by Girl Banker
Listen to the iTunes podcast instead.
This is a very popular question amongst students who want to become investment bankers. The process is very similar across different investment banks and works as follows:
1. An internship application is submitted, usually using a standardized online form (rather than your own stylized résumé/CV).
2. Once your application has been accepted, the interview(s) you are invited to will normally entail all of the following:
3. Accepted to intern in the summer.
4. After the summer internship, you receive a hire letter or a letter stating that you will not be offered a full-time position.
The proportion of interns offered full-time contracts varies from year to year and from bank to bank; it is never 100%. Usually banks will recruit a few more people from outside the summer program but at the moment many are not doing this; banks are selecting the best summer interns and that's it, so getting an internship is critical to becoming an investment banker.
If you’ve interned but have not secured a full-time job, you will have a better chance of securing an alternative entry-level position than if you hadn’t interned at all, so do not despair. Some banks may not have filled all of their positions from the internship program and will look to fill in those roles with people like you.
I created my investment banking blog in 2012 as soon as I resigned from i-banking & published my book, To Become An Investment Banker.
Heather Katsonga-Woodward: On Business, Life & Everything In-Between