For those with their sights set on the world of investment banking, a summer analyst role is often the first step on the ladder to success. These internships, offered by the industry’s elite banks, are a golden opportunity to immerse oneself in the finance realm, network with seasoned professionals, and potentially clinch a full-time offer post-graduation. If you’re vying for one of these coveted roles, here’s a detailed guide to help you shine:
1. Timing is Everything
In investment banking, being proactive pays off. Applications for summer analyst roles typically commence in late summer or early fall of the preceding year. This translates to an August-September window. While the official cut-off often falls between September and November, some banks adopt a rolling application process, so the earlier you apply, the better.
2. Research is Key
Each investment bank boasts its unique ethos, strengths, and program specifics. Here’s a list of top-tier banks with their career portals:Here’s a list of some notable investment banking boutiques in the U.S.:
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- Evercore – Website
- Lazard – Website
- Moelis & Company – Website
- PJT Partners – Website
- Greenhill & Co. – Website
- Perella Weinberg Partners – Website
- Houlihan Lokey – Website
- Centerview Partners – Website
- Jefferies – Website
- William Blair – Website
- Piper Sandler – Website
- Cowen – Website
- Harris Williams & Co. – Website
- Stifel – Website
- Raymond James – Website
Here is a more comprehensive list (not all, just some!)
- JP. Morgan
- Goldman Sachs
- Morgan Stanley
- Bank of America Merrill Lynch
- Citigroup
- Barclays
- Deutsche Bank
- UBS
- Wells Fargo Securities
- RBC Capital Markets
- Lazard
- Evercore
- Jefferies
- BMO Capital Markets
- Nomura
- HSBC
- PNC Financial Services
- SunTrust Robinson Humphrey
- William Blair
- Greenhill & Co.
- Raymond James
- Houlihan Lokey
- Moelis & Company
- Cowen – Careers at Cowen
- Perella Weinberg Partners – PWP Careers
- BNP Paribas – BNP Paribas Careers
- Société Générale – Société Générale Careers
- Mizuho – Mizuho Careers
- KeyBanc Capital Markets – KeyBanc Careers
- Rothschild & Co. – Rothschild & Co Careers
- Cantor Fitzgerald – Cantor Careers
- Piper Sandler – Piper Sandler Careers
- Stifel – Stifel Careers
- TD Securities – TD Careers
- CIBC Capital Markets – CIBC Careers
- Macquarie Group – Macquarie Careers
- Robert W. Baird & Co. – Baird Careers
- Oppenheimer & Co. – Oppenheimer Careers
- Guggenheim Partners – Guggenheim Careers
- A. Davidson & Co. – D.A. Davidson Careers
- Leerink Partners – SVB Leerink Careers
- Sandler O’Neill + Partners – Sandler O’Neill Careers
- MTS Health Partners – MTS Careers
- Harris Williams & Co. – Harris Williams Careers
- Lincoln International – Lincoln Careers
- Peter J. Solomon Company – PJSC Careers
- Centerview Partners – Centerview Careers
- Tudor, Pickering, Holt & Co. – TPH Careers
- Stephens Inc. – Stephens Careers
- Berenberg – Berenberg Careers
- BB&T (now Truist) – Truist Careers
- Regions Securities – Regions Careers
- Pacific Crest Securities (a division of KeyBanc) – KeyBanc Careers
- Needham & Company – Needham Careers
- Janney Montgomery Scott – Janney Careers
- JMP Group – JMP Careers
- Imperial Capital – Imperial Careers
- FBR Capital Markets (now B. Riley FBR) – Riley FBR Careers
- FIG Partners (now a part of Janney Montgomery Scott) – Janney Careers
- Blair Franklin – Blair Franklin Careers
- Avondale Partners – (Merged with Janney Montgomery Scott) – Janney Careers
- BBY Ltd. – BBY Careers
- BDT & Company – BDT & Co Careers
- Blackstone Group – Blackstone Careers
- BOCI – BOCI Careers
- Brean Capital – Brean Capital Careers
- Brown Brothers Harriman – BBH Careers
- BTG Pactual – BTG Pactual Careers
- L. King & Associates – C.L. King Careers
- Canaccord Genuity – Canaccord Genuity Careers
- Capstone Partners – Capstone Partners Careers
3. Crafting a Winning Application
Your application is your introduction to the bank. It typically encompasses a resume, a tailored cover letter, and occasionally, academic transcripts. Each document should be meticulously crafted, emphasizing experiences and skills that resonate with investment banking.
4. The Interview Process: A Deep Dive
Investment banking interviews are rigorous and multi-faceted:
- Initial Screening: A preliminary phone or video interview to assess your motivation and fit.
- First Round: This round tests both your soft skills and technical prowess. You’ll face behavioral questions and technical ones that delve into finance concepts, valuation methods, and market trends.
- Technical Interviews: These are dedicated to assessing your finance and valuation knowledge. Expect questions on Discounted Cash Flow (DCF) analysis, Comparable Company Analysis (CCA), and financial statement interrelationships. Brush up on financial modeling, key valuation metrics, and be prepared to discuss recent market events.
- Case Studies: Some banks might present you with a case study, where you’ll be given a business scenario or a company to analyze. This tests your ability to apply financial concepts in real-world contexts. You might be asked to recommend an action (e.g., should Company A acquire Company B?) based on your analysis. It’s crucial to structure your approach, make justified assumptions, and communicate your findings clearly.
- Superday Interviews: This is the marathon day. It consists of multiple interviews with professionals from analysts to managing directors. While it continues to assess technical knowledge, there’s also a focus on cultural fit and your genuine interest in the bank and the broader world of investment banking.
5. Networking: The Ace Up Your Sleeve
Building genuine connections can give you an edge. Attend bank-sponsored events, career fairs, or initiate conversations on platforms like LinkedIn. Insights, advice, or even a recommendation from industry professionals can be game-changers.
6. The Power of Gratitude
After each interview stage, send a personalized thank-you note. This small gesture can leave a lasting positive impression.
7. The Final Stretch: The Offer
If you’ve successfully navigated the intricate process, an offer will be on the table. While it’s a moment of celebration, ensure you respond within the stipulated timeframe.
In Conclusion
Securing a summer analyst role in investment banking is a journey of preparation, passion, and persistence. With a deep understanding of the application and interview intricacies and a proactive approach, you can set yourself up for success in this competitive domain. Best of luck, aspiring banker!
