How to Get an Investment Banking Internship: Full Guide

The race for investment banking internships has reached new heights of competition, with major banks like RBC, Deutsche Bank, and Guggenheim launching their 2026 summer applications as early as 2024. If you’re serious about breaking into investment banking, this comprehensive guide will walk you through every critical step of the process.

Understanding the New Recruiting Timeline

The investment banking recruiting landscape has fundamentally changed over the past decade. What was once a structured process beginning in your second year of university has transformed into a race that starts as soon as you enter the campus. The major banks are now recruiting earlier than ever, which means you need to begin your preparation from day one of your university career.

First Year of University: Building Your Foundation in Finance

Your first year of university sets the foundation stones in place for success in investment banking recruitment. The choices you make during this period will significantly impact your chances of landing that coveted internship, so it’s important to get it right.

Choose your Major Strategically

Your major selection carries significant weight in the recruitment process. Although finance and accounting have long been the conventional choices, banks are increasingly recognizing the value of STEM majors due to their strong quantitative skills. Engineering, mathematics, and statistics majors also stand out for their analytical capabilities.

However, if you’re not at a top 5 university, avoid non-quantitative majors like sociology or art history, as these can make your path more challenging. Increasingly, successful candidates for new finance roles are coming from more varied fields of study, including degree subjects like history and music but this may be a slower process than those with more math-based quantitative skills. Candidates can always pivot to finance from their non-finance degrees.

Maximize your GPA Strategy

Investment banks tend to use GPA (grade point average) as a primary screening tool, making it one of your most important metrics. You’ll need a minimum of 3.5 in the US, but realistically, you should aim as high as possible to better your chances. The secret to maintaining a strong GPA lies in strategic course planning. A good tip is to front-load your schedule with courses where you’re confident you can excel and save the more challenging technical classes for later years when you’ve built a solid GPA foundation.

Early Professional Development

A student’s first year should focus heavily on building relevant skills and experience to support an investment banking application. Join one or two finance-focused student organizations but remember that quality matters more than quantity. Focus on organizations where you can take on leadership roles or gain practical experience through activities like student investment funds or case competitions. Finding something you enjoy should make this an easy add-on to your university experience, whether it’s the University Investment Club or a sport or debating club you have a passion for.

First Year of University: Investment Banking Internship Guide

The summer after your first year has become increasingly significant in the recruiting timeline. While landing a bulge bracket investment banking internship might not be realistic at this stage, securing a finance-related role is essential. Focus your search on positions that will give you relevant experience and exposure to financial analysis. This will enable you to present an attractive CV with some relevant experience to potential internship recruiters.

Search funds, regional boutique banks, and corporate finance roles at local companies can provide excellent steppingstones to gaining experience. Finding a position within wealth management or at the Big 4 accounting firms can also be valuable experience. The key is to gain exposure to financial analysis and begin building your professional network.

Technical Preparation and Skill Building

While networking and experience are crucial, technical competency remains a fundamental requirement. Banks will typically offer some training prior to starting an internship, but this will not help during the interview process. Dedicate time to independent learning prior to applying for roles. Financial Edge offers a range of online training modules and micro-degrees to enhance an individual’s financial education and prepare them for roles within investment banks. When studying it is helpful to make sure these areas are covered:

1. Financial Statement Analysis

Understanding how to read and analyze financial statements is fundamental to an entry-level analyst’s role. Focus on learning how the income statement, balance sheet, and cash flow statement interact. See if you can understand how much cash (or debt) a company holds and how much profit and cash it generates annually by looking at the three statements together.

2. Valuation Methodologies

Master the basics of company valuation and interview questions will be easier to tackle. As a starting point focus on these areas – find the strengths and weaknesses of each one as a valuation tool:

• Discounted Cash Flow Analysis
• Comparable Company Analysis
• Precedent Transaction Analysis

3. Financial Modeling

Learn to build basic financial models, starting with three-statement models and progressing to more complex valuations. Understanding the drivers of a model would be very helpful here – interviewers will not want to hear a long description of how a model is built, but rather what its outputs are and how they can be manipulated within the model.

Financial Edge has a series of free downloadable excel templates looking at modelling skills.  To enhance your chances of interview success, enroll in one of Financial Edge’s micro-degrees to learn more about specific aspects of financial analysis. The Investment Banker covers 60 hours of online learning specifically designed to support entry-level analysts beginning their careers in investment banks.

4. Networking

Successful networking in investment banking can feel intimidating to start with but with a systematic approach, it can be a rewarding and learning experience. Your goal should be to conduct meaningful conversations with as many bankers as possible before applications open. Start with your university’s alumni network, as these connections often prove most valuable.

When reaching out, always be specific and well-prepared. Research your contact’s background, their firm, and recent deals they may have worked on. Quality matters more than quantity – focus on building genuine relationships rather than collecting business cards. Most bankers will be keen to help you if they can, so prepare your questions carefully and make sure you focus on their experience in both being recruited and the role they have, as both will help you in the long run.

