Calling all aspiring investment bankers! To ensure you get the best shot at securing work experience fornext year, we’ve compiled a list of open opportunities from the biggest Wall Street firms,including Morgan Stanley and J.P. Morgan.
Investment Banking Summer Internships – Americas
Investment Banking Summer Internships – EMEA
Investment Banking Summer Internships – APAC
What is an Investment Banking Analyst?
Many investment bankers start their careers asfinancial analysts. This is the entry-level position for graduates looking to break into investment banking and is a two-year long program, which begins in the late summer. If the analyst performs well this may extend to three years, and later to associate level.
Spring Weeks Vs. Summer Internships
Spring week programsare aimed at first year students on a three-year course, and second year students on a four-year course. On the other hand, summer internships aregeared specifically towards second-year students.
The Application Process
Applying for an investment banking internship typically consists ofthree main stages:
- Submitting your resume online or through contacts you have made.
- Attending first-round and, occasionally, second-round interviews. The first-round might be conducted through HireVue or similar.
- If lucky, being invited to attend a Superday/assessment center.
Sometimes, you will also be expected to complete some form of psychometric testing.
Former investment banking intern, Emily Massey, shares her experience of the application process in an interview with FE founder, Alastair Matchett.
Investment Banking – Resume Tips
Before you apply, it’s essential that you prepare theperfect investment banking resume. Anish K. Mitra, ex-Head of IBD Learning & Development (Americas) at Goldman Sachs, recommends the following:
Your resume should read like a menu and feel like a movie
Rather than reading like public company filings, your CV should help recruiters visualize who you are through specific examples. This meansconveying what you’re good at and what you stand for.
The winning formula
Once you have listed all of the values and experiences you want to include, you can use this formula to transform these into concise bullets that clearly state your achievements:
[ACTION]+ [OUTCOME] = [AFTERMATH]
[CREATED OUR FIRST EVER RECRUITING CAMPAIGN FOR THE PARLIAMENTARY DEBATE TEAM]+ [ALLOWED US TO DOUBLE TO 20 MEMBERS] = [LED TO TWICE AS MANY AWARD-WINNING FINISHES (10) IN 2020]
Once written out, this would read:
“Created our first ever recruiting campaign for the parliamentary debate team, allowing us to double to 20 members. Led to twice as many award-winning finishes (10) in 2020.”
Before you submit your resume, remember…
- Keep to one page.
- Check for any spelling, grammar or formatting mistakes.
- Use simple fonts.
- Include your name and contact information at the top, as well as sub-headers such as ‘Education’.
- Mention specific hobbies and interests – these will help you to come across more human and less like a robot.
Preparing for Your Investment Banking Interview
Discover what to expect in the interview process, how to nail the technicals, tricky brainteasers, and ‘your fit’ questions in our latest course, Investment Banking Interview Skills! Plus, this course also features example videos of successful answers.
Watch the course intro with expert instructor Gerard Kelly below!
Follow the link here to start learning today!
Make sure you prepare well in advance and turn up to your investment banking interview armed with answers to possible questions.
Introductory questions are used to evaluate your understanding of the industry and the role you are applying for. Examples include:
- “Why are you interested in banking and which part?”
- “Tell me why you want to join us?”
- “Tell me what an investment bank does.”
- “Walk me through your resume.”
To answer these successfully, you must discuss your academic achievements, what piqued your interest in investment banking, what you have done to develop a foothold in the industry and where you’d like to see yourself in the future.
These are designed to quiz you on your strengths and weaknesses, so the interviewee can decide whether you are an ideal fit for that company. Examples of these questions are below:
- “Tell me about a team activity you helped to lead.”
- “Take me through an experience which was particularly challenging.”
Investment banking and teamwork go hand in hand, and with long hours working on deals together, it’s important you come across as likable and hard-working.
Prepare yourself to be grilled on any pitfalls which are apparent in your resume. Make sure you are aware of your shortcomings and demonstrate why the interviewee should overlook these.
Valuation Sample Questions
- A client is considering selling to a competitor or doing an IPO, what is the valuation difference?
