With the 2023 summer internship recruiting season soon wrapping up, many students are already thinking ahead to summer 2024 investment banking opportunities. Landing a highly coveted summer internship at a top-tier investment bank like Goldman Sachs or JP Morgan can fast track your career in finance. Competition is fierce for these roles, with application deadlines as early as January. By starting your preparation now, you’ll maximize your chances of securing an investment banking internship next summer. Here are some tips to help you strategically target the best summer analyst programs and outshine other applicants.
Understand each bank’s investment banking division and culture
With so many banks to choose from, it’s important to research each one thoroughly to find the right fit. Study the bank’s deals and clients to see if they align with your interests – for example, does a certain bank have exceptional healthcare M&A expertise? Reach out to current analysts to get an insider perspective on the bank’s culture and work environment. Investment banking internships can be grueling, so make sure the bank’s values resonate with you.
Identify the locations and groups you want to target
Investment banks hire summer interns across major U.S. and international hubs like New York, San Francisco, Chicago, London and Hong Kong. Within the investment banking division, there are industry-focused groups covering sectors like TMT, healthcare, industrials and more. Focus your applications on the cities and groups where you’re most interested in working long-term. Tell a compelling story about why you’re targeting those locations/groups in your cover letters and interviews.
Start preparing for technical interviews early
You’ll need to ace complex technical interviews that test financial modeling, valuation, accounting, market awareness and mental math skills. Use online resources, friends and alumni to practice investment banking interview questions many months in advance. Refine your storytelling and communication skills, as that’s crucial for both networking and interviews. The earlier you hone these skills, the more polished you’ll be when it’s go time.
Craft a compelling resume tailored to each bank
Investment banks want to see impressive internships, relevant coursework, leadership experience and technical prowess on your resume. Make sure you highlight experiences that align with each bank’s focus areas. Quantify your achievements and impact. Learn exactly what banks look for by reviewing resume templates online and reaching out to alumni who landed top internships.
Network constantly to get a foot in the door
At elite banks, it’s very difficult to get an internship without first networking your way into the recruiting pipeline. Use alumni connections, career center events, LinkedIn outreach and conferences to connect with professionals at your target banks, especially junior analysts and associates who can refer you. Networking is a long game, so start reaching out 6-12 months before deadlines.
Preparing for a highly sought-after 2024 investment banking summer internship requires extensive research, technical prowess, networking skills and preparation. Focus your efforts on tailoring your resume, story and outreach to your dream banks and groups. With an informed, strategic approach, you can land an amazing internship that launches your investment banking career.