Horrors as banks open applications for summer interns in 2024
If you're the sort of student who likes to take their time applying for internships, researching companies, reading reviews and generally contemplating which firm is best to apply to, we have some bad news for you. If you want to get an internship at an investment bank, you probably need to act fast - particularly if you're in the US.
Banks in America have long had a reputation for trying to hire summer interns (AKA "summer analysts") as early as they possibly can in order to get the pick of the best talent and to gain an advantage over rivals. This year, some are hiring earlier than ever.
It's not every bank (yet), but Rothschild and RBC Capital Markets are already advertising for summer analysts in the US for...2024. Rothschild is looking for summer 2024 analysts for M&A, ECM, DCM and restructuring. RBC Capital Markets wants them for similar roles, plus areas like leveraged finance and convertibles.
The 2024 internships are open to current university students. RBC Capital Markets wants applications from people who will be in their penultimate year when the internship takes place. Rothschild wants applications from people who will be graduating "no later than May 2025."
In both cases, the implication is that students who've only just arrived at university (sophomores), need to get themselves organized ASAP and to apply for internships that won't happen for nearly 20 months. This is a big ask, particularly if you know nothing about investment banks and investment banking.
The return of crazy-early recruiting comes after most big banks agreed to ditch the practice a few years ago because of the pressure students were under. In Europe and at most large banks, the application process is now more gentle, although it can still help to apply as early as possible.
Landing a summer internship/summer analyst position is incredibly important if you want a full time position in a bank after you graduate. Some banks fill all their graduate roles with interns from the summer before. Morgan Stanley, for example, is (as usual) not advertising any full time graduate openings in its institutional securities division (its investment bank) for next year....
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