Are you looking for an internship or a full-time job in investment banking in 2025? If so, you’re in the right place. After a year of strong performance in 2024, most investment banking firms are making adjustments to their timing and recruitment methods. Such trends will create both opportunities and challenges for you.
In this guide to investment banking recruiting in 2025, we will share the trends to watch out for, hiring timelines, and the application process for IB roles. Read on to prepare yourself well.
Some of the key trends in investment banking recruiting in 2025 are accelerated hiring timelines, increased full-time hiring opportunities, resurgence in hiring, and increased off-cycle recruitment. Let’s explain more about each of these trends below.
1. Accelerated Recruitment Timelines
Investment banking firms are known for early recruitment, and that trend will continue in 2025. For instance, junior-year internship applications begin during your sophomore year. Some of the largest banks opened applications in January 2025 while some boutiques did so as early as December last year for summer internships 2026.
This means you're now expected to make career decisions up to 18 months before your potential start date. Some practical tips for ensuring you don’t miss out when applications open include:
If you find sites offering recruitment updates, you may also sign up to get another source of information on when applications open for various firms.
2. Increase in Full-Time Hiring Opportunities
In 2025, more investment banks are willing to hire undergraduate students directly into full-time roles rather than requiring years of prior experience. This creates more entry points into the industry.
However, don't be misled! Most of these full-time opportunities still go to candidates who have completed internships with the firm or have relevant experience elsewhere. So, while direct hiring is increasing, securing an early internship remains your best pathway to landing your dream full-time analyst position.
3. Bounce-Back in Hiring
After a few years of massive layoffs, reduced bonuses, and minimal job movement across the industry, hiring for junior and senior investment banking roles is expected to pick up in 2025. That’s because most banks experienced a great deal flow and increase in investment banking revenue, especially in the last quarter of 2024. For instance, JPMorgan Chase reported a 49% increase in IB revenue, Goldman Sachs’ profit rose by 105%, and Citigroup had a 35% increase in IB revenue.
Banks that aggressively downsized during the 2022-2023 slowdown are now actively rebuilding their deal teams to handle the work. So, there’s a good reason to expect fresh opportunities at all levels. Industry recruiters are describing 2025's hiring market as potentially "bonkers," with some firms already engaging potential talent even during traditionally quiet months. For you as a candidate, this means more openings, potentially better compensation packages, and increased leverage in negotiations as banks compete for qualified professionals.
4. Increase in Off-cycle hiring
Off-cycle hiring isn’t new but it’s expected to increase in 2025. This is mainly because banks are responding to increasing M&A activity by hiring year-round. The trend of off-cycle hiring is a direct response to the deal pipeline filling up again after years of stagnation. Firms that typically went quiet during November and December like Evercore were actively recruiting during these months in 2024.
Some of the industries behind this trend due to their strong demand for M&A bankers include tech, healthcare, restructuring, industrials, consumer retail, and financial institutions. Since opportunities may arise at any time of year, stay prepared and network well to take advantage of this hiring environment.
Investment banking firms usually recruit during specific periods that work for them. These schedules vary depending on the program, firm, year, and candidate level. Here are the common recruitment timelines in investment banking.
Spring internships for first year students which last a few weeks to a month open applications around September and October. If all goes well, you may get a return offer for summer internship in your sophomore year.
Applications for the summer analyst program which most students do in junior year open about 18 months before actual internship starts. That means they open as early as January or February of the Sophomore year. The applications are on a rolling basis meaning you can get an interview as soon as yours is reviewed, not necessarily after the application deadline. Most banks give offers around April.
A high percentage of interns receive full-time return offers based on their performance during the internship. So the summer analyst program might be the most important step for any aspiring investment banker.
If you don’t secure return offers, another option is the graduate analyst program. It’s often off-cycle hiring as banks try to fill opportunities from those who didn’t accept their return offers. Applications often open during the third year at university around September. Keep an eye on off-cycle opportunities as well.
If you’re taking an MBA, applications don’t begin until your academic year begins. Here’s the general recruitment timeline for MBA level internships in investment banking:
For undergraduate and MBA full-time roles, the recruitment process begins in August or September for positions starting the following summer. The application deadlines in the U.S. are usually in October, while in Europe, they may extend into November.
Most full-time positions are offered to interns from the previous summer. Then addit positions may become available from mid-August through the fall.
Off-cycle recruiting occurs throughout the year as banks hire on a need basis for roles that open unexpectedly. You should monitor job boards, check bank’s career portals, and maintain connections with recruiters to seize these opportunities.
For lateral roles opportunities may arise in the spring for graduating students with previous IB experience or for those seeking lateral moves.
The application process for investment banking (IB) roles involves several key steps including networking, submitting applications, initial screening, first-round interviews, superday interviews, and final job offer. Here’s an overview of each of these steps.
1. Networking
Before you apply for any internship or full-time investment banking role, it’s highly recommended that you network. Start as soon as you step in campus by:
If you want to secure an investment banking role, working on your networking skills is non-negotiable. You should ideally start networking several months before the formal application process starts, as it can enhance your visibility and chances of being considered for a role.
👉 More information about how to build finance-relationships in our article about Networking in Investment Banking.
2. Application Submission
Once you have established connections, created a list of target firms, and prepared your materials, the next step is to submit applications when they open. The process involves completing online applications through the bank's careers page. If you’re from a target school, you may also get a chance for on campus hiring as banks come to identify talent there.
Applying online requires providing a resume, and in some cases, a cover letter and academic transcripts. It’s important to ensure all application materials are free of errors, as small mistakes can lead to disqualification.
3. Initial Screening
After recruiters review the applications, the next stage for shortlisted candidates is an initial screening process, which often includes:
👉 In our article on the HireVue Interview, you’ll get a clear idea of what to expect and how the process works.
4. First-Round Interviews
Successful candidates from the initial screening are then invited to first-round interviews. These interviews may include a mix of behavioral and technical questions.
You should be prepared to discuss your background, motivations for pursuing a career in investment banking, and relevant technical knowledge, such as financial modeling and valuation methods.
👉 You can find examples to practice with in our article about Technical Questions in Investment Banking Interviews.
5. Superday Interviews
If you perform well in the first round, you may be invited to a "Superday," which consists of multiple back-to-back interviews with different bankers. This stage is intensive and may include:
👉 Our article on the Investment Banking Superday covers everything you need to know about this part of the recruiting process.
Recruiters and senior investment bankers at top firms are optimistic about the hiring activity in IB in 2025. That’s because investment banking revenue picked up in 2024 due to returning deal flow. As such, some of the recruitment trends in 2025 include increased off-cycle hiring, more full-time hiring opportunities, accelerated recruitment timelines, and an increased hiring rate.
Securing an investment banking role requires networking, monitoring application open dates for target firms, and submitting applications on time. From there, the banks conduct screenings, first round of interviews, and the final round interviews of Superday.
