Why an Investment Banking Internship Could Be Right for You
Interning at an investment bank isn’t for everyone, but if you have the right personality and work ethic, it could be the perfect fit for you. These banks handle billions of dollars worth of transactions each year, meaning you’ll have plenty of real-world experience in your field by the time you finish your internship, and likely several important contacts to help make your career even more successful after college than it would have been otherwise.
What Is Investment Banking?
Investment banking is one of those words with a whole lot of baggage. It brings to mind massive salaries, fancy cars, and 100-hour workweeks. But those things are not normal in investment banking. An investment banking internship—which lets you try out all aspects of finance before making a long-term commitment—may be perfect for you. Learn what investment banking is and why it could be right for you! Every major investment bank has different internship requirements based on where you live and your degree program, but most internships require completion of at least one year of undergraduate study in an area related to finance or economics. Some banks may also prefer students who have already completed some coursework or practical experience in subjects like accounting or business strategy. Investment banking internships usually last 12–14 weeks full-time (depending on your country) during the summer between your first year and second year of school, but they often start earlier so take that into account when considering timing. Keep reading for tips on getting into investment banking...
What Can I Gain From an IB Internship?
There are several things you can gain from an investment banking internship, including career exposure and income. The knowledge you gain during your summer break can be used in a variety of ways to advance your career when school starts back up again in September. It is also a chance to build relationships with recruiters at companies that interest you, like top investment banks. An internship at one of these firms may give you access to opportunities beyond what you would receive as a non-intern employee. You can also gain experience in your field. An investment banking internship gives you hands-on experience that may lead to career opportunities in future. By working for a prestigious firm, you will also develop relationships with recruiters and senior executives who can help you find full-time employment after graduation. This means that interning at a top investment bank could put you on track to earn substantial paychecks right out of school—or even before graduation if you accept a full-time position.You should note, however, that an investment banking internship is not right for everyone. In fact, there are several factors to consider before accepting such a position, including how your degree is relevant and whether or not it’s possible to work with your school schedule and be available during certain hours.
How Much Does This Program Cost?
An investment banking internship is a paid position. The median salary is $40,000 and many interns report receiving signing bonuses of up to $10,000. Many analysts also get a year-end bonus of around 3% of their annual base salary. Of course, it varies by firm and location but that's a good rule of thumb. Aside from compensation, investment banks will provide you with all necessary tools to succeed. It’s expected that your company pay for your travel expenses (flight + hotel) if you’re coming from out-of-town, but you can be reimbursed if that doesn’t happen—that just depends on how good your relationship is with your team/manager/supervisor etc. If you're interested in learning more, you should check out Wall Street Oasis' Summer Analyst Guide. It's a comprehensive guide that offers all of the inside information on investment banking internships. But be careful...it's almost 2,000 words long! If you don't have time to read through it all at once, bookmark it and come back to it later when you have time. Steps 1-4: Step 1: Figure Out What’s Important When Choosing a Firm: Firms differ in terms of their culture, size and reputation.
How Do I Get Hired as An IB Intern?
Investment banking internships usually last anywhere between 3 and 9 months. During your time as an investment banking intern, you’ll be assigned a buddy in your department. In most cases, they’re around your age who has been in IB for 1-2 years (or more). Your job will include running around and doing whatever they tell you to do. This could mean getting coffee or printing out reports—whatever it is, just make sure you don’t annoy them too much. If you do, then don’t expect to have a good internship experience. Investment banking interns are always considered to be at the bottom of the totem pole. So don't get upset if you feel like other interns are being paid more than you or are being treated better by management - that's just how it is during investment banking internships! Remember that these other people are trying to build their careers while your main focus should be learning about investment banking and figuring out if it's right for you! At some point during your internship (usually after 2 weeks), HR will sit down with everyone and talk about compensation packages.
Should I take Another Job Instead of an IB Internship?
For anyone who’s applying for investment banking internships, it can feel like a no-win situation. If you don’t get one, you might be stuck taking a more junior-level job that pays less and gives fewer opportunities to prove yourself to future employers. But, if you do get accepted into an investment banking internship, are you doomed to turn into a corporate sellout and sell your soul? The answer isn’t so simple. There are plenty of reasons why taking another job might be preferable (if only in some cases). Here are just some of them: 1. Your first choice is not hiring interns 2. Your second choice is not hiring interns 3. You have already received offers from other companies 4. Your current employer will not pay for your IB internship 5. The investment banking internship does not cover all expenses 6. Your company has been acquired or sold 7. You have taken too many investment banking internships 8. Your company is laying off employees 9. No other banks want to hire you as an analyst 10. A position at your target bank will interfere with school 11.
