Investment Banking Internship Guide

Overview of 2025 Investment Banking Internships

The landscape for investment banking internships continues to evolve rapidly, with recruiting timelines becoming increasingly accelerated and competitive.

The Summer 2025 internship experience is expected to be more structured and engaging than ever before, integrating lessons learned from previous remote and hybrid programs. Interns will participate in realistic exercises designed to simulate live M&A deal experiences, providing a taste of the high-stakes environment they’ll encounter in full-time roles.

Common tasks assigned to interns include formatting pitchbooks and other presentation materials, crucial for client meetings and deal proposals. Business development work, such as organizing contact details and gathering relevant information for reference sheets, gives interns insight into the relationship-building aspect of investment banking.

The tasks and responsibilities delegated to interns—summer analysts and summer associates (MBA)—are carefully curated to provide a comprehensive overview of an investment banker’s role while also allowing firms to assess interns’ technical skills, attention to detail, and ability to work under pressure.

For summer 2025 internships, many top banks like RBC, Deutsche Bank, Houlihan Lokey, Rothschild, and Guggenheim opened applications as early as 2023 — which is a trend that has been gradually building up for years now and underscores the critical importance of early preparation for students aiming to secure these coveted positions.

For U.S. students, this means being on top of internship recruiting from Year 1 of university.

By the time applications open in Year 2 – whether mid-year or at the beginning – students should have a strong GPA (3.5+), at least one solid finance internship, substantial networking completed (30–40 informational interviews), and approximately 30 hours of interview preparation.

The competition is cut-throat, to say the least, and only those who have meticulously prepared will stand out in the crowded, challenging environment.

Key Trends for 2025 Investment Banking Internships

Several key trends are shaping the investment banking internship landscape for 2025, which collectively reflect the industry’s adaptation to evolving market conditions, technological advancements, and societal shifts in the wake of the pandemic.

• Hybrid Work Environment ➝ Hybrid work environments combining in-person and remote work are becoming the norm, allowing interns to experience the dynamic office environment while maintaining flexibility.
• Digitalization ➝ Enhanced digital tools, including virtual recruiting platforms and collaboration software, are now integral to the recruitment process and daily operations.
• DEI Initiatives ➝ There is an increased focus on diversity, equity, and inclusion (DEI) initiatives, with many banks emphasizing programs to attract diverse candidate pools.
• Automation ➝ Automation of back-office functions is improving efficiency, allowing interns to focus on more strategic and analytical tasks.
• Workplace Safety ➝ Stringent workplace safety measures remain in place for in-person components of internships.

Summer Internship Structure and Timeline

Investment banking summer internships typically span 9–12 weeks, with the core “intensive period” lasting about 10 weeks following initial onboarding and training. The experience begins with orientations, often accompanied by guest speaker events and intern mixers to facilitate networking.

Throughout the summer internship program, interns are exposed to various aspects of investment banking, from financial modeling to client interactions.

As the internship comes to an end, participants usually present collaborative projects to senior bankers, showcasing their skills and understanding of the industry.

The aforementioned structured timeline ensures interns gain comprehensive exposure while allowing firms to assess potential full-time hires.

Summer Investment Banking Intern Responsibilities

The summer 2025 internship experience is expected to be more structured and engaging than ever before, integrating lessons learned from previous remote and hybrid programs. Interns will participate in realistic exercises designed to simulate live M&A deal experiences, providing a taste of the high-stakes environment they’ll encounter in full-time roles. Common tasks assigned to interns include:

• Formatting Pitchbooks and Other Presentation Materials (i.e. Client Deliverables)
• Business Development Work (e.g. Organizing Contact Details in CRM, Gathering Information for Client Outreach or Reference Sheets)
• “Light” Valuation Work including Trading Comps and Transaction Comps
• Participating in Collaborative Projects and Deal Team Meetings
• Conducting Industry and Company Research

Recruiting Process and Timeline

The recruiting process for 2025 summer internships has become increasingly front-loaded, with some banks opening applications as early as 18 months before the internship start date. Key steps in the process typically include:

1. Online Application Submission (resume, cover letter, transcripts)
2. Virtual Pre-Recorded Video Interviews and/or Online Assessments (HireVue)
3. First-round interviews (Conducted Virtually or In-Person)
4. Superday — Final Round Interviews (In-Person)
5. Offer Extension and Acceptance

Students should be prepared to move quickly through this process, as many banks recruit on a rolling basis. It’s crucial to stay organized, track application deadlines, and be ready to interview on short notice.

Networking remains a critical component of the process, so students should leverage alumni connections, attend information sessions, and conduct informational interviews well in advance of application deadlines.

How to Build Relationships with Junior Bankers

Interns will primarily interact with associates and analysts. Building strong relationships with these junior bankers is key to a successful internship. Respect and collaboration are essential to gaining their support and positive evaluations.

Effective Communication Strategies

• Be Responsive ➝ Promptly reply to emails and messages from team members.
• Clarity is Key ➝ Ensure your communications are clear, concise, and professional.
• Ask Thoughtful Questions ➝ Demonstrate your engagement by asking insightful questions about projects and tasks.

Navigating the Firm Hierarchy

• Respect the Chain of Command ➝ Direct your questions and concerns to your immediate supervisor unless instructed otherwise.
• Learn from Experience ➝ Recognize that analysts and associates have valuable experience to share, regardless of your educational background.

Maximizing Learning Opportunities

• Take Initiative ➝ Seek out additional responsibilities and express interest in participating in live deals.
• Stay Informed ➝ Keep up with industry news and market trends to contribute meaningfully to discussions, especially if working in an industry group.
  Seek Feedback ➝ Regularly ask for constructive feedback on your performance and areas for improvement.

Keys to Success in Investment Banking Internships

To stand out and maximize chances of receiving a full-time return offer, interns should focus on the following:

• Mastering Technical Skills ➝ Ensure proficiency in Excel, PowerPoint, and financial modeling basics before the internship begins.
• Effective Communication ➝ Practice clear, concise communication both verbally and in writing. In a hybrid work environment, this skill becomes even more critical.
• Attention to Detail ➝ Investment banking work requires meticulous attention to detail. Double and triple-check all work before submitting.
• Proactivity and Enthusiasm ➝ Take the initiative to seek out additional work and demonstrate a genuine interest in the industry and firm.
• Relationship Building ➝ Foster positive relationships with team members at all levels, from fellow interns to senior bankers.
• Adaptability ➝ Be prepared to work long hours and pivot quickly between different tasks and projects.

By focusing on these areas and approaching the internship with dedication and professionalism, students can maximize their chances of turning their summer experience into a full-time offer and launching a successful career in investment banking.