With the fierce competition for summer internships at top investment banks, many students are starting to look for off cycle investment banking internships in 2023. Off cycle internships provide similar experiences as summer programs, but tend to be less competitive. There are several key benefits for students looking for off cycle opportunities in investment banking this year:
More positions available in 2023 off cycle
Many investment banks have expanded their off cycle hiring for 2023 internships. With unpredictable economic conditions, some banks chose to push back summer hiring timelines. This has opened up more off cycle openings from January through April. Positions like generalist investment banking, M&A, ECM, DCM, and market research roles may be easier to land in off cycle recruiting.
Gain valuable experience and training
Off cycle investment banking internships provide hands-on experience doing financial modeling, pitching clients, preparing presentations, and assisting on live deals. Interns get formal training on technical skills and have opportunities to network with professionals. The experience mimics summer programs in many ways, allowing students to learn about different groups at banks.
Apply with less competition
While summer internship programs attract hundreds of applicants per spot, off cycle hiring tends to be less competitive. Students have better chances standing out among smaller applicant pools in off cycle recruiting. Investment banks are still looking for strong academics, previous internships, and financial modeling skills. But off cycle programs provide another pathway for talented students to break into investment banking.
Gain return offer advantages
Students who perform well during off cycle internships can often secure return offers for full-time post graduate roles. Return offer rates at many banks are over 90% for interns. Recruiters use off cycle programs to identify and train potential new hires with less risk. Gaining an off cycle internship return offer provides certainty for full-time employment.
In conclusion, off cycle investment banking internships present expanded opportunities in 2023 for students to gain experience and full-time offers. The programs provide similar benefits as summer internships with less competition among applicants.