Investment Banking Central

When does reccruiting happen?

In the U.S., summer internship recruiting often begins and ends over a year in advance of internships. For example, in spring 2022, companies are hiring for summer 2023 internships.

How important is networking?

Networking is important if you're interested in investment banking. This can be intimidating for students if they feel like they don't have much to add, however, think about it like an informational interview to learn more about the industry and role. Pro-tip: Starting with recent alumni can be a warmer contact. 

Why are internships so important for working in investment banking?

Companies rarely hire someone for an entry-level position who hasn't completed an internship with them. This makes internships critical to securing full-time employment in the field.

How can I prepare to get an internship?

Many banks are offering summits or leadership development programs for students in their sophomore year. These can be a great way to learn about the industry and specific companies before doing an internship. Keep an eye out for them in Handshake and on individual company sites. 

What if I'm interested in private equity?

Private equity, which has traditionally been a career path that required investment banking experience to enter, has started to create their own internships. They are few in number, but can be a great opportunity if that is your ultimate goal.

How are investment banking interviews different than other fields?

The process outlined below is typical but may not be exactly what you experience–it depends on what bank your interviewing with and their process.

Early Round Interviews

Typically, investment banks will have multiple rounds of interviews. The first round could be a phone interview, an on-campus interview, or a HireVue interview (depends on your location and/or the practice of that bank). These interviews tend to focus on technical questions. Sometimes first round interviews are followed by a second round. If you make it to the last round, you’ll be invited to a Superday.

Superday Interviews

On Superday, you meet and interview with three to six bankers on the same day. Often, banks will host a happy hour/dinner/networking event the evening prior to Superday to meet the candidates (yes there will be other candidates there) more informally. This is a great networking opportunity, and you should exchange contact information with these other candidates as you never know how they may be able to help you later.

*NOTE: You should consider the networking event part of the interview!

More involvement opportunities can be found on the Investments and Capital Markets Key Career Info Guide.

Investment Banking Club (formerly Investment and Finance Organization (InFO)

• Formerly known as the Investment and Finance Organization (InFO), the Investment Banking Club (IBC) is the only club at the University of Minnesota devoted to educating students about careers in investment banking, private equity, and other non-corporate finance roles. IBC provides students with the chance to familiarize themselves with some of the most demanding and lucrative positions in finance.

• ugibc@umn.edu

• IBC LinkedIn

• IBC Newsletter

Carlson Funds Enterprise (involves application process)

• The mission of the David S. Kidwell Funds Enterprise is to improve students’ financial skills by bridging the gap between theory and practice. Through knowledge exchange with business community members, the Funds Enterprise strives to give students hands-on training in order to gain experience prior to graduation. In turn, businesses benefit by having well-trained employees who can make immediate contributions to their organizations. The Funds Enterprise provides the financial community with a diverse group of students who will drive leadership and innovation in the industry. For the Carlson School, the Funds Enterprise aims to enhance the institution's reputation, strengthen partnerships with the business community, help attract high-caliber students, and increase job placements upon graduation -- providing a continuous cycle of ever-improving financial education.

• Join the CFE Intern pool- This is a non-credit flexible experience to gain exposure to CFE projects. Great for first and second year students.

The Student Life and Career Design team offers the Investment Banking Carlson to Career Trek in New York City in January.

On the trek you will meet with alumni through networking events as well as participate in site visits at various firms. The itinerary for the trek is still being finalized. Learn more about treks.