Complete Guide to Finance Summer Internship Applications 2027
A guide for penultimate-year students. Timeline, CV and cover letter advice, online tests, video interview preparation, assessment centre preparation and how to maximise your chances of converting an internship into a graduate offer.
Built for students applying to Goldman Sachs, J.P. Morgan, Morgan Stanley and other leading firms
In this guide
- 1What a summer internship in finance actually is
- 2The 2027 summer internship timeline
- 3The application
- 4Free CV checkerFREE TOOL
- 5Online tests
- 6Free psychometric practiceFREE TOOL
- 7The video interview: what it is and how to prepare
- 8Free HireVue practiceFREE TOOL
- 9The assessment centre / final-round interviews
- 10Firms and deadlines
- 11Frequently asked questions
Section 1
What a summer internship in finance actually is
A summer internship (often called a summer analyst programme) is a paid internship at a financial institution, usually aimed at penultimate-year undergraduates and, in some cases, master's students. Length varies by firm, but many programmes run for roughly 6–10 weeks over the summer.
During the internship you are usually placed in a specific team or business area, where you support real work, attend training and are evaluated throughout the programme. At many firms, interns are assessed during the programme and strong performers may receive a return offer for a graduate role.
Summer internships are one of the main routes into full-time analyst roles at major firms. Morgan Stanley explicitly describes internships as the primary pipeline for full-time programmes, and other major banks position them similarly. Applying for a graduate role without internship experience is harder. The competition includes candidates with prior banking experience.
Summer internships are highly competitive. Candidates with spring week experience may have an advantage through earlier familiarity with the firm and its process, but strong applications from candidates without spring weeks are absolutely possible.
Who can apply
Penultimate-year undergraduates and, at some firms, master's students
Duration
Typically 6–10 weeks over the summer, depending on the firm
Pay
Varies by firm, division and location. Firms usually describe pay as competitive
Acceptance rate
Summer internships are highly competitive
Conversion to graduate offer
Strong performance can lead to a graduate offer, but rates vary by firm, division and year
Application window
Varies by firm and division. Many open from summer into autumn, some on a rolling basis
Section 2
The 2027 summer internship timeline
Summer internship applications open earlier than most students expect. Some firms open applications very early, often from summer or autumn, so candidates should prepare well in advance.
Build your CV, develop commercial awareness, and attend firm events. If you have a spring week, perform well. It can strengthen your summer application. If not, start preparing for online tests and video interviews. Join your university's finance society, attend networking events, and practise answering "why investment banking?" until your answer is specific and compelling.
Applications often open between summer and autumn, but timing varies significantly by firm and division. For the 2026 cycle, Morgan Stanley IBD closed in October 2025, UBS Global Banking closed in October 2025, and some Citi and Deutsche Bank roles stayed open into early 2026. Some major firms review applications on a rolling basis, so applying early can help.
Online tests are typically sent shortly after applying. Complete them promptly. Common assessment types include numerical reasoning, verbal reasoning, situational judgement and game-based assessments. The provider and format vary by firm.
Some firms use timed on-demand video interviews, but the number of questions, preparation time, response length and retake policy vary by employer. Practising the format beforehand makes a significant difference.
Depending on the firm, this may include several interviews, technical or commercial questions, and sometimes group exercises, presentations or additional tests. This is where preparation compounds. Candidates who know their story, have practised technical questions, and can discuss recent deals have a significant advantage.
Offer timing varies by firm. Some candidates hear back quickly, while others wait longer. The offer is typically conditional on maintaining your academic grades.
Several weeks embedded in a team. You will support real work, attend training, and be evaluated by multiple people. Interns are typically assessed during the programme, and return-offer decisions are made through the firm's internal review process.
Section 3
How to write a summer internship application that gets through
Your CV
Summer analyst CVs are typically expected to show a stronger level of evidence and relevance than very early-career applications. Screeners expect to see evidence of structured thinking, commercial awareness, and, ideally, prior relevant experience (a spring week, a finance society role, or a previous internship). Here is what works:
One page. Education first, then experience, then skills and interests. Strong CV bullets usually start with an action verb and quantify impact where possible.
Spring week experience is valuable. If you did one, describe what you did in detail: "Completed a rotation across IBD and S&T at [firm], culminating in a group presentation on M&A valuations."
Technical skills matter more at this stage. If you can use Excel at an advanced level, know how to build a DCF model, or have done any financial modelling, include it. If you have Bloomberg Terminal experience from your university, mention it.
Commercial awareness through your bullet points: reference specific deals, companies or market events where relevant. "Wrote a research report analysing the £5.4bn Vodafone/Three UK merger for the university investment society" is far stronger than "Wrote research reports."
