As investment banking recruitment has shifted earlier, especially in the U.S., many students find themselves starting the process too late to be competitive for summer internships. Regional differences in academic calendars and rising expectations for prior work experience have also made traditional summer internships more difficult to obtain.
In this environment, off-cycle investment banking internships have emerged as a popular alternative. Rather than interning during the summer, students complete internships in the fall, winter or spring, or even after graduation. However, “off-cycle” means different things in different regions and at different types of banks.
What is an off-cycle investment banking internship? In general, it refers to a 3-6 month internship outside of the summer months, typically obtained through networking rather than a structured recruiting process.
Specific variations include:
- Internships with non-standard timing due to a university’s academic calendar
- Informal, part-time internships at boutique banks during the school year
- Standard 6-month internships required in certain European countries
- 3-6 month non-summer internships at large banks that may or may not lead to a return offer
The case for completing an off-cycle internship is stronger in some situations than others. If you lack a brand-name university, high grades, and a relevant summer internship, an off-cycle experience at a boutique could make you more competitive. But if you already have those credentials, an additional off-cycle internship may not add much.
Some tout off-cycle internships as “easier” in terms of recruiting and reduced hours. But in reality, while interviews may be less technical, the networking required still takes significant time. And internships at large banks are likely to be just as intense in terms of hours and workload. Downsides include potentially lower pay at boutiques and reduced chances of a return offer.
So while off-cycle internships should not be seen as universally better than summer ones, they can be useful in specific situations:
- Lacking a relevant year 1 summer internship
- Graduating without much finance experience
- Having lower grades or attending a non-target school
- Taking time off or dealing with unusual timing
In these cases, off-cycle internships provide alternate paths into investment banking and can boost your chances in the traditional recruiting process. With diligent networking, they open doors for students facing obstacles to landing summer internships at top firms.
Many large banks offer formal off-cycle internship programs:
- Goldman Sachs
- JPMorgan
- UBS
- Lazard
- Rothschild
- Moelis
- Deutsche Bank
- William Blair
- PJT Partners
- Jefferies
- BBVA
- Societe Generale
- Morgan Stanley
- BNP Paribas
- Barclays
- Nomura
- HSBC
- Evercore
- ING
- Citi
- Houlihan Lokey
To find more off-cycle opportunities search on Linkedin for “off-cycle investment banking intern”.
