With New York being the financial capital of the world, landing a coveted investment banking internship there is the dream of many finance students. Competition is fierce, with thousands of applicants vying for limited spots at top banks like Goldman Sachs, JPMorgan, Morgan Stanley each year. Keys to success include early preparation, networking, technical skills, and perseverance. This article provides an in-depth look at how to land a top investment banking internship in New York City in 2023, from application timelines to interview preparation and beyond.
Start preparation early and target summer 2023 internships
The recruitment process for 2023 summer internships begins very early, often a year in advance. Top banks open their summer 2023 programs in Fall 2022 and close applications between December 2022 to March 2023. Students should start preparing their resumes, cover letters, interview skills, and technical skills from sophomore year to maximize chances. Securing an internship, especially at a top bank, is critical as many leads to full-time offers down the road.
Apply to diversity programs for accelerated access
Most major banks have diversity programs targeting women, minorities, veterans etc. These programs provide training, networking and often, a fast-track to interviews. Examples are JPMorgan’s Winning Women Program, Citi’s Early ID Program, Goldman Sachs Possibilities Summit. Though competitive, participating in these early can give underrepresented groups an edge.
Attain required technical skills
Investment banks expect interns to have technical skills like financial modeling, valuation, accounting, Excel, PowerPoint, business writing etc. Students should self-study using online courses and books. Campus finance clubs and competitions also help build relevant skills. Being able to talk through DCF modeling or LBO analysis is key.
Network extensively for referrals
Referrals and connections play a big role in getting selected for investment banking internships. Students should actively network by cold-emailing and reaching out to alumni in target banks, attending conferences and events, and leveraging school career centers early on.
Prepare thoroughly for interviews
The recruitment process often involves multiple intensive interviews including aptitude tests, technical questions, fit interviews, Superdays etc. Thorough preparation via research, mock interviews and practice is key. Books like ‘Ace your Investment Banking Interview’ provide a wealth of sample questions.
Landing a top investment banking internship in New York requires early, rigorous preparation across multiple fronts – technical skills, interview practice, resumes and networking. With the right focus and perseverance, driven candidates can overcome the intense competition and kickstart successful careers in finance.