3}, {"id": "id3tzq5", "text": "That\u2019s complete bullshit \u2026\n\nYou\u2019re trying to tell me that an intern will provide absolutely no value what so ever\u2026 stop justifying unpaid work with this bullshit.\n\nWhat you\u2019re really getting at is that jobs are competitive for people without industry experience and unpaid internships filter out people who need the money to survive day to day\u2026\n\nIt\u2019s an absolutely disgusting system, the point of interns is to hire on someone and trained them in a larger organization , while paying them less then a regular employee.\n\nThen when hiring season starts, you already have someone whose half trained , and if you don\u2019t need to hire anyone. You can let go of this person \u2026\n\nNot free labor for industry knowledge \u2026 and let\u2019s get real, most tasks assigned to interns are data entry snd other such bs that people are too busy to be doing. Boring, monotonous work that can be done with very little supervision.", "replies": [{"id": "id48puv", "text": "Bro you\u2019re daft. Who pays the for the salaries? Some magician in the sky? No, someone puts money on the line to make money and 90% of the time interns slow people down. You have to spend time to train them, you have to walk them through processes, most of the time teach them the definitions of industry vernacular. You have nailed everything right on the head except for the fact that you can\u2019t understand that people should be hired on their value and what is needed by the company at the time and if the system worked any other way we would end up looking like east Germany and old Soviet countries. Lol you freaking donkey. Imagine having opinions like that in a REAL ESTATE sub lolol", "replies": [{"id": "id4m7i4", "text": "Get the fuck out of here...\n\n90% of the time interns slow people down, you're pulling random numbers out of your ass to justify not paying people who work.\n\nIf things function as you claim then why not put these interns through a few weeks of training and education then put them to useful tasks...\n\nAs for value, that's extremely subjective and companies do hire people for value. But you're trying to say that interns offer no value, in fact that they end up being a cost center to the company... which is complete bullshit.", "replies": [{"id": "id4sut9", "text": "Bruh your insight into business, especially real estate firms is abismal. It is very clear you have little to no experience.", "replies": [{"id": "id4ynsu", "text": "You sound outdated", "replies": [{"id": "id7ldzf", "text": "Hahahahaha you guys are ridiculous. You have literally no leverage in this industry and you\u2019re trying to dictate the terms. If I sound outdated then you sound jobless.", "replies": [{"id": "id8roks", "text": "No leverage? Jobless? You have no idea what position I'm in. Your kind of voice is getting smaller and smaller, and your kind ideas more and more outdated. That's why it's pointless to argue with them them, and why it's fun to poke at you instead.", "replies": [{"id": "id9009o", "text": "I know exactly what situation you\u2019re in. You obliviously are not in charge of anything because the industry does not work how you are stating is should/does. You will get some reality slapped into you in the upcoming recession. Good luck.", "replies": [{"id": "id90mn0", "text": "Right. So you're one of those people.", "replies": [{"id": "id90yn2", "text": "Hahaha you freaking nerd. \u201cOne of those people\u201d you probably think you\u2019re getting to me so bad rn lolol see ya Felicia", "replies": [{"id": "id91eg6", "text": "I wonder why you responded then. \n\nAnd now with your diction I'm thinking you're a younger person with outdated ideas. Even sadder", "replies": [], "depth": 13}], "depth": 12}], "depth": 11}], "depth": 10}], "depth": 9}], "depth": 8}], "depth": 7}, {"id": "id5gn7k", "text": "bRuH unpaid interns, regardless of sector produce value... \n\nJust because you had to hop unpaid intern dick ride and it ended up working out for you doesn't mean that its not a fucked up practice ...", "replies": [{"id": "id7lvix", "text": "The people who get to the top are the people who go the extra mile. Because you don\u2019t want to, or can\u2019t fathom why they would doesn\u2019t make it wrong. The only \u201cfair\u201d system is the one that rewards effort and results. Otherwise the whole quality of the market goes down. For example, go look at HUD housing projects. That\u2019s what happens when you appoint people instead of there being competition in the office. There is always someone who will do your job for less money, faster, and at better quality. At least I acknowledge that.", "replies": [], "depth": 8}], "depth": 7}], "depth": 6}], "depth": 5}], "depth": 4}], "depth": 3}], "depth": 2}, {"id": "id3d8xt", "text": "IMO only a loser would take an unpaid internship.", "replies": [{"id": "id3e6oq", "text": "Take what you will from that.", "replies": [], "depth": 3}, {"id": "id3ffmf", "text": "What if that unpaid internship changed your life from $60k out of college to $150k by just landing at a different shop because they valued more experience?