Two distinct worlds: advisory and markets
Under the name of corporate and investment banking, there are two main blocks. The first is advice and financing for companies: mergers and acquisitions, share or bond issues, structured finance. The second covers market activities: selling products to investors, trading, and hedging currency or interest-rate risk.
The rhythms differ. In advisory, you work on long deals, with presentations, valuation models and tight deadlines. In markets, you follow prices in real time, react to the news and learn to reason quickly, with figures that have been checked. Choosing your team before applying avoids messages that are too general.
The functions around the front office
An investment bank does not employ only front-line finance staff. Alongside the front office, which deals with clients and markets, there are:
- the middle office, which monitors risk, profit and loss and the correct booking of transactions;
- the back office, which handles settlement and the administrative follow-up of trades;
- compliance and risk, which check that rules are respected and measure exposures;
- data, IT and quantitative research, increasingly in demand.
These teams also take interns and sometimes offer more open access than the most publicised positions. They let you get into an institution and then move on within it.
Profiles and backgrounds generally sought
Internships are most often aimed at students at master’s level or in the final year of a business or engineering school: business schools, engineering schools, and universities with master’s degrees in finance, economics or applied mathematics. Courses that combine market finance, statistics and programming are especially in demand for quantitative roles.
Gap-year or end-of-studies internships often last four to six months, sometimes less in summer. The exact level expected varies from team to team, and no background guarantees selection. Banks assess the coherence of your plans, your results, your previous experience and your ability to work rigorously under pressure.
Technical skills to demonstrate
Depending on the team, several basics are expected. In advisory: reading accounts, valuation concepts (listed comparables, discounted cash flows), and mastery of a spreadsheet and of presentation formatting. In markets: interest-rate products, equities, simple derivatives, and the notions of volatility and hedging. In risk: probability, statistics and a control mindset.
Fluent English is almost essential, because many teams work with foreign colleagues and clients. Python or SQL are cited more and more often. Say precisely what you can do rather than piling up software names in a list: a recruiter will quickly test what you claim.
A project with numbers rather than a list of keywords
A convincing application rests on something you have done and can defend. For example: a simplified valuation of a listed company with the assumptions explained, a mock portfolio tracker with a risk analysis, or a dissertation on a market transaction. Use public data and state your sources.
Be ready for simple questions: why this growth assumption, what is the limit of the model, what happens if the discount rate changes? A candidate who admits what they do not know and knows how to check is viewed more favourably than one who improvises.
Application timeline
At the big banks, intern recruitment opens several months before the start of the placement, and summer or end-of-studies programmes are sometimes filled long in advance. It is better to check the careers pages of the banks you are targeting regularly than to wait for spring. The exact dates change every year and are published by the banks themselves.
The usual steps are: an online application, possible logic or numeracy tests, a video interview, and then interviews with members of the team. Schools and universities organise forums and preparation workshops, which are useful for meeting former students.
Day to day: what an intern does
In advisory, an intern updates models, looks for comparable companies, prepares presentation pages and rechecks data before it is sent. In markets, they follow indicators, prepare morning summaries, feed databases or help document transactions. In the middle office, they reconcile figures and explain the differences found.
Quality is judged by reliability: a wrongly copied figure can have consequences, which is why you will be asked to justify and trace every calculation. Ask for regular feedback and note the formats that come back from one file to another.
An illustration: preparing for a valuation interview
By way of illustration, with rounded and hypothetical figures: a company has 100 million euros in revenue and 20 million euros of operating profit before depreciation and amortisation (EBITDA). If comparable companies trade at around 8 times that figure, a first approach would put its enterprise value at about 160 million euros. The candidate must then explain why the comparables are relevant, what net debt to deduct to obtain the equity value, and how another method would give a different result. The point of the exercise is the reasoning, not the number.
Mistakes to avoid and alternatives
- Applying “everywhere in finance” without distinguishing between teams.
- Overstating your technical skills or citing deals whose details you do not master.
- Neglecting economic news: follow at least one financial outlet and a daily markets summary.
- Ignoring the rules on confidentiality and sensitive information, which are very strict in these institutions.
- Limiting yourself to the biggest names: asset managers, regional banks, regulators and consulting firms also offer valuable experience.
Frequently asked questions
Do I need to come from a top school to get an investment banking internship?
Many interns come from business or engineering schools, but universities with master’s degrees in finance, economics or mathematics are also represented. Banks look at results, the coherence of your path, English and experience. No qualification guarantees selection, and your application must stay well argued.
How long does an internship usually last?
End-of-studies or gap-year internships most often last between four and six months, while summer programmes may be shorter. The length is stated in the offer and in the internship agreement, and it must remain compatible with your institution’s rules.
Can I apply without any programming knowledge?
Yes for many advisory, sales or middle-office roles, where the spreadsheet and rigour come first. Quantitative, data or risk roles, however, more often require a grounding in Python, SQL or statistics. Read the skills listed in each offer carefully.
Does the internship automatically lead to a job offer?
No. Some banks use their internships to spot future colleagues, but hiring depends on the team’s needs, the assessment and the economic context. Treat the internship as an experience to build on, whether or not an offer follows, and keep in touch with your supervisors.
What are the hours and workload like?
They vary by team and by busy period, and can be heavier in advisory when a deal is due. Ask former interns and put the question at the interview. The internship agreement and employment law set limits on maximum working time.
Are there alternatives to banks for working in the markets?
Yes. Asset managers, insurers, investment funds, brokers, companies with a treasury desk and regulators also recruit interns. These experiences often bring more responsibility and strengthen an application afterwards.