How to Get an Investment Banking Internship: Timeline, Tips, and Mistakes to Avoid

If you're trying to get into investment banking, the internship is the first major step. Internships aren't just a learning experience, they're how most full-time investment banking analyst offers are made. Most students land their full-time roles from their summer internships, and if you don’t land one by your junior year, getting into a global banking firm becomes much harder.

In this guide, we’ll walk you through the steps to getting an investment banking internship, from your first year of college to the offer. This includes timelines, required skills, application strategy, common mistakes, and how to strengthen your chances, even if you're starting late. Whether you’re aiming for a program in New York, San Francisco, or through an off-cycle internship abroad, the steps here will help you compete with students from top universities and land a position in one of the most competitive industries in finance.

What Is an Investment Banking Internship?

An investment banking internship is a short-term, high-intensity role designed to give students direct exposure to the responsibilities of a full-time investment banking analyst. Interns work within client-facing teams that advise companies on mergers, acquisitions, equity offerings, and debt financing. Most internships run during the summer (typically 8–10 weeks), but many banks also offer off-cycle internship programs during the spring or fall, especially in cities like London, Dubai, and Hong Kong. Interns are not shadowing or observing, they're expected to contribute meaningful work from day one. That includes producing materials that directly support client presentations and live transactions.

What You’ll Do as an Intern

• Market research and company profiles: Reviewing public filings, industry reports, and financial statements to prepare materials on target companies and sectors.
• Excel-based financial modeling: Assisting with or building parts of 3-statement models, discounted cash flow (DCF) models, merger models, or leveraged buyout (LBO) models.
• Valuation work: Using comparable company analysis, precedent transactions, and intrinsic valuation to help determine a company’s value.
• Creating pitch decks and presentations: Formatting PowerPoint presentations used by senior bankers during meetings with potential or existing clients.
• Investment analysis and support: Gathering data and financial metrics to support internal memos or presentations on potential equity or debt investments.

Note: Interns are often involved in late-night work cycles, especially during live deals, and may be asked to turn around presentation updates or model tweaks on short notice. Deadlines are tight, and attention to detail is non-negotiable.

Types of Teams You May Join

Note: In large banks, interns are often assigned to a single team for the entire summer. Some programs offer rotations or group-matching based on interviews and preferences.

What Firms Expect From Interns

• Accuracy and speed under pressure
• Communication skills when discussing financial analysis or responding to feedback
• Teamwork and the ability to support analysts and associates
• Responsiveness to sudden changes in tasks or priorities
• Willingness to learn and take ownership

Expert Tip: Your performance during the internship often determines whether you receive a return offer for a full-time investment banking analyst role after graduation.

Read: 10 Finance Internships for Freshmen in College

Timeline for Getting an Investment Banking Internship

Investment banking internship recruiting starts much earlier than most students expect. In the U.S., many firms open applications more than a year in advance, some as early as the sophomore fall. If you want to secure a spot, every year in college should move you closer to being ready.

Year 1 of University: Build Your Foundation

This year is all about preparation. Your goal is to build a strong academic record and start laying the groundwork for a competitive application.

• Maintain a high GPA, target 3.5 or above, especially for New York or San Francisco offices.
• Join finance-related clubs like the investment banking club, student-run investment fund, or business fraternity.
• Learn Excel and accounting fundamentals. Free courses online (Wall Street Prep, Excel modeling guides, YouTube) can help.
• Attend info sessions hosted by firms such as JPMorgan, Deutsche Bank, and Morgan Stanley.
• Start thinking about your first internship. Look for part-time opportunities or summer roles in:
  • Corporate finance
  • Wealth management
  • Market research
  • Real estate or valuation firms

Goal by end of Year 1: Solid GPA, one leadership activity, and a first internship lined up or in progress.

Summer After Year 1: Gain Experience and Network

This summer is your first chance to build relevant experience. You don’t need a brand name on your resume yet, but you do need exposure to finance-related work.

• Apply for internships at search funds, small private equity firms, boutique banks, or corporate finance teams.
• Use LinkedIn to cold email professionals and ask for short calls or informational interviews.
• Complete 30–40 networking calls with alumni or industry professionals by the end of summer.
• Start building technical skills:
  • Create basic DCF or three-statement models
  • Study equity capital markets and debt structures
• Follow deal news and track major activity in financial markets, M&A, and capital raises.

Goal by end of summer: One internship completed and a working knowledge of investment analysis, valuation, and Excel.

Year 2 of University: Recruit and Apply

This is when most students apply for summer analyst roles. Applications for large banks usually open between January and August, but many start reviewing candidates immediately, so apply early.

