With the fiercely competitive investment banking industry, major banks like Goldman Sachs, JP Morgan, Morgan Stanley all start recruiting summer analyst interns a year in advance. Undergraduates who aspire to work in investment banks need to prepare early and understand the timeline and materials needed in the application process. This article will analyze the recruitment predictions and provide a detailed application guide for 2023 investment banking summer analyst positions.
Investment banks open summer analyst application early with rolling review process
The application for 2023 summer analyst roles already started in Fall 2022 for most bulge bracket banks. For example, Goldman Sachs opened its application system on September 12, 2022 for US offices. Morgan Stanley also started reviewing resumes and cover letters around September 2022. The early timeline is mainly driven by the highly competitive nature of the industry. Banks want to secure top talents as early as possible. The review process is rolling, meaning there is no hard deadline. Applicants are encouraged to submit materials as soon as they finalize their target divisions and locations.
Application materials differ across regions and programs
Banks may require different materials based on geographic regions and types of programs. For example, Goldman Sachs Americas only requires a CV for summer analyst application, while the Asia Pacific region also requires a 300-word cover letter. The MBA associate program has a different set of materials compared to undergraduate programs. Applicants need to carefully review the requirements on the official career websites specific to the exact program and location they are applying to.
HireVue digital interviews gain popularity in first-round screening
An increasing number of investment banks are using HireVue or similar digital interview platforms for first-round screening, replacing the traditional phone interview. The recorded video interview allows the bank to review verbal and non-verbal cues of candidates at scale. Common question types include motivation fit, commercial awareness, brain teasers, etc. Applicants need to practice mock interviews and get used to the format in advance before the tight application deadline.
Superday assessments evaluate both hard and soft skills
The final round is usually an intensive Superday onsite assessment consisting of case studies, group exercises, presentations, written tests covering both technical and soft skills. The pass rate is only around 10-20%. Thorough preparation beforehand is essential since applicants are competing with top talents in the industry. Connecting with current associates from target banks for practice is highly recommended.
The 2023 investment banking summer analyst recruitment starts very early with rolling review as banks compete for top talents. Applicants need to understand the detailed timeline and customized requirements for different programs and regions. HireVue digital interview and Superday onsite assessment require early practice. Strong motivation and fit, problem solving, communication and collaboration skills are key to land these highly coveted offers.