US internships outside the summer
Off-cycle internships in the US: fall terms, spring terms and co-ops
Most US finance internships run from June to August. The ones that do not come in two main forms: a fall or spring term at a firm that is flexible on timing, and a co-op built into your degree. This guide covers both, with dates for 2027.
The basics
What an off-cycle internship actually is
An off-cycle internship is any internship that runs outside the June to August summer, usually for three to six months. They are common in Europe and much rarer in the US, where they take two main forms: a fall or spring term at a firm that will flex on timing, or a paid co-op term that a university builds into the degree.
Some firms state the option outright. Citadel says its signature internship runs from June through August, but its application lets you pick September to December or January to April as well, and says it can occasionally be flexible. Morgan Stanley's campus board treats off-cycle programs as their own category in the Americas, and Janus Henderson runs off-cycle internships of six to 12 months across the US, EMEA and Asia Pacific. At the big banks the label is used mostly outside the US: Bank of America's 2027 off-cycle analyst roles in investment banking and capital markets were posted for Seoul in October 2026.
Co-ops are the most structured US route. Northeastern places finance students in up to three paid six-month placements, with recent employers including Goldman Sachs, Morgan Stanley, Fidelity Investments and MFS Investment Management, and its spring 2027 cycle runs from Jan 11 to Jun 25, 2027. Brown Brothers Harriman hires six-month paid co-ops through local universities. Drexel moves to six-month co-ops running January to July and July to January from spring 2028.
Eligibility
Who it is for
Students at co-op schools first. At Northeastern and Drexel the work terms are part of the degree calendar, and students work as full-time employees for the term.
Students who can take a term away from classes, or whose timing does not fit the summer. Citadel's form lets you state which terms you could work, and an off-cycle role is an option when a summer internship is not.
The cycle
Application timeline
Most firms assess on a rolling basis and fill places before the stated deadline. Apply early. Verify exact dates on each firm's site.
- 01
Spring co-op recruiting
Oct 2026 (spring 2027 term)Northeastern's business school asks employers to post spring 2027 co-op positions by October, and students are ready to interview from the week of Oct 13.
- 02
Spring term
Jan to Apr or Jun 2027Citadel offers a January to April term on its form. Northeastern's spring 2027 co-ops run from Jan 11 to Jun 25, 2027, or to Apr 30 for four-month placements.
- 03
Fall term
Jul or Sep to Dec 2027Citadel offers September to December. Northeastern's fall cycle traditionally runs July to December, and Drexel's fall 2027 co-op runs from Aug 23, 2027 to the first week of January 2028.
- 04
Applying for a term
About 4 to 6 months aheadFor a formal off-cycle program, apply about four to six months before the start. Boutique start dates are looser and depend on when your conversations with the firm end.
- 05
Drexel's new calendar
From spring 2028After its semester transition, Drexel co-ops last six months, January to July for spring and July to January for fall.
The process
How to apply, step by step
Ask on the main application
Citadel asks every intern applicant which terms they could work: June to August, September to December or January to April. Tick only the terms you can really do.
Use the off-cycle slots
Morgan Stanley lets candidates in the Americas apply to up to nine opportunities a year: three full-time programs, three intern programs and three off-cycle programs.
Go through your co-op office
At Northeastern, employers post through the co-op office, keep interviews to two rounds at most and follow up within a week. Students have two business days to accept an offer unless the employer allows more.
Network for boutique roles
Boutique off-cycle roles are often never posted. Search for local firms on job boards and LinkedIn, explain what you can do for them, and follow up without overdoing it.
Time it
For a set program, apply four to six months before the start. For a spring term, that means the fall before.
On the programme
What you actually do
You do the same job as a summer intern, for longer. Northeastern co-op students work as full-time, paid employees for four to six months, and Janus Henderson's off-cycle internships run six to 12 months.
Pay can match the summer. Citadel lists $4,000 to $4,500 a week for its fixed income and macro trading intern role, and says interns may also get a sign-on bonus, housing support and travel.
