10 Investment Banking Internships to Apply To in 2027
- Stephen Turban
- May 29
- 8 min read
If you're applying to Investment Banking Summer Analyst programs in 2027, you're competing for Summer 2028 seats. Applications open December 2026, offers go out March through June 2027, and the internship starts in June 2028.
The 10 firms below are the ones worth your time. The strongest IB Summer Analysts of 2028 will be the sophomores who applied in January 2027, not the ones who applied in May. As a Harvard alum, former McKinsey consultant, and founder of WSG (where we've mentored students into Goldman Sachs, J.P. Morgan, Morgan Stanley, and Evercore), this is the application list I would send a sophomore today.
What is the IB Summer Analyst recruiting timeline for the 2027 cycle?
For Summer 2028 seats, applications open December 2026 through January 2027. First-round HireVues run February through April 2027. Superdays cluster in March and April. The bulk of offers go out March through June 2027, elite boutiques moving earliest. Middle market firms run rolling applications through fall 2027. Smaller boutiques recruit on rolling timelines often into late 2027 or early 2028.
What's an off-cycle IB internship and is it worth doing?
A 3 to 6 month IB internship outside the standard summer cycle, typically during fall, winter, or spring. Common at European boutiques and some US boutiques. A six-month off-cycle stint at a credible firm gives you more deal exposure than a 10-week summer at a bulge bracket and a stronger story when you recruit for full-time. Right path if you missed the on-cycle window or want two finance internships before graduating.
Bulge Bracket Summer 2028 Programs
These are the highest-volume, highest-prestige programs and the ones with the most polished recruiting machines. They want polished candidates with consistent academic and extracurricular records.
Goldman's acceptance rate is estimated below 1 percent, and the 2028 cycle application is expected to open in December 2026.
Goldman rewards candidates who lock in a specific group preference early (TMT, healthcare, FIG, M&A, industrials) rather than applying generically. The candidates I've mentored into Goldman all had named contacts in their target group before they submitted.
Eligibility: Sophomores graduating December 2028 to June 2029 (Class of 2029) with strong GPA (3.7+ effective floor).
Deadline: Expected to open December 2026. Rolling review through spring 2027.
Who they look for: Polished candidates with strong academics, a clear "why Goldman" story, and one or two demonstrable wins.
Concrete takeaway: Submit within the first two weeks of it opening. Cold-email three analysts in your target group within 48 hours of submitting.
The students who get JPMorgan offers in March 2027 will almost all have touched a sophomore program (Sophomore Edge, Winning Women, or Launching Leaders) first.
Launching Leaders comes with a $15,000 scholarship plus a guaranteed SA seat for Black, Hispanic, and Native American candidates who qualify. For the 2028 cycle, sophomore program applications close late fall 2026; the main SA application opens December 2026.
Eligibility: Sophomores graduating December 2028 to June 2029 (Class of 2029), 3.5+ GPA preferred.
Deadline: Sophomore programs close late fall 2026. Main SA application opens December 2026.
Who they look for: Sophomores with strong GPAs, clear IB interest, and ideally a prior sophomore-program touchpoint.
Concrete takeaway: Submit a sophomore program application in fall 2026 if you qualify, then submit the main SA application the moment it opens.
Citi is consistently one of the few bulge brackets to post multiple SA tracks (Investment Banking, Healthcare, Capital Markets, Corporate Banking) for the same cycle.
For Summer 2028, expect Citi to post IB openings in New York and Los Angeles plus sector-specific tracks. The 10-week program starts in June 2028 with a 1.5-week intensive training. Early ID Leadership Program participants get fast-tracked.
Eligibility: Sophomores graduating December 2028 to June 2029 (Class of 2029). 3.3+ GPA.
Deadline: Expected to open December 2026. Rolling review.
Who they look for: Sophomores ready to commit to a 10-week SA program.
