The 2027 summer analyst recruiting cycle is already underway. If you're a sophomore targeting investment banking, private equity, or any front-office finance role for summer 2027, the clock is ticking. Applications at bulge brackets and elite boutiques have been rolling out since late 2025, and the process will accelerate through spring 2026.
This guide breaks down exactly when things happen, which banks are on what timeline, and what you should be doing right now.
Need to nail the technicals? Our [Finance Technical Interview Guide](/playbooks/ib-technical-guide) covers every question you'll face—88 pages with frequency tags, dual-format answers, and self-assessment scorecards. Get it before your first interview.
Where We Stand: February 2026
As of early 2026, the recruiting landscape for summer 2027 analyst positions looks like this:
- 134+ firms have already posted applications out of 178 tracked
- Goldman Sachs — 2027 Summer Analyst Program applications are live
- Bank of America — Global IB Summer Analyst 2027 deadline is March 31, 2026
- JPMorgan — Investment Banking Summer Analyst applications are open
- 44 firms still expected to post, many in March-April 2026
Key insight: Recruiting has shifted dramatically earlier over the past five years. What used to be a fall process now starts 18 months before the internship. If you're just hearing about this now, you're behind—but not out.
The Complete Month-by-Month Timeline
January-February 2026: The Early Wave
What's happening: - Bulge bracket banks (Goldman Sachs, Morgan Stanley, JPMorgan, Bank of America) have applications open - Elite boutiques (Evercore, Centerview, PJT, Lazard) are accepting or preparing applications - First-round HireVue and online assessments are being sent out - Campus recruiting teams are hosting information sessions
What you should be doing: - Submitting applications to every target bank—do not wait for "the perfect resume" - Completing your technical interview prep (DCF, LBO basics, accounting, valuation) - Attending every bank information session available, virtual or in-person - Sending networking emails to alumni at target banks (15-minute phone calls, not coffee meetings) - Polishing your "Walk me through your resume" answer (guide here)
March-April 2026: The Application Surge
What's happening: - Remaining ~44 firms post applications (boutiques, middle-market banks, regional firms) - Bank of America deadline passes (March 31) - First-round interviews begin at early-moving banks - HireVue video interviews and Pymetrics assessments are active - Diversity programs and early-insight events wrap up
What you should be doing: - Applying broadly—cast a wide net across bulge brackets, elite boutiques, middle-market, and regional banks - Preparing for HireVue (record yourself answering behavioral questions, check lighting and background) - Following up with networking contacts at banks where you've applied - Studying how the three financial statements link and enterprise value vs. equity value - Joining finance clubs and case competitions for resume depth
Key bank deadlines in this window:
| Bank | Estimated Deadline | Notes |
|---|---|---|
| Bank of America | March 31, 2026 | Confirmed deadline |
| Goldman Sachs | Rolling | Apply ASAP |
| JPMorgan | Rolling | Apply early |
| Morgan Stanley | Rolling | Typically March-April |
| Evercore | TBD | Usually early spring |
| Centerview | TBD | Highly competitive |
| PJT Partners | TBD | Watch career page |
| Lazard | TBD | Historically spring |
| Moelis | TBD | Check weekly |
| Houlihan Lokey | TBD | Middle-market leader |
May-June 2026: First-Round Interviews
What's happening: - Phone screens and first-round interviews at bulge brackets - HireVue results come back—candidates are sorted into "advance" or "reject" buckets - Some banks run group interviews or case study rounds - Middle-market and boutique banks ramp up their processes
What you should be doing: - Preparing for both behavioral and technical questions simultaneously - Practicing your "Why investment banking?" answer until it's natural - Running mock interviews with friends, mentors, or career services - Studying WACC, DCF walkthroughs, and trading comps vs. precedent transactions - Maintaining your GPA—banks will see spring semester grades
Reality check: First-round phone screens are 30-minute filters. You'll get 2-3 behavioral questions and 2-3 technicals. If you can't clearly answer "Walk me through a DCF" and "Why our bank?" you won't advance. Period.
