Leading Investment Banking Internship Programs
April 2, 2025
The landscape of investment banking internship programs represents one of the most competitive entry points into high finance. According to figures posted by Goldman Sachs, the company received over 300,000 applications for its 2024 internship program. From that pool of talent, just over 2,500 interns were hired. This demonstrates just how tough it can be to secure a role at a top tier firm. Securing these coveted positions requires a high level of preparation and excellent credentials.
Compensation of Investment Banking Internships
The compensation for finance interns has seen remarkable growth, with 2023 figures suggesting an almost 20% increase in pay across the top Wall Street firms. Summer internships can provide substantial earnings, ranging from earning $10,000 in commercial banking to $35,000 or more at prestigious hedge funds over a 10-week period. This generous compensation structure extends into full-time positions, where first-year junior bankers can expect base salaries around $130,000, not including bonuses and other benefits.
Leading Investment Banking Internship Programs
Internships typically range from 6-12 weeks depending on the firm, with some initial training or induction to the company provided before interns are moved onto team desks. Programs typically rotate interns to allow them to see various parts of the bank, but some institutions may not offer this. The upside to students is that they get to see more aspects of banking life, but the downside is that they may not get to form bonds or work in more detail with preferred teams.
Internships can be ringfenced for a particular level of students or post-graduates so if you don’t fit those parameters, it may restrict your chances of success when applying. Many investment banks will coordinate employing a significant number of interns across the globe which can also offer an interesting insight into the global roles within banks.
Here are some details of the leading investment bank internship programs (in alphabetical order):
Bank of America
- Location: United States, Canada, Europe, Middle East, Africa, Asia Pacific, Latin America
- Approximate Duration: 10 weeks
- Program Focus: Client engagement, portfolio review, operations, and product research
- Notable: Strong emphasis on client-facing experiences
- Key Feature: Structured mentorship program
- Prerequisites: Open to both undergraduate and advanced degree students
Barclays
- Location: Americas, Europe, Asia Pacific
- Approximate Duration: 10 weeks
- Program Focus: Advisory, financing, and markets
- Key Component: Direct client exposure and deal participation
- Notable: Comprehensive training program
- Prerequisites: Penultimate year university students
Citigroup
- Location: Global presence across all major financial centers
- Approximate Duration: 10-12 weeks
- Program Focus: M&A, divestitures, underwriting, and financial restructuring
- Key Component: Extensive exposure to debt, equity, and derivative securities
- Notable: One of the longest-running internship programs
- Prerequisites: Open to second-year students from all disciplines
Credit Suisse
- Location: Global presence
- Approximate Duration: 10 weeks
- Program Focus: Investment banking, capital markets, and sales & trading
- Key Feature: Rotational program across different divisions
- Notable: Strong training component and networking opportunities
- Prerequisites: Second or third-year undergraduate students
Deutsche Bank
- Location: United States, Europe, Asia Pacific
- Approximate Duration: 9-10 weeks
- Program Focus: Financial analysis, market research, sector analysis, and pitch presentations
- Compensation: Approximately $7,083 per month
- Notable: Strong emphasis on global markets exposure
- Prerequisites: Third-year undergraduate students from any field
Goldman Sachs
- Location: North America, Europe, and Asia
- Approximate Duration: 6-12 weeks
- Program Focus: Investment Banking Summer Analyst Program specializes in M&A, pitchbook development, and large-scale financial transactions
- Distinguishing Feature: Most prestigious program according to Vault surveys
- Notable: Record 315,126 applications in 2024 with 0.9% acceptance rate
JP Morgan
- Location: Global presence
- Approximate Duration: 9-10 weeks
- Program Focus: Financial modeling, valuation, leveraged buyouts, and capital markets advisory
- Key Feature: Comprehensive rotation across different banking divisions
- Notable: Extensive global network and diverse project exposure
- Prerequisites: Three years of undergraduate study completed
Morgan Stanley
- Location: North America, Europe, Asia, Brazil, United Arab Emirates
- Approximate Duration: 10 weeks
- Program Focus: financial analysis, research presentation, M&A exposure, and cross-departmental collaboration
- Key Component: strong emphasis on deal exposure and client interaction
- Prerequisites: open to second or third-year undergraduate students
- Notable: known for extensive training and development programs
UBS
- Location: Global presence
- Approximate Duration: 10 weeks
- Program Focus: Investment banking, global markets, and asset management
- Key Feature: Strong emphasis on wealth management exposure
- Notable: Extensive international networking opportunities
- Prerequisites: Second or third-year undergraduate students
Wells Fargo
- Location: Primarily United States
- Approximate Duration: 10 weeks
- Program Focus: Investment banking, commercial banking, and markets
- Key Component: Strong domestic market focus
- Notable: Comprehensive training and development program
- Prerequisites: Rising seniors or graduate students
What You Need to Know About Investment Banking Internships
All the investment bank programs are highly competitive, and it is worth noting that the acceptance rates from the high volume of applications they receive is between 1-3%. Do not be put off if you don’t get invited to the initial assessment – there may simply be too many applicants. Keep applying to other places and follow up with any contacts that you have made.