- What differences would you expect between the results of a comps and a DCF valuation?
Financing Sample Questions
- What is an LBO and why do they happen?
- What are the benefits of doing a spin-off rather than a trade sale?
M&A sample questions
- What factors influence the control premium an acquirer might pay?
- Which financing will result in a higher Pro-forma earnings per share post-acquisition?
Explaining your thought process is just as important as the final answer. To prepare for these questions, you can visit our online store where there is a variety of learning materials, including online courses and publications.
Tips for Brain Teaser Questions
You may also find that your interviewee asks you to solve some brain teaser questions. This is to assess your overall common sense.
Top tips to remember while answering these kinds of questions:
- Repeat the question to give yourself time
- Ask for assumptions/clarification if necessary
- Break down your thought process – you don’t need to get to the exact answer necessarily
Former intern, Emily Massey, discusses her experience interviewing at a top 4 investment bank.
Top 4 Tips for Bossing Your Internship From an Investment Banker
Once you’ve landed an internship position, you’ll be looking to secure a return offer to become a full-time analyst.We asked an M&A banker at a global US investment bank to share their top tips on excelling in an investment banking internship. Here’s their advice:
1) Be Able to Learn Quickly & Ask Questions
It is likely that you will make a few mistakes along the way, we’re only human. However, investment bankers will be looking to see whether you are able to avoid making the same error twice. As soon as you suspect something is wrong, ask for help.
2) Be Diligent and Demonstrate Attention to Detail
It is essential that you take precautions to avoid making mistakes in the first place. Ask for a peer review from another intern or print out your work and check it before submission. This will show the full-timer’s that you care about delivering the best result.
3) Be Curious
The whole point of taking an internship is to learn as much as you can about the job role and all it entails. You must ensure you listen where necessary, and always possess a good attitude.
4) Demonstrate a Willingness to Work
You need to pull out all the stops if you want to differentiate yourself from other interns. Investment banks value self-starters so always seek out new work and exceed expectations.
Be the Stand Out Candidate with Wall Street Recognized Certification
Demonstrate to recruiters that you have what it takes to succeed as a summer analyst with The Investment Banker micro-degree. Designed by 5 expert instructors with over 100 years of combined experience, this course reflects the same training given to new hires at the top 4 investment banks. Learn the core financial accounting, modeling, valuation and dealmaking skills needed to excel in any technical interview. On completion, you will also be able to join our prestigious alumni network alongside the world’s top analysts.
Discover more career resources and tips below:
Ultimate Guide to Investment Banking Summer Internships – Infographic
Careers in Finance – Breaking into Investment Banking
Investment Banking Career – What to Do in Your 1st Year of University
Investment Banking Careers – Spring Week Internships
- JPMorgan Chase.
- Goldman Sachs.
- BofA Securities.
- Morgan Stanley.
- Credit Suisse.
- Deutsche Bank.
Summer Analysts experience the culture and atmosphere of Morgan Stanley by taking on responsibilities of a Full Time Analyst, working on a variety of corporate transactions, and making meaningful contributions to the delivery of projects.What do IB summer analysts do? ›
The roles and responsibilities of a Summer Analyst vary by department, but may include: Analyzing detailed corporate and financial information. Creating statistical exhibits that analyze comparative financial performance. Building models to illustrate projected financial results and value to companies.How do I become an investment banker in Europe? ›
A CFA qualification and a Masters in Finance can also help get into investment banking. An MBA program, though the most expensive route to get there, also sees top recruiters hiring out of the reputed business schools. Your alumni network can be of great help.How many hours of sleep do investment bankers get? ›
The jaw-droppingly long hours investment bankers work are legendary. A widely-reported recent survey of first year analysts at Goldman Sachs revealed that they work on average more than 95 hours per week, and sleep around 5 hours each night.What is a tier 1 investment bank? ›
The very top investment banks from this list are: Tier 1 – J.P. Morgan, Goldman Sachs, Citigroup, Bank of America, Morgan Stanley. Tier 2 – Deutsche Bank, Barclays, Credit Suisse, UBS. Tier 3 – HSBC, BNP Paribas, Société Générale.