Getting an investment banking internship is highly competitive, but insight programs provide a great opportunity for students to get their foot in the door. Investment banks such as Goldman Sachs, JP Morgan and Morgan Stanley offer exclusive programs for freshmen and sophomores to experience investment banking. These programs, though short in duration, allow students to learn about bank culture, network with professionals, and get fast-tracked for future internships. By excelling during an insight program, students can continure recruiting for a summer internship and full-time offer down the line. When preparing for investment banking insight programs, researching the bank, polishing your storytelling and technical skills are key. The application timeline is early, so start preparing your resume and interview skills well in advance.
Investment banking insight programs provide exclusive spring week opportunities
Insight programs offered by investment banks are called ‘spring weeks’ in the UK, or ‘spring insight programs’ in the US. They are open to freshmen and sophomores, whereas summer internships recruit juniors. Spring weeks last 1-2 weeks, allowing students an inside look into the day-to-day of investment banking. Goldman Sachs, JP Morgan, Morgan Stanley and Citi open applications for spring weeks around September, with deadlines in October and November. Competition is fierce – Goldman receives 4000-5000 applications for 60 spots. Preparing early and polishing your resume is key.
Students can get fast-tracked to future internships through strong insight program performance
The advantages of participating in an insight program go far beyond the short duration of the program itself. Investment banks use spring weeks as an early assessment of potential talent, and may fast-track top performers to future internship and full-time roles. In fact, many investment banks explicitly state that spring week participants can receive priority consideration for summer internships if they impress. A student from a non-target school got a Citi summer internship offer by excelling during a Citi spring week. Securing that first experience on your resume can set you up for continued recruitment success.
Successful applicants demonstrate interest in investment banking and strong technical skills
Investment banks assess spring week participants on banking interest, collaboration skills, integrity and leadership potential. Technical skills are not heavily emphasized. However, strong Excel modelling skills and financial knowledge will help you complete case study assignments and interact with professionals. Thorough company research is expected, so set aside time to understand the bank’s business model and culture. Behavioral and communication skills are also evaluated through interviews and networking events, so work on your storytelling ability. Polish your English fluency since interviews and work will be conducted in English.
The early application timeline requires advance preparation of your resume and interview skills
While investment banks used to recruit on a September to December timeline, 2020 insight programs saw accelerated timelines beginning as early as June and July. Students must now prepare resumes, research companies, practice interviewing and take online assessments well before school starts. The top candidates often attend target schools and have refined their resumes, so non-target students face an uphill battle. Working with experienced mentors, identifying program timelines early and dedicating time to interview practice is essential.
Investment banking insight programs provide unique spring week opportunities for freshmen and sophomores to experience investment banks. By excelling in these exclusive programs, students can get fast-tracked and priority access to future internship and full-time roles. However, the early timelines, competitive applicant pools and emphasis on research and technical skills make proper advance preparation a necessity.