Finance Internships for MBAs

You probably already know that a finance internship at a top firm can put you on the fast track toward a future career in finance by building up your résumé as well as your network. But, which are the top companies for finance internships and what sets them apart from their competitors? Here’s a list of some of the top companies, based on data from Vault and Universum, as well as information on the particulars of each finance internship.

1. AT&T Financial Leadership Program Summer Internship

Why it made the list: Included in Vault’s top 50 internship for several years; 99th most attractive company for US business students (Universum 2015)

Duration: 10-12 weeks

Locations: Texas, Georgia, New Jersey, California

Number of MBA internships available: 19

Who they are looking for: First-year MBAs with at least three years of work experience as well as a degree focus in accounting, business administration, economics or finance.

Internship experience: The FLP summer internship provides MBAs with challenging high-exposure internship experiences across AT&T, including areas such as investor relations, treasury, and corporate financial planning & analysis. The FLP experience also includes orientation, mentors, executive lunches, facility tours, and social events.

Opportunities for advancement: High-performing interns are considered AT&T’s full-time Financial Leadership Program, a three-year leadership development and rotational program across several different departments as well as other full-time positions within the company.

What a past intern has to say: Jennifer Tseng, a 2015 Duke Fuqua MBA graduate describes her 2014 AT&T MBA internship experience as “exhilarating”. Tseng’s finance internship took place right after AT&T’s acquisition of DirecTV. “As a finance intern, I was engaged in exciting discussions around the acquisition every day, while being exposed to leadership within the mobility business,” she states. Tseng went on to become a full-time FLP participant and continues to enjoy her experience at AT&T.

2. Wells Fargo Summer Internship Program

Why it made the list: 29th most attractive employer by US business students (Universum 2015)

Locations: Charlotte, New York, San Francisco, Houston and Los Angeles

Who they are looking for: In addition to having an interest in the financial services industry and experience working in a team environment, candidates must demonstrate leadership, critical thinking, communications and project management skills.

Where they recruit: Information sessions held on college campuses throughout the US. Wells Fargo also has partnerships with MBA-related organizations such as including the National Black MBA Association, National Society of Hispanic MBAs, Reaching Out MBA, Asian MBA, and MBA Veterans, and has a presence at their conferences and career expos, where recruiters actively source MBA candidates for internship programs.

Internship experience: According to a company spokesperson, “[Wells Fargo is a] company that cares about people, where teamwork is valued and rewarded, where how the work gets done is just as important as the work getting done.” Wells Fargo’s MBA internship programs are designed to complement lessons MBAs learn in their classes and put them into direct contact with senior leadership.

One of Wells Fargo’s MBA internships, the Wells Fargo Investment Banking Summer Associate Program gives interns the opportunity to explore what it’s like to be a Wells Fargo Securities associate in either investment banking or sales and trading. Interns get to structure and execute transactions, perform research and analysis, prepare client materials and participate in client meetings alongside senior management.

For more information about MBA hiring at Wells Fargo, read the TopMBA interview with Lance LaVergne, Wells Fargo’s senior vice president and head of the Enterprise Talent Acquisitions and Strategy Practice Group.

Opportunities for advancement: A Wells Fargo spokesperson told TopMBA that the company’s MBA internships allow the company to determine what a future role and placement might be. When there is alignment between an intern’s skills and the needs of the business, it is typical for him or her to return to Wells Fargo as a full-time employee.

3. Fidelity Investments Financial Leadership Program

Why it made the list: Ranked 85th most attractive company for US business (Universum 2015)

Duration:  10 weeks

Who it’s for: First-year MBAs

Internship experience: Fidelity Investments’Financial Leadership Program gives MBAs the opportunity to become an integral part of the team and contribute to one of Fidelity’s businesses. Interns work directly with company leadership and participate in development activities.

Opportunities for advancement: Based on their performance, summer interns may be offered a full-time position in Fidelity’s two-year Financial Leadership Program post-MBA.

