Detailed Overview of the On-Cycle Investment Banking RecruitmentTimeline
September - October
Coffee Chats and Campus Events
The recruiting process begins with early exposure to firms and bankers. Students use this stage to learn how different banks recruit, understand what each firm offers, and begin deciding where they may want to apply.
October - November
Applications Start to Open
Application portals begin opening for junior summer internships. Students are expected to submit polished resumes, transcripts, and any required materials such as cover letters, short responses, or referral information.
December - January
Mock Interviews, Applications, and Final Prep
This period is when students should already be close to interview ready. Applications continue opening across different banks, while candidates use the break to complete HireVues, review technical material, and run mock interviews before live interviews begin.
January - February
HireVue Reviews and First Round Invitations
Around January 1st, many larger banks open their applications and the process begins moving quickly. As application materials and HireVues are reviewed, recruiting teams start narrowing down the applicant pool and sending first round interview invitations.
February - March
Superdays, Final Rounds, and Final Applications
During this period, many interview processes are moving into final rounds. Candidates may be invited to Superdays, where they meet with several bankers across different levels of the firm through multiple back to back interviews. At the same time, final applications continue to be released, giving students additional opportunities as other recruiting processes progress.
March - May
Offers and Continued Recruiting
By this stage, most bulge bracket banks, elite boutiques, and larger middle market firms are finishing their final offer decisions. Some candidates receive offers, some remain on waitlists, and others continue through remaining interview processes as firms work to fill the last spots in their summer analyst classes.
Beyond May
Regional Boutiques and Smaller Firm Recruiting
After the main on cycle process, smaller regional boutiques and local advisory firms may begin or continue their interview processes. These firms often follow a less structured timeline than larger banks, so opportunities can appear later in the spring or even into the summer.
What happens:
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Information sessions and campus events begin
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Students attend coffee chats and networking events
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Recruiters explain application timelines and expectations
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Students research firms, groups, and office locations
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Early relationships are built with bankers and alumni
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Some firms begin accepting early applications
What happens:
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Application portals begin opening
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Students submit resumes, transcripts, and basic information
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Some firms require cover letters or short responses
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Recruiters begin reviewing and screening applications
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Networking continues after applications are submitted
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Early HireVues and online assessments may be sent out
What happens:
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Applications continue opening across firms
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Candidates submit any remaining application materials
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Banks begin sending HireVues and online assessments
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Students complete recorded video interviews
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Technical and behavioral preparation increases
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Mock interviews become a major focus
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Candidates prepare for first round interview invitations
What happens:
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Many larger banks open applications in early January
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Applications are reviewed on a rolling basis
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Banks evaluate resumes, HireVues, and online assessments
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Recruiters begin selecting candidates for live interviews
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First round invitations begin going out
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Selected candidates complete first round interviews
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Strong candidates may begin advancing toward final rounds
What happens:
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Candidates complete first round and final round interviews
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Selected candidates are invited to Superdays
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Interviews test behavioral, technical, and fit based skills
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Candidates meet with bankers across different levels of the firm
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Recruiting teams compare finalists after interviews
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Offer decisions are often made shortly after Superdays
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Some remaining applications continue to open
What happens:
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Larger banks finish extending final offers
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Candidates accept offers or remain on waitlists
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Some firms continue interviewing for remaining spots
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Later applications may still become available
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Middle market and boutique firms continue recruiting
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Firms fill the final seats in their summer analyst classes
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Candidates without offers continue networking and applying
What happens:
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Smaller regional boutiques begin reviewing candidates
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Local advisory firms open later applications
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Recruiting timelines vary by firm and hiring needs
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Candidates may interview directly with senior bankers
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Networking becomes very important for finding openings
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Students continue applying and reaching out to firms
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Offers may be extended on a faster, less predictable timeline
Start of Sophomore Year
