Here are some important considerations for investment banking internship recruiting.
Typical Investment Banking Recruiting Timeline
Investment banking recruiting for junior year summer internships in Bulge Bracket banking “BB” begins early. This timeline has shifted earlier in recent years; some employers it begins as early as 1.5 years before the internship starts. Some candidates may start the recruiting process in the Spring semester of their sophomore year – others may find themselves recruiting during the summer after sophomore year for investment banking internships.
As a catchall term for this class of large global investment bank, bulge bracket investment banks banks “bulge bracket” commonly refers to Bank of America, JP Morgan, Merrill Lynch, Goldman Sachs, Barclays Capital, Deutsche Bank, JPMorgan Chase, Citigroup, Morgan Stanley, and UBS.
According to the Career Services Center at Wharton, employers hiring for investment banking internships tend to operate on their own individual timeline. The lack of a defined recruiting period for investment banking internships may seem overwhelming, but it’s normal to view the process as fluid without knowing how long it will take or when it will end. You can add an element of structure to the investment banking recruiting process by creating your own excel spreadsheet to stay organized and track your progress as you begin to prepare internship applications.
How to Apply
Many employers ask students to apply directly through their company websites. Some employers may also post listings in Handshake. Be sure to check both places for investment banking internship postings and apply accordingly. A small number of applications are currently open and more will open up throughout the Spring and into Summer.
All internships are not posted in advance of the application period. Consider searching weekly for new internship listings as employers may post them at any time. Some employers may announce when Summer 2022 internship applications open during recruiting events such as information sessions.
Rolling Application Process
You may be used to applying for positions with a specific deadline date indicated in the description – a common process used by companies to review all submitted applications then extend interview invitations. While some employers may have specific application deadlines, it’s important to know that other companies utilize a rolling application process for investment banking internships.
A rolling application process means that applications can be reviewed at any time during the process – not only after a specific application deadline date. Some employers use a rolling application policy to expedite the entire process and begin interviewing some candidates at an earlier time.
The recruiting calendar for summer internships in investment banking can vary slightly across different firms and regions, but generally follows a similar timeline. Here’s a typical recruiting calendar for a summer internship in investment banking:
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Information Sessions (Fall/Winter): Investment banks often host information sessions on college campuses during the fall or winter months. These sessions provide an opportunity for students to learn about the firm, its culture, and the internship program.
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Resume Submission (Winter): Typically, after attending information sessions or expressing interest, students are required to submit their resumes and other application materials online. This is usually done in the winter months, around January or February.
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Pre-Screening Interviews (Winter): After reviewing the resumes, banks conduct pre-screening interviews to shortlist candidates. These interviews may be conducted on-campus or via video calls. They are generally behavioral interviews aimed at assessing a candidate’s fit for the firm.
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Superday Interviews (Spring): Candidates who pass the pre-screening stage are invited to Superday interviews. Superdays are full-day interview events held at the bank’s office. They typically involve a series of interviews with bankers from different teams or divisions. Superday interviews are more technical in nature, with questions about finance, accounting, valuation, and other relevant topics.
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Offers and Acceptances (Spring): Following the Superday interviews, investment banks extend offers to successful candidates. The offers usually include details about the internship program, compensation, and other relevant information. Candidates are given a specific deadline to accept or decline the offer.
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Internship Program (Summer): Once accepted, interns typically begin their summer internship program in June or July. The duration of the program can range from 8 to 12 weeks. During the internship, interns are assigned to specific teams or projects within the investment bank, where they gain hands-on experience and exposure to various aspects of investment banking.
It’s important to note that these timelines can vary between banks and regions, so it’s advisable to research the specific recruiting calendar of the firms you are interested in and stay updated with their application deadlines and interview schedules.
Prerequisites and Suggestions
- Give yourself ample time to succeed at the process. Start early!
- Research the firms you want to apply to a put together a target list of likely, reach and safety banks. The BB is hard to break into, develop a back up plan so you are not caught without a job. Resources such as the Vault Guide to Investment Banking Employers can be helpful to research and learn more about different employers providing investment banking internships. Understand the benefits of working at a BB vs. an Elite Boutique “EB”, Middle-Market, Specialty Boutique and Global Bank. Know about personnel changes, firm culture, recently announced and closed deals.
