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IB Summer Analyst Internship Guide
Everything you need to know about investment banking summer analyst programs. Compare intern pay, conversion rates, and recruiting timelines across 47 banks.
General Recruiting Timeline
Applications Open
June - August (year before)
HireVue / First Rounds
August - October
Superdays
September - November
Offers Extended
October - December
Internship Begins
Early June
Internship Pay by Tier
| Tier | Banks | Weekly Pay Range | Typical Duration |
|---|---|---|---|
| Bulge Bracket | 8 | $2,115 | 10 weeks |
| Elite Boutique | 18 | $1,900 - $2,700 | 10 weeks |
| Middle Market | 21 | $1,700 - $2,115 | 10 weeks |
Bulge Bracket
(8 banks)Goldman Sachs
Bulge Bracket
Weekly Pay
$2,115
Conversion Rate
~75-85%
Morgan Stanley
Bulge Bracket
Weekly Pay
$2,115
Conversion Rate
~75-80%
J.P. Morgan
Bulge Bracket
Weekly Pay
$2,115
Conversion Rate
~70-80%
Bank of America
Bulge Bracket
Weekly Pay
$2,115
Conversion Rate
~70-75%
Citi
Bulge Bracket
Weekly Pay
$2,115
Conversion Rate
~70-75%
Barclays
Bulge Bracket
Weekly Pay
$2,115
Conversion Rate
~70-75%
UBS
Bulge Bracket
Weekly Pay
$2,115
Conversion Rate
~70-75%
Deutsche Bank
Bulge Bracket
Weekly Pay
$2,115
Conversion Rate
~70-75%
Elite Boutique
(18 banks)Evercore
Elite Boutique
Weekly Pay
$2,300
Conversion Rate
~75-85%
Lazard
Elite Boutique
Weekly Pay
$2,200
Conversion Rate
~70-80%
Centerview Partners
Elite Boutique
Weekly Pay
$2,400
Conversion Rate
~80-85%
PJT Partners
Elite Boutique
Weekly Pay
$2,200
Conversion Rate
~75-80%
Moelis & Company
Elite Boutique
Weekly Pay
$2,200
Conversion Rate
~75-80%
Guggenheim Partners
Elite Boutique
Weekly Pay
$2,150
Conversion Rate
~75-85%
Perella Weinberg Partners
Elite Boutique
Weekly Pay
$2,180
Conversion Rate
~80-88%
Greenhill & Co.
Elite Boutique
Weekly Pay
$2,115
Conversion Rate
~65-80%
Rothschild & Co
Elite Boutique
Weekly Pay
$2,150
Conversion Rate
~70-82%
Qatalyst Partners
Elite Boutique
Weekly Pay
$2,300
Conversion Rate
~85-95%
LionTree
Elite Boutique
Weekly Pay
$2,230
Conversion Rate
~80-90%
Allen & Company
Elite Boutique
Weekly Pay
$2,115
Conversion Rate
~70-85%
Raine Group
Elite Boutique
Weekly Pay
$2,180
Conversion Rate
~75-88%
M. Klein & Company
Elite Boutique
Weekly Pay
$2,115
Conversion Rate
~65-80%
Ducera Partners
Elite Boutique
Weekly Pay
$1,900
Conversion Rate
~70-75%
FT Partners
Elite Boutique
Weekly Pay
$2,700
Conversion Rate
~70-75%
Gordon Dyal & Co.
Elite Boutique
Weekly Pay
$2,500
Conversion Rate
~80-90%
Ardea Partners
Elite Boutique
Weekly Pay
$2,400
Conversion Rate
~75-85%
Middle Market
(21 banks)Houlihan Lokey
Middle Market
Weekly Pay
$2,020
Conversion Rate
~70-82%
Jefferies
Middle Market
Weekly Pay
$2,115
Conversion Rate
~75-85%
RBC Capital Markets
Middle Market
Weekly Pay
$2,115
Conversion Rate
~75-85%
Wells Fargo Securities
Middle Market
Weekly Pay
$2,115
Conversion Rate
~72-82%
Piper Sandler
Middle Market
Weekly Pay
$1,920
Conversion Rate
~70-80%
William Blair
Middle Market
Weekly Pay
$1,920
Conversion Rate
~72-82%
Robert W. Baird
Middle Market
Weekly Pay
$1,920
Conversion Rate
~75-85%
Raymond James
Middle Market
Weekly Pay
$1,825
Conversion Rate
~68-78%
Stifel
Middle Market
Weekly Pay
$1,825
Conversion Rate
~65-75%
Lincoln International
Middle Market
Weekly Pay
$1,920
Conversion Rate
~70-80%
Harris Williams
Middle Market
Weekly Pay
$1,920
Conversion Rate
~72-82%
Solomon Partners
Middle Market
Weekly Pay
$1,920
Conversion Rate
~65-75%
HSBC
Middle Market
Weekly Pay
$1,850
Conversion Rate
~65-75%
BNP Paribas
Middle Market
Weekly Pay
$1,800
Conversion Rate
~65-70%
BMO Capital Markets
Middle Market
Weekly Pay
$1,850
Conversion Rate
~65-70%
TD Securities
Middle Market
Weekly Pay
$1,800
Conversion Rate
~65-70%
Truist Securities
Middle Market
Weekly Pay
$1,750
Conversion Rate
~65-70%
Oppenheimer & Co.
Middle Market
Weekly Pay
$1,700
Conversion Rate
~60-70%
Mizuho Securities
Middle Market
Weekly Pay
$1,850
Conversion Rate
~65-70%
Nomura
Middle Market
Weekly Pay
$1,800
Conversion Rate
~65-70%
Macquarie Capital
Middle Market
Weekly Pay
$1,950
Conversion Rate
~70-75%
Frequently Asked Questions
How much do investment banking interns make?
Investment banking summer analyst interns at bulge bracket banks typically earn around $2,115 per week, which annualizes to approximately $110,000. Elite boutique interns can earn up to $2,300 per week. Many banks also provide housing stipends or corporate housing.
What is the typical IB intern conversion rate?
Most top investment banks have conversion rates between 70% and 90%, meaning the majority of summer analysts who perform well receive full-time return offers. Elite boutique firms tend to have slightly higher conversion rates of 80-90%.
When should I apply for IB summer analyst programs?
Most banks open applications in late June through August of the summer before your internship. First-round interviews typically occur in August through October, with Superdays from September through November. Applications have been opening earlier in recent years.
How long are IB summer analyst internships?
Summer analyst internships at most investment banks last 10 weeks, typically running from early June to mid-August. Some boutique firms run slightly shorter programs of 8-9 weeks.
Related Resources
Sources
- Internship & Co-op Survey. National Association of Colleges and Employers (NACE) (accessed 2026-05-14)
- Financial Analysts — Occupational Outlook Handbook. U.S. Bureau of Labor Statistics (accessed 2026-05-14)
- Investment Banking 2026 Summer Internship Overview for Sophomores. Yale Office of Career Strategy (accessed 2026-05-14)
- Essential Guide to Recruiting 2025-2026: Understanding Timelines Across Industries. Columbia Career Education (accessed 2026-05-14)
- Johnson Associates — Compensation Reports. Johnson Associates (accessed 2026-05-14)