How Does the Graduate Recruitment Process Work for Investment Banks?
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:
- An aptitude test online or on paper
- A case study and/or brainteasers
- A competency based interview
- A technical interview
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.