As the recruitment season for the class of 2024 approaches, top investment banks have already kicked off the recruitment process much earlier than previous years. JP Morgan, Morgan Stanley and other bulge brackets opened their 2024 summer internship programs back in October 2022. While most students may think it’s still too early to prepare for next year’s recruitment, the early timeline indicates the fierce competition in getting into investment banking. Landing a top IB internship in 2024 requires strategic planning and preparation starting now. This article will analyze the key trends in 2024 IB recruitment and provide advice on how to best position yourself for next year’s intense application season.
Global banks launch 2024 IB recruitment almost 1 year in advance
Many top banks started posting 2024 IB internship positions in Fall 2022, nearly 12 months before the typical summer internship start date. For example, JP Morgan opened applications for its 2024 IB summer analyst program on October 1, 2022. The exceptionally early timeline shows banks are eager to attract top talent, while students need to be proactive in preparing for recruitment instead of waiting until their final year. Compared to previous years, application deadlines are 2-3 months earlier for most banks’ 2024 programs. The accelerated schedule also applies to U.S., Europe and Asia Pacific regions, indicating fierce global competition.
Maximizing campus recruitment and networking opportunities is critical
As banks focus more on underclassmen recruitment, networking early on campus can pay significant dividends. Freshmen and sophomores should actively participate in bank-sponsored events, info sessions and competitions to get their names known. These engagements are great opportunities to demonstrate passion for investment banking and make personal connections with bankers from target firms. Underclassmen should also start polishing resumes, practicing technical interview questions and reaching out to upperclassmen mentors. By laying the groundwork early, students can enter junior year with key relationships and experiences that make recruiting success more likely.
Maintaining a strong GPA and developing hard skills remain essential
While networking is invaluable, academic performance, technical skills and market awareness are still decisive factors for IB recruiting. Aim to keep GPA above 3.5 as banks often filter by this benchmark, and avoid grade trends in the wrong direction. Continuously develop Excel, financial modeling, valuation and accounting skills. Closely follow business news and markets to articulate informed views in interviews. Pursue substantive internships in finance, consulting or relevant sectors to gain practical experience. The bar for securing IB offers keeps rising, so students must be diligent and strategic in showcasing both soft skills and hard knowledge.
Be flexible and open-minded about office locations and product groups
The most coveted IBD offices and groups in cities like New York and San Francisco face intense competition. While having dreams is admirable, being flexible expands possibilities. Consider applying for IB roles in secondary offices like Charlotte, Dallas or Salt Lake City, where applicants face less cutthroat competition. Also keep an open mind about product groups outside M&A and ECM – DCM, leveraged finance, FIG and other groups enable learning the basics of banking. Recruiting processes vary across offices and groups, so target ones that best fit your profile and where you can differentiate yourself.
The 2024 IB recruiting season promises to be intensely competitive, requiring diligent preparation and early action to maximize one’s candidacy at top banks. By networking proactively, developing technical skills and remaining flexible, students can position themselves for success in securing coveted IB internships.