The graduate applicant's almanac

September/October: Apply early for full-time positions

You may have only just returned to university after a summer spent backpacking around Europe, but if you're a final year student who wants to work in an investment bank, this is not the time to be complacent. September and October are a crucial time for would-be investment bankers, and speed is of the essence.

Most banks invite final year university students to apply for full-time analyst positions from early September onwards. It's good to do so as soon as possible: few banks will admit to it officially, but the sooner you get your application in, the greater your chances of success. Competition between banks for top candidates is so intense, that when a good applicant comes along, offers are often made immediately.

"We start interviewing and making offers when the first applications start coming in," says a recruiter at one large US investment bank. "If we fill all our vacancies and applications are still coming, we just have to write back and say there are no vacancies left."

Even banks like Citigroup, which consider applications right up to their November deadlines, admit there are some benefits to applying promptly: "There are definite advantages to getting an application in early," agrees Brian Hood, head of graduate recruitment at Citigroup, "We won't necessary view you more favourably, but if you respond before 10,000 other people it will at least show enthusiasm."

The exception to the early applications rule comes when banks invite candidates to apply only after they've visited particular university campuses. Lehman Brothers, for example, visits Oxford University in late October and invites its students to apply in the week following.

"We don't review applications from Oxford candidates until we've made our visit on campus," says Fiona Gaffney, head of analyst recruitment at Lehman Brothers. "This is because we will often give a campus specific deadline during the presentation."

November/December: Interviews, offers, and internship applications

During much of November, interviews take place and offers are sent out. Some banks, such as Lehman, extend the interviewing period for full-time positions until the middle of December. "Most banks will say they aim to get all their offers out by Christmas," says one banking recruiter, "But it's not always possible."

By late November, most banks are about to close their doors to applications for full-time graduate positions. Some, such as Merrill Lynch, set a closing date at the start of the month.

While the application process for full-time graduate positions winds down in December, the application process for investment banking summer internships is only just warming up. Summer internships are a crucial part of the annual calendar for second year university students. They act as an extended interview: if second year students excel during this ten week period of summer work experience, they can often walk away with the offer of a full-time graduate position upon graduation.

January/February: Deadline for internship applications

While most normal people are celebrating, graduate recruiters at investment banks spend the New Year period sifting through internship applications. At Merrill Lynch, for example, the deadline for internship applications is January 15; at Morgan Stanley, it's January 26.

While it's still advantageous to apply early for summer internships, speed is less important than when applying for full-time positions: banks typically wait until all internship applications are in before handing out offers in February.

March/April: Applications for 'Easter internships'

If you're a first-year student who wants to learn about investment banking, now is the time to apply for so-called 'Easter internships'. Typically a week-long introduction to investment banking, Easter internships are only open to first-year students, and are highly restricted in terms of spaces.

See banks' websites for more information. These peeks on the inside are not open to first-year MBA students, however, who likely already have some industry experience.

June/July/August: Summer internship season; full-timers start

After the merest whiff of relaxation in April, investment banks' graduate recruiters spend the summer months managing internship programmes and welcoming graduate trainees.

At most organisations, summer internships take place during July and August. The exception is Merrill Lynch, which runs its 10 week summer interns programme from mid-June. In some cases interns are informed before end of the internship whether they're invited to return as a full-time graduate trainee the following year. At banks like Morgan Stanley interns are informed the week after they leave.

While summer internships are in full swing, successful full-timers from the previous autumn's recruiting season arrive for training. Some banks have two full-time intakes a year, in summer and winter, but in most cases the start date is in July - forget backpacking around Europe, and welcome to the world of work.