With the fierce competition in the investment banking industry, landing an internship at a top investment bank can be quite challenging for students and recent graduates. However, insight internship programs targeting sophomores and juniors provide a great opportunity to get your foot in the door. In this article, we will walk through the timeline, requirements, application process and tips for securing an investment banking insight internship in 2023.
Major Banks Have Already Started Recruiting for 2023 Insight Internships
Many leading investment banks such as Goldman Sachs, JPMorgan, Morgan Stanley and Citi have already begun recruiting insight interns for 2023. Goldman kicked off applications in April 2022 for their Sophomore Summer Analyst Program. JPMorgan opened applications for diversity insight programs targeting sophomores as early as February 2022. While official internship postings have already closed at some banks, students should begin networking and applying for early access programs right away for 2023 insight internship opportunities.
Insights Programs Target Underclassmen Interested in IBD
Investment banking insight internships are specifically designed for freshmen and sophomores in college. Typical candidates are STEM majors with top grades that have demonstrated interest in investment banking through courses, clubs or other activities. The programs are quite competitive, so having relevant experience through an accounting internship or finance internship can help. Insights programs aim to educate applicants on IBD and particular banks early in their undergraduate studies before formal junior year internship recruiting begins.
Getting an Insight Internship Can Fast Track Candidates
The key benefit of participating in an investment banking insight program is the ability to fast track into interviews for a junior summer analyst internship. Banks use sophomore insight internships to identify top talent early and groom them for future internship and full-time roles. Insight interns often receive priority for interview invitations and inside tips for the recruiting process. Excelling during the 1-2 week internship can lead to a significant advantage for obtaining a highly coveted junior year IBD internship offer.
Stand Out with Strong Technicals, Networking and Research
When applying for an insight internship, students should highlight coursework, relevant extracurricular activities and technical skills like financial modeling. Once selected, being proactive in networking, asking thoughtful questions and doing in-depth company research will allow you to make a great impression. The competition is intense, so bringing energy and enthusiasm throughout the short internship is key.
Take Advantage of Insight Programs to Break Into Investment Banking
Investment banking insight internships provide underclassmen interested in IBD incredible early exposure to top banks. The opportunity to gain financial modeling skills, learn from bankers and network with management can propel students towards securing a junior year internship and full-time job. Interested candidates should research programs now and prepare applications 6-12 months in advance to increase their chances of acceptance.
Investment banking insight internships targeting freshmen and sophomores serve as a launching pad for students interested in IBD careers. Top banks are recruiting insight interns earlier and earlier, so researching programs, networking and building technical skills well in advance is crucial.