As an undergraduate student looking to break into investment banking, landing a coveted internship with a top Wall Street firm can be a crucial stepping stone. New York City, the epicenter of high finance, offers some of the most competitive investment banking internships for undergraduates. Successfully securing one requires thorough preparation, razor-sharp technical skills, fluent communication abilities and a stellar resume. This article will provide key insights, tips and resources for undergraduate students aiming to launch their career by interning at an investment bank in New York City in 2023.
Start preparation early and network extensively
The application timeline for 2023 investment banking summer analyst internships typically opens 1-1.5 years in advance. For juniors looking to intern after their penultimate undergraduate year, preparation should start even earlier during freshmen or sophomore year. This includes actively networking with alumni in the industry, seeking informational interviews, and attending on-campus events to connect with recruiters. Landing a referral, however small, can help tremendously in securing an interview. Gradually developing your technical and communication skills through classes, clubs and projects is also key.
Perform rigorous and customized interview preparation
Each bank has its own unique interview style and focuses. Extensive interview prep tailored to the specific firms of interest is a must. For bulge brackets like Goldman Sachs and JP Morgan, candidates have to go through several demanding rounds including complex technical questions, market sizing and client pitching. Boutiques like Evercore and Centerview may focus more on fit and stock pitches. Thoroughly research each firm’s preferences and practice accordingly via books, videos, mentors and mock interviews.
Show passion for finance and markets
As an undergraduate without full-time experience, demonstrating genuine interest and immersion into financial markets is vital. Go above and beyond classes by managing a stock portfolio, leading finance-related clubs, competing in case competitions and pursuing side projects involving market analysis or financial modeling. Interviewers want to see candidates who are self-driven to continually build their financial skillsets outside of coursework requirements.
Distinguish your candidacy and tell compelling stories
With thousands of applicants clustered around high GPA and school prestige, finding ways to stand out is paramount. Leverage unique leadership experiences, volunteer work, college athletics or other interesting involvements to differentiate yourself. Craft compelling stories around challenges overcome, valuable skills gained and applicability to finance. Quantify achievements and impact whenever possible. Back up claims about grit, problem solving abilities or communication skills with real examples.
Preparing early, extensively networking, rigorously interview practicing tailored to each firm, demonstrating deep passion for markets and distinguishing one’s candidacy are keys for undergraduates to land competitive investment banking internships in New York City 2023.