Sector guide
Investment banking recruiting for summer 2028
US summer analyst recruiting runs more than a year ahead of the internship. Boutiques such as Evercore and Lazard opened their summer 2028 windows in fall 2026; for summer 2027, Morgan Stanley's investment banking window opened on Jan 1. Here is the order, the stages and what the postings pay.
The basics
What investment banking actually is
Investment banking is advice and capital raising for companies, investors and governments: mergers and acquisitions, and raising equity and debt. Morgan Stanley describes its business as advisory and capital-raising services, and J.P. Morgan's summer analysts support advisory and capital markets assignments from first analysis to execution.
The investment banking division is split into industry coverage groups and product groups. On Morgan Stanley's summer 2027 posting, the coverage groups include Healthcare, Technology, Financial Institutions and Power & Energy, and the product groups include Mergers & Acquisitions, Financial Sponsors and Shareholder Activism.
Two kinds of firm hire summer analysts. The big banks, such as Goldman Sachs, J.P. Morgan, Morgan Stanley, Bank of America and Citi, run advisory beside capital markets, trading and research: Morgan Stanley puts all of it under Institutional Securities. Advisory boutiques, such as Evercore, Lazard, Centerview, Moelis and PJT Partners, are built around advice. Lazard calls itself the world's largest advisory-focused firm.
Summer analysts do the analyst job for 9 to 10 weeks: financial models and valuation, client presentations and research. J.P. Morgan's Houston program runs nine weeks, Lazard's nine and Evercore's and PJT's ten.
The roles
The seats within the sector
The main role types. Internships usually rotate across these so you can find your fit before committing.
Industry coverage analyst
Works for one sector's clients, such as healthcare, technology or real estate, and brings in product teams when a deal starts. Morgan Stanley lists ten coverage groups on its summer 2027 posting.
M&A and product group analyst
Runs one kind of deal for every industry: mergers and acquisitions, financial sponsors, corporate separations or activism defense at Morgan Stanley.
Capital markets analyst
Helps raise equity and investment-grade and non-investment-grade debt. Morgan Stanley's Global Capital Markets draws on both banking and sales and trading.
Restructuring analyst
Advises companies under financial stress. Lazard hires summer 2028 analysts straight into Restructuring & Liability Management, and into a separate Capital Solutions team.
Generalist summer analyst
Joins a pool and is placed later. Morgan Stanley places its New York Generalist class during onboarding; Lazard's New York generalists work across M&A coverage groups and Restructuring.
The firms
Investment Banking firms with full guides
Each links to the firm overview, with every stage of its US process.
Firms marked Pack ready have a full Intervyo prep Pack: firm-specific HireVue-style practice, psychometric tests, live AI mock interviews, resume review and process intelligence.
Summer 2028 applications, bank by bank
Dates, documents and what each bank asks for, sourced from its own postings.
Video interviews and superdays
Formats, rounds and worked questions for each bank's later stages.
- Goldman Sachs HireVue
- Goldman Sachs superday
- J.P. Morgan first round
- J.P. Morgan superday
- Morgan Stanley first round
- Morgan Stanley superday
- Bank of America first round
- Bank of America superday
- Citi first round
- Citi superday
- Barclays superday
- Deutsche Bank superday
- UBS superday
- Wells Fargo superday
- RBC Capital Markets superday
- Jefferies superday
- Evercore first round
- Evercore superday
- Lazard first round
- Lazard superday
- Centerview first round
- Centerview superday
- Moelis superday
- PJT Partners superday
- Perella Weinberg superday
- Guggenheim superday
- Houlihan Lokey superday
The cycle
The recruiting timeline
Most of these processes assess on a rolling basis and fill seats before the stated deadline. Apply early.
- 01
Sophomore programs
Sophomore yearMoelis runs a program for college sophomores that ends with a chance to interview for its US Summer Analyst program. Its US summer applications typically open in the December of your sophomore year.
- 02
Boutique windows
Sep to Nov 2026 (summer 2028)Evercore opened its summer 2028 applications on Sep 9, 2026 and closes them on Nov 15, 2026. It does not review on a rolling basis, so a September application is read with a November one.
- 03
Lazard and the first bank postings
Oct 2026 to Jan 2027 (summer 2028)Lazard posted its summer 2028 US analyst roles on Oct 23, 2026; its New York generalist posting closes Jan 15, 2027. J.P. Morgan posted its summer 2028 Houston investment banking program on Nov 4, 2026, and fills its classes on a rolling basis.
- 04
Big bank main window
Expect Jan to Feb 2027 (summer 2028)For summer 2027, Morgan Stanley's US investment banking application ran from Jan 1 to Feb 15, 2026 and was reviewed on a rolling basis. Expect the summer 2028 window around the same dates in 2027, and apply early in it.
- 05
Interviews and offers
Fall 2026 onward (summer 2028)Banks review as applications arrive, so you can hear about different roles at different times. Goldman Sachs says it evaluates applications throughout the recruiting season.
The process
How the selection process works
The usual stages. Practicing each one in its own format is what separates a strong application from a rejection.
Application and resume
A resume and the firm's questions. Evercore requires a cover letter for campus applications; Moelis wants a one-page resume and no cover letter. J.P. Morgan's summer 2028 Houston posting sets a 3.6 minimum GPA, and Morgan Stanley's summer 2027 posting a 3.4.
Online assessment
Some boutiques add a test to the application. Moelis requires the Suited assessment from US candidates, and PJT Partners asks you to complete Suited with the same email as your application.
