Investment banks start asking for ‘early bird’ internship applications
Investment banks’ summer interns are just three weeks or so into their placements, but already some firms have opened up applications for 2018 roles.
Banks typically open their summer analyst programmes to new applications in September, but some investment banks have already set the clock ticking in July.
Citigroup has, for instance, just opened up applications for its 2018 summer internships for both its investment banking division and markets functions in London, and has a deadline of the end of this month.
Like a lot of investment banks, Citi recruits on a rolling basis and says this is a chance to “apply for early consideration” and take part in “early access ‘live chats’ and events where you can meet Citi”. Suffice to say, this is much earlier than usual. Last year, Citi opened its 2017 summer internship programmes to new applications on 1 September and had a deadline of 9 December.
Citi isn't alone. Goldman Sachs has also opened applications to its internships for next year, but has a December deadline. UBS also has 2018 summer programmes open to applications, but only in the Americas and not in EMEA. J.P. Morgan’s open 2018 internships are for Australia, Melbourne and the U.S. Credit Suisse is also accepting applications for next year.
Even getting on to summer internships has become more of an uphill struggle. Increasingly, investment banks offer places to top-performing students who have completed insight weeks the previous year. But over 70% of full-time places at most firms come from summer internship conversions and front office roles are particularly likely to be filled early on. J.P. Morgan, for instance, usually fills all its markets and IBD roles with interns.
Competition for places is increasingly stiff. Goldman Sachs, for instance, said that it received 130,000 places for 5,000 internships last year, which means a 4% chance of success.
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