goldman sachs off cycle internship cover letter

What Is the Goldman and Sachs Internship?

Off-cycle goldman and sachs internship (united states, asia pacific, india, europe, middle east and africa), is the goldman sachs internship paid, how to become a goldman intern, frequently asked questions, final thoughts, goldman sachs internship 2024 – requirements, salary & how to get one.

Updated December 7, 2023

Goldman Sachs is a global financial services and investment banking company headquartered in New York City. It has offices in major financial centers, including London, Hong Kong and Tokyo.

The firm was founded by Marcus Goldman in 1869 and is now considered one of the world’s most prestigious financial institutions.

Goldman Sachs is involved in various financial activities, including:

• Investment banking
• Asset management
• Securities trading and underwriting
• Mergers and acquisitions
• Risk management
• Private wealth management

Goldman Sachs is a prominent player in the global finance industry, which makes it a popular choice for college graduates applying for internship opportunities.

In this article, you can learn more about the Goldman Sachs internship 2024 program and ways to stand the best chance of success when you submit your application.

Goldman Sachs offers several different internship opportunities, including two summer internship programs available in the United States, Asia Pacific, India, Europe, Middle East and Africa.

Prepare for the Application Process at Goldman Sachs with JobTestPrep

Here is some more information on the summer internships:

Summer Analyst Goldman Sachs Internship

This is an eight to 10-week summer program for undergraduate students.

For the 2024 program, applicants must be in their sophomore year of university studies or enrolled in a Bachelor’s or Master’s degree program and due to graduate between May 2024 and July 2025.

However, for Fixed Income, Currency and Commodities (FICC) and Equities programs, applicants graduating in 2024 and 2025 will be considered.

The program includes:

• Company orientation to learn about the organizational culture, responsibilities and benefits of working for Goldman Sachs.
• Training to set you up for success in the financial services industry
• The chance to contribute to real business responsibilities and work with other interns and Goldman Sachs employees

There is no requirement for applicants to have previous industry experience, although relevant finance experience will boost your chances of being selected for the program.

Summer Associate Program (Goldman Sachs Summer Internship)

This eight to 10-week summer program is suitable for graduate students with an advanced degree such as MBA, MD, LLM, MFin or PhD. Applicants must have at least two years of relevant work experience.

Summer Associates are expected to work closely with senior employees and Goldman Sachs clients.

• Tools to aid professional growth and career development.
• Opportunities and challenges to help prepare for your next career move.
• Support to build up a professional network with Goldman Sachs employees across the organization.

New Analyst Program – Goldman Sachs Internship

The New Analyst Programme is a full-time Goldman Sachs employment internship designed to help you learn about the business, develop key working relationships and build on your existing skills and abilities.

This program is suitable for students in their final year or those who are due to graduate between May 2023 and July 2024. The FICC and Equities division also considers applicants graduating in 2023 and 2024.

New Associate Program – Goldman and Sachs Internship

The New Associate Program is a full-time internship for people with between two and five years of relevant work experience and an advanced degree. Associates form an important part of the business and are supported to develop their skills and work closely with senior employees and clients.

This program is suitable for candidates graduating from an advanced degree program (PhD or MBA) between May 2023 and July 2024.

This internship program is aimed at students currently pursuing their college or university degree.

The program length varies, but interns will receive personalized training opportunities and get the chance to work with fellow interns and Goldman Sachs staff.

Internship programs are available in the following business areas:

• Asset Management
• Conflicts Resolution Group
• Controllers
• Corporate Treasury
• Corporate and Workplace Solutions
• Engineering
• Executive Office
• Global Compliance
• Global Investment Research
• Human Capital Management
• Internal Audit
• Investment Banking
• Wealth Management

The Summer Analyst and New Analyst programs are also available in FICC and Equities (Sales and Trading).

Goldman Sachs interns receive a competitive salary of around $59,500 per annum , although the Goldman Sachs internship salary varies between job roles and locations.

In addition to financial compensation, Goldman Sachs interns may be able to enjoy other employee benefits, including:

• Healthcare and Medical Insurance
• Vacation and Holiday Policies
• Financial Wellness and Retirement
• Wellness Services and Programs
• Childcare / Family Care Facilities
• Leave of Absence Policies
• Business Travel Assistance
• Scholarships
• Education Opportunities
• Flexible Working Opportunities

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There are four key steps to applying for a Goldman Sachs internship.

Step 1 . Choose the Right Goldman Intern Program for You

Goldman Sachs offers a variety of internship opportunities, from one-week spring placements to full-time positions.

It is important that you research all of the business divisions to find one that best suits your experience, skills and interests.

You can also register for My GS Events updates to receive information on virtual and in-person information sessions, workshops, panel discussions, conferences and networking events.

These events are a useful way to help you decide which program(s) you want to apply for.

