Investment banking internships in New York City are highly coveted opportunities for students and recent graduates interested in launching careers in finance. As a global financial hub, New York offers unparalleled access to top firms and deals on Wall Street. With intense competition, securing an investment banking internship in NYC requires extensive preparation, from polishing your technical skills to networking with industry insiders. This article explores key insights and recent trends surrounding 2023 banking internships in New York, from timeline considerations to strategies for standing out from the applicant pool.
Application timelines moved up for 2023 banking internships
Historically, major banks like Goldman Sachs and Morgan Stanley opened their investment banking internship applications on July 1 for roles beginning the following summer. However, over the past few years, firms have increasingly started their recruitment processes earlier, with many kicking off in the spring instead. This accelerated timeline allows companies to tap top talent before their competitors. For example, in 2023 Goldman started accepting applications for US investment banking summer internships on April 1.
Students keen on nabbing banking internships in New York for 2023 needed to act decisively on these early opportunities. Submitting applications in April through early May maximized their chances given the rolling admissions most banks now follow. While deadlines have largely passed for next summer, those looking to 2024 should begin preparing their profiles and networking outreach during their sophomore year.
Technical skills and networking are decisive differentiators
With so many qualified candidates gunning for few openings, what makes one stand out? Investment banks seek technical excellence, strong financial modeling capabilities, and intellectual curiosity in prospective interns. Applicants need to demonstrate a solid grasp of accounting, corporate finance, Excel modeling, business valuation, and related domains.
Beyond hard skills, networking plays an invaluable role in securing competitive banking internships in New York. Candidates should actively build relationships with firm alumni and bankers across potential groups of interest through informational interviews, conferences, and other channels. Referrals and insider connections SIGNIFICANTLY increase the odds of garnering an internship offer.
Smaller boutiques also offer compelling 2023 programs
The top bulge bracket banks land the lion’s share of attention, but smaller elite boutique firms also run excellent internship programs that provide hands-on deal experience. These include Evercore, Centerview, Perella Weinberg, and Moelis. Such firms have several advantages, including managing higher value strategic transactions, closer senior banker mentoring, and stronger full-time job offer return rates.
For example, Evercore’s 2023 investment banking internship in New York comes with $15,000+ summer base pay and lavish social events at casinos, comedy clubs, baseball games and more. The firm only hires 8-12 interns a year, allowing for close-knit training and support.
Early timelines, technical excellence, networking and exploring boutique options represent key trends and success strategies for 2023 investment banking internships in New York City. Standing out in this competitive arena takes concerted preparation across numerous fronts.