Do you want to have an internship secured a year in advance? Finding an internship ahead of time is not only what we want for ourselves but is also how recruiting works in the financial services industry. Here are some key tips on important requirements and application deadlines for competitive roles in the field of finance.
- Most of the bulge bracket(top-tier) banks like Morgan Stanley, Goldman Sachs, Credit Suisse, among others start their hiring process nearly 1 year before the internship. For instance, applications for 2023 summer internships opened in earlier this year between March and May.
Since banks recruit talent so early it is important to be prepared in advance. You should meet with a career coach and make sure your resume/ CV is ready before applications open. Second, applications are reviewed on a rolling basis. This essentially means that applications are reviewed on a first come first serve basis until all available seats have been filled. It is ideal to apply as soon as applications open to increase your chances of securing an interview!
- Networking is your best friend when it comes to recruiting! Reach out to alumni, high school alumni, recruiters, and follow companies you are interested to work for in the future.
Before applications open you should send cold emails and messages to people who work in the company you are applying to and connect with them. You will be surprised by the number of responses you get! By connecting with them, you will be able to learn more about the company, its values, culture, and be able to assess for yourself whether it is a good fit for you. It is also great to bring up these conversations during your interview!
- Some requirements and preferred qualifications for these roles include: strong GPA( ideally >3.5), campus involvement, leadership positions, previous internships, and other relevant skills.
Majority of the roles in the finance industry require some combination of the above to make you stand out in front of the recruiter. This is not to say that one cannot get an internship without having the above but having these checked off will boost your chances of moving to the next stage of the process.
- If you are looking to get into Investment Banking, private equity, or other similar roles, start preparing for technical interview questions.
When it comes to banking and private equity, it is common practice for companies to get an understanding of some technical skills needed for the role. In this case, having strong quantitative skills is imperative in addition to having some knowledge of accounting and financial modeling. A good way to get started is to start by taking a few courses online on Udemyhttps://www.udemy.com/course/financial-modeling-bootcamp-financial-forecasting-in-excel/ or Coursera. If possible, take the accounting class(ECON 149) offered at Denison, this will help in understanding the concepts. Keep in mind, companies do expect you to be experts in accounting and financial modeling but to have a basic to intermediate level of knowledge.
Finally, even though getting these internships involves a lot of planning and preparation, the outcomes are equally if not more rewarding! You got this!