Banking Summer Internship - The Complete Tests Guide [2024]

Table of Contents

• Is It Hard to Get a Summer Internship?
• Get Accurate Preparation for Every Bank You Apply To
• Summer Internship Online Tests – Sample Questions (With Solutions)
• How to Ace the Summer Internship Tests and Get a High Score
• Pre-Recorded Interview
• What Is A Banking Summer Internship?
• When Does Summer Internship Happen, and How Long Is It??
• The 4 Benefits of Doing a Banking Internship
• When to Apply for A Banking Summer Internship?
• Which Investment Banks Have Summer Internship Programmes?
• Conclusion
• FAQ

Is It Hard to Get a Summer Internship?

Short answer – yes.

It is hard to get a Summer Internship, in the same way that every position is hard to get in the competitive investment banking world.

Because the banks have a lot of applicants, they use online tests and assessment centres to eliminate a large portion of them. This means that if you don’t get a high score, they will not even look at your application.

How high? Well, Morgan Stanley only looks at applicants that score in the 90th percentile. Yes, you read that correctly!

So, how can you beat the competition and secure a summer internship?
Ace the online tests.

Let’s see how.

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Get Accurate Preparation for Every Bank You Apply To

If you apply to several banks, which you should, then you will probably encounter at least one of these tests:

While the basic idea of each test is roughly the same for every bank, the question types might be very different, depending on the test provider.
Most banks use these 5 major test providers:

We have created this preparation pack to prepare you for all major banks.
It includes practice questions, guides, and explanations for each of the 5 major test providers, and for the assessment centres. This means that this pack has got you covered even if you apply to several banks in the next month.

JobTestPrep Summer Internship Preparation By Test Provider: 

*For more information about the assessment of a specific Bank, please click on the suitable link in the table below.

Summer Internship Online Tests – Sample Questions (With Solutions)

We specialize in preparation for employment psychometric exams. You can watch our video on Summer Internship Online Tests, and test yourself with sample questions below:

Numerical Reasoning Test

Since banking is a numbers game, the most popular test used by banks is Numerical Reasoning. The emphasis would be the ability to read charts and tables and analyze the data quickly and efficiently.

Let’s see what a question in the test might look like:

In 1990 the population of France was 56.5 million people. Since then, it has been growing at a 0.4% rate per year. Approximately how many more/less applications were submitted in France in 2012 than in 2010?

369 less

913 more

384 million less

384 less

Cannot say

Correct Answer

Incorrect Answer

The correct answer is (D) - 384 less

Consider 1990 France-population as 100%. Therefore, an increase of 0.4% a year, makes the population in each year that follows 1990: 100% + 0.4% = 100.4% of its previous year's population. Expressing it in decimal to ease the calculations:
100% + 0.4% = 100/100 + 0.4/100 = 1 + 0.004 = 1.004

Start by calculating the population in 2010 and in 2012 according to the formula:
Pop. in year Y = Pop. in 1990 x (1 + annual percentage increase)No. of years passed since 1990
Population in 2010 = 56,500,000 X (1.004)20 = 61,195,953.22 ≈ 61,195,953
Population in 2012 = 56,500,000 X (1.004)22 = 61,686,499.98 ≈ 61,686,500

Next, calculate the number of applications submitted in 2010 and in 2012 according to the formula:
Applications submitted in year Y = Population in year Y x (No. of applications per million inhabitants / 1,000,000)
Applications submitted in 2010 = 61,195,953 x (241.89 / 1,000,000) = 14,802.7 ≈ 14,803
Applications submitted in 2012 = 61,686,500 x (233.74 / 1,000,000) = 14,418.6 ≈ 14,419

Finally, subtract the number of applications submitted in 2010 from the number of applications submitted in 2012:
14,419 ― 14,803 = ―384
Notice! The negative sign before the difference in the applications' number stands for 'less' applications in 2012 than 2010.
Thus, 384 less applications were submitted in France in 2012 than in 2010.

Note: These questions have a lot of data, not all of it is relevant to the answer. To answer quickly, you need to learn a technique that will help you sort out all the data and beat the clock. You can find this technique and many others in our full preparation pack.

Logical Reasoning Test

The most popular type of Logical Reasoning question is the logical sequence. Again, this is designed to test your analytical skills and see how you can cope with new details you have never seen before.

