TL;DR
• We analyzed 756 LinkedIn profiles of investment banking summer analysts across 16 banks, from Goldman Sachs and Morgan Stanley to Evercore and PJT Partners. 86% already had at least one internship when they got the offer.
• Only 6% had done a previous IB internship. The most common prior experiences were PE/VC firms (35 people), corporate finance departments (24), accounting and consulting firms (22), and equity research (19). Your first finance experience doesn't need to be at a bank.
• School prestige varied wildly by firm. JPMorgan drew 35% of its summer class from non-target schools. PJT Partners drew 4%. But no bank had zero from tier 3.
• PJT Partners had the highest bar overall: 3.0 prior internships on average, 91% with at least one. Lazard had the lowest among elite boutiques at 1.88.
• The bar rose from 72% with prior experience (class of 2023) to 94% (class of 2026). Junior-summer applicants averaged 2.0 prior internships; sophomores averaged 0.8.
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How We Built This Dataset
This article is part of Extern's larger study of 2,500+ intern profiles across investment banking, consulting, Big 4, and tech. For the IB piece, we pulled 756 LinkedIn profiles of students who held summer analyst positions at 16 of the most competitive banks from 2024 through 2026.
The 16 firms: Goldman Sachs, Morgan Stanley, JPMorgan, Bank of America, Citi, Barclays, UBS, Deutsche Bank, Wells Fargo, Evercore, Centerview, Moelis, Lazard, Jefferies, PJT Partners, and William Blair.
We looked at what each person had on their profile at the point when they would've received their offer, typically about 12 months before their summer start date. Every number here is an aggregate. No individual profiles are shown.
How Many Internships Did IB Summer Analysts Have Before Their Offer?
Here's the headline: 86% of IB summer analysts already had at least one internship or research experience when they got the offer. The average was 2.35 prior internships. More than half (58%) had two or more.
| Metric | Value |
|---|---|
| Cohort size | 756 |
| Had 1+ prior internship | 86% |
| Had 2+ prior internships | 58% |
| Mean prior internships | 2.35 |
| Had a finance-relevant internship | 69% |
| Had a prior IB internship specifically | 6% |
| Student investment fund or finance club | 43% |
IB Interns with 1+ Prior Internship at Offer Time
Share rose from 72% (class of 2023) to 94% (class of 2026)
That last line is the one to underline. Only 6% had done a previous investment banking internship before landing their IB summer analyst role. Six percent. So what did the other 94% have? Adjacent roles.
What Kind of Experience Counted?
Here's what actually showed up on the resumes of IB admits before their offer:
• PE and VC firms: 35 people
• Corporate finance departments: 24
• Accounting and consulting firms: 22
• Equity research: 19
• Wealth management and other finance: the rest
The most common certifications were the SIE exam (27 people), Bloomberg Market Concepts (23), and Series 79 (14). Not required, but they showed up frequently enough to be worth noting.
And here's the one that matters for career planning: 43% were in a student investment fund or finance club. That's almost half. If you're at a school with one, join it. If yours doesn't have one, honestly? Starting a small investment club might be one of the smartest things you can do.
The big takeaway: you don't need a prior IB internship to get an IB internship. A summer at a local PE shop, a corporate finance rotation, or even an accounting firm all showed up on the profiles of students who got offers at Goldman, Morgan Stanley, and beyond.
How Does Each Bank Compare?
