With the fierce competition in investment banking industry, landing a spring internship in 2023 will be more challenging than ever. However, with proactive preparation and strategic planning, aspiring students can equip themselves to stand out from the applicant pool and seize the valuable opportunities. This article will provide a comprehensive guide on how to get prepared, craft a compelling application, excel in the interviews and ultimately secure the coveted offers.
Understand the recruitment timeline and start preparation early
Unlike summer internship recruitment that usually starts in August, applications for 2023 investment banking spring programs often open around September to October the year before. For example, JPMorgan opened 2023 spring internship applications on September 15th, 2022. Goldman Sachs also started accepting applications for its 2023 spring internship in September 2022. Therefore, students should start preparation at least 1 year in advance. Spend time researching firms of interest, networking with bankers, polishing resumes and cover letters, practicing modeling tests and mock interviews. The early birds will have a significant edge.
Craft a stellar resume tailored to each firm
Having a top-notch resume is crucial for getting interviews.Students should highlight experiences and skills that align with each firm’s specific business focus and culture. For investment banks,quantitative skills like financial modeling, valuation, accounting and Excel proficiency are highly desirable. Leadership in campus clubs and academic excellence are also plus factors. The resume should be concise yet impactful. Tailor it to each firm by adjusting the ordering of contents and emphasis.
Prepare thoroughly for assessment tests and interviews
Most banks will require several rounds of assessment tests and interviews. Technical questions on accounting, valuation, modeling and markets are common. Research frequently asked behavioral questions and craft compelling stories with the STAR method. Schedule mock interviews with alumni or career advisors for practice. Assess areas of weakness and keep improving. The preparation will build confidence to shine in the high-stakes recruitment process.
Show passion, curiosity and fit with the firm’s culture
Beyond technical skills, students should demonstrate genuine passion and interest in investment banking. Ask thoughtful questions to learn more about the firm’s culture, business strategy and strengths. Share why this firm is the top choice and how you can contribute. Initiative, collaboration and integrity are highly valued. Customize pitch to each firm by researching its website, news, alumni connections and on-campus presence.
With proactive preparation, resume customization and interview practice, students can maximize their chances of securing a coveted 2023 investment banking spring internship. The intensive experience will provide networking opportunities and a fast track for full-time positions.