Off cycle internships at major investment banks have become increasingly popular in recent years. These programs provide students and graduates the opportunity to gain banking experience outside of the typical summer intern recruiting cycle. With major banks like Goldman Sachs and Credit Suisse expanding their off cycle programs in 2023, it’s important to understand key dates and application information. This article summarizes important details around 2023 off cycle investment banking internships across top banks.
Goldman Sachs offers various off cycle internship programs in 2023 targeting students in different years
Goldman Sachs has announced multiple global off cycle internship programs for 2023. This includes a 8-10 week Summer Analyst Internship for penultimate year undergraduate and graduate students, as well as a Summer Associate Internship for MBA, PhD and other masters students. Goldman also introduced an Engineering Virtual Internship open to freshmen and sophomores. For final year students, there is a longer New Analyst Program. Applications for the summer programs open in early 2023 on a rolling basis globally including cities like Beijing, Hong Kong, Shanghai, Sydney and New York.
Credit Suisse plans to triple investment banking staff in China over 3 years, likely expanding 2023 off cycle roles
Credit Suisse aims to triple its China investment banking headcount over the next 3 years according to Bloomberg. This rapid expansion, along with increased business from Chinese financial market opening, means Credit Suisse will likely be hiring significantly more off cycle interns and full time analysts in China in 2023 and onward. As a top European investment bank, Credit Suisse offers strong international mobility for China interns.
UBS plans to double investment banking staff in China in 2023, focusing on banking and research roles
UBS publicly announced at the start of 2023 plans to double the staff in its China investment bank to over 200 people. The focus is on Investment Banking front office as well as Research roles. Given the high market demand but shortage of talent described by UBS senior leadership, off cycle intern slots in these groups are expected to increase substantially in 2023.
Morgan Stanley building massive new NYC headquarters for 13,000-14,000 staff, including IB off cycle roles
Morgan Stanley is constructing a huge new global headquarters in NYC scheduled to open in 2024. As reported in the media, this building will have space for around 14,000 staff, demonstrating the overall employee growth planned including Investment Banking. For students interested in Spring 2024 off cycle internship and full time opportunities, recruiting for the new office opening will begin over the next year.
2023 is seeing major investment banks like Goldman Sachs, Credit Suisse and UBS significantly expand both full-time and off cycle banking roles globally and specifically in growth markets like China. Key dates are early 2023 applications opening for summer programs, as well as longer advance recruiting for 2024 new office openings and full time graduate schemes. The demand for international talent with finance skills is higher than ever.