Let’s see what a question like this might look like:

Find the answer that completes the logical sequence matrix correctly.

Were you able to complete the sequence?

Solution and Explanation

The correct answer is the bottom-center alternative.

Columns: Each cell consists of three symbols, dictated by the following logic: when moving from one cell to the cell
below it, the symbols “move” one step to the left each time so that a new symbol appears from the
right and the left symbol disappears. The sequence is not continuous throughout the Matrix’s columns,
as each column is based on a different sequence of symbols.

Thus, in order to find the symbols in the missing cell, we need to “move” the symbols from the cell
above it one step to the left, resulting in ‘×’ and ‘☼’ becoming the left and middle symbols respectively.
Next, we need to work backwards and “move” the symbols from the cell below it one step to the right,
resulting in ‘≠’ becoming the right symbol. Therefore, the correct answer is #13.

Rows: None of the symbols appears more than once in the same row.

Note: Symbol questions like this have patterns that are used over and over again. The trick is to know how to identify the pattern quickly. For example, let’s look at the sample question. The fact that in each column there is a diagonal line of identical symbols (‘€’ in the left column and ‘∆’ in the right column) serves as a hint to indicate that this is a “movement of a sequence of symbols” question. Techniques like this are offered in our preparation pack.

Situational Judgment Test

This test is designed to evaluate your personality regarding the work environment. It seems there are no wrong or right answers, but actually – there are.

Let’s see it in an example:

Note: The hard thing with this type of questions is its weird structure. Marking two answers is not something you got used to in your school days. Practising makes you familiar with different types of questions. It will reduce the stress and help you perform much better.

How to Ace the Summer Internship Tests and Get a High Score

As you have seen in the examples above, none of these tests present very hard questions.
The problem starts with the time limit.

You will have very little time to answer many questions, which can get very stressful. Imagine you have only 30 seconds to answer a numerical question. Or 50 seconds for a logical question. Not that easy anymore, is it?

The best way to ace the tests is to practice. Talk to your alumni, your 2nd and 3rd year, and they will tell you the same. I can’t stress enough how this is the safest way to get it right. Even if you overdo it and the test will be easy, you will be glad you did it once you get invited for an interview.

Practise will make sure:

• No Surprises – Familiarize yourself with all question types and reduce stress
• Fast – Know how to answer very quickly and beat the time limit
• All Banks – Know how to ace the tests for ALL the central banks

Want more information about the Banking summer internships?
Let’s start from the top.

Pre-recorded Interview

A pre-recorded interview, sometimes called a one-way video interview, is a tool used to screen candidates in the recruitment process for the summer internship by most of the leading banks and financial firms, including Deutsche Bank, Morgan Stanley, UBS, and JP Morgan.

The interview assesses job-related competencies, personality traits, and behavioural tendencies in a way that actively involves the candidates by requesting them to respond to work-related questions or tasks.

There is no direct interaction with your recruiter; instead, you will address questions or assignments alone in front of a camera.

During the pre-recorded interview, you usually have up to two minutes to prepare each answer and up to three minutes to record it.

The number of questions varies but generally ranges from 5 to 8, taking about 20-30 minutes to complete. The questions you’ll receive are tailored to the specific position you applied for to ensure you have the skills required on the job. Some pre-recorded interviews also include job simulation assignments, such as case studies and situational judgment tests.

These interviews are administered through online platforms like HireVue, Cappfinity, and Amberjack, but sometimes, you may be asked to record your answers on your own devices. Once submitted, your recruiters review the recordings to determine whether you will proceed to the next stage of the recruitment process.

It’s important to note that pre-recorded interviews do not always replace traditional in-person interviews but usually serve as a way to gain initial insights into your work-related skills and attributes.

What Is A Bank Summer Internship?

Summer Internship programmes are offered to students in their penultimate year (second last year of the degree), which means 2st-year students in a 3-year course or 3nd-year students in a 4-year course. Therefore, The ideal time to apply for a summer internship would be the end of your first undergraduate year. 

Summer Internships are usually offered by all BB banks (Bulge Bracket banks), and some smaller or boutique banks as well. 

Depending on the bank, some internships are generalist, which means that you will go through different divisions, while others are divisional, which means you will spend your time only in one division.

