With the fierce competition in the investment banking industry, landing an internship at a top investment bank has become increasingly difficult for college students nowadays. However, a successful internship can open the door to a full-time job offer, which puts applicants under tremendous pressure. This article provides insights into the 2023 investment banking internship application process and tips to help students stand out from the crowd. We will analyze the timeline, required skills, interview preparation, and networking strategies in detail. Proper planning and execution are instrumental in getting shortlisted for these coveted positions. There will also be a discussion on how to make the most of your internship experience to secure a return offer.
Understand the investment banking internship application timeline for 2023
The first step is getting familiar with the typical recruitment schedule for next summer. Bulge bracket banks like Goldman Sachs, Morgan Stanley, JP Morgan usually start accepting resumes in August and September. The online tests happen during September to November followed by 1st round video interviews in October-December. The final in-person Superday rounds are conducted between December to February. Smaller boutique firms tend to recruit interns on a rolling basis. So it’s crucial to start preparing your resume and cover letters over summer. You want to be ready to hit the ground running as soon as applications open. Utilizing your university career portals, LinkedIn, and inside contacts are the best ways to get your application in early.
Sharpen both technical and soft skills
While financial and accounting knowledge is a must, strong soft skills are equally important for standing out. Communication and interpersonal skills are vital for client interactions and teamwork. You need to demonstrate leadership, creativity, and intellectual curiosity throughout the interviews. Brush up on technicals like accounting, valuation, corporate finance concepts and financial modeling. But also practice elevator pitches, storytelling, leadership principles using real-life examples and anecdotes.
Thorough interview preparation and networking
The interview gauntlet is intense with multiple case study, behavioral and technical rounds. Thoroughly research the firm, job role and be well-versed with your resume details. Practice mock interviews and reach out to alumni in the banks for tips. Attend on-campus events, info sessions to expand your network.cold Email professionals on LinkedIn for informational interviews to gain further insights. Leverage your connections for referrals and insider tips.
Maximize learning during the internship
If recruited, be a sponge during your internship. Absorb as much as you can about the firm’s culture, deal execution and technical skills from your team. Network extensively with associates, VPs and MDs. Ask for feedback and seek out mentorship opportunities. Go above and beyond your responsibilities and take up extra projects. Convert the summer internship into a full-time return offer through strong work performance, likability and high learning agility.
With early preparation, tenacity and leveraging networks, it’s possible to land an investment banking internship in 2023. Maintain laser focus on skill-building and interview practice while expanding connections inside target firms. Crush it during the internship to receive that full-time offer.