• Update your resume to reflect your Year 1 internship and any leadership activities.
• Write a short, specific cover letter tailored to each firm.
• Apply early. Most firms recruit on a rolling basis, and many close applications within weeks.
• Double down on networking, aim for referrals wherever possible.
• Join investment banking case competitions or complete virtual experience programs (e.g., JPMorgan Forage).

Goal by end of Year 2 fall: Applications submitted to 15–25 banks with ongoing interviews and technical prep.

Summer After Year 2: Internship Execution

This is your most important internship. If you’re selected, treat it like a 10-week interview. Most full-time investment banking analyst offers are given to interns who perform well.

• Work full-time in a team like M&A, leveraged finance, or equity capital markets.
• Support analysts directly on company profiles, valuations, and client deliverables.
• Learn to manage deadlines and respond to feedback quickly.
• Attend client meetings or internal briefings with senior bankers when possible.
• Ask for feedback regularly and build relationships with other interns and analysts.

Goal by end of internship: Receive a full-time offer or leave with strong experience to leverage for lateral applications.

Year 3 and Beyond: Reapply or Pivot

If you didn’t land a summer internship or didn’t receive a return offer, you still have options.

• Apply for off-cycle internship roles in New York, London, or international offices.
• Target boutique firms with flexible recruiting timelines.
• Gain experience in related fields, such as:
  • Investment-grade finance
  • Equity research
  • Corporate development or strategy
  • Advisory services
• Consider a Master’s in Finance to reset and reenter the recruiting cycle with stronger credentials.

Goal by graduation: Either a full-time investment banking offer or a strong alternative path with finance experience.

Read: The Different Types of Buy-Side Firms–and How to Choose One

What Makes a Strong Investment Banking Intern Candidate?

Banks receive thousands of applications for a limited number of investment banking internship positions. What sets candidates apart is a mix of academic performance, real-world experience, technical capability, and how they present themselves during the recruiting process.

Academic Performance

A GPA of 3.5 or higher is expected at most global banking firms, especially for roles in major offices like New York and San Francisco. Candidates should be working toward a degree in finance, economics, business, accounting, or a related field. Technical majors like engineering or math are also respected if supported by finance experience. Relevant coursework helps strengthen your resume. This includes:

• Financial accounting
• Corporate finance
• Statistics and data analysis
• Financial markets

Previous Internship Experience

Preferred roles include:

• Private equity intern
• Corporate finance intern
• Valuation or business analysis roles
• Capital markets or equity research experience

Other acceptable internships:

• Market research
• Wealth management
• Search funds
• Real estate finance
• Strategy or consulting at smaller firms

Note: If your experience isn't directly related to investment banking, highlight transferable skills like Excel use, financial analysis, and client support.

Technical Skills

Interns are expected to contribute real work, not just observe. You need to be ready to handle tasks with minimal training. Technical skills include:

• Excel modeling (e.g., 3-statement models, DCFs, sensitivity tables)
• Company valuation (discounted cash flow, comparables, and precedent transactions)
• Basic accounting fundamentals (income statement, balance sheet, and cash flow)
• PowerPoint (for formatting pitchbooks and client materials)

Note: Many interns learn these skills through online training or by building practice models outside of class.

Read: MOIC: What it Is, Formulas, & How to Calculate and Investment Banking Analysis: Financial Valuation for IB Interviews – A Beginner's Guide

Soft Skills

Strong technical knowledge isn't enough. Interns need to perform well in fast-paced teams and under real pressure. What recruiters look for:

• Clear communication skills, both written and spoken
• Attention to detail, especially when reviewing numbers and formatting materials
• Ability to work closely with analysts and other interns on tight timelines
• Professionalism, in both behavior and how you respond to feedback

Note: You’ll be evaluated not just on the quality of your work, but also on how easy you are to work with under pressure.

Leadership and Initiative

Banks want to see that you’ve gone beyond coursework and shown a clear interest in finance. Strong candidates often:

• Hold positions in business or finance clubs (investment clubs, case competitions, etc.)
• Take initiative to network, seek referrals, and reach out to alumni
• Show consistent effort outside of class, like creating models, following deal activity, or reading industry research

Note: If your school doesn’t have a structured investment banking pipeline, showing initiative in finding finance internships or learning skills on your own matters even more.

Where to Find Openings

Note: You can’t rely on one source. Use multiple channels to monitor open roles and get your application in early.

When to Apply

Note: If you’re a freshman or early sophomore, check timelines from each firm directly; some open slots as early as 18 months in advance and close applications within weeks.

How to Structure Your Resume

Investment banking resumes should be short (1 page), consistent, and focused on measurable results. Avoid long sentences and keep formatting clean. Your goal is to make it easy for the recruiter to spot keywords, skills, and experience relevant to the role.

