The investment banking recruiting timeline for 2023 has seen some notable early trends, with bulge bracket banks beginning recruiting efforts even earlier than before. Top banks like Goldman Sachs and JP Morgan have already opened summer analyst programs for graduating classes of 2024 and 2025, reflecting the competitive nature of landing top investment banking roles. This early recruiting reflects how investment banks are trying to attract top talent earlier, though it places greater pressure on students to prepare for recruiting far in advance.
Banks opening 2023 programs in late 2021 and early 2022
Many top investment banks began recruiting efforts for 2023 summer analyst roles in late 2021 and early 2022, earlier than ever before. For example, RBC Capital Markets opened 2023 summer analyst applications in October 2021, a full two years before students would start. JPMorgan also kicked off recruiting in December 2021. The early timelines allow banks to lock in top talent.
More competition and lower acceptance rates
The earlier recruiting timelines correspond with lower acceptance rates at top banks. For example, Goldman Sachs received 236,000 applications for 2022 summer internships but only accepted 3,700, a 1.57% acceptance rate. Students have to go through more rounds of interviews and be prepared for challenging technical questions.
Greater emphasis on underclassmen programs
With recruiting timelines pushed up, banks are placing greater emphasis on programs targeted at freshmen and sophomores. These programs allow younger students to get exposure to investment banking. Participating in these early programs can help students get on track for internship offers as juniors. Examples include RBC’s Global Insight Program and Credit Suisse’s Early Insights Program.
Need to start preparation early
The early recruitment timelines mean students have to be prepared earlier than ever. Networking, resume preparation, technical interview practice and other recruiting activities now begin as early as freshman year. Students have to research timelines, practice modeling tests, and reach out to bankers 1-2 years before actually recruiting for full time jobs.
The investment banking recruitment timeline has accelerated rapidly, with banks like Goldman Sachs and JP Morgan now recruiting 2 years out. This intense competition means students have to prepare earlier through networking, financial modeling practice, and resume building starting freshman year.