What are the top investment banking internships you should be aiming for in 2023?
Top investment banks open internship positions for young graduates every year. These internships attract thousands of applicants and generally have an acceptance rate between 1% and 1.5%, on average. Goldman Sachs received 236,000 intern applications in 2022 of which only 2,900 interns were selected.
An investment banking internship from one of the top investment banks is a highly differentiating and admirable factor in a graduate’s resume. These internships will not only allow you to earn over $80,000 on a prorated basis over 10 weeks but will also improve your odds of landing a full-time investment banking job. In this article, we will explore the top investment banking internships that you can put on your radar in 2023.
JP Morgan Chase
JP Morgan Chase & Co. has its roots dating back to the late 1800s founded by the famous American banker JP Morgan Sr. The financial institute operates through two verticals: JP Morgan, focused on core investment banking, and Chase, which operates in consumer and commercial banking.
JP Morgan offers an investment banking internship programme for a duration of nine to ten weeks. Internship requirements vary by programme but most require undergraduate students who have completed their first three years of study. If the candidate has enrolled for a master’s degree, they must pursue the internship within two years of a bachelor’s degree. Internship programs are available in the United States, Canada, India, Japan, Hong Kong, China, Singapore, the United Kingdom, Israel, Turkey, UAE, Australia, and major European countries.
Goldman Sachs is one of the top global investment banks with a rich history of over 150 years. The bank has one of the most competitive work cultures in the financial industry. Major divisions of the bank are financial advisory, underwriting, and investing portfolios.
Goldman Sachs offers an eight to ten-week investment banking internship programme for undergraduate students who have completed their first or second year in a finance-related degree. As a summer analyst, young investment bankers get a chance to assist professionals in developing pitch books and mergers and acquisitions presentations. Under equity research, graduates work on company valuations, industry research, and collecting relevant data for senior bankers. Most internship programs are available in all major Goldman Sachs offices.
The investment bank traces its roots back to 1935 and is ranked highly for its advisory services in M&A and IPOs. Much like Goldman Sachs, the financial institution is known for being intensely competitive and is amongst the top dealmakers of the year.
Morgan Stanley offers an internship program for 10 weeks for undergraduate students who have completed their second or third year of study. Interns get to participate in analysing the financial performance of companies, presenting research, and assisting in mergers and acquisitions. The responsibilities vary based on the internship program. Interns can participate in internships from North America, the EU, and some Asian countries.
Bank of America
Bank of America is the second-largest U.S. bank, in terms of size, with a balance sheet size of approximately $3.1 trillion and is known for its soft and amiable work culture. The institution ranks the highest when it comes to diversity.
Bank of America offers a variety of internship opportunities, for undergraduate and advanced degree students. Internship programs cover a broad range of departments from advisory to investment management. Summer interns are typically responsible for engaging clients, reviewing portfolios, assisting senior bankers with projects, and conducting financial analysis. The internships are available across the United States, Canada, Europe, the Middle East, Asia Pacific, and Latin America.
Internships significantly improve the chances of landing a full-time job. An investment banking internship from a reputable investment bank not only gives you valuable on-the-job experience but can also help you get a job in investment banking. Even though the application process is competitive, internships offer an excellent opportunity for bankers to gain insight, learn relevant skills, network and progress into full-time work. You should also have the relevant practical skills required in the industry to break through. The FMI monthly subscription to IB courses can help you gain that edge and consistently acquire new knowledge.