How to get into investment banking, step by step
Most investment bankers start as summer analysts. You apply in sophomore year, intern the summer before senior year and turn the internship into a full-time offer. The other ways in are full-time recruiting as a senior, a lateral move from another job and the MBA associate program.
Updated
- Start in sophomore year. Many banks open summer analyst applications that winter, for the summer before senior year.
- The internship is the offer. Duke's career office says almost all full-time banking jobs go to former summer interns.
- Any school can apply. Barclays says applicants from campuses it doesn't visit are judged on the same criteria.
- Later routes exist. Full-time recruiting as a senior, a lateral move from another job, or an MBA.
- The rounds are the same. An application, often a video interview, then a first round and a superday.
Six ways into investment banking
The first is how most analysts start. The others are for people who missed it or come later.
Summer analyst, then the offerMost common
You intern the summer before senior year and stay.
Sophomore year
Apply for the internship
Goldman says its summer analyst role is usually done in the third or penultimate year of study. Many banks open applications in the winter of sophomore year.
Dates by bankJunior summer
Nine or ten weeks at the bank
JPMorgan's program is nine weeks and opens with five days of training on accounting, modeling, valuation and Excel. Goldman's runs nine to ten weeks.
End of summer
The return offer
JPMorgan says high-performing interns may get an offer of continued employment. Bank of America calls its summer class its primary source of full-time hires.
From a non-target schoolSame process
Banks visit some campuses more, but everyone applies online.
First
See where you stand
Barclays says applicants from campuses it doesn't visit are considered against the same criteria. Schools' own reports show where graduates go.
Target schools, from the schools' dataFall
Join the open events
Moelis runs a Virtual Discovery Series every year for all students, to learn about the firm and prepare for interviews.
All year
Build your own network
Short coffee chats with analysts give you what a campus visit would, plus names to mention when you apply.
Coffee chat questions
Freshman and sophomore programsEarly insight
Short programs that lead into the summer analyst process.
Freshman spring
Citi Freshman Discovery
Open to all first-years in a four-year degree, any major. Citi says students with little exposure to finance are especially encouraged.
Sophomore fall
Goldman and Morgan Stanley
Goldman's Emerging Leaders Series prepares second-year students for its internships and runs fall 2026 to spring 2027. Morgan Stanley's Early Insights closed on October 23 last cycle.
Sophomore winter
Citi Early ID and Moelis
Citi's three-week virtual Early ID runs in December and March and includes interview prep. Moelis's Leadership Development Program gives select sophomores a chance to interview for its summer program.
Full-time recruiting as a seniorFewer seats
For seniors without a banking internship or a return offer.
Senior fall
Apply to analyst programs
Goldman's New Analyst Program is for final-year students. Bank of America says a student declined for its summer program can reapply for full time the next year.
Before you apply
Show finance experience
Moelis says full-time banking applicants are expected to have finance experience, including previous investment banking internships. Lead with the closest work you have.
Investment banking resume template
Lateral from another jobExperienced hire
Some bankers start in work close to deals, such as Big 4 deal advisory, valuation or commercial banking, and move across.
First job
Get close to deals
The more of your work is valuation, models and transactions, the easier the switch is to explain. Keep a list of the deals you worked on.
When you apply
Apply as an experienced hire
Moelis lists experienced roles on a separate site and says lateral hires contribute from day one. Bank of America says associate roles fit an MBA, an advanced degree or previous work experience.
Interviews
Explain the switch
Expect why banking, why now and the same technicals students get.
Why investment banking? Example answer
MBA associateAfter an MBA
Banks hire associates through an MBA summer internship.
First-year fall
Events and applications
Yale SOM's career office says MBA recruiting starts in the fall of first year, with deadlines in late fall or early winter.
December to January
Interviews
Yale SOM says the interviews take place in December and January.
Summer
Summer associate
Goldman's program runs nine to ten weeks for MBA, PhD, JD, MD and LLM students. JPMorgan says interns may get an offer at the end.
August
Return offers
Yale SOM says return offers are decided in August and some full-time roles open from mid-August through the fall.
From Goldman Sachs, JPMorgan, Morgan Stanley, Bank of America, Citi, Moelis, Barclays, Duke and Yale SOM careers pages.
What each round tests
The rounds are much the same at every bank.
Application
Your resume, grades and experience, and at some banks a cover letter. Evercore requires one for campus applications.
Online assessment
Traits and reasoning, at some banks. Moelis asks US and UK applicants to take the Suited assessment and allow 30 minutes for it.
Video interview
Who you are and why banking, on camera. Bank of America's takes about 20 to 30 minutes, with mostly behavioral questions. Goldman's runs about 30 minutes on HireVue.
First round
Moelis holds one or two first-round interviews with bankers, with technical and behavioral questions.
Superday
Several interviews in a row with senior bankers. Goldman's has two to five, depending on the division.
From Evercore, Moelis, Bank of America and Goldman Sachs.
The steps, in order
For the summer analyst route, from freshman year to the offer. Each step links to our full guide.
Show the 11 steps
Freshman year
Learn the job and the pay
Analysts build models and pitch books and work long hours. Know what you are signing up for.
Investment banking analyst salaryFreshman spring
Map your dates
Put each bank's opening date on a calendar. Some boutiques open in the fall of sophomore year.
Investment banking recruiting timelineFreshman spring
Check your school's reach
If banks rarely recruit on your campus, plan more open events and coffee chats.