\n\nIt\u2019s not ideal, but at that age I would do it to get a leg up.", "replies": [{"id": "id3hosm", "text": "What if you won the lottery? There\u2019s no sure shots out there but I\u2019d rather get paid for my time while I work towards that dream job.", "replies": [{"id": "id4yviu", "text": "I guess that\u2019s the difference between me and you.", "replies": [], "depth": 5}], "depth": 4}], "depth": 3}, {"id": "id3l721", "text": "IME, an unpaid internship learning an actual skill is far more lucrative than paying tens, if not hundreds of thousands of dollars for a college degree where you still don't have an actual skill when you're done.", "replies": [{"id": "id3lnef", "text": "My problem is with the entire premise of companies \u201chiring\u201d unpaid interns. The burger joint down the street doesn\u2019t get to forego paying you while you\u2019re in training. Why should any company do that.", "replies": [{"id": "id3mvl8", "text": "Maybe not, but if you had a chance to shadow a world class sous chef for a summer, and you knew that would put you years ahead of your job competition, you'd be a fool not to.", "replies": [], "depth": 5}], "depth": 4}], "depth": 3}, {"id": "id6qph6", "text": "What if you had no other internship opportunities and it was your only chance of breaking in?\n\nClosed minded.", "replies": [], "depth": 3}], "depth": 2}, {"id": "id4du6w", "text": "I think it depends, I would take a hard look at the company and see if OP would want to work there full time as a paid job after the internship. If the answer is no, then it might not be worth the resume experience and might not open any doors to other jobs.\n\nI would pursue a job where there is at least the potential for a job post internship or free if it is a high profile company that can open doors post internship for other future jobs.\n\nAlso while working the unpaid internship I would be still sending out tons of resumes and interviewing as much as possible because top priority is getting a full time paid job.", "replies": [], "depth": 2}, {"id": "id5ovwf", "text": "Only rich kids can work for free, but CRE reddit is full of rich kids who can work for free. Take what you will from that.", "replies": [{"id": "id65ksx", "text": "Rich kids have so many advantages over poor kids that we probably shouldn't give them one more by driving up the cost of internships and thereby driving down the supply. If it comes down to it do we really believe that your average poor kid is going to have a better shot getting a given internship over your average rich kid with money, parental connections, guidance from parents who have money, tutoring paid for by parents and a lifetime of better schools not to mention a more stable environment for development?  \n\nI really do not see how making companies less likely to offer internships at all or reduce the number of internships offered is going to help the already disadvantaged poor kids but I do buy the idea that working an unpaid internship will set someone up for getting a paid job down the road because now they have exposure, experience, confidence and a track record. It is also clear that people who have internships on their resume are far more eligible for entry level positions than people who dont and those people do far better in interviews because they have related things to talk about or a connection made that helps them find the position and referrals.\n\nIt may make us feel good to demand certain things but maybe we should think about them.", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "id3135l", "text": "It's entirely dependent on your financial situation. Can you afford to invest time into an unpaid role? Will your bills start piling up? Is the position likely to yield an offer in the end? \n\nImpossible to know what's best without more information, but generally speaking, if you can get in there and prove yourself without harming your current financial situation, it will likely be worth it in the long run.", "replies": [], "depth": 1}, {"id": "id32u89", "text": "Very worth it, if you\u2019re actually learning something worth learning", "replies": [], "depth": 1}, {"id": "id33xfz", "text": "Depends what kind of \u201cREPE\u201d firm. At the end of the day, PE is a fancy word for raising private capital and deploying it. A lot of\nJoe-schmos do it and use the buzz word for optics. \n\nFocus on the caliber of the team, asset class and geography diversity, and level of dilligence/research employed in crafting an investment thesis. I wouldn\u2019t waste my time especially for free at an unsophisticated shop for an extended period of time.", "replies": [{"id": "id4lz39", "text": "In my experience, you are absolutely correct. I would also add the year of the student. If the student is a freshman or sophomore a unpaid internship makes sense because of the few internships offered to those years. It would help him/her the real internship Jr year.", "replies": [], "depth": 2}, {"id": "id4qqwa", "text": "Pretty much this - if it\u2019s some no name firm doing $10M deals then absolutely run away. If it\u2019s a recognizable name that will help with future opportunities or might result in a return offer then get after it.", "replies": [], "depth": 2}], "depth": 1}, {"id": "id361yt", "text": "Nah. Any decent company will be able to pay you. You deserve compensation for your labor. What kind of experience are you even getting / what type of work are you doing that's not even worth paying for?", "replies": [], "depth": 1}, {"id": "id37kvy", "text": "They must not be doing very well to not pay interns. \n\n\nBut if it\u2019s an exceptional shop with good opportunities after, could be worth it.", "replies": [], "depth": 1}, {"id": "id37n3k", "text": "Kinda