This is the data nobody has published before. Here's what the summer analyst class actually looked like at each of the 16 banks we studied:
| Bank | n | Prior mean | 1+ | Relevant | Club | Tier 1 | Tier 3 |
|---|---|---|---|---|---|---|---|
| PJT Partners | 47 | 3.00 | 91% | 81% | 49% | 57% | 4% |
| UBS | 34 | 2.79 | 85% | 59% | 35% | 65% | 6% |
| Bank of America | 62 | 2.71 | 84% | 68% | 44% | 65% | 10% |
| Goldman Sachs | 46 | 2.59 | 80% | 57% | 35% | 46% | 24% |
| Citi | 46 | 2.48 | 91% | 72% | 39% | 52% | 13% |
| Deutsche Bank | 29 | 2.55 | 86% | 76% | 38% | 41% | 17% |
| Moelis | 34 | 2.44 | 85% | 76% | 35% | 44% | 9% |
| Centerview | 23 | 2.17 | 87% | 83% | 74% | 61% | 13% |
| Morgan Stanley | 41 | 2.17 | 83% | 56% | 51% | 46% | 12% |
| Jefferies | 61 | 2.16 | 80% | 66% | 41% | 39% | 11% |
| Evercore | 77 | 2.14 | 88% | 70% | 42% | 56% | 10% |
| JPMorgan | 55 | 2.11 | 87% | 56% | 31% | 33% | 35% |
| Wells Fargo | 61 | 2.08 | 87% | 70% | 59% | 34% | 21% |
| William Blair | 62 | 1.95 | 77% | 55% | 55% | 50% | 13% |
| Barclays | 35 | 2.14 | 89% | 83% | 34% | 46% | 17% |
| Lazard | 43 | 1.88 | 84% | 74% | 47% | 56% | 19% |
Bulge Brackets vs. Elite Boutiques
The bulge brackets (Goldman, Morgan Stanley, JPMorgan, BofA, Citi, Barclays, UBS, Deutsche Bank, Wells Fargo) clustered between 2.08 and 2.79 prior internships. Tighter range than you'd expect. Whether you're looking at Goldman or Wells Fargo, the typical summer analyst had about two prior experiences.
Elite boutiques told a different story. PJT Partners sat at the top with 3.0 prior internships and the lowest tier 3 share (4%). Lazard, on the other end, came in at 1.88 with the highest tier 3 share among boutiques (19%). Evercore landed in the middle at 2.14.
Two standout numbers in the club column: Centerview at 74% and Wells Fargo at 59%. At Centerview, nearly three out of four summer analysts were in a student investment fund or finance club. If you're targeting Centerview specifically, that's a credential worth getting.
Does Your School Matter for Investment Banking?
Yes. More than in any other industry we studied. But the answer depends entirely on which bank you're targeting.
Across all 756 profiles, 49% came from tier 1 schools (Ivy League and top 20 research universities) and 15% from tier 3 (outside the top 100). That's the most school-concentrated distribution of all five industries in our main study.
But look at how much it varies by firm:
• Most target-concentrated: Bank of America (65% tier 1, 10% tier 3), UBS (65%, 6%), PJT Partners (57%, 4%)
• Widest net: JPMorgan (33% tier 1, 35% tier 3), Wells Fargo (34%, 21%), Goldman Sachs (46%, 24%)
JPMorgan's 35% from tier 3 is the highest in our entire IB dataset. If you're at a non-target school and want bulge bracket banking, JPMorgan and Wells Fargo are where the data says you have the best shot.
And here's the other finding worth knowing: tier 3 students who made it in had about half an extra internship compared to their tier 1 peers. They compensated for school with experience. The door is smaller at a non-target. But it opens for people who bring more.
School Composition by Bank
Target (tier 1) vs. non-target (tier 3) share of summer analysts at each bank
Prior Internships by Bank (Average at Offer Time)
756 IB summer analyst profiles across 16 banks (2024 to 2026)
How Much Has the Bar Changed Over Three Years?
We compared IB summer analysts whose internships started in 2023 against those starting in 2026. The shift is steep:
| Class of 2023 | Class of 2024 | Class of 2025 | Class of 2026 | |
|---|---|---|---|---|
| Had 1+ prior internship | 72% | 72% | 82% | 94% |
From 72% to 94% in three years. The class of 2026 was nearly universal in having prior experience. If you're recruiting now, the baseline assumption is that you've already got something on your resume.
Some of this reflects students keeping more complete LinkedIn profiles over time. But the direction is real, and it's not slowing down. Your competition in the 2027 cycle will have even more.
Why Your Class Year Changes Everything
This one matters more than most students realize.
Junior-summer IB applicants (internships starting one year before graduation) had 2.0 prior internships on average, and 71% had at least one in finance. Sophomore-summer applicants? 0.8 internships. Only 29% with a finance one.
