Dates apply Summer Internship 2023 Investment Banking

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kokiri11
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#1
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#1
Hi everyone!

So I'm interested in a summer internship in 2023 at an investment bank.
Have not been able to get a spring insight this year because I had never heard of them and so applied pretty late and didn't have time to prepare. I want to start applications really early this year to maximize my chances. Do you guys know when they open their application process for summer internship 2023? Also, how f**ked am I if I have not been able to get a spring insight? A friend of mine already got a return offer from his...
Also, if you have any type of advice for the application process, I would love to know about it. I'm still new to all of this so I'm still trying to understand how all this works. Thank you very much
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username5960917
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#2
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#2
No, you are not screwed. I had 5 assessment centres/final rounds, two of which as BB Banks, one of which at a top Japanese bank, and I had no Spring Insights. I got an offer for Capital Markets for this summer. Spring Insights are helpful for you to decide what division you want to apply for, but not much else. Yeah, some people get a return offer, but it's not the end of the world.

Applications open August/September. This is when you want to do your applications. Bear in mind that you need to be knowledgable about the division you're applying for. Don't just apply for a division because it sounds cool but you know nothing about it. Unless you're able to very quickly learn everything there is about the division and smash your interviews (I actually did do this for Capital Markets, as I previously only applied for GTS), then you'd be putting yourself in a bad spot.

The application process is generally like this:

Initial application. Do you pass the initial requirements? If yes, you move onto the online test or HireVue. Some banks will just consider your CV, no test required, but they are in the minority.

Do you pass the Test and/or HireVue? Now you will be considered for a person-to-person interview. If you are selected, you will have one to two rounds of interviews. If successful, you will have an assessment centre. Here you will be competing with 6-12 candidates for a select number of spots for the internship. If you're successful, congratulations! If you are not, move on to the next one.

Remember that it is a very tough process. It is very, very important that you do not get discouraged by rejection, even at the assessment centre stage. The odds are stacked against every candidate, but that does not mean that you won't be successful. It took me 5 assessment centres before I managed to land my internship. I did reject one position because they took too long to get back to me.

In general, you have around a 30% chance of being chosen in your first assessment centre. Every assessment centre that you do, the higher your chance of success the next time. Putting a number on it, that means 1-(1-0.3)^n. I genuinely believe that this works mathematically. I mean, by my fifth AC, I had an 83% chance of success, and I bagged my offer.

Hope this helps.
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Itsfurreal
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#3
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#3
No, spring weeks aren't necessary for breaking in, just helpful. Applications open from August, Goldman is usually the earliest.
My advice would be to have your baseline CV and cover letters ready before applications open. Use this time now to reach out to current employees/interns on linkedin so you can work that into you cover letters.

I worked at Morgan Stanley for over a year and made this video with my insider tips and tricks for each stage of the application:
https://youtu.be/pLjiA2ivkyw

Hopefully this helps, good luck!
Last edited by Itsfurreal; 2 months ago
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Manvith
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#4
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(Original post by Itsfurreal)
No, spring weeks aren't necessary for breaking in, just helpful. Applications open from August, Goldman is usually the earliest.
My advice would be to have your baseline CV and cover letters ready before applications open. Use this time now to reach out to current employees/interns on linkedin so you can work that into you cover letters.

I worked at Morgan Stanley for over a year and made this video with my insider tips and tricks for each stage of the application:
https://youtu.be/pLjiA2ivkyw

Hopefully this helps, good luck!
Do you have any templates or tips or tricks on cover letters if yes can you please PM me? I am an incoming Economics student at the University of Nottingham who needs advice on how to apply to Spring Weeks.
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kokiri11
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#5
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#5
Thank you all for your advice! I'm wondering what I could do this summer in order to boost further my CV. I have an offer for HEC summerschool in investment banking, and I was wondering wether this would bring a significant boost to my CV. It is overly expensive imo (around 2000 I believe), but I have a little bit of money saved. So if it's worth it, I might try the summerschool.

On the other hand, what I could do instead is a simple internship, but I'm struggling to find something that links to finance/banking. The internship I can go to is about blockchain and how to finance new blockchain related projects. I know that banks aren't fond of blockchain technologies, and considering I already have an internship in that sector on my CV, I was wondering wether it would actually work against my odds for the summer internship in investment banking. Itsfurreal, you told me you have worked at MS for over a year. Would you be able to give me your opinion about that?

Other than that, thank you very much guys !
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username5960917
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#6
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#6
(Original post by kokiri11)
Thank you all for your advice! I'm wondering what I could do this summer in order to boost further my CV. I have an offer for HEC summerschool in investment banking, and I was wondering wether this would bring a significant boost to my CV. It is overly expensive imo (around 2000 I believe), but I have a little bit of money saved. So if it's worth it, I might try the summerschool.

On the other hand, what I could do instead is a simple internship, but I'm struggling to find something that links to finance/banking. The internship I can go to is about blockchain and how to finance new blockchain related projects. I know that banks aren't fond of blockchain technologies, and considering I already have an internship in that sector on my CV, I was wondering wether it would actually work against my odds for the summer internship in investment banking. Itsfurreal, you told me you have worked at MS for over a year. Would you be able to give me your opinion about that?

Other than that, thank you very much guys !
Definitely do not pay for any of those courses.
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Itsfurreal
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#7
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#7
(Original post by kokiri11)
Thank you all for your advice! I'm wondering what I could do this summer in order to boost further my CV. I have an offer for HEC summerschool in investment banking, and I was wondering wether this would bring a significant boost to my CV. It is overly expensive imo (around 2000 I believe), but I have a little bit of money saved. So if it's worth it, I might try the summerschool.

On the other hand, what I could do instead is a simple internship, but I'm struggling to find something that links to finance/banking. The internship I can go to is about blockchain and how to finance new blockchain related projects. I know that banks aren't fond of blockchain technologies, and considering I already have an internship in that sector on my CV, I was wondering wether it would actually work against my odds for the summer internship in investment banking. Itsfurreal, you told me you have worked at MS for over a year. Would you be able to give me your opinion about that?

Other than that, thank you very much guys !
Yeah definitely don't pay for a course, won't be worth it. Maybe try and find some smaller firms that do IB but don't have a formal intern scheme, if not then anything finance related where you can say you demonstrated the skills they want.

Best thing to do is just network like crazy over the next couple of months and set up a ton of calls with people at all the banks you'll be applying to.
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