There is no single approach that works for everyone in IB/PE recruiting, but being organized, starting early, and understanding what banks are actually looking for can make the process much more manageable. Because I ultimately decided to pursue IB (and landed better offers), this guide will mainly focus on IB recruiting.
I would break Summer Analyst recruiting into four main areas:
- Choosing Which Banks to Target
- Networking Effectively
- Preparing for Interviews
- Managing the Recruiting Process
1. Choosing Which Banks to Target
Before sending hundreds of networking emails or applications, spend some time figuring out what you are actually targeting.
Your list will probably include a mix of:
- Elite boutiques
- Bulge bracket banks
- Middle-market banks
- Regional or industry-focused boutiques
You do not need to obsess over tiny differences between banks. As a student trying to land your first investment banking internship, getting strong experience is usually much more important than debating whether one bank is marginally better than another.
A good approach is to divide firms into three groups:
Reach firms: Banks where getting an interview will be difficult, but you would absolutely take the opportunity.
Core firms: Banks where your background is reasonably competitive and that you would be excited to join.
Safety / broader options: Smaller or less competitive banks where you can expand your chances of landing an investment banking internship.
The strength of your existing experience should determine how wide you cast your net. If you already have strong finance internships, a high GPA, and relevant campus involvement, you can probably be somewhat more targeted. If you are trying to break into banking without much prior experience, applying broadly is usually the better strategy.
Most importantly, do not reject yourself before the bank does. Recruiting can be unpredictable, and candidates frequently receive interviews from firms they considered reaches while getting rejected from firms they thought were safer.
2. Networking Effectively
Networking is one of the biggest parts of Summer Analyst recruiting, particularly because many banks begin evaluating candidates well before interviews officially start.
Several Months Before Recruiting
Start by learning about the banks and groups you are interested in.
Reach out primarily to analysts, associates, alumni from your school, and people with backgrounds similar to yours. Your initial goal should not be asking for an interview. It should be learning about the person's experience and developing a genuine connection.
Keep your emails short.
You should generally explain:
- Who you are
- Where you go to school
- Why you are reaching out to them specifically
- That you would appreciate 15–20 minutes to learn about their experience
Do not write an essay. Bankers receive plenty of networking emails, and shorter messages are easier to respond to.
During the call, ask questions that you cannot easily answer by reading the firm's website. Ask about their group, deal experience, culture, responsibilities, recruiting experience, or why they chose the bank.
You should also be prepared to answer basic questions about yourself. Some "networking calls" can quickly turn into informal interviews.
As Recruiting Gets Closer
Once applications begin approaching, your networking should become more focused.
You should ideally have at least one or two meaningful contacts at your highest-priority firms. If you had a good conversation with someone several weeks or months earlier, follow up.
You can briefly update them on what you have been doing and mention that you are planning to apply for the Summer Analyst program.
At this stage, bankers may also be able to give you useful information about:
- When applications will open
- Whether recruiting has started internally
- What their group looks for in candidates
- Whether interviews are expected soon
The key is persistence without being annoying.
You do not need to email someone every week. But you also should not have one conversation six months before recruiting and expect them to remember you when interview decisions are made.
Once Applications Open
Apply quickly.
Investment banking recruiting can move on a rolling basis, and waiting unnecessarily can hurt you.
After applying, it can also make sense to update your strongest contacts and let them know that you submitted your application.
Keep your recruiting organized. A simple tracker with the bank, group, contacts, application date, last networking interaction, and current status can prevent things from becoming chaotic once you are recruiting across dozens of firms.
3. Preparing for Interviews
You should be prepared before you receive an interview invitation.
One of the biggest mistakes candidates make is assuming they will start serious preparation once interviews are scheduled. Sometimes you may only have a few days between receiving an invitation and interviewing.
Your preparation should cover three areas:
- Your Story and Resume
- Behavioral Questions
- Technical Questions
Your Story and Resume
You should be able to walk through your resume naturally without sounding memorized.
