Top investment banks offer investment banking internship programs, each year, hiring graduates to work for 3-4 months in their offices. Through these internships, interns get first-hand experience working in an investment bank, gain an opportunity to network with other bankers, and improve their resumes. More importantly, aspiring investment bankers can see if they have the required skills, work ethic, and personality fit to work in an investment bank. In this article, we will see how investment banks hire interns, and how you can apply for an internship.
The first step in applying for an investment banking internship is to prepare a relevant and concise resume. Circulating your resume will be the next step after it is ready. You must take advantage of both online and offline channels to push your resume and make yourself recognisable.
Online recruitment channels
With the availability of the Internet, hiring interns has become much simpler for investment banks. Similarly, for applicants, contacting investment banks and sharing their resumes has become easier. The internet offers the following ways for you to apply for an investment banking internship.
- Job portals
Investment banks post internship details, deadlines, and other relevant information on job portals. You can either directly apply for these internships from the portal, or you will be directed to the official website from where you can apply. In either case, you would be required to create an account on the website, and submit the necessary information along with your resume.
- Official company websites
Companies regularly post information about the openings for internships on their official website, under the careers tab, or under summer internships. Start by making a list of top investment banks based on criteria that suit you, such as geography, number of employees, etc. Then, post your resume on their website. If there is a relevant opening, apply for the same.
You can also categorise investment banks in the following manner: global investment banks, boutique investment banks, and middle-market investment banks. You can also find a list of investment banks online.
- Professional social media platforms
You can circulate your resume on professional social media platforms such as LinkedIn. Moreover, join internship/finance internship groups on Facebook, Telegram and Google Plus to make sure that you don’t miss out on relevant openings. Start following job portals, and finance influencers on platforms such as Instagram to know more about relevant investment banking internships.
Offline recruitment channels
Apart from the internet, there are a few ways to get through a company for a relevant investment banking internship opportunity.
- University Job Fairs
The best part about job fairs is that you get this opportunity three or four times, depending upon the duration of your undergraduate course. Every year universities organise job fairs and campus interviews. It is important that you prepare for the interviews, be familiar with the company information, industry background, fundamentals of finance, and the job profile to make sure you don’t miss out.
Networking is vital in investment banking, not just to enter the business but also to survive in the industry. Besides social media platforms, you must create your network by meeting people in the investment banking sector. Continue to keep in touch with your contacts as they might provide an avenue into suitable opportunities. This will also help you grow in the industry.
- The old-school way
Coming to the traditional ways of getting a job, meet with a job consultant. To get the best results you must keep yourself in focus, and show your presence by meeting up with the consultant once a week. Once they know about an investment banking internship opportunity in the market, you would be the first one to get a notification.
Unlike other methods, you might have to spend money when working with a consultancy firm. Some firms might charge you a joining fee, in case the internship is unpaid, or you might pay a fee after you get placed. If the consultancy firm has a tie-up with an investment bank, you get the information and the application for free.
Getting an investment banking internship is not easy, thousands of candidates apply for a handful of positions. However, there are enormous benefits to doing an investment banking internship. It gives you first-hand experience working in an investment bank, provides the opportunity to network with other bankers, and allows you to improve your resume. You must leverage both online and offline platforms to circulate your resume and build your network at the same time. University job fairs and company websites are most effective when it comes to applying for investment banking internships.