In an attempt to encourage more graduates to stay in Philadelphia, the Greater Philadelphia Venture Group has launched a summer internship program for business school students.
The program -- which has 75 applicants for a yet-to-be determined number of spaces -- is open to first-year MBA students and undergraduate juniors in the Wharton School, as well as business students from Drexel and Temple universities.
In addition to a 12-week internship, participants will attend Wharton Private Equity Boot Camp, GPVG Venture Institute and weekly networking breakfasts and lunches.
GPVG is a membership organization representing the interests of Philadelphia businesses that want to attract local students.
"The question was, 'How do we keep the Ivy League-caliber students in Philadelphia?'" said Peter Winicov, associate director of communications for Wharton Entrepreneurial Programs.
"It was a no-brainer," he said, adding, "Wharton students want jobs in private equity, and Philadelphia wants to keep talented people here."
Program organizers acknowledge that students may not originally consider staying in the area past graduation.
"Wharton students come to Wharton, not to Philadelphia -- Wharton is just located in Philadelphia. Our job is to integrate them," said Emily Cieri, director of Wharton Entrepreneurial Programs.
Although the program officially begins this summer, GPVG piloted it by placing three Wharton MBA students in internships last summer.
"It is an opportunity in private equity where it is otherwise very challenging to get an internship on your own," said Lisa Jordan, who participated in the pilot program last summer.
"I came [ to Philadelphia] just for school and didn't anticipate a desire to stay after," Jordan said, commenting on the purpose of the program. "Now I am open to staying in the Philadelphia area."
Jonathan Rezneck also participated in the intern program last summer.
"It was a great experience," Rezneck said, citing benefits ranging "from learning about private equity on the job to getting a layout of the city of Philadelphia."
Although the program may help put the Philadelphia private equity community on the radar screen, ultimately, individuals will make their decision on where to live based on numerous factors -- not just job availability. After graduating this spring, Rezneck plans to work in New York City next year.
According to Cieri, when choosing the applicants, GPVG heads are only looking for the best and brightest students, not only those that plan on living in Philadelphia.
But she added that she would "love to see students stay in the region as a result of it."
