With 2024 fast approaching, major investment banks have already kicked off their recruiting season for 2024 investment banking analyst positions. Landing these coveted roles right out of undergrad is highly competitive, but proper preparation and understanding the latest hiring trends can give candidates a leg up. This article will provide an overview of the 2024 investment banking hiring landscape, including which firms have opened applications, ideal candidate profiles, application timelines, compensation, and tips for securing a position.
J.P. Morgan and Morgan Stanley lead the way in early 2024 investment banking hiring
J.P. Morgan and Morgan Stanley have been the first movers in opening 2024 investment banking analyst role applications, looking to snap up top talent early. J.P. Morgan began accepting applications for its 2024 Corporate & Investment Bank Summer Analyst Program back in December 2022, a full two years before the start date. Morgan Stanley also kicked off 2024 hiring in the fall of 2022 across business lines including investment banking, sales and trading, research, operations, and more. Candidates looking to get a head start on the process should be targeting these banks.
Standout resumes combine strong academics, relevant internships, and leadership experience
With acceptance rates under 5% at top banks, investment banking analyst applicants need exceptional resumes to stand out. Target schools matter, with banks focused on elite universities, but a high GPA alone is insufficient. Relevant internship experience in finance, such as at a boutique investment bank or a Big 4 accounting firm, is becoming nearly essential. Participation and leadership in finance-related clubs also signals passion for the industry. Beyond academics and work experience, recruiters look for problem solving abilities, communication skills, and the ability to work in high pressure teams.
Application timelines vary but early submissions optimize chances
While major banks like J.P. Morgan and Morgan Stanley have begun hiring nearly two years out, other firms stick to more traditional timelines beginning 8-12 months prior to start dates. However, even at banks that haven’t officially kicked off recruiting, submitting applications early can pay dividends. Given the thousands of applicants for limited analyst spots, applying during lower competition periods improves visibility. Candidates should thoroughly research target firms’ hiring timelines and aim to apply as soon as possible after applications open.
First year analyst compensation reaches up to $150k at top investment banks
The intense competition for investment banking analyst roles is driven in part by the substantial compensation packages. At banks like Goldman Sachs and Morgan Stanley, first year analyst total compensation including base salary and bonuses can exceed $150,000. Compensation rises in the second and third analyst years as well. However, the rewards come with 80-100 hour work weeks and tremendous pressure, so candidates should understand the realities of the job before pursuing these positions solely for compensation.
Networking, interview prep, and persistence are key to securing offers
With thousands of qualified applicants for each investment banking analyst opening, candidates should utilize every advantage when job hunting. Networking with alumni at target firms, even early in undergrad, can provide a boost. Thorough interview preparation via research and mock interviews is also critical. And persistence through the often lengthy recruiting process, which may involve multiple rounds and waitlists, improves the odds of ultimately landing offers at competitive firms.
Major investment banks are already ramping up hiring for 2024 investment banking analyst positions, providing a roadmap for ambitious undergrads. While securing these coveted jobs remains highly competitive, early focus on academics, relevant experience, networking, and interview skills will prepare candidates to shine and land analyst roles at top Wall Street firms.