Step 2 . Submit an Online Application

Once you have decided on the program(s) you want to apply for, you will need to submit your application.

You can submit an application for up to three roles. The application will take around 20 minutes to complete, and you will need to provide the following information:

• Personal details, including your name, address and contact information
• Education information, including your university/college degree and dates
• Exam results
• Personal statement (300 words or less to convey your reasons for applying) – this is mandatory for European, Middle Eastern and African applications
• Language skills, including proficiency in other languages
• Current resume/CV as a Microsoft Word, Rich Text Format, Text or PDF file. This must be less than 512 KB
• Academic transcripts

To apply, you must:

• Visit the Goldman Sachs Careers page and select 'Apply' under the 'I am a Student' option.
• Choose 'Apply Now' And select Summer Analyst/Associate.
• Select the appropriate Recruiting Year
• Choose the appropriate position, role, location, division and subdivision
• Answer the remaining questions, upload your resume/CV and click 'Submit'.

Step 3 . Attend an Interview

If your application is shortlisted, you will be invited to take part in a HireVue video interview .

This takes approximately 30 minutes.

If you are applying for an Engineering internship, you will also be required to sit a HackerRank assessment.

Step 4 . Participate in the Goldman Intern Superday

If you are selected for the in-person interviews stage, you will be invited to attend a day of in-person interviews at a Goldman Sachs location.

In most cases, this will involve two to five interviews, although this varies between business divisions. Attending the Superday also lets you meet others already working in your preferred business division.

Step 5 . Goldman Sachs Internship Application Periods

Applications for the 2024 Summer Analyst, Summer Associate, New Analyst and New Associate programs are open.

The application deadline is Sunday, November 19, for all business areas and locations except Engineering (Wednesday, January 31) and Warsaw (March 2024.)

Goldman Sachs reviews applications for Off-Cycle Internships on a rolling basis, so it is important to submit your application at the earliest opportunity.

Goldman Sachs Summer Internship Preparation Tips

Read on for our tips on getting an internship at Goldman Sachs.

Learn About the Company

Before submitting your application, you should spend time learning more about Goldman Sachs as a company, including its culture, values, purpose and organizational objectives.

Furthermore, as well as helping you to familiarize yourself with the company, you will be able to incorporate what you learn into your application, which will help you to stand out from other people applying for an internship with Goldman Sachs.

You can find people profiles and divisional descriptions on the Goldmansach careers page.

Choose the Right Program

You will also need to consider the different internship opportunities available at Goldman Sachs and which are best suited to your skills, interests and location.

You can browse all of the available Goldman Sachs job openings for interns here .

Before choosing a program, think about any prior work experience or extracurricular activities you have completed that might strengthen your application.

Connect With the Company Beforehand

Building up a robust professional network is vital if you want to succeed in the financial services industry.

As a Goldman Sachs applicant, you can register for My GS Events updates.

This means you will be sent information on virtual and in-person information sessions, workshops, panel discussions, networking events and conferences.

Signing up for these updates is a great way to connect with Goldman Sachs before submitting an application, and it can also be useful when you are deciding which program(s) to apply for.

Familiarize With the Assessments and Interview Process

Aptitude tests , assessments and interviews can be challenging.

One of the best ways to reduce the stress of an interview or job assessment is to make sure you know what to expect.

You can find free practice tests on the Psychometric Success website:

• Numerical reasoning
• Verbal reasoning
• Verbal comprehension
• Abstract reasoning
• Spatial ability
• Mechanical reasoning

Also check out JobTestPrep for a full suite of practice resources.

The Goldman Sachs internship hiring process includes a HireVue video interview and the Goldman Sachs Superday, which is similar to an assessment center and involves two to five in-person interviews.

You can find out more about the Goldman Sachs hiring process, including pre-employment assessments and interviews, on the firm’s careers pages. The company also publishes a useful Careers Blog .

Do Goldman Sachs interns get paid?

Yes, most interns at Goldman Sachs are paid. Goldman Sachs is a prestigious global investment bank and financial services company that offers internship programs in investment banking, asset management, securities and general finance. Financial compensation is provided to interns as part of its competitive internship program. This may also include other benefits such as bonuses and financial incentives.

How hard is it to get a Goldman Sachs internship?

If you want to secure an internship at Goldman Sachs, you will need to have academic qualifications from a top university or college, a solid academic record, relevant work experience, evidence of networking with industry colleagues, a compelling resume and cover letter, effective interview skills and competitive nature. It is best to apply early in the application cycle and be prepared to submit an application more than once.

What percentage of Goldman Sachs interns get hired?

It is not possible to confirm the Goldman Sachs internship acceptance rate as the firm does not disclose specific information regarding the percentage of interns who are hired into full-time Goldman Sachs positions upon completion of their internship program.

