With the 2023 investment banking recruiting season now underway, many students and young professionals are setting their sights on securing a coveted summer 2024 investment banking internship. These roles are highly competitive, but also represent the top path towards full-time post-MBA investment banking offers. By properly preparing your resume, acing the interviews, and networking aggressively, you can dramatically boost your chances of landing an investment banking internships at a top global bank in 2023. This article will provide an overview of the 2024 summer investment banking internships landscape and offer concrete tips to help you get hired.
The competitive landscape for 2024 investment banking internships in 2023
The investment banking internships recruiting timeline generally runs from August to December the year before the summer internship itself. This means firms are currently interviewing candidates for 2024 summer internship roles. Competition is fierce, with thousands of qualified candidates vying for a limited number of spots. For example, Goldman Sachs reportedly received over 5,000 applications for 350 investment banking summer analyst roles in their New York office alone in 2022. Top targets like Goldman, Morgan Stanley, JPMorgan and Bank of America tend to fill up internship spots quickly, while smaller firms’ timelines may extend a few months into the new year.
How MBA students can stand out for investment banking internships
MBA students recruiting for investment banking have an advantage over undergraduates due to their work experience. However, they are competing against other MBA students, so it’s still essential to craft an compelling resume. Recruiters want to see applicants who have excelled across various roles and demonstrated leadership potential. Highlight relevant deal experience, responsibilities, and results tied to revenue, profitability, or other bottom line impact. Networking is also crucial. Tap into your MBA alumni network to make connections at your target banks. Ask alums for resume advice and practice interviews. Attend on-campus recruiting events and be proactive about reaching out to secure coffee chats or informational interviews.
Key tips for acing investment banking internship interviews
Interviews for investment banking internships will focus heavily on finance and accounting. Brush up on accounting statements, valuation methodologies, DCF, LBO models, M&A analysis and stock pitch basics. Recruiters will probe your fundamental finance knowledge, so ensure you have these core concepts down pat. Beyond the technical questions, interviewers will also assess your communication skills, leadership potential and cultural fit. They want to envision you working with clients and team members. Come with specific examples that illustrate your leadership, teamwork, and clients service capabilities. Show enthusiasm and knowledge for their bank and the industry at large. Prepare answers that align with their bank’s values and culture.
How to maximize your chances of receiving a 2024 investment banking internship offer
With thorough preparation, strong networking and flawless interview execution, your chances of interning at a top investment bank in 2024 will greatly increase. Start early – don’t wait until your MBA program starts to begin applying and networking. Utilize school alumni networks and connections from previous jobs. Attend on-campus company presentations and recruitment events. Once you secure first round interviews, practice extensively with peers and mentors. Brush up on technical knowledge, polish your storytelling skills and align to the bank’s culture. Follow up promptly with thank you notes after each interview. If you don’t receive an offer the first time, dig into feedback and work diligently to improve. Persistence and determination are key. With dedication, you can absolutely land one of these coveted roles and propel yourself into a successful investment banking career.
The 2023 recruitment season for 2024 investment banking summer internships is ramping up, providing students an invaluable opportunity to gain experience at a leading global bank like Goldman Sachs, Morgan Stanley or JPMorgan. With competition extremely high, candidates must properly ready their resumes, network aggressively, prepare thoroughly for technical and fit interviews, and persist through the process. Banks will be evaluating MBA applicants’ leadership potential, finance acumen, communication abilities and cultural alignment. A stellar investment banking internship can serve as the gateway into a full-time post-MBA career, making this recruiting season pivotal for aspirational bankers.