Concrete takeaway: Apply to two postings in parallel: the generalist IB role and the sector-specific one closest to your background.
A 10-week program with extensive formal training and direct placement into an industry or product coverage team.
The program is more structured than Goldman or JPMorgan equivalents, with a longer formal training window at the start. BofA also runs a separate Capital Markets SA program worth applying to in parallel if you're open to ECM or DCM exposure.
Eligibility: Sophomores graduating November 2028 to August 2029, 3.5+ GPA preferred.
Deadline: Expected to open late 2026, rolling review.
Who they look for: Sophomores with strong academic records, demonstrated finance interest, and a clear industry or product coverage story.
Concrete takeaway: Submit the IB and Capital Markets applications in parallel.
Middle Market Programs
These convert to full-time at high rates and often offer stronger deal exposure per analyst than bulge brackets. They recruit on tighter timelines or rolling cycles.
Punches well above its weight on full-time outcomes. William Blair analysts move into top middle market PE shops, growth equity firms, and bulge bracket associate seats.
Chicago HQ, but the IB group is national and analysts staff on deals across all US offices. Past William Blair analysts have placed at Bain Capital, Audax, Spectrum Equity, and TA Associates.
Eligibility: Sophomores graduating December 2028 to June 2029 with 3.5+ GPA preferred.
Deadline: Expected to post late 2026 with rolling review.
Who they look for: Strong sophomores open to a Chicago-based program with national deal coverage.
Concrete takeaway: Apply within the first 30 days of the 2028 posting going live.
$110,000 base compensation, 10-week program, hands-on M&A, equity, and debt deal work.
Smaller cohort than William Blair, more direct senior-banker exposure per analyst because the deal teams are leaner. Stifel has historically had strong buy-side outcomes for its Public Finance analysts too.
Eligibility: Students graduating December 2028 to May 2029, US work auth.
Deadline: Posts each cycle in fall of the application year; rolling review.
Who they look for: Sophomores ready for hands-on M&A, equity, and debt deal work in a smaller cohort.
Concrete takeaway: Apply as soon as the 2028 posting goes live.
Elite-boutique-style exposure (sector-focused M&A) without Centerview or Evercore's brutal early on-cycle.
Open in New York and Chicago with $110,000 base compensation. Solomon is smaller and more sector-focused than the EB names most candidates chase, so deal teams are leaner. The firm has placed analysts into Apollo, Bain Capital, and other tier-one buy-side shops after the two-year program.
Eligibility: Undergraduates graduating December 2028 to June 2029.
Deadline: Expected to open in early 2027 with rolling review.
Who they look for: Sophomores who want elite-boutique-style exposure without the on-cycle squeeze.
Concrete takeaway: Apply within the first month of it opening.
Smaller Boutique Banks (often overlooked, rolling timelines)
If you missed the bulge bracket and elite boutique windows or want additional shots, smaller boutique banks recruit on later, more flexible timelines. Boutique here means independent advisory firms with under 250 bankers, smaller than Centerview or Moelis but still doing real M&A or restructuring work.
The highest-volume restructuring group on Wall Street by deal count.
Nearly 300 dedicated RX professionals. The 2028 posting refreshes periodically. Technical bar is steep: capital structure, intercreditor dynamics, distressed valuation, and a case-study walkthrough.
Eligibility: Sophomores graduating December 2028 to June 2029.
Deadline: Postings refresh through summer 2027 for the 2028 cycle.
Who they look for: Sophomores with credit, capital structure, or distressed-investing interest. RX-specific story trumps generic M&A interest.
Concrete takeaway: Reference a specific recent RX mandate (Hertz, Diamond Sports, JOANN, AMC, or any 2025-2027 RX deal on the firm's tombstone list) in your application essay.
Smaller US middle market and regional boutiques that recruit on rolling timelines, often with seats open later than the brand-name firms.