• Prior internships: Even if they aren’t at banks, highlight tasks related to financial analysis, valuation, or working with clients.
• Leadership activities: Show initiative through finance clubs, competitions, or student organizations.
• Technical skills: Excel, PowerPoint, financial modeling, accounting.
• Coursework: Corporate finance, financial markets, valuation, statistics, accounting fundamentals.

Example Resume Highlights Table:

Networking Tips

• Start with alumni. Use LinkedIn and school databases to reach out to alumni in investment banking roles.
• Send clear, respectful messages. Ask for a quick 15–20 minute call to learn about their experience, not for a job.
• Take notes after each conversation. Track who you spoke with, what you learned, and when to follow up.
• Go to events. Attend recruiting sessions hosted by banks, even if they aren’t yet accepting applications.

Getting a referral greatly improves your chances of landing an interview. Networking isn’t optional, it’s a core part of the recruiting process.

How to Prepare for Investment Banking Interviews

Investment banking interviews are structured to assess both technical knowledge and behavioral fit. Most candidates who make it past the resume screen will go through multiple rounds, including HireVue, phone screens, and superdays, with questions covering accounting, valuation, financial analysis, and interpersonal skills. Success depends on how well you’ve prepared in both areas.

Behavioral Questions

Behavioral interviews test whether you can work under pressure, communicate clearly, and fit into a team of analysts and associates. These questions may seem simple, but they often determine who advances. Common questions include:

• “Why investment banking?” – Be specific. Mention real-world experience, previous internships, and interest in financial markets.
• “Tell me about a time you worked under pressure.” – Focus on deadlines, attention to detail, and outcomes.
• “Describe a team conflict and how you resolved it.” – Show your ability to communicate and work closely with others.
• “What motivates you to work in capital markets or advisory services?” – Mention your interest in client work, deal-making, or the pace of the industry.

Technical Questions

You may also be asked:

• Walk through a DCF.
• How would $10 of depreciation affect the three financial statements?
• Explain how you would value a company with negative earnings.

Note: Some interviews may include paper LBOs, quick math tests, or Excel tasks, depending on the firm.

Prep Strategy That Works

1. Build models from scratch. Practice building a DCF or 3-statement model using real company data from sources like Yahoo Finance or investor relations sites.
2. Use technical prep guides. Resources from Mergers & Inquisitions, Wall Street Oasis, and BIWS cover most of what banks ask.
3. Schedule mock interviews. Practice with peers, mentors, or investment banking coaches. Simulate the pressure of real interviews.
4. Follow current market trends.
   • Track major M&A deals
   • Understand what’s happening in equity capital markets or leveraged finance
   • Read financial news from Bloomberg, WSJ, or Reuters

Tip: Aim to spend 30–40 hours on interview prep leading into the superday season. You don’t need to memorize every formula, but you do need to explain your thinking clearly.

Read: Investment Banking Interview Guide: What to Know

Land an Internship With Expert Support

Most investment banking internships are highly competitive, especially at major global banking firms. If you’re trying to break in, whether you’re early in college or applying late, a coach can help.

Leland offers personalized coaching for investment banking applicants. You’ll get:

• One-on-one mock interviews
• Feedback on your resume and cover letter
• Networking support and outreach planning
• Help with your story and behavioral answers

Work with an investment banking coach to improve your chances and feel confident going into recruiting season. Browse Investment Banking Coaches and get personalized help to strengthen your application.

[Investment Banking Coaches' Profile]

Mistakes to Avoid During Internship Recruiting

1. Starting Too Late

Many students wait until junior year to start applying, but by then, most large banks have already filled their summer analyst roles. Recruiting now starts as early as the fall of freshman year for elite boutiques and by sophomore spring for bulge bracket firms.

What to do instead:

• Begin building your resume and network during your first year of college.
• Start preparing your technical skills and finance knowledge well before application season.

2. Weak or No Networking

Sending out applications without any networking significantly lowers your chances of getting interviews. Most firms prioritize candidates who have connected with current employees or alumni.

What to do instead:

• Schedule 30–40 informational chats with analysts or associates before applying.
• Attend recruiting events and follow up with professionals you meet.
• Ask for referrals once you’ve built rapport, not in the first message.

3. Generic Interview Answers

Saying “I like finance” or “I’m good with numbers” won’t differentiate you in an interview. Recruiters are looking for thoughtful answers that show you understand the role and have a strong interest in investment banking.

What to do instead:

• Be specific. Mention a deal you followed, a project from a previous internship, or a financial concept you enjoy.
• Practice explaining why you want to work in advisory services, equity capital markets, or another group.