July-August 2026: Superdays Begin
What's happening: - Bulge brackets run Superday interviews (in-person or virtual) - 3-6 back-to-back interviews with bankers at all levels - Offers begin rolling out, sometimes same-day or within 48 hours - Elite boutiques run their own final-round processes - Waitlist activity picks up
What you should be doing: - Reviewing your deal knowledge—be ready to discuss a recent M&A transaction in detail - Preparing for LBO questions and accretion/dilution at the technical level - Researching every interviewer on LinkedIn before your Superday - Having your suit pressed, your logistics planned, and your mental game sharp - Sending personalized thank-you emails within 2 hours of each interview
September-November 2026: Offers and Off-Cycle
What's happening: - Most bulge bracket and elite boutique offers have been extended - Middle-market and regional banks continue interviewing - Off-cycle recruiting begins for candidates who didn't land offers - Some banks start filling remaining spots from waitlists
What you should be doing: - If you have an offer: celebrating, then preparing for the actual internship - If you're still recruiting: pivoting to middle-market banks, boutiques, and off-cycle opportunities - If you struck out: reading our guide on building a finance profile without campus recruiting - Considering boutique banks as stepping stones to bulge brackets
December 2026-January 2027: Final Stragglers
What's happening: - Late-cycle boutique and middle-market hiring wraps up - Some banks fill last-minute cancellations - Spring internship recruiting begins (separate cycle)
What you should be doing: - If you haven't secured a spot: exploring alternative paths into finance - Building technical skills (paper LBO practice, financial modeling) - Networking for full-time roles if you're a junior
Application Strategy: Maximize Your Hit Rate
Tier Your Target List
Don't apply to 5 banks and hope for the best. Build a tiered target list:
Tier 1 — Dream Banks (5-8 applications): - Goldman Sachs, Morgan Stanley, JPMorgan, Bank of America, Citi - Evercore, Centerview, PJT Partners, Lazard
Tier 2 — Strong Targets (8-12 applications): - Moelis, Houlihan Lokey, Guggenheim, Jefferies, RBC - William Blair, Piper Sandler, Baird, Raymond James
Tier 3 — Safety Net (5-10 applications): - Regional boutiques, middle-market banks, industry-specific firms - Harris Williams, Lincoln International, Stifel, Truist
Apply to 20-30 banks minimum. The acceptance rate at top banks is under 3%. Even the most qualified candidates get rejected. Volume matters.
The HireVue Reality
Most bulge brackets now use HireVue or similar one-way video interviews as a first filter. Here's what you need to know:
- You'll get 3-5 questions with 30 seconds prep and 60-180 seconds to respond
- The AI evaluates facial expressions, voice tone, eye contact, and content
- Practice on camera at least 10 times before your real assessment
- Good lighting, clean background, professional attire (full suit, not just shirt)
- Look at the camera lens, not your own face on screen
- Internet speed must be at least 350 Kbps—test beforehand
Common HireVue questions: 1. Walk me through your resume 2. Why investment banking? 3. Why this firm specifically? 4. Tell me about a time you worked on a team under pressure 5. What's a recent deal you've been following?
What Separates Winners from Everyone Else
After tracking thousands of candidates through this process, three things consistently separate those who land offers from those who don't:
1. They start early. The candidates networking in January have a massive advantage over those scrambling in April. Relationships compound.
2. They know their technicals cold. Not "pretty good"—cold. When a VP asks you to walk through a DCF, you should be able to do it in your sleep. The top 100 technical questions are your bible.
3. They have a real story. Not a generic "I'm passionate about finance" pitch. A specific, credible narrative about why banking, why now, and why this particular bank. The best stories connect personal experiences to genuine interest—not manufactured enthusiasm.
The Non-Target Disadvantage (and How to Overcome It)
If you're at a non-target school, everything above still applies—you just need to work 3x harder on networking. Banks recruit heavily from target schools because it's efficient, not because non-target students are less capable.
Your playbook: - Start networking 6-9 months before applications open - Send 5-10 cold LinkedIn messages per week to alumni at target banks - Get on first-name basis with at least 2-3 people at each target bank - Leverage finance certifications to signal commitment - Read our complete non-target to investment banking playbook
Key Takeaways
- Applications are open now—if you haven't applied to bulge brackets yet, do it today
- The timeline is compressed—18 months of preparation crammed into a 6-month recruiting window
- Apply broadly (20-30 banks minimum) and tier your targets
- Technical prep is non-negotiable—start with the fundamentals and work up to LBOs
- Networking is your edge, especially from non-target schools
- HireVue is your first gate—practice on camera until it feels natural
The 2027 summer analyst cycle rewards preparation and persistence. Start now, stay consistent, and give yourself the best possible shot.
Your resume is your first impression. Not getting interview callbacks? Our [resume review service](/resume-services) gives you line-by-line feedback from professionals who've reviewed thousands of finance resumes.