Trim the fluff. No "references available upon request." No personal statement. No skills bar charts. Every line of your CV should earn its place by demonstrating a specific capability.
Cover letter
Some applications ask for written motivation questions or a supporting statement; others do not require a cover letter. Where a written response is required, the expectations are higher than for spring weeks:
Why this division? You need to be specific about whether you want IBD, S&T, AM, or another area. And why. "I am interested in investment banking because I enjoy financial analysis and working in teams" is generic. "I want to join the leveraged finance team because my experience modelling LBO scenarios in the finance society showed me that I am genuinely energised by credit analysis" is specific.
Why this firm? Reference something you cannot find on any other firm's website. A specific deal they advised on. A conversation with an employee at an event. A unique aspect of their training programme. Show you have done the work to understand what distinguishes them.
What do you bring? Link your experience to the skills the role requires. If you have a spring week, reference what you learned. If you have strong academics, explain how your analytical training prepares you. If you led a society or team, explain what that taught you about the pressures of client-facing work.
Application questions
Some applications include written motivation or commercial-awareness questions, but the number and format vary by firm. Common themes:
Division-specific motivation: "Why are you interested in investment banking specifically?" Your answer needs to show genuine understanding of what the job involves day-to-day. Reference specific aspects of deal work, modelling, client interaction, or training.
Technical/commercial: "Discuss a recent deal that interests you and its strategic rationale.". Pick a deal from the last 3 months involving the firm you are applying to (or a competitor). Explain the structure, the rationale, and your view on whether it was a good deal. Show you can think like an analyst.
Competency with higher stakes: "Tell us about a time you demonstrated resilience.". The STAR framework still applies, but your example needs more depth. The stakes should be meaningful, the actions should show initiative, and the result should be quantifiable.
Check your CV before you apply
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Section 5
The online tests: common formats and how to prepare
Summer internship assessments often use similar formats to spring-week assessments, but this varies by firm. If you completed these for a spring week application, the format may be familiar. If this is your first time, practise at least one full test before the real thing.
Numerical reasoning
20–25 minutes, 15–20 questionsProviders: Various providers
Data interpretation under time pressure. Tables, charts and datasets with questions requiring calculation of percentages, ratios, growth rates and comparisons. Calculator usually permitted.
Verbal reasoning
17–20 minutes, 15–20 questionsProviders: Various providers
Read a passage and determine whether statements are True, False, or Cannot Say. Strict reading comprehension. Do not use outside knowledge.
Situational judgement
25–35 minutes, 20–30 scenariosProviders: Various providers
Workplace scenarios where you rank responses. Scored against the response patterns the employer considers most effective. Think professional, client-focused, and team-oriented.
Game-based assessments
25–30 minutesProviders: Pymetrics (Harver) and others
Some firms use game-based assessments designed to evaluate cognitive and behavioural traits like risk tolerance, attention, memory and pattern recognition.
Preparation tips
Check the instructions carefully, as firms may apply retake rules or previous-assessment rules differently.
Practice under real conditions: timed, laptop, no distractions. The first time you see the format should not be the real test.
For numerical reasoning: get comfortable with quick percentage calculations, ratio comparisons, and reading data from complex tables. Speed matters more than difficulty.
Goldman Sachs uses its own assessment process, but the exact format can vary by programme and year. Practising across multiple test formats is the best general preparation.
Practice a psychometric test
If you have done a psychometric test before, this is a chance to sharpen your speed and accuracy. If this is your first, the single most valuable thing you can do is complete one practice test before the real thing. Try one below. 10 minutes, instant scoring.
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10 questions per test. Timed. Instant results with explanations. No signup required.
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Section 7
The video interview: what it is and how to prepare
Some firms use an on-demand video interview at this stage. The exact number of questions, preparation time, answer time and retake policy varies by employer. The questions may include division-specific and commercial awareness prompts alongside standard behavioural ones.
At the summer analyst level, firms are typically looking for a higher standard of commercial understanding than for spring weeks. Mentioning a specific deal, a market trend, or an industry insight in your answers can differentiate you from candidates who give generic responses. Depending on the division, firms may also include technical or commercial questions.
HireVue no longer uses facial analysis. This was discontinued in 2021. Evaluation criteria depend on the employer's process. However, your presentation still matters. Good lighting, a quiet background, steady eye contact with the camera, and a confident pace all contribute to how your recorded interview is perceived within the employer's hiring process.
Common question types
Division-specific motivation
"Why investment banking / sales and trading / asset management?" Have a clear answer that shows you understand what the division does day-to-day, not just what it sounds like.
Commercial awareness
"What is the most interesting deal or market event of the past month?" Pick something specific, summarise it concisely, and explain its implications. Mentioning the firm's involvement is a bonus.