Recorded video interview
Big banks screen with a one-way video. Goldman Sachs' video interview takes about 30 minutes. J.P. Morgan sends a HireVue invite within 48 hours on its summer 2028 Houston posting, to complete within 7 days.
First-round interviews
Live interviews with bankers, technical and behavioral. Moelis runs one or two first-round interviews before its final round.
Superday
A block of final-round interviews. Goldman Sachs runs two to five for campus hires, depending on the division, each 30 to 60 minutes, one-on-one or in pairs. J.P. Morgan's final round can be several interviews, virtual or in person by program. Moelis holds its final round onsite with senior bankers.
Decision
Goldman Sachs aims to be in touch within two weeks of your interview. J.P. Morgan reviews on a rolling basis and cannot speed up a decision for a competing offer.
The money
What the sector pays
Base pay as printed on the firms' own US summer analyst postings, labeled by posting and cycle. PJT quotes its figure as an annualized base, so a 10-week summer pays the matching share of it.
| Level | Pay | Notes |
|---|---|---|
| Evercore, New York M&A Summer Analyst | $120,000 base | Expected base salary range $120,000 to $120,000 on the summer 2028 posting. |
| Lazard, New York M&A / Restructuring Summer Analyst | About $120,000 base | Expected base salary of approximately $120,000 on the summer 2028 posting. |
| PJT Partners, Houston Strategic Advisory Summer Analyst | $120,000 annualized base | Summer 2028 posting; a discretionary bonus may be added. |
| J.P. Morgan, Houston Global Investment Banking Summer Analyst | $110,000 base | Base Pay/Salary of $110,000 to $110,000 on the summer 2028 posting. |
| Morgan Stanley, US Investment Banking Summer Analyst | $52.89 per hour | Expected base pay rate on the summer 2027 posting; base is only part of total pay. |
Posted pay ranges from the firms' own US job postings, labeled by cycle. Bonus is extra and not posted.
Prep for a investment banking firm
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How to get in
Breaking into investment banking
The moves that actually move the needle, from people who have been through the cycle.
Apply in the boutique window
For summer 2028, Evercore closes on Nov 15, 2026 and Lazard's New York generalist posting on Jan 15, 2027. Have your resume ready by early fall of sophomore year.
Spend your applications carefully
Evercore and Moelis cap you at two applications, and J.P. Morgan recommends no more than three summer programs. Pick the groups and offices you can defend in an interview.
Read the posting for its group
A posting tells you whether you join one group or a generalist pool. Morgan Stanley lets you rank up to three offices and three groups, so know the difference between coverage and product groups first.
Practice the video and the technicals out loud
The video round comes fast at the big banks: J.P. Morgan's invite can land within 48 hours of applying. Rehearse your story and core technicals before you click submit.
Prep for it
The Intervyo tools that matter most here
The prep features most relevant to this sector's process. Each is free to try.
FAQ
Investment Banking questions, answered
When do summer 2028 investment banking applications open?
Boutiques go first. Evercore runs from Sep 9 to Nov 15, 2026 and Lazard's New York generalist posting from Oct 23, 2026 to Jan 15, 2027. J.P. Morgan posted a Houston program on Nov 4, 2026. For summer 2027, Morgan Stanley ran from Jan 1 to Feb 15, 2026, so expect the big banks' main window in early 2027.
What do investment banking summer analysts get paid?
Evercore and Lazard postings for summer 2028 show a base of about $120,000, PJT Partners an annualized base of $120,000, and J.P. Morgan's Houston posting $110,000. Morgan Stanley's summer 2027 posting shows $52.89 per hour. Bonus, where offered, is on top.
Is there a test in the investment banking application?
At some firms. Moelis and PJT Partners require the Suited assessment. Goldman Sachs and J.P. Morgan start with a recorded video interview: about 30 minutes at Goldman Sachs, and a HireVue at J.P. Morgan.
What GPA do I need?
J.P. Morgan's summer 2028 Houston posting asks for a 3.6 minimum and Morgan Stanley's summer 2027 posting a 3.4. Firms that print no floor still read your GPA, so put it on your resume.
How many interviews is a superday?
At Goldman Sachs, two to five interviews of 30 to 60 minutes for campus hires, depending on the division. J.P. Morgan says its final round can be multiple interviews.
Do I need a cover letter?
Evercore requires one for campus applications. Moelis says cover letters are not required. Elsewhere, follow the posting and put the effort into your resume.
Keep exploring
Related sectors
Sources
Firm pages first, then dated reports. Last checked Nov 5, 2026.
- 1Goldman Sachs: Prepare (students)
- 2Goldman Sachs: Interview Preparation (PDF)
- 3JPMorganChase (job site): 2028 Global Investment Banking Summer Analyst Program, Houston
- 4JPMorganChase: Early careers digital handbook (PDF)
- 5Morgan Stanley Campus: 2027 Investment Banking Summer Analyst Program (United States)
- 6Evercore (evercore.tal.net): 2028 Strategic Advisory: Mergers & Acquisitions Summer Analyst Program, New York Generalist
- 7Evercore: FAQs
- 8Lazard (LazardStudentCareers): 2028 Summer Analyst, New York M&A / Restructuring Generalist
- 9PJT Partners (Workday): 2028 Summer Analyst - Strategic Advisory (Houston)
- 10Moelis & Company: Explore Opportunities (Students & Graduates, FAQ)
- 11JPMorganChase: How we hire FAQ
- 12Morgan Stanley: Investment Banking & Capital Markets
- 13Lazard (LazardStudentCareers): Lazard Student Careers, job listings (summer 2028 postings)
- 14Morgan Stanley: Capital, Advice and Execution (Institutional Securities)
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