As the investment banking recruiting season for 2023 and 2024 spring internships kicks off, landing a prestigious internship at a top bank has become extremely competitive. With bulge bracket banks like Goldman Sachs and Morgan Stanley receiving thousands of applications for just a handful of spots, proper preparation and positioning yourself correctly is essential. This article provides an overview of the key application deadlines, networking strategies, interview preparation tips, and industry trends to help students successfully land investment banking spring internships at their target firms over the next two years.
Top banks are bringing forward application deadlines – apply early
Over the past few years, major investment banks have consistently been opening their spring internship programs earlier, often as early as September the year before. For example, Goldman Sachs brought forward their 2023 Americas spring applications to September 2022. Similarly, Credit Suisse opened their APAC 2024 program in November 2022. This means students need to start preparing super early – polish your resume, practice technical and behavioral questions, and get your networking story straight well in advance. Finding alumni in the banks through LinkedIn outreach early in your sophomore year lays the groundwork for impactful informational interviews later on. Start early and set yourself apart from the last minute applicants.
Leverage early insight programs to fast track
In addition to moving up normal spring internship deadlines, most major banks now run early insight programs targeted at freshmen and sophomores. These 1-3 day programs involve case studies, networking events, seminars and often the chance to fast track to later interview rounds. For example, selected candidates in Goldman’s Americas Sophomore Women’s immersion program can directly interview for 2023 spring analyst roles. I applied in my freshman fall and it let me skip resume screening for the next three years’ internship cycles. The key is applying to these as soon as possible when the programs get announced – research banks of interest and keep an eye on their careers page.
Virtual coffee chats build meaningful connections
While applying early and leveraging early insight fast tracks is crucial, personal outreach and networking is what really makes you stand out from the stack of resumes these banks receive. I initiated 30 minute ‘virtual coffee chats’ with 10 different MDs and analysts in my target group a full year before applying which let me better understand the dynamics of the team and practice communicating my story. This network was invaluable in securing referrals later on. Even if no formal programs exist, don’t be afraid to cold message professionals through Alumni networks and LinkedIn.
Master both technical and behavioral skills
To convert internship interviews, a strong grasp of both technical and behavioral skills is essential. On the technical side, thoroughly practicing DCF, LBO, and valuation modeling with peers using the Breaking Into Wall Street or WSO guides until they become second nature is a must. On the behavioral side, polish your storytelling using the STAR method for common fit, deal, and stock pitch questions while highlighting transferrable skills from past experiences.
As investment banking internship recruiting continues to accelerate with earlier deadlines and fast track insight programs years in advance, proper early positioning and preparation on resumes, technicals, and behavioral storytelling will differentiate successful applicants. Initiating professional outreach for networking referrals early while applying both early and often are key to optimizing outcomes in this increasingly competitive landscape over the next two years.