There are many compelling reasons to work in investment banking today. Aside from the mere “social prestige” that candidates are looking for by pursuing this elitist career path, there are several tangible benefits that are objectively hard to match, including:
All these benefits explain why investment banking is such a sought-after industry. Now the question is: what are the best internship programmes to apply to? What criterion should you use to select the most rewarding, career-boosting, prestigious programmes out there? This is what we’re going to see in this article.
First, we will discuss the main criteria you should have in mind when selecting internship programmes, if you want to accumulate high-quality experience on your CV.
Second, we will present a hand-picked list of 10 best investment banking internship programmes this year, so that you know where to apply. Let’s get started!
Brand power of the firm
But because having a prestigious name on your CV sends a very strong signal to prospective recruiters: that you are a top-tier candidate, which has been “validated” by a top-tier firm.
There is a reason why most PE mega-funds (such as Apollo, Carlyle, Blackstone, or KKR) are predominantly recruiting PE associates from bulge-bracket investment banks: having a top name on your CV proves that you’ve been through a highly selective process and that you’ve emerged successful from that process.
A good brand name on your CV is like a “stamp of quality” from the perspective of the recruiter. That’s why internships at places like GS, JPM, or Citi open so many doors, and that’s why tens of thousands of candidates want to apply there.
Reputation of the firm in the department of your interest
Some have stronger reputations in M&A, while some are better ranked in ECM, etc. Every bank has its own areas of expertise – areas in which they have a world-class reputation.
For instance, Goldman Sachs has a reputation for being the #1 investment bank in the world for large-cap M&A transactions (according to several industry ranking and top executives).
Barclays is reputed for providing extremely high quality research in equities, among other things. UBS outclasses most of its competitors in wealth management – something they’re extremely good at.
It’s important to be aware of the strengths and weaknesses of each bank before applying anywhere. The best way to learn that is to network and get in touch with senior professionals working at these institutions.
Duration of the programme
It’s also important to look for the duration of the internship programme. The longer the programme, the better, for three main reasons.
First, with a long programme, you get a chance to obtain more exposure to the work investment bankers do, potentially accelerating your learning curve.
Second, longer internships give you the opportunity to spend more time networking with bankers, enabling you to tap into your connections to advance your career in the future (you’ll also have more opportunities to find mentors).
Third, recruiters place a higher value on longer experiences, meaning that a 4-month internship will usually have a higher market value than a 2-month internship – all other things equal.
Location
The location of the internship obviously matters. All offices are not equal. Some primary locations such as London or New York will offer a much more vibrant working environment than a small “satellite office” in a random city.
In general, it’s best to target big cities that are well established as global financial centers.
Global cities will send a stronger sign on your CV, you’ll meet a higher caliber of people (because it’s more competitive there), you’ll get an opportunity to work on more prominent deals, and you’ll likely benefit from a stronger infrastructure for learning and networking.
Perella Weinberg Partners Advisory Summer Internship Program
Duration: 10 weeks
Location: New York, London, Houston, Calgary, Chicago, Los Angeles, Munich, Paris, San Francisco.
Lazard Summer Analyst and Summer Associate Program
Duration: 9 weeks
Location: New York, Boston, Chicago, Houston, Los Angeles, San Francisco, London
JP Morgan Investment Banking Summer Analyst Internship Programme
Duration: 9 to 10 weeks
Location: Global
Aurelian Tran is the founder of Alpha Lane and an ex-Goldman Sachs analyst who has spent 4+ years working in the investment banking industry.
He founded Alpha Lane to help students and young professionals achieve their highest professional ambitions, by securing offers at top-tier financial institutions.
@2022 Alpha-Lane. All rights reserved.