How many hours a week do Goldman interns work?

Interns at Goldman Sachs often face demanding work schedules, exceeding 40 hours per week, varying by division and role. Full-time interns might work over 80 hours weekly during busy periods, including evenings and weekends, while support roles typically align more closely with standard 40-hour weeks, albeit with potential fluctuations.

Why is Goldman Sachs so prestigious?

Goldman Sachs dates back to 1869, and its success and longevity in the financial services industry have contributed to its prestigious reputation. It operates on a global scale and has a presence in many major financial centers, including London, Hong Kong and New York. It also consistently ranks as one of the top firms in the global financial services league tables.

What exactly does Goldman Sachs do?

Goldman Sachs, a leading investment bank, provides services in mergers, acquisitions, IPOs, and financial transactions. It manages portfolios for diverse clients and offers products like mutual funds and ETFs. Additional services include securities trading, wealth management, research, lending, risk management, and trading/sales.

Is it hard to get into Goldman Sachs?

Yes, it is generally considered to be difficult to get into Goldman Sachs as an employee. The firm uses a highly competitive process for hiring new employees and applies rigorous standards to the recruitment process. Goldman Sachs is a prestigious employer, so its job vacancies attract thousands of highly qualified applicants from top universities and colleges.

Goldman Sachs is one of the world's most prestigious financial services employers.

It offers a range of internship programs to students and recent graduates who are looking to gain experience working in the financial services industry, including summer internships and full-time programs.

If you want to apply for an internship at Goldman Sachs, you will need to visit the careers website and submit an online application.

Before doing so, it is essential that you research all of the different options and choose one that is best suited to your strengths and personal circumstances.

As a leading financial services firm, Goldman Sachs seeks to employ candidates with a strong academic record, relevant coursework, leadership experience, teamwork skills and a clear interest in finance.

If you are selected for an interview, you will be expected to participate in several interviews, including technical and behavioral interviews.

Remember, the application deadlines and requirements vary between programs, so you must check the official Goldman Sachs careers website for the most up-to-date information on internship opportunities.

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The Off-Cycle Investment Banking Internship: The Best Side Door into the Industry?

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As investment banking recruitment has moved up earlier – especially in the U.S. – many students “miss” the process or start too late to have a good chance.

And in other regions, timing differences for degrees and gap years mean that not everyone can complete internships in the traditional time frame.

Finally, work experience expectations have risen over time, and you may not even be competitive in IB summer internship recruiting without other finance internships first.

These factors have made the off-cycle investment banking internship a popular strategy for many students.

In other words, rather than completing an internship during the normal period (the summer in the northern hemisphere), you do it during the fall, winter, or spring – or even after graduation.

Unfortunately, this topic is tricky to discuss because “off-cycle” means something different in Europe vs. the U.S. vs. elsewhere, and it also differs at different types of banks .

I’ve seen some people suggest that off-cycle investment banking internships are better than the traditional summer ones, but I don’t think this is correct.

Instead, off-cycle internships are useful under specific conditions , but you shouldn’t view them as an alternative to normal internships – they’re more like a supplement, pre-requisite, or backup plan.

But let’s start with the definitions, key differences, and different variations:

What is an Off-Cycle Investment Banking Internship?

Off-Cycle Investment Banking Internship Definition: In an off-cycle IB internship, you work at a bank for 3-6 months outside the traditional summer period, and you typically win the internship via networking or a less-structured recruiting process.

This definition is intentionally vague because people use the term “off-cycle” to refer to all of the following:

• A traditional IB internship that leads to a potential full-time offer, but with different timing due to a university’s trimester system or other non-standard enrollment dates.
• An informal and unadvertised internship at a boutique bank (or PE/VC firm) that you complete part-time during the school year in Year 1 or 2 of university.
• A standard 6-month internship in a continental European country where everyone has to do several 6-month internships to have a chance of winning full-time offers in the country (e.g., France or Germany ).
• A 3-6-month internship at a large bank that starts in a non-summer month, such as January, and which may or may not result in a full-time return offer (common in Europe but rare in the U.S.; they’re sometimes labeled “Winter” or “Spring” internships).

There isn’t much to say about variations #1 and #3: you pretty much have to do off-cycle internships, at least if you want to work in a country where they’re required.

Variations #2 and #4 are more interesting because these types are “potentially useful but not required.”

If you already have one solid summer internship, high grades, and a brand-name university, an off-cycle internship at a boutique bank may not add much.

But if you don’t have all three of those, an off-cycle internship could make you more competitive for future internships and full-time roles.

The case for an off-cycle internship at a large bank (variation #4) is much weaker, in my opinion.

If you have to do it because of timing issues or because you started recruiting very late, fine, go ahead.

But there’s rarely a reason to do this type of internship instead of a traditional summer one (see below).

