Off cycle investment banking internships refer to internships that take place outside of the typical summer internship season. They provide valuable opportunities for students to gain investment banking internship experience and insights. These internships are often more flexible, allowing students to intern during the school year. They also tend to be less competitive compared to summer programs. In this article, we will explore the value of off cycle investment banking internships, tips for finding and applying to such opportunities, as well as providing examples of top banks that offer off cycle programs.
Off cycle investment banking internships provide unique experiences and flexibility
Off cycle investment banking internships allow students to gain experience even if they missed out on securing a summer internship. The programs are often more flexible, allowing students to balance interning with schoolwork during the academic year. For example, students may work 2-3 days a week. These internships also enable students to experience different seasons and workflows compared to the summer rush. Interns gain exposure to live deals and projects. Off cycle programs are often extended too, lasting 3-12 months versus the typical 8-10 week summer internship. This allows for more in-depth learning. Students have more time to build relationships and showcase their abilities. Overall off cycle investment banking internships provide unique and valuable experiences for students looking to break into the industry.
Off cycle investment banking internships tend to be less competitive than summer programs
The vast majority of students focus their investment banking internship search exclusively on summer programs at the large banks. This leads to intense competition, with acceptance rates often in the low single digits. By contrast, off cycle investment banking internships see far fewer applicants. Banks have continuous workflow needs so are motivated to bring on interns year round. Requirements also tend to be more flexible compared to summer programs that target penultimate year students from target schools. Off cycle programs may accept a broader range of majors and universities. Some even accept freshmen and sophomores. The bar is still high, but by expanding the search beyond summer, students can find accessible opportunities to get a foot in the door.
Top banks like Goldman Sachs and UBS offer off cycle investment banking internships
Many of the top investment banks run off cycle internship programs alongside their flagship summer offerings. Goldman Sachs, for example, posts off cycle investment banking internship openings in various offices intermittently. Their programs last 3-5 months and hire juniors through graduating seniors. UBS also recruits off cycle interns in Hong Kong, Singapore and other offices. Their program has a January application deadline and lasts for an extended duration. Beyond the household names, many mid-sized and boutique banks also offer valuable off cycle experiences focused on live deal execution versus brand name cachet. By taking the time to scout these openings instead of just the summer postings, students can unlock a wider range of accessible opportunities to gain relevant experience and full time offers.
Off cycle investment banking internships provide unique flexibility, experiences and lower competition versus summer programs. Students should expand searches beyond the summer recruiting cycle to find accessible opportunities at top tier and middle market banks.