Less target-school obsessed than the bulge brackets, more receptive to cold-email networking. Lincoln is strong in sponsor M&A. Raymond James and Piper Sandler are strong on US mid-cap industrials and healthcare. Baird has a real global footprint.
Eligibility: Sophomores graduating December 2028 to June 2029 with 3.3+ GPA at most firms.
Deadline: Rolling, typically late 2027 through early 2028.
Who they look for: Sophomores who can articulate why a smaller deal team beats a bulge bracket.
Concrete takeaway: Cold-email two or three analysts at the office you want with a specific recent deal reference. These firms make far more referrals than the official campus channels.
A six-month off-cycle stint at a credible European EB gives you more deal exposure than a 10-week US summer.
All three firms run off-cycle internships on rolling timelines. Requires working authorization in the relevant country, but for US students with EU passports or dual citizenship, this is a high-leverage path. Comp is typically 2,500 to 4,000 euros per month. For the 2027 application cycle, these work as a bridge: a fall 2027 or spring 2028 off-cycle stint immediately before your Summer 2028 SA seat.
Eligibility: Working authorization in the relevant country.
Deadline: Rolling, often year-round.
Who they look for: Students fluent in English plus the local language preferred, with prior finance exposure.
Concrete takeaway: A strong cold email referencing a specific deal will get an interview faster than any US recruiting cycle.
How to get into the top elite boutiques not on this list
The four EBs not on the list above are Centerview, Evercore, Lazard, and Moelis. All four run Summer 2028 SA programs, but the path in looks different than the bulge brackets.
Centerview is invite-only at the sophomore stage. Recruitment for Summer 2028 will likely begin in early January 2027 and close within six to eight weeks. You either get an invitation through your school's career center or through analyst referral. Primarily targets students from Wharton, Harvard, Yale, Princeton, and a small set of additional feeder schools.
Evercore moves earlier than nearly any other firm. Sophomores who aren't on Evercore's radar by sophomore fall are typically locked out. The Rising Junior Scholarship plus Sophomore programming feeds directly into the SA cycle. Applications for Summer 2028 will likely open January 2027, offers by April.
Lazard Early Insights is a multi-day workshop in spring for sophomore students from underrepresented backgrounds. Feeds directly into Summer Analyst interviews. Applications typically run January 15 to February 15. Lazard also partners with SEO Career for a dedicated track.
Moelis Young Leaders Diversity Program is a one-day immersive for sophomores from underrepresented backgrounds. Opportunity Scholarships of $2,500+ for select participants. Summer 2028 Superdays will run February through April 2027.
Concrete takeaway: For all four, the early-cycle sophomore programming (not the open SA application) is the channel that actually moves the needle. Apply to sophomore programs by January 15, 2027 at the latest.
What to actually do in 2027
For a sophomore in the 2026-2027 academic year targeting a Summer 2028 SA seat:
By November 2026: Submit JPMorgan Sophomore Edge / Winning Women / Launching Leaders if you qualify.
December 2026: Submit Goldman, JPMorgan, Citi, and BofA 2028 SA applications within two weeks of them opening.
January 2027: Submit William Blair, Stifel, Solomon 2028 SA applications. Apply to Centerview / Evercore / Lazard / Moelis sophomore programming in the same window.
By March 2027: Cold-email three analysts each at Houlihan RX, PJT RX, Greenhill, and any firm you applied to. Reference a specific deal in every email.
All year: Send 15 cold emails per week. Reference a specific deal in each. Don't ask for a referral. Ask for 15 minutes.
If you're a freshman or rising sophomore planning for the 2028 application cycle (Summer 2029 internship), start now. Lock in your GPA, join a finance club,
Stephen Turban is the co-founder of Wall Street Guide and Lumiere Education. He graduated Magna Cum Laude from Harvard College in Statistics, worked as a Business Analytics Fellow at McKinsey & Company. He founded WSG to give ambitious students the same insider access to finance and consulting recruiting that top-school students take for granted.
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