Estimated Timeline – Investment Banking Recruitment Activities

This is a typical 12-month timeline for internship seekers in the investment banking recruitment space

January–March

• Networking: concentrate on making as many contacts as possible and establishing relationships where you can.
• Attend firm-hosted events like info sessions, coffee chats, and diversity panels.
• Build relationships with recruiters and alumni to stay informed about timelines and upcoming opportunities.

Early ID & Diversity Programs

• Applications open for Early ID programs (first- and second-year students) and diversity initiatives.
• Participation in these programs often leads to early access to interviews and mentorship.
• Applications for Revenue-Generating roles open.
• Large firms begin opening applications for summer internships in investment banking and other front-office roles.
• During this time, apply as soon as possible, as applications are reviewed on a rolling basis, with some interviews starting immediately.

March–May

• Applications continue – keep checking websites for details.
• Boutique and smaller firms open applications for summer internships.
• Non-revenue roles (e.g. HR, operations, technology) may also begin recruitment.

Interviews & Offers

• First round and Superday interviews take place, with offers extended by late spring.
• Early ID participants may receive priority consideration for interviews.

May–July

• Boutique firm applications open – if you have contacts, let them know that you are keen and looking to apply for an internship.
• Boutique and regional firms ramp up applications for internships.
• Smaller firms may recruit closer to the internship start date, providing additional opportunities.
• Interviews take place for boutique and smaller firm roles.
• Firms continue conducting interviews and extending offers on a rolling basis.

July–September

• Interviews & offers take place.
• Many large firms aim to conclude summer internship recruiting by late summer.
• Networking opportunities remain available through coffee chats and informational interviews.

September–December

• On-Campus recruiting begins at the start of the academic year.
• Firms engage in career fairs, info sessions, and industry showcases to connect with students.
• Continue networking and learning about next-year recruitment cycles or Early ID programs.
• Interviews & offers are ongoing.
• Boutique firms may continue late-cycle recruiting.
• Some firms may promote roles for the following year’s internships or full-time offers.

Second Year of University: Investment Banking Internship

As you enter your second year, the formal recruiting process begins. Stay vigilant for application openings, as timing can vary significantly between banks. Find out when applications opened the previous year and keep checking sites for more information. Your focus should be on:

1. Application Materials

Create a compelling resume that highlights your academic success, quantitative abilities, leadership experiences, and relevant internships. Download a free template guide to create your resume. All cover letters should be carefully customized for each bank, demonstrating your knowledge of their recent deals and corporate culture. Attention should be paid to make sure the details are correct, and any personalization is likely to catch the eye of anyone who is reading it.

2. Investment Banking Interview Preparation

Dedicate at least 30 hours to interview preparation, covering:

• Technical questions
• Behavioral questions
• Market knowledge
• Recent deals
• Industry trends

Download Financial Edge’s template of Internship questions to practice and significantly improve your chances of impressing during an interview!

Alternative Paths and Backup Plans

If you miss the main recruitment window or face setbacks, consider these alternative routes as an inroad into investment banking. Often it is possible to get an alternative role within a corporate and then transfer departments, if you feel you still want to work in investment banking. Also, recruiters are always keen to hear from candidates who have more experience and have held roles at smaller banks or institutions as they understand the role requirements.

• Corporate Banking or Corporate Finance roles with potential for lateral moves
• Boutique investment banks which often have more flexible recruiting timelines
• Equity research positions
• Masters in Investment Banking programs for a complete reset

Regional Variations

The recruiting process varies significantly by region. London and Hong Kong tend to offer additional entry points through spring weeks and insight programs. Canadian banks are increasingly aligning with U.S. timelines but may still offer more flexibility. Understanding these regional differences can help you maximize your opportunities.

Keys to Success

Success in securing an investment banking internship requires dedication, strategic planning, and consistent execution. Start early, maintain focus on your goals, and remember that each interaction, grade, and experience contributes to your candidacy.

Treat your internship preparation as a parallel full-time job alongside your studies. The competition is intense, but with proper preparation and dedication, you can position yourself effectively for that coveted summer analyst role.

The Investment Banker courses offers training similar to that received by new hires at major investment banks. This online program includes modules on accounting, financial modeling, valuation (including discounted cash flow), as well as M&A and LBO analysis.

Conclusion

Remember that securing an investment banking internship is a marathon, not a sprint. While the process may seem overwhelming, breaking it down into manageable steps makes it achievable. Stay focused on your goals, maintain your GPA, build meaningful relationships, and develop your technical skills. Most importantly, start early – in today’s competitive landscape, being early is being on time, and being on time is already too late.

Additional Resources

Investment Banking Courses

Free Investment Banking Resume Template

A Day in the Life of an Investment Banking Intern

Getting Hired in Investment Banking