At smaller firms an off-cycle role can be part-time during the school year, fitted around classes.
The payoff
How it converts to the next step
A longer stint can lead to a job, but less reliably than a summer program. At a large bank, strong work while the team needs help gives you a fair shot at a full-time offer; at a small boutique, a full-time offer is unlikely. Co-ops are built as a pipeline: Brown Brothers Harriman says its co-ops prepare students for a full-time role after graduation, and Northeastern students can graduate with up to 18 months of industry experience.
The firms
Firms on this page
Each links to a dedicated firm guide: the application process, the interview stages, salary and what they look for.
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How to win a place
What sets strong candidates apart
Line up the term with your school
Co-op calendars are fixed. Know your school's dates, such as Northeastern's Jan 11 to Jun 25, 2027 spring cycle, before you talk to a firm.
Be exact about your availability
Citadel asks which terms you could work. A clear answer is easier to place than "any time".
Show you can start working on day one
Off-cycle hires fill a need. Firms take you because they need help and you can add value, so say what you can already do.
Follow up, politely
Persistence wins unposted roles. Follow up, but do not flood the inbox.
What costs candidates places
Common mistakes to avoid
- 1
Expecting New York bank postings
Off-cycle internships are rare in the US. The big banks use the label mostly for roles abroad, such as Bank of America's 2027 off-cycle analyst roles in Seoul.
- 2
Missing the co-op posting window
Northeastern asks employers to post spring 2027 co-op jobs by October 2026, with interviews from mid-October. Start looking in September.
- 3
Sitting on a co-op offer
Northeastern students get two business days to decide unless the employer allows more. Rank your options before the offers arrive.
- 4
Assuming it converts like a summer program
A full-time offer from a small firm after an off-cycle term is unlikely. Keep the next summer's recruiting going.
Applications at the firms on this page
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FAQ
Off-Cycle Internship questions, answered
What is an off-cycle internship?
An internship outside the June to August summer, usually three to six months. In the US, examples include fall and spring terms, such as the September to December and January to April terms on Citadel's application, and university co-ops.
Do US banks offer off-cycle internships?
Rarely, compared with Europe. Morgan Stanley treats off-cycle programs as their own category in the Americas, with up to three applications a year, while Bank of America's 2027 off-cycle analyst roles were posted for Seoul.
When do co-ops run?
Northeastern runs spring co-ops from January to June (Jan 11 to Jun 25 in 2027) and fall co-ops from July to December. Drexel moves to January to July and July to January from spring 2028.
Are off-cycle internships paid?
The ones here are. Northeastern requires co-op students to be paid, Citadel lists $4,000 to $4,500 a week for one trading intern role, and Brown Brothers Harriman's co-ops are paid.
Can an off-cycle internship lead to a full-time offer?
It can. At a large bank, strong work gives you a fair chance; at a small boutique it is unlikely. Brown Brothers Harriman says its co-ops prepare students for a full-time role after graduation.
How do I apply for a Citadel off-cycle internship?
Through the normal intern application. Citadel's form asks which terms you could work: June to August, September to December or January to April.
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Sources
Firm pages first, then dated reports. Last checked Nov 5, 2026.
- 1Citadel: Trader: Fixed Income & Macro Rotational Trader, Intern (US)
- 2Morgan Stanley: Global Programs (campus job board)
- 3Brown Brothers Harriman: Students and Early Career
- 4Janus Henderson: Early careers
- 5Bank of America: Campus job feed (all open campus roles)
- 6Northeastern University D'Amore-McKim School of Business: Co-op & Employers (employer FAQ) · prep site
- 7Northeastern University D'Amore-McKim School of Business: Finance Academic Group: Academics · prep site
- 8Drexel University Steinbright Career Development Center: Co-op and the Semester Calendar · prep site
- 9Mergers & Inquisitions: Off-Cycle Investment Banking Internship: Full Guide · prep site