Getting an investment banking winter internship is the crucial first step to launching a successful career in investment banking. Top banks like Goldman Sachs, Morgan Stanley, JP Morgan all run structured winter internship programs targeting penultimate year university students. Competition is fierce as thousands of candidates compete for limited spots each year. This article will provide an overview of the investment banking winter internship process and share tips on how to stand out and maximize your chances of securing an offer.
Understand the recruiting timeline and critical dates
Investment banks start recruiting for winter internships extremely early, usually 1.5 years before the actual internship period. Banks visit target schools for presentations and resume drops in Aug-Sep, with first round interviews held in Oct-Nov. Offers are rolled out rapidly in Nov-Dec. Therefore, as a hopeful candidate, you need to start preparing very early – polish your resume, practice technical and behavioral questions, and network extensively. Reaching out to bankers over the summer and securing pre-internship internships in relevant areas like IB, PE, VC are key.
Choose the right school and major
While banks do visit non-targets, the bulk of hiring is focused on target schools like Ivy League, Oxbridge, LSE. Within those schools, only certain majors are actively recruited – Economics, Finance, STEM. Business majors are generally less competitive. Standout achievements can sometimes compensate for a non-target school. But you will need to network much more extensively.
Craft a compelling resume
Your resume needs to showcase academics, relevant internship experiences, and finance-related extracurriculars in the most compelling light possible. A strong GPA, brand name internships, leadership in finance clubs are baseline requirements. Creative ways to differentiate yourself include coding projects, investment competitions, starting an investment blog, and more.
Prepare rigorously for interviews
The winter internship interview gauntlet consists of multiple rounds – HR, associates, VPs. You will face technical questions on accounting, valuation, market news, brainteasers, as well as behavioral fit questions. Extensive practice is required to master the concepts and deliver structured, coherent answers. Utilize all resources – friends in banking, online guides, mock interviews.
Network, network, network
An investment banking internship is largely won or lost through networking, not just your interview performance. Use your connections, alumni networks, LinkedIn to connect with as many bankers at your target banks as possible. Make a stellar impression during your outreach, coffee chats, informational interviews. Secure referrals to get your resume prioritized and land interviews.
Getting an investment banking winter internship requires meticulous preparation across academics, work experiences, technical skills, interview prep and extensive networking. Competition is intense but success is attainable through focus, diligence and leveraging all resources available to you.