A guide to investment banking graduate schemes (2026)

An investment banking graduate scheme is a structured, full-time Analyst programme at a bank, typically lasting around three years, during which you rotate through different departments before specialising. It is a permanent role with a training structure and a defined career path - not an internship, and not a short-term placement.

Graduate schemes vary by employer. Each bank runs its programme differently. But the broad shape is consistent: you join as an Analyst, work across departments, develop a specialism, and - if you pass the inter-organisational exams at the end of the programme - move into a permanent position with the firm.

Most graduate scheme offers are not won by the candidates with the most polished CVs. They are won by candidates who understand what the role actually demands and demonstrate that understanding clearly throughout the recruitment process.

The Analyst stage is the beginning, not the destination. The career path that follows is one of the more structured and rewarding in UK professional life, which is part of what makes these schemes as competitive as they are.

Every person who joins an investment banking graduate scheme starts with the same title: Analyst. Degree subject, university, and prior experience do not change that starting point.

During the programme, you rotate through different areas of the bank. Depending on the scheme, that might include asset management, mergers and acquisitions, bonds, and public investment, among others. The purpose is to find where your aptitude and interests align before you settle into a specialism. At the end of the programme, inter-organisational exams determine whether you move into a permanent role.

The hours are long. Banks typically expect early starts when market information is shared and late finishes as a matter of routine. Working long hours is not a peripheral aspect of the role - it is a core requirement, and it is worth being honest with yourself about whether that suits you before you apply.

A banking graduate scheme is a structured training ground, not a standard office job. The rotation model means your first two to three years are deliberately varied - and deliberately demanding.

How much you earn on an investment banking graduate scheme depends on your employer, location, and the specific programme you join. Salaries can vary considerably across firms and across the UK.

As a graduate investment banking analyst, salaries can start at approximately £23,000 and may reach around £65,000 at the higher end, with the highest figures typically found in London. Where you land within that range will depend on the scale of the bank, the specific scheme, and your location.

Salary is one part of the picture, but it is not fixed. The range across the industry is wide, and the firm you join matters as much as the role itself.

Investment banking as a sector is dominated by a relatively small number of very large international firms. Goldman Sachs, JP Morgan, Deutsche Bank, and Morgan Stanley are among the most prominent employers running graduate programmes in the UK, each with tens of thousands of bankers working across regional offices around the world.

These firms are the names most candidates are targeting, and for good reason - the training, the exit opportunities, and the career capital that comes from a bulge bracket graduate scheme are difficult to replicate elsewhere. The international footprint of these firms can also mean exposure to global teams and, in some cases, the possibility of working across different locations.

Smaller investment banks do exist, and there are specialist advisory firms and mid-market banks that also run graduate programmes. But if you are reading this guide, you are most likely targeting one of the major international firms.

Knowing which firms you are targeting before you begin is not optional. Each bank runs a different recruitment process, tests for different things, and has a different culture. Applying to every bank with the same application is rarely effective.

Investment banking graduate scheme applications typically open in the autumn, with most major programmes launching in September and October. The published deadline is not the point at which you should aim to submit.

Most banks fill places on a rolling basis, meaning seats are allocated continuously as candidates clear each stage. The pool of available places shrinks from the day applications open. Applying late in the window means competing for fewer remaining spots against candidates who have already been screened at earlier stages.

The practical approach: apply as early as possible after a programme opens, and treat the official deadline as the last possible date rather than the target.

The recruitment process varies between investment banks. Each firm uses its own combination of application forms, aptitude tests, interviews, and assessment exercises. Some banks place greater emphasis on online testing, while others rely more heavily on interviews or assessment centres.

Despite these differences, most investment banking graduate schemes follow a broadly similar structure. The stages below represent the most common recruitment process used across major banks.

Online application. You submit your academic record, work experience, and motivation for the role. Most banks apply a minimum academic threshold - typically a 2:1 degree or above - as an initial filter.

Online assessments. Depending on the bank, this stage may include numerical reasoning tests, verbal reasoning tests, situational judgement tests, game-based assessments, or video interviews. Each bank uses a different format. This is the stage at which the largest volume of candidates are eliminated - not because they lack the ability to do the job, but because they have not prepared for the specific format they face.

First-round interview. Competency-based questions focused on how you have handled challenges, worked with others, and demonstrated relevant skills. Motivation questions assess your knowledge of the role and the firm.

Assessment centre. The final stage typically involves multiple interviews, group exercises, case studies, and written tasks. Banks are evaluating commercial awareness, teamwork, and how clearly you communicate under pressure.

Most candidates who are rejected from investment banking graduate schemes are eliminated before a human reviewer has engaged with their application in depth. The online assessment stage is where the process is decided for the majority of applicants.

The online assessment stage is one of the most important parts of the recruitment process and plays a significant role in determining which candidates progress to the next stage. Success here is not simply a reflection of raw ability. More often, it comes down to how familiar candidates are with the specific assessment format and the time pressures involved.

Many candidates who progress and many who do not are equally capable. The difference is often preparation and familiarity with the types of questions, timing, and assessment style used by the bank.

Each major bank uses a different assessment format. Goldman Sachs, JP Morgan, and Barclays each test differently - different question types, different timing, different logic. Practicing generic numerical reasoning tests does not prepare you for any one of them specifically.

JobTestPrep provides bank-specific PrepPacks that replicate the actual formats used by individual firms, including Goldman Sachs numerical reasoning test practice, JP Morgan online assessment preparation, and Barclays graduate scheme assessment practice. If you have received an assessment invitation, this is the most efficient use of the time you have. Our Banking Summer Internship bundle gives you full preparation for over 25 banks!

Investment banking graduate schemes are competitive, demanding, and offer a career path that is among the most structured and potentially rewarding in UK professional life. The hours are long, the recruitment process is rigorous, and the training period requires genuine commitment.

The process rewards preparation more than pedigree. Candidates who understand what each stage is testing, who apply early, and who practice specifically for the assessments they will face consistently outperform candidates who rely on ability alone.

If you have an assessment coming up, the most useful thing you can do right now is practice the specific format you will face - not a generic version of it.