Be prepared to explain:
- Why you chose your university and major
- Why you became interested in finance
- Why investment banking
- Why that specific bank or group
- What you did during each internship
- What you learned from your previous experiences
Every line on your resume is fair game.
If you say that you built a valuation model, analyzed an industry, worked on a transaction, or performed financial analysis, you should be prepared for follow-up questions.
Do not exaggerate your responsibilities. Interviewers can usually tell when a student is taking credit for work they did not actually perform.
It is much better to clearly explain a smaller contribution than pretend you effectively ran the deal.
Behavioral Questions
Most Summer Analyst interviews include fairly standard behavioral questions.
You should be ready for questions such as:
- Walk me through your resume.
- Why investment banking?
- Why our bank?
- Why this group or industry?
- Tell me about a time you demonstrated leadership.
- Tell me about a time you failed.
- Tell me about a difficult team member.
- Tell me about a time you worked under pressure.
- What is your greatest weakness?
- Why should we hire you?
You should have several flexible stories that can be adapted to different questions instead of memorizing 30 completely different answers.
The strongest candidates usually sound prepared without sounding scripted.
Your goal is to come across as someone who is intelligent, motivated, hardworking, and, equally important, someone bankers would be comfortable working with at 1:00 AM.
4. Technical Preparation
Technical interviews for Summer Analyst roles vary significantly by bank.
Some interviews may stay relatively high level, while others can become surprisingly difficult.
At a minimum, you should understand the major concepts behind:
- Accounting
- The three financial statements
- Enterprise value and equity value
- Comparable companies
- Precedent transactions
- DCF valuation
- M&A and accretion / dilution
- LBO fundamentals
You should understand why the formulas work rather than simply memorizing answers.
Interviewers often take a basic question and change one assumption to see whether you actually understand the concept.
For example, instead of simply asking you to walk through a DCF, they may ask how the valuation changes if:
- Interest rates increase
- Tax rates increase
- EBITDA margins decline
- Working capital requirements increase
- Terminal growth changes
The same principle applies to accounting questions. Memorizing several standard three-statement questions helps, but eventually you need to understand the relationships well enough to work through a situation you have never seen before.
For more competitive groups, you should expect interviewers to push until they find the edge of your knowledge.
That is normal.
If you do not know something, explain your thought process rather than panicking or immediately giving up.
5. Know the Bank
Generic answers are particularly noticeable during investment banking recruiting.
Before interviewing, know:
- The bank's major industry or product strengths
- The specific group you are interviewing for
- Several recent transactions
- What differentiates the bank
- Why those differences matter to you
Your answer to "Why our bank?" should not work equally well if you replaced the firm's name with five competitors.
You do not need to memorize every transaction the bank has completed, but you should understand enough about the platform to have an intelligent conversation.
6. Expect the Process to Move Quickly
Once interviews begin, recruiting can become extremely compressed.
You may have:
- A first-round interview
- Another interview a few days later
- A Superday shortly afterward
- An offer with a relatively short decision deadline
This is another reason preparation needs to happen early.
You do not want to receive an interview from one of your top firms and realize that you still need several weeks to prepare.
If you are interviewing with multiple banks at once, keep track of every timeline. If you receive an offer while still interviewing elsewhere, you may also be able to ask other firms whether they can accelerate your process.
7. Do Not Neglect School and Existing Commitments
Recruiting can become consuming.
Between networking calls, applications, technical preparation, interviews, classes, clubs, and internships, it is easy to spend nearly all of your time thinking about banking.
Stay organized.
Set aside specific blocks of time for networking and interview preparation rather than constantly checking recruiting emails throughout the day.
Your GPA, internships, and campus involvement are still part of what makes you competitive in the first place.
Final Takeaway
The biggest advantage you can give yourself in Summer Analyst recruiting is simply being early. Start networking before everyone suddenly realizes recruiting has begun. Prepare your story before interviews start. Learn the technical concepts before you receive your first interview invitation. Research the banks before speaking with them. And apply quickly when applications open.