What a past intern has to say: David Wakefield, Fidelity Investment’s vice president of strategy, planning and analytics, has been working with the company since 2004 and was once a participant in the Financial Leadership program. Wakefield says, “[The program gave me] a hands-on opportunity to experience working on different parts of the business during my MBA program. There was also a formal curriculum as a supplement to the practical work, so I was able to connect what I was doing to the company’s business goals.”

4. Citi MBA Internships

Why it made the list: Ranked 89th most attractive company by US business students (Universum 2015)

Duration:  10 weeks

Location: New York, Los Angeles, San Francisco, Chicago and Houston

Who it’s for: First-year MBAs

Recruitment process: Internship candidates are recruited on business school campuses in the fall and interviewed in January and February.

Internship experience: Citi’s MBA interns participate in hands-on work alongside analysts and associates. According to Courtney Storz, Citi’s head of North America Graduate Recruitment and Program Management, "Citi's programs give interns the opportunity to have a real impact while doing real work, and many of them return as full-time analysts and associates following graduation."

Want to know more about MBA job opportunities at Citi? Read TopMBA’s recruiter interview with Courtney Storz.

5. Morgan Stanley MBA internships

Why it made the list: 20th most attractive company for US business students in 2015 (Universum)

Internship experience: Morgan Stanley’s MBA internship program is designed to give MBA interns an idea of what it’s like to be a full-time associate. The summer MBA internship starts off with one-week’s training after which interns join one of the company’s business areas such as Investment Banking, Global Capital Markets, and Equity Research. The internship also includes a mentorship program and various networking events.

What a recruiter has to say: According to Andrea Diamond, Morgan Stanley’s head of investment banking MBA recruiting, “Our summer associates are valued members of our business teams and thrive in the apprenticeship model which gives them the opportunity to contribute in a meaningful way, while gaining a better understanding of the firm and industry. These summer programs are core to ensuring we have a strong pipeline of top talent, and provides the analysts and associates the ability to experience the collaboration and collegiality that are core to Morgan Stanley’s culture.”

6. Goldman Sachs Summer Associate Internship

Why it made the list: Ranked9th most attractive employer for MBA students (Universum 2015) and 8th best investment banking internship (Vault 2015)

Duration:  10 weeks

Who it’s for: Students currently working toward an advanced degree (MBA, JD, MD or LLM) with knowledge of the finance industry and the products Goldman Sachs offers

All interns start with a companywide orientation where they learn about the culture at Goldman Sachs, as well as the benefits and responsibilities that come with working there. Interns also participate in division specific training. High performing summer associates may be invited back full-time as a new associate.

7. UBS Summer Internship Program

Why it made the list: Ranked the 7th best investment banking internship (Vault 2015)

Duration:  10 weeks

Internship experience: Most of UBS’s MBA US hires for its Investment Banking and Equity Research department start out in the UBS Summer Associateinternship program. In addition to orientation and training during the first week, the summer associate program features on-the-desk experience with educational sessions, a mentorship program, speaker series and social events. Interns receive several weeks of training related to UBS, the finance industry and the business where they will be working. Once this initial training is over, associates begin working with their team and have an opportunity to interact with their colleagues and senior leaders.

8. American Express

Why it made the list: 80th most attractive employer with US business students (Universum 2015)

Duration: 10 to 12 weeks

The majority of American Express’ full-time MBA hires start out as summer interns. The company’s intensive summer internship program combines a business project with professional development activities, opportunities to interact with senior leadership and social activities. American Express actively recruits at business school campuses throughout the US including NYU Stern, Columbia, and Michigan Ross, as well as national MBA conferences such as the National Black MBA Conference & Career Expo and the Reaching Out MBA Conference. For more information on MBA job opportunities at American Express, read the TopMBA.com interview with Oriana Vogel, the company’s vice president of global recruitment and HR operations.

