Obtaining an investment banking internship as a sophomore is challenging but possible. The keys are to utilize diversity programs, start networking early, obtain relevant experience, and thoroughly prepare for interviews. By taking the right steps during freshman and sophomore years, students can increase their chances of securing a coveted spot.
Apply to diversity and sophomore programs at top banks
Many major investment banks like Goldman Sachs and Morgan Stanley have special programs targeting female, Black, Hispanic, and LGBTQ+ students that provide internship opportunities for freshmen and sophomores. These programs help banks promote diversity and provide a potential fast track to future internships. Students should identify relevant programs and submit exceptional applications.
Start networking with alumni and professionals early on
Networking is crucial for getting an investment banking internship. Sophomores should utilize school career resources, clubs, conferences, LinkedIn, and personal connections to start building relationships with professionals at target firms. Obtaining referrals, advice, and tips can increase chances of securing interviews later on.
Obtain relevant experience through clubs, volunteering etc
Investment banks want to see that sophomores have taken initiative early on to develop applicable skills. Joining finance-related clubs, volunteering with suitable organizations, taking on projects, and obtaining finance internships (even unpaid) help build a profile. This demonstrates passion and talent beyond just academics.
Thoroughly prepare for technical and behavioral interviews
With early relevant experience and referrals, sophomores may obtain investment banking interviews as early as spring of their second year. It is essential to rigorously prepare for both technical questions (accounting, valuation, modeling) and behavioral interviews. Banks assess maturity so practicing responses to common questions is key.
Obtaining an investment banking internship as a sophomore requires exceptional drive, preparation, and strategic focus. Utilizing diversity and sophomore programs, networking early and often, obtaining relevant experience, and thoroughly prepping for all interview aspects provide the best chance of success.