For college sophomores aiming for a career on Wall Street post-graduation, the journey to secure a summer internship for 2025 begins now. Landing a prestigious internship at a top investment bank serves as a critical launchpad for careers in sectors such as private equity and hedge fund trading. These internships not only offer valuable experience but also provide compensation significantly above the national average, with Morgan Stanley’s internships offering a base rate of nearly $53 per hour, as opposed to the less than $20 national average reported by Indeed.
The competition for these internships is fierce, with leading U.S. banks receiving hundreds of thousands of applications for a limited number of positions each summer. For example, Goldman Sachs accepted only 1.5% of over 236,000 applicants for its 2022 summer internship program. Achieving success in this highly competitive arena requires ambition, dedication, and extensive preparation.
Business Insider’s detailed reports offer insights into the intern experience, the recruitment process, and potential interview questions, featuring advice from executives at firms like Goldman Sachs and Lazard. Preparation for these opportunities should start early, with recruitment for 2025 internships already underway at firms such as JPMorgan, Morgan Stanley, and Lazard, among others.
Networking plays a vital role in the recruitment process, especially for students from non-target schools who must proactively seek opportunities to connect with industry professionals. Goldman Sachs’ HBCU Possibilities program exemplifies efforts to diversify the pool of internship candidates, leading to full-time investment banking positions.
The application timeline varies by firm, with some banks concluding their selection process well before the official application deadline. It’s crucial for candidates to apply early and stay informed about recruitment events and deadlines. Beyond applying, candidates must navigate a series of interviews and networking events to demonstrate their industry knowledge and achievements.
Cold outreach is recognized as an effective strategy for securing interviews, with research supporting its success. For those advancing to final rounds, “Super Days” represent a critical phase where candidates undergo intensive interviews with senior bankers.
Securing an internship at a prestigious firm like Goldman Sachs, known for its selectivity and leadership in finance, requires strategic preparation. Tips from industry leaders emphasize the importance of being well-informed, authentic, and proactive in the application process.
Once an internship is secured, interns can expect a rigorous but rewarding experience, with insights into the daily workings of investment banking and opportunities for professional growth. The choice between boutique banks and bulge bracket firms can impact the nature of the experience, with some analysts reporting more hands-on experience at smaller firms.
Considering long-term career prospects is essential when choosing where to intern, with many aiming for positions in private equity or other sectors within finance after gaining investment banking experience. Compensation for interns and full-time positions in investment banking remains competitive, reflecting the industry’s lucrative nature.
As virtual interviews become more common, candidates must navigate this format effectively, avoiding the temptation to use prohibited aids. For those looking to enter the buy-side directly, programs like Citadel’s Associate Program offer a fast track to a career in finance, underscoring the competitive and rewarding nature of the industry.
In summary, securing a summer internship on Wall Street requires early preparation, strategic networking, and a comprehensive understanding of the recruitment process. By following expert advice and staying informed about industry trends, aspiring finance professionals can enhance their chances of success in this competitive field.
IS YOUR STUDENT EXPERIENCING ANY OF THE FOLLOWING?
- Feeling pressured to decide on a college or major?
- Constantly comparing themselves to peers who seem to have their futures figured out?
- Doubting their chosen major?
- Having trouble pinpointing a clear direction for their future?
- Anxious about starting their career after college?
Schedule a 15-minute chat with Andrea or Meridith to learn more about our affordable one-on-one career counseling services for students who need a little extra help.
Andrea Benson, Managing Director
Andrea Benson is a Managing Director at Prospect Rock Partners. Prior to joining, Andrea spent 13 years at Bank of America across the IBD (M&A), HR (Campus Recruiting) and Tech (CIO) divisions respectively. Most recently, Andrea was the Global Head of Campus Recruiting and Operations at Morgan Stanley. She holds extensive knowledge of the global recruiting landscape and has a vast network given her tenure in the campus recruiting space. She holds a B.A. from Stonehill College, and lives in New Jersey with her husband and young son.
Meridith Dennes, Managing Partner
Meridith Dennes is a seasoned entrepreneur, financial expert, and visionary leader, renowned for her contributions to the world of finance and business. As the Founder and Managing Partner of Prospect Rock Partners, she has demonstrated an exceptional ability to navigate the complexities of the financial industry, while spearheading innovative strategies to drive growth and success. Prior to her role at Prospect Rock, Meridith served as the Managing Director and Chief Operating Officer at a prestigious global financial search firm, where she honed her expertise in talent acquisition and operational efficiency.
Before venturing into the world of executive recruiting, Meridith made her mark as a Co-Founder and CEO of Project Eve, a groundbreaking platform that empowered women in business and entrepreneurship. Her dedication to fostering diversity and inclusion in the corporate world has been a driving force throughout her career.
Meridith’s journey to success began in investment banking, where she dedicated nearly 15 years to top-tier bulge bracket and global investment banks. Her extensive experience in this demanding field has granted her invaluable insights into the intricacies of finance and investment. Dennes earned a B.A. from Northwestern University and an M.B.A. from NYU’s Stern School of Business.