Competency (teamwork / leadership)
"Tell me about a time you led a team through a challenge.". STAR structure, specific details, measurable outcome. The example should be substantive.
Technical awareness
"How would you value a company?" Depending on the division, firms may include technical questions. Know the three valuation methods (DCF, comparables, precedent transactions) at a high level.
Problem solving
"Describe a time you had to solve a complex problem with incomplete information.". Show structured thinking: how you broke the problem down, what data you gathered, what you decided and why.
How firms score your answers
Structure. Clear opening, logical middle, strong conclusion. STAR or similar framework helps.
Commercial depth. Do you reference specific firms, deals, or market events? Or just generic industry knowledge?
Self-awareness. Can you articulate what you learned from your experiences and how it prepares you for this role?
Specificity. Concrete examples with dates, numbers, and names are stronger than vague generalities.
Communication. Measured pace, clear articulation, minimal filler words, eye contact with camera.
Motivation. Genuine enthusiasm for the role and the firm. Energy and warmth come through on camera.
Practice a HireVue question
Many on-demand video interviews use a short preparation window and a limited answer time, but the exact format varies by employer. The first time you face that format should not be the real thing. Practice one question below. 3 minutes, scored report immediately.
Choose your firm
Your question
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That was one question. Practice the full set for Goldman Sachs, J.P. Morgan, Morgan Stanley and more on our firm preparation pages. Start free trial →
Section 9
The assessment centre / final-round interviews
The final stage is often an assessment centre or a set of final-round interviews. Depending on the firm, this may involve several interviews, technical questions, commercial discussion, and sometimes group exercises or presentations. This is where months of preparation pay off.
Technical questions
VariesCommon topics include valuation (DCF, comparables, precedent transactions), accounting (walk me through the three financial statements), and deal-related topics (accretion/dilution, LBO mechanics). You do not need investment banking textbook depth. You need to explain concepts clearly and show you have studied them seriously.
Behavioural / fit questions
VariesYour story, your motivations, your experiences. "Walk me through your CV." "Why this firm?" "Why this division?" "Tell me about a time you failed." Have 5–6 stories prepared that you can adapt to different question framings. Every answer should include specific details.
Market / deal discussion
VariesYou may be asked to discuss a recent deal, a stock you follow, or a market view. Come with 2–3 prepared: a recent M&A deal, a sector view, and an opinion on interest rates or a macro trend. Structure your discussion: what happened, why it matters, what you think.
Senior interview
VariesMore conversational. Senior interviewers want to know if you are someone they would want on their team. Be personable, show genuine curiosity, ask thoughtful questions. The questions you ask often matter as much as the answers you give.
Group exercise (at some firms)
VariesSome firms include a group case study where candidates work together on a business problem and present to a panel. Assessors typically look for contribution, listening skills, structured thinking, and the ability to build on others' ideas.
How to stand out during the week
Prepare a 90-second "walk me through your CV" pitch. Practise it until it flows naturally.
Know 3 recent deals in detail. For each: the parties, the structure, the rationale, the size, and your view on whether it was a good deal.
Ask every interviewer at least one thoughtful question. "What is the most interesting deal you have worked on recently?" works well.
Bring the same energy to the final interview as the first.
Follow the dress guidance provided by the firm. Arrive early. Be polite to every person you interact with. Including reception staff and other candidates.
Section 10
Typical application windows by firm
The dates below are based on previous cycles. Always check the firm's careers site for the latest information. Some major firms open very early, often from summer onwards, so prepare well in advance.
| Firm | Programme | Opens | |
|---|---|---|---|
| Goldman Sachs | Summer Analyst | Applications can open early. Check careers site regularly | Get alerted |
| J.P. Morgan | Summer Analyst | Timing varies by programme. Rolling review used | Get alerted |
| Morgan Stanley | Summer Analyst | Some 2026 roles closed October 2025 | Get alerted |
| Barclays | Summer Analyst | Rolling recruitment used for some programmes | Get alerted |
| Deutsche Bank | Summer Analyst | Some 2026 deadlines fell October–November 2025 | Get alerted |
| UBS | Summer Analyst | Some 2026 roles closed September–October 2025 | Get alerted |
| Citi | Summer Analyst | Some 2026 deadlines October 2025, others open into early 2026 | Get alerted |
| HSBC | Summer Analyst | Timing varies. Check careers site | Get alerted |
| Bank of America | Summer Analyst | Some 2026 deadlines fell October 2025 | Get alerted |
| Lazard | Summer Analyst | Timing varies. Check careers site | Get alerted |
| Evercore | Summer Analyst | Timing varies. Check careers site | Get alerted |
| Rothschild | Summer Analyst | Timing varies. Check careers site | Get alerted |
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