During the programme you will get a chance to experience what it is like to work in a big bank and network with industry people. You will be shadowing employees of the bank and seeing exactly what their day looks like. Exciting stuff!

When Does Summer Internship Happen, and How Long Is It?

As the name suggests, the Summer Internship usually takes place in July-September, right after the spring semester is over.
Because this programme is designed for students, it is aligned with the academic year schedule. Summertime is perfect to get the students while they are free from university duties.

Note: some banks will offer off-cycle insight internships. Those can take place any time of the year, and are a good solution if you missed the Summer deadlines.

The programmes mostly last between 8-10 weeks.

Having said that, some internships last 5 weeks and some last 16; some start in June and some in September.

A few weeks seems short, doesn’t it? Well, not quite…
As short as they are, summer internships are VERY IMPORTANT. Here is why.

The 4 Benefits of Doing a Banking Internship

It would be best if you considered applying for a summer internship for several reasons:

Benefit #1 - It's good for your CV

Studying in academia is important, but the emphasis is on theory and less on practice. Bank recruiters would weigh your resume more solemnly if they knew you have hands-on experience working in a bank. Also, it will make you stand out from the abundance of finance alums.

Benefit #2 -  It may lead to a graduate position

The opportunity to secure a graduate job while you are still in school is perhaps the main reason students are applying for internships. It is only natural that employers prefer to hire someone they are familiar with and have left a good impression than to screen, interview, and test a brand-new candidate.

Benefit #3 - It will give you an inside glimpse of the banking industry

An internship is a perfect opportunity to better understand the day-to-day job of a banker. For instance, you may discover that IB isn't as appealing as you thought before and prevent future disappointment; maybe you will find out that a different banking job is a better fit. Ideally, the internship experience will reassure your concerns and make you understand that banking is indeed the right job for you.

Benefit #4 - It can open doors

Being surrounded by banking professionals is excellent for networking and may lead to different opportunities such as job offers and ventures.

Banks Internships History in a Nutshell

Investment Banking is a HIGHLY COMPETITIVE field, with some arguing that it is the hardest field to get into. Especially when you are looking at the BB banks, which are obviously the most desired places to get into.

These banks know how competitive it can get, so they decided to start screening and looking at good candidates early on. How did they do that? Summer internships for students. They are offered a full-time job if they perform well and impress whoever needs impressing. WIN!

Nowadays, the wildest dream for any student is to land a summer internship. They know it will improve their chances of getting a job offer, as external hiring is becoming more and more scarce.

This is why summer internships have become very competitive, and the chances of landing one in the desired BB bank are plummeting every year. 

Tip: to raise your chances of getting a Summer Internship offer, apply to several banks. If you get in more than one – great! It is recommended to go to as many SW as you possibly can.

When to Apply for A Banking Summer Internship?

Apply as early as possible!

Let’s break it down and understand why:

• Rolling Basis – although we don’t exactly know how it works in each bank, we know that many of them recruit on a rolling basis. This basically means that they go through the applications in batches, and once they fill all their spots – they stop looking. Yeah, even if you are a top candidate, they would hate to lose.
• Competition – most of the candidates apply around September. And if we said that firms look at applicants in batches, the earlier you apply, the smaller your batch. The smaller your batch, the less competition.

What does it mean regarding the timeline?
Most banks open for applications around August, and the deadlines go all the way up to March.

Note: it is different for each bank. Best if you check in the desired bank’s official site for specific dates.

Which Investment Banks Have Summer Internship Programmes?

Basically, all the BB banks offer these internships and then some.
They differ from one another in the stages of the application process, the length of the internship, and whether it is a general or divisional programme.

Note: the following information is an estimate based on past years. The details might change a bit.

Let’s talk about some of the major and most desired players out there.

Note: more banks are offering programmes, these are just the major ones.

As you have seen, a big portion of the major banks (and some of the smaller ones we didn’t cover) uses online tests.

Start Practising now for ALL leading banks for £119 for 3 months!

Conclusion

The Summer Internship is an essential first step into investment banking. Although the screening process can be challenging and lengthy, research and preparation can immensely reduce uncertainty and boost your skills.

Use all the information and tips I have given you, and land your internship!
Apply for a lot of banks, and practice, practice, practice.

Good luck, I believe in you!

Summer Internship FAQs