With summer 2023 fast approaching, investment banking internship recruiting season is gearing up. Landing a coveted summer analyst role at a top bank is crucial for aspiring bankers, as it serves as the main pipeline for securing full-time post-undergrad offers. Competition is fierce, with thousands vying for limited spots. Success requires thorough preparation, strategic planning, and flawless execution. This article provides an overview of key application deadlines, insights into how to craft a compelling resume and cover letter, nail interviews, and ultimately stand out from the pack.
Major banks have January-March application deadlines for summer 2023 programs
Most major banks open up their summer 2023 investment banking analyst programs for application between January and March. Key deadlines include Goldman Sachs on January 29th, JPMorgan on February 28th for quant roles and March 31st for others, Morgan Stanley rolling from January onwards, and Bank of America in February. Boutiques and regionals tend to recruit a few months later. Securing an offer is highly competitive – at Goldman, there are ~10,000 apps for 400 IB summer analyst spots in the Americas. Applications involve resume, cover letter, transcripts, and any other required components like writing samples or recorded video responses. Missing deadlines can eliminate candidates, so mark your calendars and prepare materials well in advance.
Resume should demonstrate relevant experience, leadership, academics, and fit
With only one page to make an impression, your resume needs to packed with signals that you are a strong fit for investment banking. Recruiters look for relevant internships in finance, accounting, or consulting; leadership in campus clubs or sports; academic excellence especially in quantitative majors; and fit with the bank’s culture. Highlight internships first with contextual descriptions of your contributions. Include any finance-related projects or modeling skills. Select only your most impressive campus activities. If GPA is above 3.5, list it and relevant coursework like financial modeling or valuation. Format cleanly with easy to parse sections and bullet points. Ask finance professors, club advisors, and finance professionals to review and provide feedback.
Cover letters should highlight technical and soft skills aligned to the role
Alongside a sharp resume, cover letters provide an opportunity to expand on your qualifications and convince the recruiter you would excel as a summer analyst. Address the reader directly, stating your interest and fit for the specific bank and program. In 2-3 concise, bulleted paragraphs, highlight your technical grounding in financial modeling, valuation, accounting, Excel, PowerPoint, and any other applicable domain skills. Also emphasize soft skills critical for investment banking like communication, work ethic, team orientation, attention to detail, and ability to thrive under pressure. Conclude by reiterating your passion for the role. Strive for a professional, enthusiastic, and personable tone. Have several people proofread to catch any errors.
Acing interviews requires technical prep and strategic answers
The final step is acing the interviews, usually 2-4 rounds held on-campus, virtually, or at offices. Thoroughly study the bank and reread your resume to internalize details and anticipate questions. Refresh accounting, valuation, modeling, pitch book construction, current deals and market environment. Prepare strategic answers to common questions like “Why investment banking?” and “Why our bank?” by aligning to their values and culture. Use the STAR method – situation, task, action, result – to illustrate experiences and project confidence. Research typical brainteasers and practice thinking through them logically and communicating the step-by-step thought process. Conduct extensive mock interviews to sharpen responses. Send thank you notes post-interviews reiterating your interest.
With thoughtful preparation and strategic execution,students can maximize their chances of landing coveted summer 2023 investment banking internships. Focus on identifying programs and meeting deadlines, crafting standout materials, and performing strongly during interviews.