As 2023 begins, many graduates and young professionals are eyeing full time analyst roles in investment banks. Competition is fierce for these coveted jobs that offer the chance to kickstart a career in finance. By analyzing industry trends, required qualifications, interview preparation, and top firms hiring, applicants can maximize their chances of securing an investment banking analyst position this year. Recruiting timelines, networking events, technical skills, and business acumen should all be on the radar of aspiring analysts. With proper diligence and persistence, the investment banking analyst role can become a reality in 2023.
Trends Favor New Hires Despite Market Uncertainty
Although broader economic conditions may be shaky in 2023, most large investment banks plan to maintain or expand hiring for analyst programs. Revenue across advisory, trading, underwriting and other divisions has held up well, supporting continued recruitment of promising talent. For example, Goldman Sachs aims to hire over 3,000 analysts and associates for 2023, while Morgan Stanley seeks to add 1,000 hires in its analyst class. Applicants should focus extra time networking with alumni and employees at top banks like these that are pushing forward with analyst recruiting.
Technical Skills Critical for Standing Out
While investment banking analysts interact heavily with clients, required technical abilities should not be overlooked. Excel modeling for financial statements, valuation, transactions and other purposes is essential. Similarly, financial accounting skills and business writing are valued. Applicants should brush up on technical abilities through online courses, books and personal modeling projects. Analysts must distill complex financial situations into clear summaries and presentations. Highlighting technical competence and financial modeling skills will grab recruiter attention.
Apply Early and Follow Recruiting Timelines
Most large investment banks begin recruiting analysts 12-18 months ahead of start dates. For 2023 summer analyst internships that are feeders to full time analyst roles, applications may open as early as June 2022. Candidates should identify target banks and positions in early 2022 and network extensively with employees and at events before application deadlines hit. Finding employees via LinkedIn who are alumni of one’s university is an excellent way to get referrals and insider tips. Following bank-specific timelines closely ensures applications are complete and on time.
Business Knowledge and Market Awareness
While financial modeling and accounting skills are expected of analysts, broader business knowledge can set candidates apart. Applicants should be prepared to discuss financial markets, central bank policy, regulation trends, and other topics during interviews. Following the financial news regularly via outlets like Bloomberg and the Wall Street Journal builds context. Reading equity research reports also provides exposure to analysis and writing styles relevant to the analyst role. Analysts must articulate business insights, not just crank through spreadsheets.
Competition Fierce at Leading Banks
Finally, the sheer volume of applicants at top investment banks should motivate preparations. For example, JPMorgan receives over 100,000 applicants annually for fewer than 1,000 analyst and associate openings. Handling the recruitment process and intense interviews requires diligence and persistence. Networking, quality internships, high grades and other measures maximize the probability of securing one of these highly sought after roles. Identify target banks, complete prep work, apply broadly and follow up vigorously.
Despite economic uncertainty, major investment banks plan solid analyst hiring for 2023 and offer tremendous career opportunities. Through technical expertise, business knowledge, networking and timely applications, candidates can land these competitive but rewarding roles.