Why Do an Off-Cycle Investment Banking Internship?

People sometimes argue that off-cycle internships are “better” than traditional summer ones because of:

• Ease of Recruiting – The claim here is that interviews will be less intense, the questions will be easier, and the process will be less structured. Also, fewer candidates might apply, which improves your odds.
• Reduced Intensity – Some also argue that the internship itself might be easier, with reduced hours and expectations, since it’s not part of the bank’s normal, structured process.

With the first claim about easier recruiting , interviews are often less rigorous if you network with boutique firms and get a bank to create an internship for you.

However, you’ll also spend more time emailing people and setting up calls , so I’m not sure I’d say that recruiting is “easier” overall.

You’ll still spend a good chunk of time on the process, but you will not need to know technical topics in the same depth.

And with off-cycle internships at large banks in Europe, you’ll still go through the same process of online applications/assessments, assessment centers , standard interviews, and so on.

Yes, fewer people apply, but fewer spots are also available – maybe ~15-20% of the summer internship openings.

And most of the students applying to these roles have already interned at other banks, so it’s not as if you’ll suddenly go from “low chance” to “competitive” (unless your profile has changed significantly).

The second claim above about the reduced intensity might be true for informal internships at boutique firms, especially if you’re working there part-time.

But it’s not true at all for off-cycle roles at the large banks – in fact, you might end up working even longer hours because:

• There are fewer other interns, so the work per intern is higher.
• There’s usually more deal activity outside the summer months, especially in Europe, since everyone goes on vacation in August.

Why NOT Do an Off-Cycle Investment Banking Internship?

Besides the issues above, there are some other potential downsides:

• Compensation – These internships at boutiques and smaller firms are often unpaid or offer significantly lower pay than the large banks.
• Full-Time Return Offers – These are off the table if you’re interning at a boutique. But even if you’re at a large bank, your chances of getting a return offer are arguably a bit lower because you’re outside the normal intern pipeline.

Examples of Banks That Offer Off-Cycle Investment Banking Internships

If you’re aiming for boutique firms, you should be able to find firms in your area via simple Google searches.

The larger banks often post these openings on job boards and their internal sites.

Here’s an example from Goldman Sachs that sums up off-cycle internships in Europe quite well:

Credit Suisse also has a section about off-cycle internships on its site , as do many other large banks.

You can easily find specific job postings from the large banks on all the usual job boards, LinkedIn, etc., by searching keywords like “off-cycle internship” or “fall/spring/winter internship.”

Since I have a lot of LinkedIn connections from running this site, I decided to do a quick search to see which specific banks have offered off-cycle internships.

I counted in this list any bank that appeared in at least one person’s profile with “off-cycle intern” as the person’s title at that bank:

Larger Banks That Have Offered Off-Cycle Internships: JPM, UBS, Lazard, Rothschild, Moelis, DB, William Blair, PJT, Jefferies, BBVA, SocGen, MS, BNP Paribas, GS, CS, Barclays, Nomura, HSBC, Evercore, ING, Citi, and Houlihan Lokey.

Other Banks That Have Offered Off-Cycle Internships: Goetzpartners, Yorkdale Partners, Berenberg, Intesa Sanpaolo, Atlas Advisors, Configure Partners, Torreya, JD Merit, Banca Akros, Berkery Noyes & Co., Clairfield International, Arctic Securities, Brocade River Merchants Capital, Stamford Partners, DNB Markets, Antarctica Advisors, Frontier Investment Banking, and AZ Capital.

I stopped reviewing the results after ~10 pages, but you could find dozens (hundreds?) of other names if you keep going.

How to Find an Off-Cycle Investment Banking Internship

If you’re aiming for boutiques, start by searching for local firms and looking on job boards and LinkedIn, as in the examples above.

To contact these firms and get responses, take a look at our guide on how to cold email for internships and follow the steps and templates there.

Winning an unstructured/unadvertised internship comes down to:

• Do they need help?
• Can you add value?
• Are they feeling nice today?
• Are you persistent about following up without crossing into “stalker” territory?

For off-cycle roles at large banks, you almost always need previous internships to be competitive, and it’s the same recruiting process as always.

The deadlines vary, but you might apply 4-6 months before the internship begins.

For example, if you’re targeting a London-based internship with a January start date, you might apply in August and go through interviews and the assessment center in September.

At boutique firms, the start date is “whenever you finish speaking with people there and convincing them you can do something useful.”

Interviews for Off-Cycle Internships

At the large banks, expect the usual set of investment banking interview questions and be prepared for all the common fit/behavioral and technical categories.

At boutique firms, interviews tend to be more qualitative.

They might still ask you general questions about topics like the DCF model , valuation, or the LBO model , but they’re not going to probe you on obscure details.

