Landing an investment banking internship is highly competitive, with most banks conducting recruiting on annual cycles for summer internship programs. However, some banks also offer off-cycle internships outside of the normal recruiting periods. These programs provide valuable opportunities for students who may have missed major deadlines or are looking for alternative options.
Understanding off-cycle investment banking internships
Off-cycle investment banking internships refer to programs that allow students to intern at various times outside of the typical summer recruiting cycle. For example, some banks offer fall, winter, or spring internships lasting around 8-12 weeks. The recruitment process and requirements are generally similar to summer programs. Off-cycle schedules can provide flexibility for students unavailable over the summer. Top banks like Goldman Sachs, Morgan Stanley, and JPMorgan all offer competitive off-cycle programs in various divisions.
Timing and eligibility for 2023 and 2024 off-cycle programs
For 2023 off-cycle internships, typical start dates will be in the first half of the year – January through June. Recruiting is already underway or will begin soon at most banks. Eligible candidates are generally penultimate year undergraduates or first year MBA/Masters students graduating between Spring 2024 and 2025. Similar timing and eligibility applies for 2024 off-cycle recruiting, just pushed back one year, with start dates from January to June 2024 and candidates graduating Spring 2025 to 2026.
How to find and successfully apply to off-cycle investment banking internships
The first step is thoroughly researching which investment banks offer off-cycle programs and what divisions are available. Monitor bank websites and job boards for openings. Networking is critical – tap into on-campus recruiting, alumni in the industry, LinkedIn outreach. Prepare a polished resume customized for investment banking. Master technical interview questions and practice modeling tests ahead of time. Fitness, commitment and intellectual curiosity are valued. If offered an off-cycle internship, take full advantage of the experience to position yourself for a full-time job.
Off-cycle programs extend valuable opportunities to break into investment banking outside normal recruiting cycles. By mastering the application and interview process and showcasing your skillset, off-cycle internships can launch promising careers at top financial institutions.