The best investment banking internships in the US
If you're interning at an investment bank in the US, which should you choose? Firsthand.co, a career consultancy, surveyed more than 11,400 current and former interns over the summer of 2022 to deduce the best internships in various sectors.
Firsthand scrutinized the internships for quality of life, compensation, interviews, career development, employment prospects, and diversity to produce the ranking. Overall banks ranked highly on compensation, unsurprisingly - although across the survey, it was a clean sweep for Infosys in every category.
We’ve taken the top Investment Banking rankings and broken them down to see where last year’s interns enjoyed and improved themselves the most.
1. FT Partners internship
FT Partners, the fintech boutique, runs a ten-week internship program beginning in June. “Work directly for senior bankers” at the San Francisco-based boutique firm – although you can do the internship in New York, too. Firsthand estimates that 21 to 50 interns are taken in a year. “The application process includes three rounds of interviews and requires a resume, transcript, and college entrance exam scores,” the company says.
FT Partners ranked highest for quality of assignments, training, and overall career development among banks, and performed highly against other industries.
2. Evercore internship
Another ten-week internship taking place in Chicago, New York, Houston, Menlo Park, and Toronto. Evercore is a large boutique, and a former intern told Firsthand that the internship provided “access to a powerful network and great working culture,” although another said that deal flow was limited during the program.
Evercore was strongest in employment prospects and mentoring, as well as ranking well around.
3. Harris Williams internship
Harris Williams, the private investment bank, takes 10 to 20 graduates for its summer internship in Boston, Minneapolis, Richmond, and San Francisco, which lasts for ten weeks. Both analyst and associate level internships are offered. Program graduates rated it highly on compensation and benefits, although found it lacking networking and mentoring opportunities.
Harris Williams ranked well for compensation, as well as for quality of assignments.
4. William Blair internship
Located in Chicago, New York, Charlotte, Boston, Atlanta, or San Francisco, boutique firm William Blair’s ten-week internship is open in analyst and associate roles. It takes on 50 to 100 interns annually, and an intern in previous years said that “junior bankers are great mentors and provide a mix of [responsibilities].” Another complained that “there were times when I did not have much going on.”
William Blair ranked strongly in compensation and employment prospects, although not in any other categories.
6. Solomon Partners internship
Based in Chicago and New York, private boutique Solomon Partners takes on students on for ten weeks of the summer, with applications reviewed on a rolling basis until June 31st. The program ranked reasonably well for employment prospects and compensation.
7. Guggenheim (Associate internship)
New-York based investment bank Guggenheim’s associate program placed seventh on the list, with previous interns praising the compensation, interaction with live deals, and social experiences. But others criticized the “lack of diversity” and noted that “cross-office staffing makes collaboration challenging.”
The Guggenheim associate program ranked well for compensation, although not for other categories.
8. Lazard internship
Lazard’s summer analyst and associate internships were praised by interns for “the opportunities to broaden skillsets and learn on the desk”, as well as the compensation. One said however that they wished for “more opportunity to network between summer analysts/associates and full-time analysts/associates,” as well as a desire for “more modelling experience.”
Lazard ranked highly for compensation, but not in any other category.
9. Guggenheim (Analyst internship)
Guggenheim’s second appearance on the list was less complimented than their associate internship, with interns bemoaning the hours, although they did say that “that’s what comes with the job”, as well as that supervisors were “not always clear about expectations and feedback.” Positive comments were generally the same as for associate level, with another noting the exposure to senior management.
The analyst program did not rank in the top of any category.
10. Houlihan Lokey internship
Houlihan Lokey was the last bank represented on the list. The ten-week summer program was called “unbeatable” by one intern, with another praising the “multiple opportunities to learn technical skills and how to network with people.” Others criticized the work-life balance and noted that the “training could have been a bit more tailored,” although noting that the pay was “very generous”. It didn't rank well in any category.
Have a confidential story, tip, or comment you’d like to share? Contact: Zeno.Toulon@efinancialcareers.com in the first instance.
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