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How Does the Graduate Recruitment Process Work for Investment Banks?

By on August 30, 2012

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.