depends on the company and their reputation. \n\nGetting your foot in the door is the hardest part, and knowing and associating with the right people can open doors. \n\nAssociating with the wrong people does the opposite, and you should absolutely be getting paid if you are doing someone else\u2019s bitch work. \n\nOthers have mentioned that cre is about to blow up and it is better to find shelter someplace else, yeah, we got some bad years ahead. \n\nThat said, you make connections and friends in a down market, and those that remain are stronger for it. \n\nSo feel free to pm the name of the company, and chances are I never heard of them. But there is a chance that I have and could tell you to run or not. \n\nWherever you go, your reputation gets there first, and working for free at a clown show with a bad reputation is not a good way to kickstart your new career.", "replies": [], "depth": 1}, {"id": "id3d78m", "text": "Fuck that. Fuck unpaid internships. Not paying interns is very much an outlier in any industry today  (at least in the US) and is a huge red flag. As someone who has been involved in the hiring process for my current company, I would never support them not paying an intern. It doesn\u2019t matter if you don\u2019t have experience. Nobody interning has experience (thats why they\u2019re interning) and any decent company will pay them for their time. \n\nAdditional food for thought- unpaid internships for experience or school credit inherently benefit people from wealthy backgrounds who don\u2019t need to be paid for their work. They should be illegal.", "replies": [{"id": "id3sr3y", "text": "The whole point of CRE is to benefit people from wealthy backgrounds. Are you new here?", "replies": [{"id": "id3v94f", "text": "You have a point.", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "id3hp6b", "text": "Only do it if there\u2019s a clear path to a full-time role if you meet all expectations. Talk to people, get assurances.\n\nThat said, if you have no experience and no alternatives, it may be worth it just to claim the experience. You don\u2019t know what doors will open for you, it may even lead to something great.", "replies": [], "depth": 1}, {"id": "id3j1lc", "text": "Take it and hmu to fund my deal n look awsome at ur company lol", "replies": [], "depth": 1}, {"id": "id3ljsp", "text": "Most redditors saying fuck unpaid internships are perpetually working at McDonalds while still wishing their dream job will one day fall from the sky and land in their lap.\n\nTake what you will from that.", "replies": [], "depth": 1}, {"id": "id3ucbv", "text": "Check the requirements for a true unpaid internship.   They can't be doing almost anything other than shadowing someone. If they do anything, even get sent to get coffee, that can be viewed as breaking the unpaid definition.   But getting caught for that is a different story.  You gonna turn yourself in?", "replies": [], "depth": 1}, {"id": "id3vd3i", "text": "I hired and managed two interns a few years ago. It was a painful experience - so much handholding and having to teach so many things that I just assume people already know. How to write basic professional emails, how to use excel, how to google something.\n\nI will personally not hire an inexperienced intern again, even if they were free. The cost of my time was far too much for any of the benefits. Larger outfits probably have a better system in place for teaching than I do. I get that interns need a paycheck, but lack of experience is a legitimate concern.\n\nSorry for the rant, I know this wasn't really what you were asking.\n\n&amp;#x200B;\n\nEDIT: Just to add a little something to answer your question. If I were hiring someone and I saw that an applicant had a couple years interning for a CRE company, that would put them MILES above the unexperienced competition.", "replies": [{"id": "id4dijv", "text": "&gt;How to write basic professional emails, how to use excel, how to google something.  \n&gt;  \n&gt;Larger outfits probably have a better system in place for teaching than I do.\n\nShouldn't they be learning that in high school? Or at least college?", "replies": [{"id": "id4vzcr", "text": "One would think so. Maybe I just got some bad apples", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "id49lcg", "text": "Don\u2019t take unpaid internship, why would you invest your time if they can\u2019t even pay minimum?", "replies": [], "depth": 1}, {"id": "id4mxdl", "text": "Fee free to DM me, happy to provide advice. Worked at a \u201cmega fund\u201d out of undergrad, small shop, and now going back to another MF", "replies": [], "depth": 1}, {"id": "id4ofnf", "text": "What\u2019s the firm. Really depends on the place", "replies": [], "depth": 1}, {"id": "id4sp8i", "text": "Any repe shop worth their salt will pay their interns. I don't know of any reputable group that doesnt. I'd recommend asking others in your market for their opinion on the group to see if it's legit. \n\nIn the off-chance it is legit, I'd still try and negotiate for a nominal stipend or a trial run to full-time setup. An unpaid internship with no exit plan isn't a position you want to be in.", "replies": [], "depth": 1}, {"id": "iezw87y", "text": "I did an unpaid internship and it was the best career decision I\u2019ve ever made. Probably an outdated thing now but certainly gave me leg up. Not sure how poor people do it though.", "replies": [], "depth": 1}]