Playing strategic catch-up
– AMObserver, March 31, 2025.
Larger bulge-bracket banks and many elite boutique investment firms begin their interview processes for “rising senior” summer internships in the spring of sophomore year—nearly 18 months before the internship starts. They typically extend offers by May of sophomore year.
That said, some investment banking internships remain available in the summer before junior year or into the early fall. A number of regional and boutique investment banks don’t post internship opportunities until the early fall of junior year.
To secure a full-time banking analyst position, completing one of these summer internships is critical. Nearly all full-time, post-college investment banking program analyst roles are filled by candidates who went through the firms’ respective summer internship programs. While a few private equity firms hire directly from undergraduate programs, they prioritize candidates with investment banking summer experience.
Once the fall semester of junior year ends, the opportunity to secure an analyst role at an investment bank, and therefore an associate role at a private equity firm, is basically over. However, alternative paths for the balance of junior year and into senior year are still possible, though they are much more limited. For example, joining roles such as equity research, capital markets, or financing groups at investment banks can eventually lead to the buyside. For example, roles in equity research, capital markets, or financing groups at investment banks can eventually lead to the buyside. Other related positions, such as operations, marketing/IR, and trade support, may offer a pathway into investment banking.
Some students also pursue positions in accounting/valuation at a Big 4 firm, in industry/corporate finance, or at premier strategy consulting firms. These roles can serve as stepping stones to investment banking and the buyside.
Graduate school, such as an MBA or a master’s degree in quantitative fields, can help relaunch a career trajectory for those aiming to enter investment banking and the buyside. Certifications like the Chartered Financial Analyst (CFA) designation are also valuable, particularly for hedge fund analyst roles.
Meanwhile, many banks have expanded their campus recruiting beyond Ivy League and “Top 20” national universities/colleges, although these schools still fill about 80% of analyst hires. A recent AMObserver survey revealed that the University of Pennsylvania’s Wharton School led the way for top investment banking analyst roles recently secured in New York City, followed closely by NYU’s Stern School of Business, which performed nearly on par with Wharton.
Students from other top-ranked business programs have also succeeded in landing analyst roles, including those from Indiana University’s Kelley School of Business, The University of Texas at Austin’s McCombs School of Business, UC Berkeley’s Haas School of Business, the University of Michigan Ross School of Business, and the University of Wisconsin’s Madison School of Business.
Students from schools such as the University of Florida, Florida State University, Middlebury College, Texas A&M University, and the University of Connecticut also secured investment banking analyst positions. These students excelled academically and majored in business or finance.
Finally, students from international business programs, including The London School of Economics (UK), Queen’s University Smith School of Business (Canada), and Western University’s Ivey Business School (Canada), have also made their mark in top investment banking roles.
READ PART 1: How College Sophomores Land Lucrative Back-to-Back Finance Jobs upon Graduation (Article 1 of 3)
READ PART 2: How to Navigate Buyside Hiring from College Move-In Day through Sophomore Year
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