Before we dive into the world of Investment-Banking (IB) Summer Internships, remember this: they’re not the only path into the industry. They are the single most direct route to a full-time analyst offer, but the application cycle is brutal and success isn’t guaranteed. If you’d rather spend the next few months building a business, boosting your GPA, or pursuing a passion project, that’s perfectly valid. Make sure the potential payoff outweighs the hundreds of hours you could sink into applications, tests, and interviews.

Think of a Summer Internship as the “main season” in the IB recruiting calendar. They run 8-10 weeks (usually June–August) in the summer before your final year of study. While Spring Weeks exist mostly in London and New York, Summer Internships span global financial hubs: Hong Kong, Frankfurt, Paris, Madrid, Stockholm and basically every major city where the big banks are present

Banks treat these programs as an extended assessment centre: around 60-70 percent of interns receive a return offer to join the next analyst class.

You'll get real, revenue-generating work. Expect to:

• Build and tweak financial models
• Create pitch books and market updates
• Sit on internal/external calls with clients
• Shadow associates and VPs on live deals

Midway through, most banks run a mid-placement review and, in the final week, a formal evaluation. Your analysts, associates, and staffer will grade you on analytical skills, attitude, attention to detail, and “desk fit.” Nail these, and you may leave with a full-time contract in hand.

Everyone can apply; not everyone should. Consider:

• Target-school advantage. Are you at a target/semi-target university? If not, do you have standout experience or networks to compensate?
• Grades. Will your end-of-year transcript scream "top bucket"? Most bulge brackets expect a first-class (UK) or 3.7+ GPA (US/Europe).
• Relevant internships. These are almost crucial. Examples of relevant internships include: VC firms, valuation/transaction firms, Big4, or similar. While possible to land a summer without one, don't expect to be competitive if you don't have any other standout areas on your CV to compensate.
• Time and stamina. A single application cycle can consume 100 hours — tests, HireVues, technicals prep, networking calls, super-days, and more is to be expected.
• Diversity programs. Many banks reserve slots for women, under-represented ethnic groups, and non-finance/econ majors. Definitely keep an extra eye on these if you qualify.

If you tick at least the first three boxes, investing some degree of effort into applying is likely worth it. Otherwise, take a moment to consider whether you would be better off focusing on academics, leadership roles, boutique experience, or off-cycle internships — all of which can be effective springboards.

The statistics are less damning than for spring weeks, but summer internships remain highly competitive. A typical bulge-bracket summer programme in London might receive 8,000 - 12,000 applications for 250 - 300 seats (≈ 3% acceptance). Statistically, that's harder than getting into Harvard!

Your chances do improve if you are:

• From a target, or semi-target school/university.
• Plugged into alumni/mentor networks that can push referrals.
• Armed with prior deal-side internships (PE, boutique IB, Big4, or similar)

So, how do you get a summer internship?

1. Max out your CV: Showcase academic clout, relevant work experience (even part-time), student-run organisations, case competitions, and leadership roles. Don't overlook the importance of formatting your CV correctly, there are a few common templates, we highly encourage you to choose one of them — see M&Is formatting guide.
2. Networking:
3. Smash the online tests:Psychometric and “immersive job sims” are now the primary filter, applied even before CV screening. Skip prep here and you’re finished before HR even skims your cover letter.
4. Crush the HireVue and get the technicals right:Expect: “Why banking?”, DCF walk-throughs, accretion/dilution math, and sector mini-cases. Practice until you can recite answers at 2 a.m. half-asleep, but beware of sounding too rehearsed in your speech.

Summer-intern recruiting is now test-first, human-second. Up to 85 % of candidates vanish after the initial assessments. Different banks use different vendors—SHL, Cappfinity, HireVue Game-Based, Arctic Shores—so you need platform-specific prep.

• 10,000+ real past questions used in online assessments
• Detailed explanations for every question
• Practice for 35+ global firms — all for just £39 (94% cheaper than our closest competitor)
• Custom-built games that mimic the real deal, for example the classic Pymetrics assessment
• Battle Mode, leaderboards, performance analytics, an active forum, and more to help you stay engaged

No matter how you choose to prepare, remember, performing well here isn't optional; it's the cost of entry.

Good luck — from the doored team!