Internships in banking and investment

Most investment banks run summer internship programmes, usually aimed at students in their penultimate year of study, which run for eight to ten weeks from July to September. Some firms will also run a one-week ‘taster’ programme during the Easter break for first years that can help you identify what areas you like and which organisations interest you.

Most investment banking and investment management houses use internships as part of their graduate recruitment process: impress on your internship and you could find yourself with a graduate analyst job before your final year.

How do I find the right investment banking internship?

For most internships students are expected to apply for a particular business area so it’s important you spend time exploring the different businesses and career opportunities that exist within a firm before submitting your application.

'Following my internship I was invited to an interview for a permanent job, and I will return to the commercial banking division after graduation.'
Katrina Kidd, intern, Royal Bank of Scotland

Think beyond the traditional sexy roles of corporate banking and M&A (mergers and acquisitions) as there is more to investment banking than these roles. Attending company presentations, speaking to students who have completed internships and reading organisations’ websites will help you gain an understanding of the business areas.

You can search investment banking internships right here on targetjobs.

How do I apply for an investment banking internship?

You apply for a student or graduate internship with an investment bank or investment management house the same way in which you would apply for a graduate job: by an online application system or, more rarely, CV and covering letter. You may then be invited to an interview and/or assessment centre.

Do your research. There’s no point in saying ‘I’m passionate about markets’ and then not being able to answer a question like ‘Where did the FTSE finish yesterday?’

To make a great impression in your application:

• Think about your skills and how they might be relevant to the role you’re applying for. If you haven’t got any work experience, think about the things you have done and what skills you’ve picked up, for example during extra curricular activities.
• Do your research: recruiters expect applicants to understand the role they have applied for and to know something about the industry. Read The Economist and the Financial Times and not just on the day of your interview.
• Be prepared for questions about the job role and the banking sector, eg ‘What do you think you would do as an analyst for a trader?’; ‘What do you think you are going to do in the first year?’
• Don’t spread yourself too thinly by applying to too many internship schemes; be focused and research a few thoroughly.

What can I expect during an internship?

You will be treated just like any other member of the team. Often you’ll be given a structured training programme but you’ll be expected to participate rather than observe from day one. You are likely to be given a small project to work on, for example yield curve analysis, some IT testing or researching a market. You will have an unrivalled opportunity to find out about different areas of the business and to network with other professionals and like-minded ambitious students.