What To Do If You Have No Investment Banking Internship Offers
February 14, 2025
A few years ago, failing to land a summer internship at a major investment bank wasn’t necessarily the end of the road. Full-time recruiting was still a viable pathway, and firms were more open to hiring candidates without prior experience. However, times have changed. Today, investment banking summer internships are the primary route to full-time roles, and competition is tougher than ever. While missing out on an offer isn’t the end of the world, it does create additional hurdles.
Before diving into your next steps, let’s first clarify what “not getting an internship offer” really means.
What Does “No Internship Offers” Actually Mean?
If you didn’t secure an investment banking internship, it typically means:
- You were seeking a summer internship after your third year of undergrad or first year of an MBA program.
- You targeted top firms—bulge brackets, elite boutiques, and middle-market banks—that usually convert interns into full-time hires.
- You may have had interviews, or attended assessment centers but ultimately didn’t land an offer, and most large banks have wrapped up recruiting.
In summary the main internship hiring drive has passed and unfortunately you haven’t secured a role. This doesn’t include missing out on early-year internships, off-cycle internships, or post-graduation internships, as those have different implications.
Step 1: Are You Absolutely Sure There Are No Offers Left?
Many candidates prematurely assume they have no options when, in reality, recruiting timelines vary by bank, region, and program. Some banks open applications a year in advance, while others finalize hiring later. Before declaring defeat, check application timelines thoroughly, consider how many firms you applied to, and determine whether it’s truly the end of the road. There may be a missed opportunity somewhere!
If you’ve applied to 20+ firms, months have passed, and you’ve only received rejections (or no contact), then it’s likely that you are out of luck with the large banks.
Step 2: Identify What Went Wrong and How to Fix It
Your immediate priority should be securing any relevant internship to stay in the game. Middle-office roles or boutique finance internships are still attractive for your resume so keep searching for roles and networking.
Your next move depends on why you didn’t land an offer, which can be difficult to determine by yourself. However common reasons for not proceeding include:
- Late Applications– you waited until deadlines approached rather than applying early and it was lost in the high volume of applicants.
- Limited Applications – you only applied to a handful of firms instead of casting a wide net.
- Weak Relevant Experience– your background lacks direct finance exposure so did not attract recruiters.
- Low GPA or Non-Target School– this can be an uphill battle and candidates with this need to focus more on networking.
- Under-Preparation– you struggled with technical or behavioral questions in interviews and came across as unprepared.
- Over-Preparation– this is when a candidate has prepared very formulaic (and sometimes overly detailed) answers to questions which have failed to connect with interviewers.
- Lack of Genuine Interest – you couldn’t convincingly articulate why you want to work in IB and have been overlooked in favor of more eager candidates.
Your Plan B will depend on how long it will take to address these issues. If you simply need better interview prep, delaying graduation and trying again could make sense. If you lack relevant experience, securing an alternative internship in corporate finance, wealth management, or a boutique IB firm is your best bet.
Download a free Financial Edge list of 100 typical interview questions that a candidate may be asked in an IB recruitment round. Focus on these types of questions, practice and prepare answers so that your next interview will be a success!
Step 3: Apply for Alternative Internships
Regardless of your long-term plan, an internship is a key catalyst to gaining a full-time job in investment banking. The best options for alternative internships depend on your timeline and experience level:
- Boutique Investment Banks / Private Equity / Venture Capital Firms – if you can secure an off-cycle internship here, it’s a strong way to stay on track for IB full-time recruiting.
- Corporate Finance at Large Companies– while not as directly relevant, big-name companies on your resume can help build credibility.
- Corporate Banking / Valuation / Big 4 Accounting– these roles involve financial analysis and can serve as valuable steppingstones to investment banking.
If you have only a few months to secure something, boutique firms are your best bet through aggressive networking and cold emailing. If you have more time, applying to larger firms can work as well.
Avoid applying indiscriminately to every finance-related internship. Instead, focus on one or two categories and tailor your outreach accordingly.
Step 4: Reassess After Your Alternative Internship
Once your alternative internship is complete, re-evaluate your options:
- If you gained deal experience, delaying graduation and reapplying for summer internships could be viable.
- If full-time recruiting is an option, network aggressively and apply widely at all the major banks as well as boutiques and other financial institutions (though this can be difficult without a prior large-bank internship).
- If your GPA or school reputation remains a barrier, consider a Master’s in Finance or an MBA down the line to boost your academic performance.
Is Full-Time Recruiting an Option?
Winning a full-time offer without a prior summer internship at a large bank can be challenging as there will be candidates who are already familiar with the banks and their teams. As a rule, banks prefer to convert internships into full time graduate positions but there may still be opportunities for others:
- A firm with weak summer intern performance– if a bank had underwhelming interns, they may have additional openings.
- Regional offices and mid-tier banks– full-time opportunities may be more available outside major financial hubs.
- Aggressive networking – referrals from insiders, especially at VP/MD levels, can help candidates get into recruiting rounds.
- Favorable market conditions– if hiring demand is strong, some banks may take a second look at non-intern candidates and widen their net.
No Offer Is Not the End of the World
Not landing an investment banking summer internship can be disappointing, but it doesn’t mean you should give up entirely. Many candidates successfully pivot into IB through alternative paths.
Instead of seeing this as a failure, view it as a redirection: What’s the next-best option that will move you toward your ultimate goal?
By reflecting on what went wrong, securing relevant experience, and refining your approach, you can still break into investment banking—just on a different timeline than originally planned. And if this process makes you realize that IB isn’t the right fit, that’s valuable information, too.
Whatever the case, stay proactive, keep networking, and remain open to alternative pathways into the industry.
Additional Resources
The Ultimate Investment Banking Cold Email Guide
Free Investment Banking Resume Template