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Blue Whale News July 28 (Reporter Tang Shiyun)CITIC Construction InvestmentThe controversy caused by an intern showing off his wealth is still brewing.

One of the most concerning questions for the public is how a sports student could get an internship at a securities company. The resume of the student involved, which was later exposed, did not seem to match a financial job, and the topic of paid internships became the focus again. It is not new to pay 20,000 or 30,000 yuan to get an internship at a big company.

Wang was introduced illegally, and many securities firms strictly control the scope of interns' contact

The video shot by college student Wang during his study at CITIC Construction Investment was like the shot in Sarajevo. To avoid rumors and speculation, CITIC Construction Investment issued a statement yesterday evening in response to the incident.

The statement said that the student was a freshman at Huazhong University of Science and Technology, and his father was a non-public official who had never worked in a financial regulatory department. Upon investigation, it was found that the student was introduced to the company's research department by a team leader of the company's investment bank in violation of regulations. The company has dismissed the leader and will hold the head of the investment bank department accountable.

CITIC Construction Investment has characterized Wang's employment as an illegal introduction, but there are still some details that need to be clarified.

The official statement mentioned the term "study and research", and many people in the securities industry told reporters that they had never heard of this term. According to the National Business Daily, an investment bank practitioner revealed that if study and research do not require an internship certificate, then the professional background does not matter. "Sometimes the head of an investment bank team needs to expand the team so that clients can see that they are impressive, especially if there are some handsome young people. This is a plus for getting projects. There should be no compliance issues."

According to 21st Century Business Herald, many securities firms have taken action due to the incident. A person from a securities firm told reporters that after the intern’s video sparked discussion, the leaders of his department required strict management of the scope of interns’ access to confidential information and documents. Another person from a securities firm said that his institution has required strengthening of the management of employees’ self-media accounts.

How to enter the "Three Middle Schools and One Hua"? The industry says that the starting price is 20,000 yuan, and the interview is just a formality

A Blue Whale reporter expressed his need to find an internship to a job search agency, and the consultant quickly matched him with an internship position in one of the four majors based on the school major he provided. The consultant said the cost of the program was between 16k and 22k, and that background checks, internship certificates, and official email offers were provided. The consultant also said that the job was relatively basic and that basic Office software skills were sufficient.

Compared with the Big Four, the top securities firms including the "vortex center" CITIC Construction Investment ("Three Zhong and One Hua")CICC、CITIC Securities、CITIC SecuritiesandHuatai SecuritiesThe internship fee of the above-mentioned agency is a bit higher. The price quoted by the agency is between 25,000 and 30,000 yuan. "If you buy again next year, you can enjoy a 10% discount. If you introduce it to other students, you can also get a 10% commission on the average customer price."

In the agency brochure sent by the consultant, the agency has signed contracts with more than 3,000 industry mentors and helped more than 10,000 students obtain offers from prestigious companies.JPMorgan, Citibank, Sanzhong Yihua and other securities companies are among them. In addition, jobs in the Big Four, consulting, fast-moving consumer goods, Internet and even state-owned enterprises are also within its business coverage.

An industry insider who has worked as an intern referral agent told Blue Whale that this type of paid referral is mostly concentrated in the financial industry, and also in the Internet industry. "But the interview process of large companies is more complicated and the probability of rejection is higher."

When it comes to interviews and the probability of passing, the consultant said that the price includes resume and interview coaching, and 100% of the candidates will get into the Big Four, but they will get a full refund. The agency will also match a mentor to provide preliminary coaching, and this mentor will also be the one who will participate in the formal interview. "It's just a formality to guarantee passing."

The reporter learned that the cost of remote internships is usually cheaper than on-site internships. Such internships usually last for 2-3 months, and extensions require additional fees. However, money is usually spent efficiently, and you can start work 1-2 weeks after signing the contract.

@Internship Insider Judge, a former financial industry insider, knows a lot about paid internships. He told reporters that the current internship fees on the market range from a few thousand to 40,000 yuan, and some expensive ones even charge 50,000 or 60,000 yuan. However, this price has little to do with the quality of service and the authenticity of the offer. It mainly depends on whether the institution is "shady". There are many factors that affect the offer, including the school's major, the cost, the rank of the contact person, the complexity of the company's procedures, etc. Some companies will go through the interview process, while others do not require an interview at all.

How do agencies usually get offers?

The aforementioned job search agency said that their partners are from the industry and their cooperating mentors are from well-known companies in various industries, which can bring rich internal referral resources. "Many HR and senior executives from well-known domestic and foreign institutions have contacted us to reach a strategic cooperation and directly selected interns and full-time employees from our students. However, in the past few years, many financial companies have issued statements stating that they have no resume recommendation cooperation with third-party agencies."

A former campus recruitment HR of a well-known accounting firm told the Blue Whale reporter that when he was in charge of the campus recruitment project, he had received many "cooperation invitations" from job search agencies. The other party hoped that HR could provide some interview questions and training assistance, or even directly provide internship positions under the name of campus recruitment training.

The HR revealed that in the recruitment process, the level of manager is the real factor that determines whether a person will stay. Managers and partners sometimes recommend some candidates for resource swaps, which is called referrals in the industry.

There are many pitfalls in paid internships. Even if you pay the money, you may not get a job.

The aforementioned insider said that everyone, from new employees to corporate partners, has different degrees of power. Therefore, there is room for manipulation of paid internships, but there is no real "guarantee of admission".

“For example, some institutions will put JPMorgan Chase,Morgan Stanley, Goldman Sachs Group, etc. are included in the guaranteed admission list. In fact, all such paid internships available on the market are fake. "Some job search agencies will cheat by renting offices, pretending to be fake mentors, and issuing fake offers and fake certificates.

Some financial practitioners believe that agencies cannot really provide internships that follow a formal process. "Nowadays, many students are looking for internships just for a title, and agencies have taken advantage of this mentality. More conscientious agencies will ask industry mentors to help with guidance, and students are essentially paying for a training opportunity; unscrupulous agencies will simply use fake stamps."

Although they have spent a lot of money to enter famous companies, some interns still cannot work openly.

The aforementioned HR revealed that the industry calls some people who enter the company through paid internships "black workers." Some of them do not have work badges, cannot work on-site for a long time, and may only do simple repetitive labor with no technical content.

There has been a clear trend of salary cuts in the financial industry in recent years. Are related internships still popular?

A financial industry insider revealed, "The supply of internship positions is decreasing, mainly because of the decline in the company's business volume; and after these incidents, the management of interns by institutions will definitely become stricter. But students' demand for internships should still exist, and business majors value internship experience. Although financial jobs are no longer popular, other industries may not be doing well either."

There is no free lunch in the world, but paid lunches are not necessarily guaranteed in quality and quantity, so interns who are eager to get a job still need to be cautious.