Investment banking target schoolsSophomore fall
Write a one-page resume
Finance and deal experience first, then leadership, with a number in every bullet.
Investment banking resume templateSophomore fall
Network with coffee chats
A 20 to 30 minute talk with an analyst about their path and work. It gives you your answer to why this bank.
Coffee chat questionsSophomore fall
Learn the technicals
Accounting, the three statements, valuation and a DCF. First rounds test them.
Investment banking technical questionsSophomore winter
Apply early
Bank of America interviews before its deadline. Write a cover letter where a bank asks for one.
Investment banking cover letterSophomore winter
Pass the video interview
Recorded answers about you and why banking. Practice on camera first.
Bank HireVue interviewsSophomore spring
Get through the first round
Fit and technical questions with bankers. Have your story, why banking and why this bank ready.
Investment banking interview questionsSophomore spring
Prepare for the superday
Several interviews back to back. Keep your story the same with every interviewer.
Superday interview guideJunior summer
Turn the internship into an offer
Do careful work, ask for feedback halfway through and get to know the bankers you work for.
9 questions to practice, whatever your route
Fit and technical questions every candidate gets, plus two for career changers and non-target students. Our wording.
Fit4 questions
In every first round.
Why investment banking?
What a strong answer does
One experience that drew you to deals and what you learned about the work. Not the pay. Example answer
Walk me through your background.
What a strong answer does
Two minutes in order, ending on why you're in this interview. Example answer
Why this bank?
What a strong answer does
Something you learned from a person at the bank, tied to your own experience. Example answer
What does an investment banking analyst do?
What a strong answer does
Models, pitch books and deal work, with the hours, in plain words. Example answer
Technicals3 questions
The core set, from the first round on.
Walk me through the three financial statements.
What a strong answer does
Show how net income flows into cash and equity. Example answer
What is the difference between enterprise value and equity value?
What a strong answer does
Who each value belongs to, and how to bridge between them. Example answer
Walk me through a DCF.
What a strong answer does
Free cash flow, discount rate, terminal value, then the bridge to equity. Example answer
Career changers and non-targets2 questions
Asked more when your path is less common.
Why are you leaving your current job for banking?
What a strong answer does
One reason tied to deal work you have done or seen. Never a complaint about your employer.
Not many people from your school go into banking. How did you get here?
What a strong answer does
What you did on your own, such as a model you built or the people you called. One minute, no apology.
What the banks' own pages say
Programs, who can apply and how the process runs, from each bank's careers pages, read October 15, 2026.
Goldman SachsSummer analyst, 9 to 10 weeks
The summer analyst role is for students working toward a degree and is usually done in the third or penultimate year. Its Emerging Leaders Series prepares second-year students for future internships.
Goldman Sachs: summer analystOur Goldman Sachs interview guide
JPMorganSummer analyst, 9 weeks
Interns join a Coverage, Advisory or Capital Markets group after five days of training on accounting, modeling, valuation and Excel. High-performing interns may get an offer at the end.
JPMorgan: IB summer analystOur JPMorgan interview guide
Morgan StanleyInterview prep page
Morgan Stanley asks candidates to have a compelling reason for the industry, the firm and the division, and to understand its business and the job.
Morgan Stanley: interview preparationOur Morgan Stanley interview guide
Bank of AmericaRolling review
Its summer class is the primary source of full-time hires. Interviews often begin before the deadline, and programs close as they fill, so apply early. You may apply to one office and one division a year.
Bank of America: application processOur Bank of America interview guide
CitiEarly ID for sophomores
Early ID is a three-week virtual program for US sophomores, in December and March, with technical training and interview prep for summer analyst roles. Freshman Discovery is open to first-years of any major.
Citi: pre-internship programsEvercoreTwo applications a year
Campus applications need a cover letter, late ones aren't accepted and each candidate can submit up to two a year. Campus programs are for current undergraduate and MBA students.
Evercore: careers FAQsMoelisNo experience needed for campus
Moelis welcomes every major and says no prior experience is needed for its campus programs, since it trains you. For full-time roles it expects finance experience, including investment banking internships.
Moelis: explore opportunitiesAll six routes end in interviews, practice them
Soreno's AI interviewer asks the fit and technical questions banks open with, follows up on your answers and scores you. Free for 7 days.
Questions people ask
How do most people get into investment banking?
Through a summer analyst internship the summer before senior year that turns into a full-time offer. Duke's career office says almost all full-time banking jobs go to former summer interns.
Can you get into investment banking without a finance degree?
Yes. Moelis welcomes applicants from all academic disciplines and says no prior experience is needed for its campus programs. Citi's Freshman Discovery is open to any major.
Can you get into investment banking from a non-target school?
Yes. Barclays says applicants from campuses it doesn't visit are considered against the same criteria. Open events, coffee chats and applying early make up for the missing campus visit.
Is it too late as a junior or senior?
For most large-bank summer roles the window is sophomore year. Seniors can apply to full-time analyst programs such as Goldman's New Analyst Program, and Bank of America lets a student declined for summer reapply for full time.
Can you switch into investment banking later in your career?
Yes, as a lateral hire or through an MBA. Moelis hires experienced professionals through a separate site, and Bank of America says associate roles fit an MBA or previous work experience.
Should sophomores learn technical questions?
Yes. Moelis says its first-round interviews include technical and behavioral assessments. Learn accounting, the three statements and valuation before you apply.