Common questions might include:

• Why are you interested in our firm? / Why investment banking ?
• How much do you know about our clients?
• How can you save us time or contribute to deals?
• How can you help us if you have no previous work experience?
• How much do you know about what you do in an M&A deal?

It’s nothing difficult if you’ve read this site, but you do need to have some decent responses prepared.

I recommend downplaying your technical knowledge/skills here and focusing on how you can help them with administrative tasks.

They’ll be more likely to believe you, and there’s plenty of work in that area that full-time bankers never want to do.

What Happens During After an Off-Cycle Investment Banking Internship?

Please see the investment banking internship guide for tips about how to perform well in the internship itself.

You’re extremely unlikely to receive a full-time offer at a smaller bank, especially if you’re doing this off-cycle internship in Year 1 or 2 of university.

You’re there to get the name and work experience on your resume/CV and get a potential recommendation from the people at the firm.

If you’re doing this internship at a large bank, you’ve performed well, and the bank needs help, you should have at least a decent shot of converting it into a full-time offer.

But be careful because firms in certain countries are notorious for making interns go through endless off-cycle internships with no long-term hiring plans.

I’m not sure what you can do to avoid this other than research the firm and office and speak with others who interned there.

The Bottom Line: Are Off-Cycle Investment Banking Internships Worth It?

This question is a bit like asking whether a certain nutritional supplement, such as Vitamin D, is “worth it.”

If you already have healthy Vitamin D levels from sunlight and food, you don’t need supplements.

If not, or if you’re in a region where it’s very difficult to get enough, then supplements could be quite useful.

With off-cycle investment banking internships , you’re not going to benefit too much if you already have a highly relevant summer internship, good grades, and a top university, and you’ve started recruiting early.

But those are quite a few requirements, and most people will not have everything on the list.

Therefore, the off-cycle internship could be very useful in these situations:

• You Don’t Have a Year 1 Summer Internship or Your Internship Isn’t Relevant: Maybe you changed your mind about careers or didn’t know what you wanted to do initially in university.
• You Graduated Without Much/Any Relevant Work Experience: Doing these informal internships at small firms could be your best shot at breaking into finance.
• You Have Low(ish) Grades or Go to a Non-Target University: More internship experience helps offset these issues.
• You’re Taking a Gap Year or Have Other Unusual Timing: Summer internships might not be an option, but off-cycle ones certainly are.

I don’t think the other supposed benefits, such as “easier” recruiting or “reduced” hours, are the real benefits of most off-cycle investment banking internships.

Instead, off-cycle internships are useful mostly because they provide other paths into the industry and may improve your chances via the traditional summer internship route.

For Further Learning

If you want to learn more about finance internships and related topics, take a look at these articles/interviews:

• Investment Banking in Europe (some discussion of off-cycle internships in various countries there)
• The IB Recruiting Timeline (some examples of off-cycle internships at boutique firms in the U.S.)
• From Private Equity Internship to Bulge Bracket Investment Banking (leveraging off-cycle internship into full-time roles in the U.K.)
• How To Get An Investment Banking Internship (a guide if you’re starting out or need a refresher)
• Off-Cycle Private Equity Recruiting: How to Win Middle-Market Private Equity Offers
• Equity Research Careers : A Day in the Life, Advancement, Compensation, and Exit Opportunities
• Investment Banking Spring Weeks: Full Guide

About the Author

Brian DeChesare is the Founder of Mergers & Inquisitions and Breaking Into Wall Street . In his spare time, he enjoys lifting weights, running, traveling, obsessively watching TV shows, and defeating Sauron.

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10 thoughts on “ The Off-Cycle Investment Banking Internship: The Best Side Door into the Industry? ”

Thanks for the article. I’m currently a master’s student at a Southeast Asian university (in the Philippines). I wanted to ask for some advice regarding my approach into getting into large banks like JP Morgan, Morgan Stanley, and Goldman Sachs in Hong Kong or Singapore. I’m currently interning at a large investment bank in my country (the largest in fixed income deals by far, together with some equity deals). Because of your article, I now intend to apply for summer analyst positions instead of off-cycle positions in the future. However, being that I graduate at 2024 with my master’s (I’m currently 21), I was hoping to ask would working for a full-time position in a large investment bank in my country be an experience that large banks in Hong Kong and Singapore would consider? Together with this, I’m worried that prejudice might arise from my school. I come from a reputable school in the Philippines, however, I’m doubting whether they’re expecting people from Harvard or Wharton.

Lastly, is experience in Hong Kong and Singapore enough to break into Goldman Sachs (specifically in New York)? That’s actually my main goal, honestly.

