As the 2023 investment banking recruitment season starts to wind down, many students and young professionals have begun looking towards securing coveted summer associate roles for 2023 or 2024. Competition is fierce as top banks dramatically cut costs amidst economic headwinds. Early preparation with proper guidance will be key to successfully navigating the demanding recruitment process and securing a spot. This article analyzes the 2023 and 2024 summer associate investment banking landscape and offers tips for positioning oneself for success.
Large banks accelerate 2024 recruiting amid mass layoffs
Despite significant headcount reductions in 2022 and 2023, most bulge bracket banks are sticking to normal summer associate recruiting targets for 2023 and have even pulled forward recruiting for 2024 roles. Banks like Citi, Goldman Sachs, and Morgan Stanley aim to bring in similar sized summer associate classes as prior years to feed the analyst pipeline. However, standards are higher than ever and competition has soared for coveted spots as incumbent analysts cling onto jobs amidst mass layoffs in the industry.
Boutiques and elite firms provide safety amid Wall Street carnage
As large banks sack thousands, smaller elite boutique firms like Evercore, PJT Partners, and Centerview have gone on major hiring sprees, providing safer harbor for star applicants. Their strong restructuring and liability management practices have shielded them from the M&A transaction drought. Students should highlight relevant experience and passion for these firms’ core business areas. Networking is also more pivotal for securing interviews at selective boutiques.
Asia Pacific banks accelerate recruiting amid regional deal flow
While US and European banks are mired in hiring freezes and job cuts, Asia Pacific banks have experienced resilience and are battling fiercely for top talent by beginning 2024 summer analyst recruiting as early as December 2022. China, Hong Kong, Singapore and Australia based banks are seeing continued deal flows and expect heightened cross-border M&A and capital markets activity amidst China’s reopening.
Technical skills and mental toughness are prerequisites to thrive
The application process requires mastery of complex technical concepts while the job itself demands mental resilience. Solid accounting, financial modeling, valuation, and Excel skills are absolute must-haves. Mental toughness and strong communication abilities are also vital to handle the demanding fast-paced environment. Resilience is key as projects experience high volatility and plans must change on a dime based on market conditions.
The 2023 and 2024 investment banking summer associate recruiting landscapes require early tactical preparation to stand out among fiercely competitive peer groups across regions. Mastering technical skills, crafting a strategic narrative, and relentless networking are crucial to crafting a differentiated profile and securing those coveted offers.