4. Overloading Difficult Classes Too Early

Taking too many technical or upper-level courses in your first year can hurt your GPA. Banks use GPA as an early screening tool; many set a cutoff around 3.5, and a lower score makes it harder to advance, even if you’re capable.

What to do instead:

• Front-load your schedule with general education or lighter electives during Year 1 to protect your GPA.
• Save advanced finance or accounting classes for later semesters.

5. Not Getting Real Internship Experience

Student clubs, leadership positions, and coursework are helpful, but they won’t replace actual finance internships. Firms want to see that you’ve worked in a business setting, supported real analysis, and gained exposure to the technical side.

What to do instead:

• Target finance-related roles during your first summer: private equity, corporate finance, valuation, or even search funds.
• If you can’t get an internship, work on personal financial modeling projects or join a student-run investment fund to gain experience.

What If You Miss the Main Internship Cycle?

Option 1: Off-Cycle Internship

Many firms, especially in Europe, the Middle East, and Asia, offer off-cycle internship opportunities that take place outside the traditional summer window.

• These internships typically last 3 to 6 months, and recruiting happens year-round.
• Some firms also offer off-cycle spots in New York or San Francisco, though these are less common.
• Off-cycle interns often work with smaller teams and gain broader exposure to valuation, financial modeling, and client presentations.

Where to look:

• London offices of bulge brackets and elite boutiques
• Middle East and Asia-based global banking divisions
• Firms like BNP Paribas, HSBC, Lazard, or Rothschild

Option 2: Boutique Investment Banks

Boutique and mid-market investment banks often recruit later than large firms and may not follow the same rigid recruiting cycle.

• These banks still work on live M&A and capital markets deals.
• You’ll often be expected to contribute from day one, with fewer layers of hierarchy.
• Strong performance can lead to return offers or full-time roles, and make you competitive for lateral recruiting.

How to find them:

• Use LinkedIn and Crunchbase to identify boutique firms by city or region.
• Reach out directly to associates or partners with a short message and resume.
• Be proactive; many of these roles aren’t listed on public job boards.

Option 3: Related Finance Roles

Option 4: Master’s in Finance (MSF)

If you’re approaching graduation without any relevant internship experience, a Master’s in Finance program can offer a second chance at breaking into investment banking.

• Most MSF programs are 1-year, post-undergrad degrees with a strong recruiting pipeline.
• Top MSF schools (e.g., MIT, LSE, ESADE, Vanderbilt) have structured recruiting programs with direct access to investment banking recruiters.
• These programs are especially valuable for students from non-target schools or non-finance majors.

Use this option if:

• You’ve completed a degree but lack finance internship experience.
• You want to reset your recruiting timeline and re-enter the internship or analyst hiring cycle with stronger credentials.

Every Step Counts: How to Build a Standout IB Path

Breaking into investment banking takes early planning, consistent effort, and a willingness to go beyond what’s expected. Whether you're aiming for a summer analyst role at a global firm or considering off-cycle internships, every step you take, from building your GPA and networking to completing finance internships, adds to your credibility. Even if you miss the main recruiting cycle, there are practical paths to get back on track through boutique firms, related finance roles, or graduate programs. With the right preparation and support, especially from coaches who understand the process, landing a top investment banking internship is achievable, even in one of the most competitive fields in finance.

Related Leland Resources

To learn more about investment banking, explore additional resources on wealth management, corporate finance, and career preparation in this lucrative field:

• Investment Banking: What it Is & How it Works
• Wealth Management vs. Investment Banking: Key Differences and Career Prospects
• Top Ten Investment Banks
• The Best MBA Programs for Investment Banking
• How to Break Into Investment Banking–What to Do From Freshman to Senior Year
• 35+ Free Resources to Break into Investment Banking
• How to Prepare for a Career in Investment Banking

FAQs

Is a 3.7 GPA good enough for investment banking?

• Yes. A 3.7 GPA is considered strong for investment banking internships. Most top firms expect at least a 3.5, especially in competitive offices like New York. While GPA isn’t everything, it’s often used as a first-round screening tool.

Do investment banking interns get paid?

• Yes. Investment banking interns are typically well paid. In the U.S., summer interns at large banks often earn $90,000–$110,000 annualized, plus overtime. Pay may vary slightly by region and firm, but it’s one of the highest-paid internship roles.

What do interns do in investment banking?

• Interns support analysts and associates with tasks like financial modeling, company research, preparing client presentations, and valuation work. They often work on live deals and are expected to contribute to client-facing materials and internal analysis.

Is an investment banking internship worth it?

• Yes. A banking internship is the most direct path to a full-time analyst role. Interns gain real-world experience, build technical and soft skills, and often receive return offers. Even if you choose a different path later, the training and exposure are highly valued across finance.