We’ve covered both these regions recently, and the short answer is that HK and Singapore are not ideal places to work unless you have exactly the right profile (native Chinese speaker for HK or strong SEA connections and language skills for Singapore):

https://mergersandinquisitions.com/investment-banking-in-hong-kong/ https://mergersandinquisitions.com/investment-banking-in-singapore/

If your goal is to work in NY, and you graduate next year, your best option is probably to find a role at a large bank with a presence in NY and then push for a transfer to NY after 1-2 years.

I can’t say whether you should stay in the Philippines or move to Singapore or somewhere else because I don’t know what kind of connections you have to the regions. If you’re a native speaker of Tagalog (for example), you should have a pretty decent chance at winning SG-based roles because the language skills will help quite a bit there.

You can’t do much about your school unless you do another degree (not recommended). In short: if you have the right skills/background, consider Singapore-based roles and then push for a transfer to NY. If not, stay where you are, see if you can find a role at U.S.-based bank there (no idea if they even exist in the Philippines), and then transfer from there.

Thanks for the article. I have a full-time offer for a one of / similar level to the “other banks” mentioned would you recommend taking this offer or gaining an off-cycle internship at one of the larger banks?

I am unsure whether it is easier to start at the lower-tier bank and then after 6 months to a year try and get into a larger bank, or to convert an off-cycle into full time.

Any advice would be great!

In general, if you already have a full-time offer at any bank, it’s almost always best to accept that offer rather than turning it down or delaying and looking for an off-cycle internship at a larger bank.

If you already *had* an off-cycle internship at one of the larger banks, it might be better to accept that and try to turn it into a full-time offer there. But if you’d have to spend time searching once again, it’s better to take the full-time offer, get some experience, and make yourself more marketable to the large banks from that experience.

Thanks for the helpful article. I am a rising senior (class of 2023) at a target in the US studying Mathematical Economics and I wanted to ask your opinion on my situation and if it is still realistic for me to break into the industry, especially given the current macroeconomic situation. I just accepted a fall internship offer at a reputable MM bank and I plan on graduating on time in the spring. This summer I interned remotely with a less well-known LMM boutique as I was not able to secure a more reputable summer analyst role. I think it’s worth recruiting full-time as a return offer from this fall internship is not guaranteed, however, I am worried about the fact that my previous work experience won’t be seen as “legitimate” in the eyes of more established banks. Do you think this fall internship makes sense given my current situation?

If you think you have a > 50% chance of getting a full-time return offer from this fall internship, yes, I think it’s worth it. I don’t think it will help a huge amount if you’re trying to leverage it to interview around for roles at other, larger banks, especially since banks are unlikely to award many full-time offers outside their intern classes this year. So I would not bet too heavily on that unless you have some very good connections at these banks already.

Thank you for writing another great article. I wanted to ask for some guidance on my approach to breaking into investment banking. I am in the UK and I graduated in January with a master’s degree in finance & economics (distinction/4.0 GPA) from a semi-target university. I have internship experience in big 4 audit, private wealth management, and I have some sales experience + good extra-curriculars.

I have been applying for positions in London since Novemeber but I haven’t had much luck with online applications (off-cycle internships, graduate jobs). A lot of the time I haven’t heard back or they keep me waiting before telling me the role has been filled. I have applied for various roles within investment banking, S&T, equity research, M&A and some consulting roles. I have only had one interview for a boutique IB firm however I was not successful (they wanted specific industry knowledge).

I am unsure what is the best approach to take next. I am continuing to apply for jobs as they appear on jobs sites. I haven’t done much cold emailing/networking as I started slightly late. Do you have a recommendation on how to approach my job search going forwards? If IB/S&T etc aren’t an option, what is the next best sector/group within finance to apply for (middle office/asset mgmt/big4/mgmt consulting)? I am open to different career opportunities.

Any advice would be really helpful, thank you.

Thanks. It’s probably some combination of your university (semi-target makes it harder) and lack of direct IB/S&T experience. If you’re not getting good responses from online applications for off-cycle roles, I would recommend one of the following:

1) Forget about IB/S&T/ER for now and instead apply for something like corporate banking, Big 4, or independent valuation firms so you can gain more relevant experience.

2) Or start cold emailing boutique PE firms (and maybe banks) to ask about off-cycle roles, even if they haven’t advertised them formally or opened up online applications.

I would not recommend consulting, middle office roles, or asset management if your goal is IB/S&T. Of that list, Big 4 makes the most sense, but only in specific areas (valuation/due diligence/transaction services).

Hi Brian, Thank you for this post. I am a second year MBA candidate at a semi-target school. I did my summer internship at a MM Investment Bank but did not receive a return offer for full time (my group did not give return offers to any of the Summer Associates). I have been networking with banks across street and most have told me that they may have openings later this year / early next year, but not right now.