9. J.P. Morgan Chase

Why it made the list: Ranked 9th best investment banking internship (Vault 2015) and 5th most attractive company for US business students (Universum 2015)

J.P. Morgan Chase offers eight different finance internship programs for MBAs:

• Corporate Banking Associate Program (Hong Kong, Singapore)
• Global Wealth Management Associate Program (France, Hong Kong, Singapore, US, UK)
• Investment Banking Associate Program (Canada, Hong Kong, Japan, Singapore, US)
• Research Associate Program (Hong Kong, US)
• Legal Associate Program (US)
• Quantitative Research Associate Program (China, Hong Kong, Singapore, US, UK)
• Chase Leaders Internship (US)
• Management Associate Program (US)

10. Nomura Securities

Why it made the list: Ranked 9th best investment banking internship (Vault 2015)

Locations: New York, London

Recruitment process: Nomura hosts a variety of on-campus events during recruitment season including company presentations, skill sessions, career fairs, and networking events. Candidates need to apply through their business school’s career services office. Candidates who make it to the internship stage will be asked questions related to Nomura’s core competencies including: problem solving, team skills, leadership, initiative and communication.

Who they are looking for: Someone who is good with numbers, has an interest in finance and wants to work in the banking industry

Types of internships on offer:

Nomura Securities offers internship programs for the following four areas:

• global markets
• investment banking
• corporate infrastructure
• training programs

Internship experience: Nomura’s finance internships are designed to give its interns the same level of exposure as a first-year analyst or associate. Interns work as a full member of their team by participating in meetings and may get the opportunity to work with clients. Interns work closely with a buddy and have regular contact with senior mentors.

11. Deutsche Bank Associate Internship Program

Why it made the list: Ranked 71st most attractive employer for US business students (Universum 2015)

Duration: Eight to 10 weeks

Who it’s for: First-year MBA students with “significant work experience and a passion to learn more”

Internship experience: Interns have the chance to work on live deals and deliver projects. Each intern gets a unique project which becomes his or her personal responsibility during the program. Interns present these projects at the end of the program as part of the evaluation process. Networking opportunities include social events and a community-based teamwork event.

Application process: Candidates can submit their application online. Other parts of the application process include (on average) two interviews focussing on the core competencies needed for the position as well as extracurricular life and online assessment tests.

12. Blackstone Group

Why it made the list: 88th most-popular employer for US business students (Universum 2015)

Duration: 10-12 weeks

Who it’s for: First-year MBA students with an anticipated graduation date of Spring 2017

Since Blackstone is a relatively small firm (compared to some of the others on this list) its summer program enables interns to be involved in all aspects of deals, transactions and projects. According to the Blackstone website, this program is designed to help develop “well-rounded and fine-tuned business minds”.

The recruitment process starts in January at recruiting events on campuses throughout the world. Internship candidates must apply through the Blackstone website as well as your campus career website (if Blackstone actively recruits at your school). Summer recruiting usually ends in late February or early March. The MBA internship takes place starting in June or July.

13. RBC Global Investment Banking Program

Why it made the list: Ranked 6th best investment banking internship (Vault 2015) and 12th most attractive company for Canadian business students (Universum 2014)

Internship experience: RBC interns work on a variety of transactions and business development activities across a range of product and industry groups.

14. Vanguard MBA Summer Internship Program

Why it made the list: Ranked 95th most desirable company by US business students (Universum 2015)

Who it’s for: Full-time, first-year MBAs with demonstrated academic achievement (GPA of 3.2 or higher preferred) and exceptional communication, analytical, leadership, project management and interpersonal skills

Qualifications: At least five years of work experience, preferably in investment management. For the general management applicants, previous supervisory experience is preferred.

Duration:  10 weeks

Vanguard’s MBA Summer Internship program focuses on finance, project management and client relations. Interns are assigned to departments based on the needs of the business. Vanguard also offers a Corporate Financial Services internship as an introduction to the role of CFS Financial Analyst.