- Consider making a calendar for yourself to track different events and try to plan ahead. Some recruiting events or programs may be targeted for underrepresented groups while others are open to any interested student.
- Most companies use recruiting events to introduce themselves and begin their efforts to connect with candidates. Employer Information Sessions, Coffee Chats and Insight Days are just a few examples of events that you can participate in to start the process. The more you network, the more you build support for your candidacy. It allows hiring managers and decision makers at. the banks to get to know you outside of a 30-minute interview. Networking does NOT mean connecting with ONE person per bank. It means forming relationships with several people at the firm. Build consensus to support your candidacy. DO NOT BE OVERBEARING AND ANNOYING. Be natural, be yourself. If it is a good fit, then it is meant to be.
- Search for networking events NOW on Handshake and employer websites – be sure to register in advance. Not all recruiting events will be advertised far in advance of the actual event date, so you should search periodically if upcoming events are not listed. Connect via linkedin and get to know employees who have the role you want (this is even more important if you are not from a target school). If you are a career changer this is about the only way you are going to make it onto a campus interview schedule.
- Do not be argumentative. DO NOT be smug or overly confident with HR or any of the bankers. Just don’t do it. They won’t be impressed.
- Attend a “target” school with a GPA of 3.5+ or attend a state school with a GPA of 3.75+. A high GPA is more important than the “target” school. A 4.0 from University of Minnesota is FAR more impressive than a 3.2 from Dartmouth. Furthermore, a top B-school with a strong GPA and GMAT score will wipe out a no name undergrad with a crappy GPA. Most importantly, a high GPA in a technical major shows strong quantitative aptitude which banks like.
- Do not apply to a Bulge Bracket (“BB”) if you have no applicable experience. If you were a lifeguard at your beach club the last couple of summers it is going to be tricky to score a gig at Goldman Sachs. Try and secure a couple of relevant internships prior to applying to the BB. If you can snag a quality internship at an M&A boutique your sophomore summer, you can uptier from there. Use your time wisely to gain some practical experience before applying to the BB. Good companies are the Big4, banks, other financial institutions, specialty boutiques, middle market shops.
- Volunteer and show that you do more than just study.
- Join a club and take a role which has some impact. VP finance at a school club is great experience. During that time you will be able to learn skills that will be transferable and therefore relevant.
- Make sure your resume is one page and is in the standard investment banking format. No emojis, no color, no graphics, no weird font. JUST NO.
- Be honest with yourself. Sometimes it takes a little time to uptier to the BB. Better to start at a small firm in M&A than take a role in compliance or sales and trading at a BB. Applicable experience is more important than brand. You may not be able to secure a BB internship out of the gate but you may be able to get a job at a BB down the road.
- Candidates may progress through the application and interview process for investment banking internships at different times. Just because a friend or peer is further along in the process than you doesn’t mean you won’t be invited to interview or won’t receive an offer. Be careful making comparisons with your peers and making assumptions on the status of your candidacy with any particular firm based on that comparison. Keep a positive mindset.
- Recruiters are compensated on a success-fee or retained basis. They typically get paid a percentage of base salary on the candidates that they place. I have yet to be retained on a summer associate search. Banks recruit for these roles on their own. Asking a recruiter to help you get an internship is not an effective way to get an internship.
- Practice your interview skills via mock interviews.
- Study up on your technicals and practice sample case studies (often available at career centers).
How Can Prospect Rock Partners Help?
We understand the financial recruiting landscape and have extensive experience working with hiring managers at Bulge bracket banks, Elite Boutiques and Private Equity firms. We can help you pinpoint what went wrong and help you course correct so that it doesn’t happen again.
Prospect Rock Partners Services
- Clean-up, reformat and retarget your resume so that you can secure more interviews
- Linkedin profile analysis
- Sample mock interview questions
- Sample technical interview questions
- How to Break into Banking Networking Tips and Tricks
- Target Company recommendations
- Target Company Prep Exercises
- Mock-interviews
- Develop a customized networking strategy
- General guidance and support
We know the banks and know what they are looking for. With our guidance and support we will help you navigate this ultra-competitive job market and land your dream role.