Meanwhile I have a also been talking to a few less known LMM banks, who are willing to give me a fall/winter internship (paid opportunity) with potential to convert into full-time roles. My goal is to break into Investment Banking at a reputable bank but given the current economic environment I also want to play safe. Would you recommend taking the offer for the fall/winter internship (time commitment might be ~15 hours a week) or stick with networking and trying to get a full time role? Do you think that the fall/winter internship would provide me any advantage for full time recruiting?

I would take the fall/winter internship because you want to give yourself as many options as possible, and no one knows if the market will actually turn around next year. Also, you’ll be in a stronger position to win full-time roles if you have the summer internship + one additional internship on your resume.

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Goldman Sachs UK

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Off-Cycle Internships (Rolling Intake)

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About Goldman Sachs

The Goldman Sachs Group, Inc. is a leading global financial institution that delivers a broad range of financial services to a large and diversified client base that includes corporations, financial institutions, governments, and individuals.

As a participant, you will:

• Experience a wide range of financial services functions
• Have the opportunity to job shadow current GS professionals and work on case study assignments

Training & development

The firm’s learning programs range from skills-based offerings and high-potential leadership programs to roundtable discussions and talks hosted by senior leaders. Through Goldman Sachs University (GSU), new hires receive resources to accelerate their integration including access to digital learning even before the first day and orientation programs with an emphasis on culture and networking. At each career milestone, Goldman Sachs' people prepare for the next step through tailored training programs with an emphasis on leadership and firm culture.

Compensation & benefits

Goldman Sachs offers competitive salaries, benefits, and a working environment where you’re valued as part of the team alongside this, you may get great secondary benefits such as:

• Salary: GBP 45,000 to GBP 48,000
• Healthcare and Medical Insurance
• Holiday and Vacation Policies
• Retirement Planning
• Health Services
• Childcare / Family Care
• Leave of Absence

Career progression

The firm created Goldman Sachs University to help its people grow professionally – starting with their orientation and integration into the firm and continuing with ongoing development throughout their careers. From ongoing feedback to diverse talent programs, Goldman Sachs is committed to empowering its people to drive their development and expand their horizons.

Work-life balance

Employees are generally eligible for additional marriage or civil partnership leave, parental and adoption leave, and family emergency leave. Pay and duration are determined by each office. Based on manager approval, the following arrangements may be available to help employees meet their personal and family responsibilities: part-time schedules, job sharing, telecommuting, and alternate hours.

Company culture

Goldman Sachs offers a very positive working environment, which motivates the workers to give their 100% to the growth and success of the company. The company's culture is established on collaboration, agility, innovation, integrity, diversity, and customer orientation. This sounds like the right environment for fresh graduates and interns.

Eligible students will fulfil one of the below criteria:

• In their final or penultimate year, or
• Currently enrolled in a Bachelor's or Master's degree program and due to graduate between May 2024 and July 2025

How to apply

To apply for this role, click on the "Apply on employer site" button below, which navigates to the career page where the application can be filled out and submitted directly.

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Goldman Sachs Singapore

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Off-Cycle Internship Program (Rolling Intake)

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About Goldman Sachs:

The Goldman Sachs Group, Inc. is a leading global financial institution that delivers a broad range of financial services across investment banking, securities, investment management, and consumer banking to a large and diversified client base that includes corporations, financial institutions, governments, and individuals.

Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.

Learn from the people through hands-on experience and mentorship

Our Off-Cycle Internships are 3-12 month programs for final-year undergraduate students or recent graduates. Programs are available with our Global Investment Research and Global Markets divisions.

As a participant, you will:

• Experience a wide range of financial services functions.
• Have the opportunity to job shadow current GS professionals and work on case study assignments

Salary & benefits:

The typical salary for an Intern role at Goldman Sachs on average can be SGD 55000 per year. But it may range from SGD 54000- SGD 68000

• Vacation & Paid Time Off
• Maternity & Paternity Leave
• Good medical coverage
• Lots of online developmental courses across various topics offered
• Good corporate insurance
• Good annual health benefit package
• Flexible WFH
• Fitness subsidy

Career progression:

Goldman’s best entry-level analysts typically rise to become associates in around three years. Those who do not, tend to leave the bank (voluntarily or otherwise). Three more successful years, give or take, will lead to a promotion to the rank of the executive director or vice-president. The best-performing EDs/VPs will eventually become managing directors — one level beneath the partners.

Work-life balance:

The company provides career growth and work-life balance. The cross-functional team coordination was extremely strong, enabling the company's smooth working. Good work-life balance, no pressure.

It may sound strange to someone who is used to committing 9 to 5 only, but it has been observed again and again that Goldman people buy into Goldman's philosophy. Once they do, they stay for ten years or more. It is not work-life balance and probably not even the opportunities to participate in charitable deeds or join an LGBT committee, but fierce intellectual challenge and the sense of belonging to something worth something. The knowledge that you are on the winning team (most of the time), that you will be stretched but not broken, and that the firm will support you if you give 100% to the cause, that’s worth a bit. Plus remuneration is not bad and your next career step is probably assured.