Why the gap? IB junior-summer recruiting happens in sophomore fall. By then, students have had two summers to build up experience. Sophomore recruiting happens in freshman spring, when almost nobody has done anything in finance yet.
So if you're a freshman reading that "86% of IB interns had prior experience" and feeling like the game is already over? It's not. Your real comparison group is other freshmen heading into sophomore recruiting. Getting one finance-adjacent experience that first summer moves you ahead of most of your actual competition.
What You Can Actually Change Before Recruiting
Your school and your class year are locked in. But the data shows what matters more: experience and involvement.
One finance-adjacent internship. This is the single biggest differentiator. 69% of IB admits had one. It doesn't need to be at a bank. PE, VC, corporate finance, wealth management, equity research, and even accounting firms all showed up on the profiles of students who landed at Goldman and Evercore. Looking for that first step? Here's what's open in finance for 2027.
A student investment fund or finance club. 43% of admits had this. At Centerview (74%) and Wells Fargo (59%), it was the majority. Free to join at most schools. Takes minimal time commitment. High signal.
An SIE exam or Bloomberg Market Concepts certification. Not required, but 50 of 756 admits had one. They're relatively cheap, self-paced, and show you've put in work beyond what's assigned.
The common thread: these are all things you can do in the next semester. None of them require connections, prior experience, or a target school. One relevant externship, one club membership, and one cert is enough to move your profile from below average to above average in the cohort you'll be recruiting against.
FAQ
How many internships do you need for Goldman Sachs?
In our data, Goldman Sachs summer analysts had 2.59 prior internships on average. 80% had at least one. But 24% came from non-target schools, so a strong resume with relevant finance experience can compensate for school prestige. The threshold is having something relevant, not hitting a magic number.
What is the acceptance rate for investment banking internships?
Goldman Sachs received 360,000 applications for about 2,600 spots in 2025, roughly 0.7%. But acceptance rates vary by bank and division. Our data shows the real differentiator isn't the application itself. It's what's already on your resume when you submit it.
Can you get into investment banking from a non-target school?
Yes. 15% of IB interns in our dataset came from tier 3 schools (outside the top 100). At JPMorgan, that number was 35%. At Goldman, 24%. Non-target students who got in had about half an extra internship compared to tier 1 peers. They bridged the school gap with experience.
Do you need a finance major for investment banking?
It helps a lot. About 89% of IB interns had a finance, economics, or business major. The remaining 11% came from STEM, political science, or other backgrounds, typically paired with stronger finance-adjacent experience and certifications to compensate.
Is PJT Partners harder to get into than Goldman Sachs?
By resume bar, yes. PJT interns averaged 3.0 prior internships (91% with 1+), compared to Goldman's 2.59 (80% with 1+). PJT also had the lowest tier 3 share in our data at just 4%. The elite boutique path demands more prior experience and skews more heavily toward target schools.
Methodology: This analysis is part of Extern's study of 2,500+ intern profiles. The IB subset covers 756 publicly listed LinkedIn profiles of summer analysts at 16 banks during 2024 through 2026. "At offer time" refers to experiences that began at least 12 months before the internship start date, reflecting typical IB recruiting timelines. School tiers are based on established target-school lists used in finance recruiting. All figures are aggregates; no individual profile data is published.
Bifei Wang has spent 17 years focused on human flow and the growth of young professionals, spanning international education, career training and coaching, and recruitment process outsourcing. Over 7 years at Extern, he has had one-on-one sessions with thousands of students exploring careers in consulting, finance, tech, marketing, and data, giving him a firsthand view of how the job market has shifted for early-career professionals and what it actually takes to break in.
About the Author
Bifei Wang has spent 17 years focused on human flow and the growth of young professionals, spanning international education, career training and coaching, and recruitment process outsourcing. Over 7 years at Extern, he has had one-on-one sessions with thousands of students exploring careers in consulting, finance, tech, marketing, and data, giving him a firsthand view of how the job market has shifted for early-career professionals and what it actually takes to break in.