The Interview Process
The Internship interview process typically involves multiple rounds, including:
- Initial online application and assessments
- First-round interviews (usually virtual)
- Superday or assessment center (multiple interviews in one day)
- Technical and behavioral evaluations
The interview process will likely be rigorous as banks seek to hire the best candidates. Be as prepared as possible and make sure you are suitably attired (business suit or business casual) for each interview, even virtual calls. Looking and behaving in a professional and courteous manner will help set you apart from peers.
Common Application Timelines
Typically, summer internship applications open in July-August (of the previous year) with an application deadline of September to October. This may vary depending on the firm so make sure you check websites and subscribe to any updates or newsfeeds that may reveal when recruitment is beginning.
Interviews for internship roles typically take place in October to December with offers extended from December to January. It is important to prep for any interview, both to understand the company you are hoping will employ you and also brushing up on interview skills and financial knowledge ready for questions.
To maximize your chances of securing your dream internship, download 50 Internship Technical Interview Questions.
Other Internship Facts
Internships are well worth the effort of securing due to the high conversion rate: most programs aim for 70-90% conversion from intern to full-time analyst. Nearly all internships are paid roles in the leading investment banks. Compensation can be in the range of $6,000-$8,500 per month, with additional housing stipends or relocation allowances. However, the aim of an internship is to secure experience and make connections with those within the industry so make sure you choose a role that best suits your career rather than aiming for the highest salary at this early stage.
Training is an important aspect of internships. All programs should include 1-2 weeks of intensive training before the actual internship begins. This helps prepare interns for the specifics of the roles they have been selected to do. It’s important to make the most of this training, both for when you are given projects to complete and also to keep improving your own educational journey into finance.
Path to Becoming a Successful Investment Banker
Securing these investment banking internships typically requires having a strong academic background and some experience and knowledge of finance. These are some of the best skills to have to attract a recruiter:
- Strong academic performance at target universities, though firms are increasingly considering candidates from non-traditional backgrounds
- Demonstrated interest in finance through coursework, student organizations, or previous internships
- Technical skills including financial modeling and valuation
- Exceptional analytical and communication abilities
- Early preparation, as recruitment often begins a year in advance
Investment Banking Internship Experience
Experience in internships can vary between firms, primarily if a scheme is based on rotation around different areas of the bank or specifically to assist certain teams in projects and desk support. Modern investment banking internships go beyond traditional financial analysis tasks. Interns can expect:
- Direct involvement in live deals and transactions
- Exposure to senior bankers and clients
- Formal training programs in financial modeling and technical skills
- Mentorship opportunities with experienced professionals
- Networking events and speaker series
- Rotation across different departments to gain broad exposure
Not all internships will offer all these options but make the most of what experience you can get and keep networking with colleagues who have roles that interest you.
Career Progression in Investment Banking
A successful internship often serves as a direct pipeline to full-time employment. Many firms convert between 70-90% of their summer interns into full-time analysts which emphasizes the importance of securing an internship early on.
The experience gained during these internships proves invaluable for building a professional network within the industry and maintaining contact with those who may be able to help you with career advice. It will also help in developing technical and soft skills required for a successful career.
One of the benefits of an internship is understanding the day-to-day responsibilities of investment banking which can help make better informed decisions about career progression. Having seen how a bank operates and roles that different teams play can really help when evaluating different career paths within finance. An internship in investment banking may highlight the career opportunities in that field, or it may also introduce areas such as Risk or Treasury as an alternative career path in finance.
Emerging Trends in Investment Banking Internships
In recent years there have been new developments within internship programs and the field continues to evolve. Firstly, there is increased focus on technology and digital transformation projects, as well as greater emphasis on sustainable finance and ESG initiatives. This may attract bankers from different fields of study who are interested in the economic benefits of certain projects.
There are also many more remote and hybrid working arrangements in place and an enhanced focus on work-life balance. There may be established wellness programs within firms to support individuals in their careers.
The industry has also evolved to seek a broader and more diverse range of academic backgrounds. Typically, an economics or mathematics background would have been sought by recruiters but now the range of subjects has broadened considerably. Firms will also consider hiring individuals who have not had a university education to help bring alternative thinking and diversity into the company.
The Competitive Edge: Preparation Strategies
So, in summary, to stand out in the application process, a successful candidate should typically:
- Begin preparation at least a year in advance
- Develop strong technical skills through self-study or formal training
- Build a network through industry events and alumni connections
- Gain relevant experience through student investment clubs or finance-related activities
- Master behavioral and technical interview questions
The investment banking internship landscape remains highly competitive but offers unparalleled opportunities for career development and financial rewards. While the acceptance rates may be daunting, thorough preparation and dedication can significantly improve one’s chances of securing these prestigious positions.
As the industry continues to evolve, these internships serve as crucial stepping stones into the world of high finance, providing invaluable experience and networking opportunities that can shape entire careers. Build up your investment banking skills with our leading investment banking courses that will help you break into the career.
Additional Resources
Investment Banking Summer Applications