Getting an investment banking internship is highly coveted by many college students, as it provides valuable experience and can lead to a full-time job offer. However, the application process is very competitive. This article will provide an overview of investment banking internships, tips on how to land one, and the timeline for applying.
What is an investment banking internship and why it’s valuable
An investment banking internship allows college students to work at an investment bank during the summer between school years. Interns gain hands-on experience in financial modeling, valuation, mergers and acquisitions, IPOs, and other investment banking work. It provides exposure to the fast-paced deal environment and workplace culture. Interns often receive training and mentorship. Landing an internship is the most common path to getting a full-time investment banking job offer after graduation.
What skills and experiences banks look for
Investment banks look for strong technical skills, like financial modeling, valuation, accounting, and financial statement analysis. Strong excel skills are a must. They also look for internship experience at other finance firms, involvement in finance-related extracurriculars, and high GPAs, often 3.5 or higher. Good communication and interpersonal skills are valued to work with clients and team members. Leadership in campus clubs demonstrates management potential.
How to best position your resume
Highlight internships, relevant coursework, data analytics and accounting skills. Include finance extracurriculars and any leadership positions. Have a strong GPA above 3.5 listed. Emphasize communication, teamwork and client-facing experience. Quantify achievements with numbers and results. Get multiple people to review your resume to catch any errors.
Acing the interviews
Expect technical questions on accounting, valuation, financial modeling and stock pitches. Prepare stories highlighting your communication, leadership, teamwork, and client service skills. Know your resume cold and think of clear examples for behavioral questions. Research the firm and position. Practice finance technical questions and do mock interviews. Send thank you notes after the interview.
Investment banking internship timeline
Start searching for open positions in August – September the year before the internship. Begin preparing your resume in September and ask for feedback from multiple people. Network and reach out to any contacts at firms in October. Begin applying to postings in October – November. Interviews take place December – February. Offers are given out beginning in December, with most between January – March. Let the firm know if you get an offer elsewhere.
Getting an investment banking internship takes advance preparation, a strong resume, technical skills, interview practice, and applying early to positions. Networking with firm representatives can provide a leg up. A successful internship can launch your career in investment banking after graduation.