Thursday’s Headlines: No Internship? Keep on Truckin’

You know you’re supposed to get an internship. Duh. But what if you don’t? Lots of undergraduate business students face this problem – especially those enrolled in two-year programs, since they often find they have little professional or academic experience to offer recruiters upon entering their junior year, the typical time when students land summer internships. In fact, at four of the five top programs, more than 10 percent of undergrad business majors have never had a summer internship, according to a Bloomberg Businessweek survey. Businessweek offers tips on overcoming this blank spot on your resume:

1. Don’t give up – there is still hope through mid-summer! People drop out, smaller firms hire later and, well, you just never know. Keep on keepin’ on.
2. Do your own research. Don’t rely solely on your school’s career services.
3. Volunteer your services. Big organizations like the Red Cross offer lots of valuable work experience – even if it is unpaid.
4. Write a business plan and start a business. If nothing else, it will give you something interesting to talk about in future interviews.
5. Study abroad. Make sure you can tie your experience into your future job goals.
6. Ask alumni or a professional in your area if you can shadow them, or take on temporary projects. Great way to make contacts, get advice and first-person perspective on your industry.

Other News:

Morgan Stanley raised $1.3 billion for a fund of funds to invest in private equity. [Bloomberg]

This year saw the most Q1 IPOs since 2007, as firms rushed to go public amid calmer markets. [Businessweek]

Essay: Wharton MBA student details her internship search. [Businessweek]

UK banking startup NBNK made an offer for the 632 branches being sold by Lloyds. [Telegraph]

The latest director departure from Goldman signals that partnership at the bank may be losing its appeal. [Financial Times]

Actuary, financial advisor make Top Five list of best careers. [Career Cast]

BlackRock is launching a bond trading system that would bypass Wall Street banks. [WSJ]

KKR will invest $65 million in the China Cord Blood Corporation. [Reuters]

Former Millennium Management traders are starting new funds to invest in Japanese equities. [Bloomberg]

Chinese brokerage Haitong Securities is launching next week its plan for a $1.5 billion IPO. [IFR Asia]

Wells Fargo faces fair lending investigation. [Bloomberg]