How to nail a competitive 2022 summer internship at Wall Street banks like Goldman Sachs and Morgan Stanley
Reed Alexander | Publié le | Mis à jour le
- Summer internships at Wall Street banks boast some of the most sought-after undergrad opportunities.
- Nailing down an internship could mean starting your search as early as 12 to 18 months beforehand.
- Our reporting can help you stay on top of the recruiting cycle and stand out on interviews.
- See more stories on Insider's business page .
Today's interns could be tomorrow's managing directors.
Even if that's somewhat of a stretch, it's true summer internships on Wall Street are a key pathway to finding full-time employment at investment banks.
They're also extremely competitive, with banks receiving hundreds or thousands of applications for a relatively small number of roles each summer.
Being proactive about recruiting as an undergraduate can pay off in droves later. Successful interns at top firms during the summer before their senior year can expect to walk away with an offer letter for a job that often pays upwards of $100,000.
Insider is tracking Wall Street internships, from which firms have already issued offers for next year's class, to just how far in advance you need to start thinking about recruiting.
Here's our guide for claiming one of these coveted opportunities for yourself.
When does investment-banking internship recruiting start?
The journey to an investment-banking internship starts with an application and lots of research.
In recent years, investment banks have opened application portals and kicked off campus recruiting earlier. Insiders say it's a reflection of the urgency they feel to lock up the most competitive undergrad talent.
"When you think about the recruiting timeline and the matriculation to full-time analyst program, that journey really starts two years earlier," Andrea O'Neal, a senior coach with Management Leadership for Tomorrow, an organization that helps mentor and prepare diverse students for careers in the finance industry, told Insider in an interview in February.
We mapped out the timeline to nab an IB summer analyst role, which can begin as early as 24 months before the summer gigs actually do.
Interview prep: What is a superday?
A superday is a competitive, rapid-fire sequence of multiple interview rounds for internship candidates conducted by senior bankers like managing directors and vice presidents
At this phase, human-resources professionals or campus recruiters are less likely to be involved than they were at the outset of the recruiting process.
Insider reviewed two lists of questions developed by Goldman Sachs and Morgan Stanley that you can use as you think through your interview strategy.
REVEALED: 22 questions from Goldman Sachs and Morgan Stanley to help prep prospective interns for intense 'superday' interviews
How much do Wall Street summer analysts get paid?
Investment-banking interns are generally designated as "summer analysts."
At banks like Goldman Sachs, Morgan Stanley, Bank of America, Citigroup, and Evercore, offer letters for some 2022 summer analyst positions were sent as early as May, Insider's reporting showed.
At firms like Goldman and Citi, interns can earn a salary of $85,000 in base annual comp, which is prorated over the course of their 10-week internship.
Some firms also include special bonuses and other monetary perks.
For instance, Evercore offered interns who accepted their offers within one week of receiving them a bonus of $2,500. Plus, all interns will receive a special payment of $7,500, paid within their first 30 days on the job, according to a summer 2022 offer letter that Insider reviewed this spring.
Diversity programs like Citigroup's Early ID help BIPOC candidates enter the financial-services industry
For undergrads from diverse backgrounds, numerous banks have established specialized recruiting programs designated to recruit BIPOC candidates.
Citigroup is one. This spring, the bank gave Insider an exclusive look at its Early ID program, which was established in 2017, and attracts thousands of applicants every year. The program accepts applications from diverse students for multiple business lines like markets, consumer services, human resources, and its banking, capital markets, and advisory group.
We spoke to William Pemberton, a Citigroup senior analyst who came to the firm through the program, to learn more about how it shaped his experience.
Other firms like JPMorgan also operate programs like Advancing Black Pathways, and Credit Suisse has teamed up with schools like the University of Pennsylvania to run trainings aimed at enrolling students of Black, Latinx, and Native American descent.
Citigroup showed us how its Early ID program trains and mentors thousands of diverse candidates every year to help them ace their interviews and land internships at the global bank.
Consulting internships at McKinsey, BCG, and Bain are kicking off earlier than ever
It's not just investment-banking internships that are competitive.
Summer internship recruiting for 2022 at the Big 3 consulting firms - McKinsey, Bain & Co., and the Boston Consulting Group (BCG) - is also starting earlier than ever this year, Insider reported in August.
BCG, for instance, opened its application for 2022 summer interns about six to eight weeks earlier than in previous years.
And McKinsey's first application deadline for summer 2022 interns was also in July, roughly a month earlier than last year's deadline, a spokesperson told Insider via email.
Insider mapped out the key recruiting dates and timetables to know if you're in the market for a internship next summer at the Big 3 consulting firms and Big 4 accounting firms. You'd better hurry though, as some firms' application portals have already begun to close.
Want to land a 2022 summer internship at McKinsey, Bain, or BCG? Hurry up - some application portals at Big 3 consulting firms are already closing.
Even private-equity megafunds are broadening their undergraduate recruiting programs to identify candidates for full-time roles
After years of relying on hiring junior investment-banking analysts after they spend two years at the desk, private-equity firms are now battling with investment banks to recruit talent directly from college campuses to fill entry-level, often six-figure roles.
Thanks to virtual recruitment, the group of schools that KKR, a private-equity giant, targets for entry-level talent has broadened, Insider reported in July.
KKR launched its first formal analyst program in 2020 , which it filled with college graduates, many of whom had interned at the firm previously. Insider spoke to Grace Koo, the firm's head of talent acquisition, for additional details.
A KKR talent exec says the private-equity firm's college recruiting is expanding beyond core target schools
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