The investment banking recruiting timeline has been a hot topic among college students aiming for internships and full-time positions at top banks like Goldman Sachs, JP Morgan, Morgan Stanley, etc. Over the past decade, the timeline has consistently moved earlier, to the point where some banks have already opened 2024 summer analyst recruiting, even before fall 2022 recruiting ends! It’s crucial for students to understand the detailed timeline and requirements to be successful. This article will provide key facts and conclusions on how the timeline has evolved over the years and what students can expect for the 2024 and 2023 recruiting seasons.
The timeline has moved earlier by almost 1 year in the past decade
The recruiting timeline has moved dramatically earlier over the past 10 years. Where banks used to recruit on a 12-18 month schedule, they now recruit sophomores for internships almost 2 years in advance. As an example, in 2012/2013, banks recruited juniors in the fall for next summer internships and seniors in the spring for full-time roles after graduation. However, now in 2022, banks like RBC have already opened 2024 summer analyst recruiting for sophomores who won’t even graduate until 2025! This puts immense pressure on underclassmen to prepare extremely early.
Top banks tend to kick off recruiting the earliest
The top M&A and capital markets banks consistently kick off recruiting the earliest. Banks like Goldman Sachs, Morgan Stanley, and JP Morgan typically open their summer analyst recruiting 1-2 months before other firms. They have the reputations and networks to attract talent early. As an example, Goldman opened their 2023 summer analyst applications in July 2021, while many mid-tier banks only opened 2023 recruiting this fall 2022. So students need to be aware of these timeline differences.
Bulge brackets move first, then mid-tiers and boutiques
Within the investment banks, there is a clear timeline progression. The bulge brackets (Goldman, JP Morgan, Morgan Stanley, Citi, BAML) kick off recruiting. Then the mid-tier banks (Evercore, Lazard, Moelis, Guggenheim) tend to open 1-2 months after. Finally, specialized boutiques open last. The order is determined by brand prestige and selectivity – banks with the highest reputation recruit earliest to grab top talent.
2024 timelines have opened while 2023 wraps up final offers
In a highly unusual timeline, some banks like RBC and Rothschild have already opened 2024 summer analyst applications, while many banks are still finishing up final 2023 summer offer decisions! This leaves sophomores scrambling to prepare for 2024 recruiting in fall 2022/spring 2023 while juniors are undergoing final interviews and offers. Students must now manage multiple recruiting cycles simultaneously.
Being proactive is more important than ever
The rapidly shifting timelines mean students need to be extremely proactive early on. Passively applying last minute is no longer viable. Underclassmen should actively network, research firms, and practice interviews as early as freshman year. Seniors recruiting for full-time positions need to manage both final internship offer decisions and preparing for fall full-time interviews simultaneously. Staying on top of all deadlines and being early is crucial.
The investment banking recruiting timeline has moved dramatically earlier in the past decade, with firms now recruiting sophomores almost 2 years in advance for summer internships. Bulge bracket banks kick off recruiting the earliest, followed by mid-tier and boutique banks. The early timelines mean students must be proactive earlier than ever to successfully navigate recruiting.