Calling all aspiring investment bankers – Goldman Sachs opened their summer internship applications for 2022 last week.
To ensure you get the best shot at securing work experience for next 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
Bank of America Global Corporate & Investment Banking Summer Analyst Program 2022 (Deadline: 15th September 2021)
HSBC Global Banking Internship (Deadline: 1st January 2021)
J.P. Morgan Corporate & Investment Bank Investment Banking Summer Analyst (Deadline: 1st October 2021)
Morgan Stanley 2022 Investment Banking Summer Analyst Program (Deadline: 12th July 2021)
UBS Summer Analyst Program (Deadline: 15th September 2021)
Nomura Greentech 2022 – Summer Analyst Internship (Deadline: 1st September 2021)
RBC Corporate Banking Summer Analyst 2022 (Deadline: 3rd September 2021)
Investment Banking Summer Internships – EMEA
Goldman Sachs Summer Analyst Program 2022 (Deadline: 21st November 2021)
EMEA (Deadline: 28th November – Madrid)
EMEA (Deadline: 28th November – Stockholm)
EMEA (Deadline: 28th November- Zurich)
J.P. Morgan 2022 Investment Banking Analyst Program – Off-Cycle Internship (Deadline: 28th November- Bruxelles)
Citi Bank Investment Banking Summer Analyst Real Estate Team 2022 (Deadline 31st October – London)
Bank Of America Investment Banking Summer Analyst Programme 2022 (Deadline 7th November)
MUFG UK Coverage & Investment Banking Summer Internship 2022 (Deadline 9th January 2022 – London)
DC Advisory Intern Analyst (Deadline 28th October – London)
Goldman Sachs Summer Analyst Programme 2022 (Deadline 21st November – London)
Investment Banking Summer Internships – APAC
Bank of America Global Investment Banking Summer Analyst Program 2022 (Deadline: 13th July 2021)
Citi Investment Banking Summer Analyst 2022 (Deadline: 19th September 2021)
Credit Suisse 2022 Investment Banking and Capital Markets Analyst Summer Internship Program in Hong Kong (Deadline: 3rd October 2021)
Deutsche Bank Internship Programme 2022 (Deadline: 27th July 2021)
Goldman Sachs Summer Analyst Program 2022 (Deadline: 13th July 2021 – Australia / 10th October 2021– Asia)
Greenhill Analyst Summer Internship (Deadline: 13th July)
J.P. Morgan Investment Banking Summer Analyst Program (Deadline: 27th July)
UBS Summer Internship, Global Banking (Deadline: 13th July)
J.P. Morgan 2022 Investment Banking Summer Analyst Program (Deadline: 31st August- Japan)
J.P. Morgan 2022 Investment Banking Summer Analyst Program (Deadline: 1st October – China)
J.P. Morgan 2022 Investment Banking Summer Analyst Program (Deadline: 1st October – Hong Kong)
J.P. Morgan 2022 Investment Banking Summer Analyst Program (Deadline: 1st October – Singapore)
Bank Of America Global Investment Banking Summer Analyst 2022 (Deadline 14th November – Asia)
What is an Investment Banking Analyst?
Many investment bankers start their careers as financial 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 programs are 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 are geared specifically towards second-year students.
The Application Process
Applying for an investment banking internship typically consists of three 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 the perfect 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 means conveying 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
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: