Guide

How to become an investment banker

Updated November 1, 2026

For college students, the route runs through a summer analyst internship before senior year. Internships after junior year “often lead to full-time offers after graduation”, and recruiting for them “usually begins during your sophomore year”, according to Yale's Office of Career Strategy. Any major works; the interviews are what you prepare for.

What's the path to becoming an investment banker?

For undergraduates it runs through a summer internship and a full-time offer. Step by step:

1. A bachelor's degree, in any major. Goldman Sachs says it seeks to recruit “from all academic backgrounds” (Goldman Sachs).
2. Recruit in sophomore year for the summer before senior year (Yale OCS). Bulge-bracket postings typically ask for a student in the penultimate year of a degree (Extern).
3. Apply online, early. Applications are typically rolling, and you may be asked to interview soon after you apply (Yale OCS).
4. Pass the interviews: a first round, often a recorded video interview, then a superday of several back-to-back interviews.
5. Do the internship, typically nine to ten weeks over the summer (Extern), and earn the full-time offer.

What degree do you need to be an investment banker?

No particular one. Banks hire across majors, and Goldman Sachs' 2026 summer intern class came from more than 500 universities, according to Fortune. What every candidate needs is the interview material: accounting, valuation, DCFs, merger models and LBOs, plus a clear story about why banking. Start with the 53 core questions →

When should you start?

In sophomore year. Some boutique banks opened summer 2028 applications in September 2026, and most bulge-bracket banks are expected in December 2026 and January 2027 (Extern). Cornell's career office puts it plainly: “Don't wait for an interview invite to start preparing” (Cornell Career Services). The month-by-month timeline →

What is the investment banking interview process?

An application, a first-round interview, then a superday. At Goldman Sachs, applicants who are selected complete a video interview of about 30 minutes, and those who pass are invited to two to five final-round interviews, depending on the division (Goldman Sachs). Yale tells sophomores to expect “a combination of live and pre-recorded interviews” (Yale OCS).

• How the HireVue works and what happens at a superday
• What candidates report from 58 firms, from Goldman Sachs to Evercore

Can you become an investment banker from a non-target school?

Yes. Banks don't publish target lists, and Goldman Sachs' intern class drew on more than 500 universities (Fortune). From a non-target, the difference is access: you track postings, build your network and practice interviews without a campus pipeline. The non-target playbook →

How hard is it to become an investment banker?

Hard. Goldman Sachs' summer intern acceptance rate has been below 1% for three straight years, Fortune reported on June 8, 2026 (Fortune). Starting early, networking and practicing the interviews out loud are the parts you control.

What should you practice?

The questions every round asks, out loud and timed. In Superday Room's bank, 15% of the questions candidates reported from superdays were behavioral; the rest were technical. The core set:

• “Walk me through your resume” and “Why investment banking?”
• The three financial statements and accounting walk-throughs
• Enterprise value, valuation and “Walk me through a DCF”
• Merger models, LBOs and the paper LBO

Frequently asked questions

Do you need a finance degree to become an investment banker?

No. Goldman Sachs says it seeks to recruit from all academic backgrounds. You do need to know accounting, valuation and the other technical topics for the interviews.

When do you apply for investment banking internships?

In sophomore year, for the summer before senior year. Some boutiques opened summer 2028 applications in September 2026, and most bulge-bracket banks are expected to open in December 2026 and January 2027, according to Extern.

How long is an investment banking summer internship?

Typically nine to ten weeks, according to Extern's guide to summer 2028 internships.

Do internships lead to full-time investment banking offers?

Often. Yale's Office of Career Strategy says internships after the junior year of college often lead to full-time offers after graduation.

Sources

• Yale Office of Career Strategy, “Investment Banking: 2028 Summer Internship Overview (For Sophomores)”, September 28, 2026.
• Extern, “Investment Banking Internships 2028: Which Banks Are Hiring and When to Apply”, updated October 9, 2026.
• Goldman Sachs, “Prepare (Students)”, checked October 29, 2026.
• Fortune, “Exclusive: Goldman Sachs intern acceptance rate falls below 1% for third straight year”, June 8, 2026.
• Cornell Career Services, “Finance Recruitment for Summer 2027”, December 22, 2025.
• Superday Room, “Superday Room question bank: questions tagged by the firm and interview round candidates reported”, counted October 29, 2026.