How to Land An Internship in the Financial Services Industry
Finance Intern Working Hard (CC: Adobe Stock Images)
There are a lot of stereotypes about the financial services industry — what the work involves, the opportunities offered, the people who work in it. If you’re even slightly intrigued about the prospect or already know you have a firm interest in pursuing a finance career, the best way to test the waters is to apply for an internship. Don’t psych yourself out before trying! You might be surprised by the opportunities available.
“People often self-select out because they're not interested in finance or business — but because these companies are so large, there are a lot of different jobs you can look into,” says Annie Hopkins, Director of Campus Recruitment at Jopwell. Interested in tech? There are absolutely options there. Curious about corporate social responsibility? These programs are emerging at large companies.
What’s more, the internship programs at banks and other financial institutions are often incredibly robust, offering training and development, as well as networking opportunities with other interns. If you enjoy your experience and do well, many of these companies “direct interns into full-time roles after graduation,” Hopkins adds. Who wouldn’t want to line up a job right after graduation?
“There's always growth or opportunities for internal mobility so you can move to a different team after you've been there for a couple of years and have had a chance to learn and do well,” Hopkins asserts.
If working in financial services piques your interest, here is a guide on getting started.
What are the application deadlines?
“If you are interested in applying for internships at an investment bank you should plan on getting your application in before the end of the summer,” mentions Hopkins. “Don’t let these deadlines make you scramble. As long as you know when the deadlines are, you can take your time and make sure you are submitting your best application.”
Internships for the summer of 2020 have started to open at some investment banks and will continue to be posted between now and November 2019, but “most revenue-focused roles — investment banking, sales and trading, and wealth management — are the earliest to be posted and also to close.” The application timelines for these roles tend to be shorter because they generate a high volume of interest. “Many students start preparing for these roles the minute they set foot on campus freshman year, so it's really important to do your research as much ahead of time as you can,” Hopkins explains.
You have a little more leeway with non-revenue-focused roles, as jobs in human resources, operations, and technology have longer application timelines. Their recruiting process typically concludes by December. Already know which specific banks you want to apply to? Most post their application deadlines on the career page of their website.
Is it okay to apply to more than one division?
“Recruiters are used to seeing someone submit applications to both finance and human resources and won’t ding you for that. Most banks will let you apply to multiple divisions,” Hopkins says — so it’s okay to cast a wide net.
On your résumé, play up your leadership skills and showcase any projects that indicate your work ethic, dedication, and success — especially if you have any quantifiable results to back it up. Because these companies tend to be larger, older, and more corporate, they often have systems in place for mentorship and guidance that are great for people who want to explore different interests and aren’t yet committed to a set track. With that said, just because you can apply to different divisions doesn’t mean you should totally wing it. Hopkins advises, “Make sure you understand the differences between the different divisions of an investment bank. Do your research.”
She suggests to start researching the company by reading through the description of each division online. If you know someone who has done an internship at a bank, reach out to them or ask your alumni network if they can connect you. When school starts up again, attend campus events sponsored by the company, or seek out virtual programming. You can (and should) also supplement this work by doing research on your own about the field at large.
“There is a plethora of online resources that make the process of preparing for and researching careers exponentially easier than it was in the past,” Hopkins says. Additionally, if you nab an interview for a revenue-focused role, your interviewers will expect you to have a basic, up-to-date understanding of the financial markets. Familiarize yourself with the subject over time and you won’t have to “cram it all in” later.
If you’re starting from scratch, explore these resources:
“The Banker Blueprint: The Last-Minute Guide to Breaking Into Investment Banking”
TED-Ed: “How does the stock market work?”
Warren Buffet’s Life Advice (YouTube)
If you want to test your knowledge or research certifications, look into the following:
If you want to follow popular websites, blogs, and video channels:
TheStreet: Investing Strategies
If you want to stay on top of business in books and pop culture, check these out:
Too Big to Fail (book ❘ movie)
The Best Book on Investment Banking Careers
Investment Banking Valuation, Leveraged Buyouts, and Mergers & Acquisitions
What makes an applicant stand out?
Make sure the information on your résumé is truthful and accurate. Don’t inflate your GPA (or put your major GPA instead of your cumulative). If you get an offer, you’ll have to do a background check and having even small inaccuracies may put your offer at risk.
What to expect after you apply
Be ready to interview when you hit submit on your application: some banks will move you immediately to either a technical interview (for engineering roles) or a pre-recorded digital interview — so you need to be ready to go!
