With the arrival of 2023, MBA students who plan to apply for investment banking internships are entering a crucial period. The application deadlines for many top investment banks’ 2023 summer internship programs are approaching in January and February. However, due to the popularity of investment banking and the high compensation, the application process is extremely competitive. Candidates need to prepare early and thoroughly to stand out. This article will provide an overview of the investment banking internship application timeline, tips for creating a competitive profile, and strategies to ace the rigorous recruiting process.
Application timeline – Start preparing early and apply ASAP
The application timeline is a key factor that candidates need to be aware of. For most investment banks, the application deadlines for 2023 MBA summer internships range from January to March 2023. However, it’s recommended to start preparing your resume and cover letter over the summer and fall of 2022. Leading banks like Goldman Sachs and JPMorgan Chase have already opened 2023 programs for application in October 2022 on a rolling basis. Competition is extremely fierce for limited spots. Once the ideal candidates are found, the banks will stop accepting new applications. Therefore, early preparation and applying as soon as possible are crucial.
Standout profile – Strong academics, leadership and finance exposure
To have a competitive edge, candidates need to craft a standout profile. Investment banks typically look for MBA candidates with outstanding academic performance, demonstrated leadership experience, and some prior finance exposure. A high GMAT score (700+) and GPA (3.5+/4.0) from a top MBA program are often required. Internship or full-time experience in investment banking, consulting, private equity, or other finance roles is valued. Leadership in campus clubs or non-profit organizations also helps showcase management potential.
Ace the process – Research firms, practice modeling tests
The recruiting process is notoriously grueling, consisting of resume screening, 1st round, Super Day, final rounds, etc. Thorough preparation is indispensable. Research the firms’ culture and current affairs to demonstrate fit. Expect complex accounting, valuation, LBO, and other finance-related case interviews. Dedicated practice through modeling tests on platforms like Training the Street is strongly recommended. Fit interviews with senior bankers will assess communication skills and culture alignment. Maintain professionalism and confidence throughout the long process.
Act quickly in a competitive market
In summary, 2023 investment banking internship opportunities for MBA students remain highly competitive. The application window is short, so early preparation and applying ASAP are key. Crafting a standout profile and rigorously prepping for finance-related technical and fit interviews will optimize one’s candidacy. With thorough preparation, perseverance through the demanding process, and quick action, MBA students can land coveted spots at top investment banks.
The 2023 investment banking internship recruiting season requires MBA students to start preparation early, apply as soon as possible, craft competitive profiles, and rigorously prep for finance technicals and fit interviews to seize scarce opportunities in an intensely competitive market.