The investment banking internships starting in Fall 2023 will soon kick off their recruitment process. As an extremely competitive industry, students need to start preparing early in order to maximize their chances of securing these coveted roles. This article will provide an overview of the investment banking industry, key tips for preparing your application, and a timeline of upcoming deadlines that undergraduates should be aware of.
Understand the recruitment timeline and start preparing early
The application window for Fall 2023 internships typically opens about a year in advance, around August-September. However, preparation should start even earlier. Students should aim to build relevant skills and experiences during their freshman and sophomore years. This includes pursuing finance-related coursework, joining campus finance clubs, completing modeling courses, and trying to secure previous finance internships. When applications open, have your resume and cover letter ready to go.
Perform extensive research on firms and roles
Thorough company research is a must for investment banking applications. Look beyond the general firm descriptions and dive deeper into the specific groups and deal types that interest you. Also reach out to any alumni or current employees for an insider perspective. This will allow you to craft tailored resumes and insightful interview answers demonstrating genuine interest in the firm.
Network early and often
Networking is critical in investment banking recruiting. Attend university career fairs and company info sessions when possible. More importantly, leverage LinkedIn, school alumni networks, friends of friends, and cold outreach to connect with professionals at your target firms. Their insights and referrals could help land you an interview.
Perfect your technical skills
Investment banking interviews and internships will require financial modeling, valuation, accounting, and Excel skills. Take online courses and practice modeling tests to master these technical skills. Having a strong grasp of LBO models, DCF analysis, merger models and accounting statement modeling will give you an edge.
Prepare for challenging interviews
The investment banking interview gauntlet contains behavioral, technical and case style questions. Extensive practice is essential across all three categories. Rehearse answers to common behavioral queries and have strong technical knowledge. Case interviews require structured thinking and communication, so work through sample cases with other students.
The competitive process for Fall 2023 investment banking internships will start soon. Undergraduates interested in these roles need to start preparing early by building relevant skills and experiences. Performing research, networking, mastering technicals and practicing interviews will maximize one’s chances of securing these highly desired positions.