Culture & vibe:

Freshers with superb time management skills will find it easier to settle in their new role at the firm. Goldman Sachs employees work between 8 and 16 hours every day based on insiders’ experience.

While the work hours are irregular, this is a typical scenario for an investment banking firm. On the bright side, insiders said that they learn more than their peers from competitor firms.

They attributed the multiple learning opportunities to evolving responsibilities, which ensure that no day is the same at Goldman Sachs.

Goldman Sachs employees tend to be committed and driven, as evidenced by the long working hours at the company.

• Students graduating from a Bachelors's or Masters's degree program December 2021 - December 2022

How to apply:

To apply for this role, simply click the "Apply on employer site" button on this page. Make sure to complete all the required fields and give thoughtful and considered answers.

Only shortlisted candidates may be contacted via email and you may expect up to 3 case study interview rounds with the hiring team.

https://www.glassdoor.com/Salary/Goldman-Sachs-Singapore-Salaries-EI_IE2800.0,13_IL.14,23_IM1123.htm

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Our Guide to Off-Cycle Internships

Your shortcut into the competitive world of banking and finance.

Missed out on a summer internship, or just want to squeeze in some more work experience before graduating? Off-cycle internships run all year round, so they could be just what you’re looking for. Read this guide to find out more...

What is an off-cycle internship?

Put simply, off-cycle internships take place outside of the normal time period when companies take on interns. Since most internships run in the summer months, that means off-cycle internships can be found in spring, autumn and winter.

Popular among big banks and financial institutions, these schemes typically last from three to six months and are aimed at students in their penultimate or final year of university .

Because they tend to happen during term time, off-cycle internships are considered to be a sneaky side door into the competitive world of finance.

Search for Off-Cycle Internships

Why do an off-cycle internship.

Here are THREE solid reasons why you should consider doing an off-cycle internship...

Less competitive

Off-cycle internships tend to be easier to get onto as you won’t be competing against the thousands of students that apply for summer internships.

Easy to apply

The application process is also easier as it usually just involves an internship CV and cover letter , rather than endless rounds of interviewing and psychometric testing.

It’s CV gold

With banks like Goldman Sachs receiving over 100,000 applicants for their graduate roles, it helps to get as much experience as you can before you leave university. Off-cycle internships are a valuable form of work experience that will dazzle any future employer.

In this video, Youtuber Gavra Nwamadi discusses what to do if you miss out on a summer internship:

Off-cycle internships in London

You can find off-cycle internships all across the world, but they’re particularly common in London; the financial heart of the UK.

Some of the finest financial institutions in the land run their off-cycle internships in London, including Rothschild & Co , J.P. Morgan, Goldman Sachs , Credit Suisse and UBS .

Goldman Sachs’ off-cycle internships run throughout the year. Open to anyone in their penultimate or final year of studies, these 3-6 month programmes are available in several of their divisions, including...

Engineering

Global Compliance

Global Investment Research

Human Capital Management

Investment Banking

Consumer & Wealth Management

Asset Management

Global Markets

This is a unique opportunity to dive into a specific area of financial services and shadow current Goldman Sachs professionals, plus you’ll be given scope to work on cases yourself.

Find out how to jumpstart your financial career with some first-class work experience in our guide to Banking Internships .

Applying for off-cycle internships

If you’re a Bachelor’s or Master’s degree student in your penultimate or final year of studies (or within 12 months of graduating), you’ll be eligible to apply for an off-cycle internship.

You can find these schemes on our jobs board or by checking the careers’ websites of larger financial organisations. From there, it’s just a case of tailoring your CV and cover letter to the specific role and employer, then crossing your fingers that you’ll hear back.

Struggling to find a position? Here are a few things you can do to increase your chances of securing an off-cycle internship...

Target SMEs (Small to Medium-sized businesses)

Smaller businesses are more likely to have an irregular hiring strategy. They may look to hire off-cycle interns when they need to plug a staff shortage gap, or during particularly busy periods.

Get networking

Off-cycle internships tend to have shorter recruiting periods, and it can really help your chances of getting in there if you’re already on an employer’s radar.

Keep an eye on job boards

Positions can come and go faster than you can say XXX. Monitor as many job boards as possible, and set up notifications so that you’re first to hear when a role goes live. Create an account with RateMyPlacement.co.uk to follow companies and save jobs.

Keep in mind that most off cycle internships usually occur outside of the months of May-August, and most often between the months of October and December.

However, applications for off-cycle internships are reviewed on a rolling basis - so no matter what time of year it is, if you’re looking for experience in banking, APPLY NOW!