With the arrival of 2023, many sophomores who aspire to land an investment banking internship have started their preparation. Getting an investment banking internship as a sophomore can lay a solid foundation for full-time recruitment in junior year. However, the application timeline and materials required by different banks may vary. In this article, we will share several key facts about the 2023 investment banking sophomore internship recruitment that you need to know, including the timeline, materials required, preparation tips and more. Proper planning and being aware of the key application requirements will increase your chance of getting that coveted summer internship offer.
Major banks open sophomore programs in August 2022 and close between October 2022 to January 2023
Many major banks like Goldman Sachs, JPMorgan, Morgan Stanley, Citi and Bank of America open their 2023 summer analyst sophomore programs around August 2022. While Goldman Sachs and Bank of America opened their programs earlier in April 2022. The application deadlines are between October 2022 to January 2023 for most banks. Goldman Sachs has an early deadline of September 30, 2022 while Morgan Stanley closes by November 2022. Knowing the specific application timelines will allow you to plan your preparation schedule and submit by the deadlines.
Both resume and cover letter are required for most programs
Unlike junior internship programs which may only require a resume, most banks ask sophomores to submit both a resume and cover letter. You need to customize your resume to highlight relevant internship experiences, leadership experiences, technical skills as well as academics such as GPA and relevant coursework. The cover letter needs to demonstrate your passion in investment banking and the specific divisions you are interested in. Banks want to assess both your qualifications and fit through these materials.
Technical interviews test both finance knowledge and mental math
The interview process typically involves 1 or 2 rounds of technical interviews, where they test your financial and accounting knowledge, ability to perform mental math, analyze charts and data, as well as give market sizing and case study questions. It is important to thoroughly review accounting, valuation, financial statement modeling, Excel, current financial news and practice mental math speed and accuracy. Having a strong finance knowledge foundation will help you better tackle the technical questions.
Networking is key to get resume selection and insider tips
Due to the competitive nature of the programs, networking is crucial to help you get that resume selection and interview opportunity. Reach out to school alumni, senior students who interned at the bank, LinkedIn contacts who work at the bank, as well as directly connect with campus recruiters from the banks. This allows you to gain insightful tips directly from people working in the industry and also provide a recommendation to boost your application.
In summary, being aware of the 2023 investment banking sophomore internship application timeline, required materials, interview preparation and networking opportunities is key to your successful application. Building a solid finance knowledge foundation, customizing your resume and cover letter, adequately practicing technical interviews and proactively networking will help you land your dream sophomore investment banking internship.