Investment banking and M&A internships

Investment banks advise companies and funds on their transactions: buying and selling businesses (M&A), IPOs and capital raises (ECM), bond issues (DCM) and acquisition financing. Interns work as analysts: they build valuation models, prepare pitch books and track deal data.

US and UK banks recruit their summer analysts almost a year ahead, and many review applications on a rolling basis. In continental Europe, six-month off-cycle internships starting in January or July are the norm. Boutiques recruit continuously and often give interns more responsibility.

What recruiters read for

Proof that you can model and keep up with the pace. A strong cover letter cites a recent deal by the bank or the team, shows real valuation work (DCF, multiples, LBO model) and says why this team rather than another.