Off cycle internship in investment banks, different from traditional summer internship, provides precious opportunities for non-penultimate students or those who failed summer internship application. It takes place off the normal internship cycle, like spring or fall instead of summer. Off cycle internship lasts 3-6 months, allowing interns to understand the company and business better. Many top banks like Goldman Sachs, JPMorgan and Citi offer off cycle programs targeting specific groups like female, Hispanic, LGBTQ etc. By participating off cycle internship and demonstrating abilities, it’s possible to land full time offers in investment banks. This article will analyze the value and application tips of investment banking off cycle internship.
Off cycle internship provides chances for more students
Traditional summer internship mainly targets penultimate undergrad students or MBA students, while off cycle internship opens the door for more. Those who fail summer internship application due to late preparation have chances for off cycle internship. Underclassmen in freshman or sophomore year can also apply off cycle internship for early experience. Non-penultimate graduate students close to finishing study are suitable for off cycle internship too. The off cycle timeline allows students who don’t fit in regular summer internship schedule to work in their available time. Off cycle internship lasts 3-6 months or even longer, which leaves more time for students to understand the business, company culture and team dynamics. The extended internship period enables students to demonstrate their abilities better.
Top banks design off cycle programs for diversity
Many top investment banks have designed special off cycle internship programs targeting minority groups and promoting diversity, like female, Hispanic, LGBTQ, disabled etc. Goldman Sachs Possibilities Summit offers 3-week off cycle internship for 9 minority groups across multiple divisions like Asset Management and Consumer Wealth Management. Citi Early ID Leadership Program is a 5-week virtual event for sophomores from 5 heritage groups to experience interview training and get guidance from senior bankers. JPMorgan CIB Winning Women aims to nurture female leadership by guiding female students through interview coaching and connecting them to female leaders. The off cycle schedule allows flexibility for targeted groups. By participating the special programs, students from minority groups can better understand investment banking and prepare for future applications.
Take off cycle internship as a chance for full time offers
The most precious value of off cycle internship is it can directly lead to full time offers. Many companies convert 30%-50% interns to full time hires, and off cycle interns meeting expectations can get return offers easily. During extended off cycle period, students have sufficient time to understand the jobs and companies can better assess student’s abilities and team fitness. An impressive off cycle internship on the resume makes a big difference in full time application even without return offer. The off cycle experience signals applicant’s determination in the industry and career planning. For career changers into investment banking, relevant credentials like CFA and off cycle internship experience can help a lot. When applying off cycle internship, being passionate about the role is most important.
Prepare well and grasp off cycle opportunities
Competition for off cycle internship is still there, so preparation is necessary. For online assessment, get familiar with different question types in verbal, numerical, logical and situational reasoning, and do enough practices. Before applying, learn about the company, department and role through official pages, news, alumni and employees. Networking with current employees to understand first-hand experience is highly recommended. Polish resume and cover letter, tailor for each off cycle position. Throughout the interview process, demonstrate strong motivation and interests. Research shows female and diversity focused programs get less attention than summer internship, so minority groups shouldn’t miss the off cycle opportunities. Underclassmen seeking early experience should also look into off cycle programs apart from those marked diversity, spring or sophomore.
Off cycle internship serves as a great supplement to traditional summer internship, providing opportunities for students not fitting in regular timeline. Top investment banks offer off cycle programs to enhance diversity by targeting minority groups. Impressive performance in off cycle internship allows students to directly get full time offers. Better preparation and seizing off cycle opportunities will lead to desired experience and jobs in investment banking.