Investment Banking Apprenticeships

What is an investment banking apprenticeship?

An investment banking apprenticeship is a full-time job where you’ll work at a bank or financial institution while studying for a qualification, plus you’ll get paid the whole time. It’s open for school or college leavers who are aged 18+. 

Most investment banking apprenticeships are degree apprenticeships (Level 6), meaning you'll gain a Bachelor's or Master’s (Level 7) degree (without any tuition fees), plus professional qualifications that bankers actually use (like CFA or CISI). 

You can also start at Level 4 in finance roles and work your way up into investment banking (more on that later).

At the end of your apprenticeship, you’ll have up to five years of work experience, a nationally-recognised qualification, and you’ll become a real-life investment banker.

Is it right for me?

Investment banking apprenticeships are great for people who prefer learning by doing, especially if you like the following:

• Prefer hands-on learning

• Enjoy fast-paced environments

• Want to get a head start on your career

• Don’t necessarily want to go to university

Stuck between going to university or going straight into work? Degree apprenticeships are the best of both worlds: a degree, work experience and a salary from day one.

Is it hard to get into investment banking?

Investment banking has a reputation for being tough to get into, and that’s not entirely wrong. These roles are popular because they offer good pay, great progression and the chance to work on some super important projects.

Don’t let that put you off, though. Banks offering apprenticeships know that you’re not going to come in knowing absolutely everything. They’re looking for people who genuinely want to put in the work.

You don’t need to be a nepo baby to get into investment banking. Apprenticeships level the playing field because once you’re in, you’re in. Just make sure to show employers that you’ve got the passion for it. Take free short courses and get your maths and analytical skills up. It’ll go a long way.

What will you actually do?

In short, loads. Apprentices don’t hide away in the shadows, you’ll be a real valued member of your team, working on actual projects. 

You'll spend around 80% of your time working and 20% studying. This could be at a university, college, or in-house at your employer. Most banks do one day a week studying and four days working, though some give you blocks of time off for exams or coursework instead.

Your day-to-day might look different depending on where you work and the team you’re in. For example, Deutsche Bank offers two routes: Investment Banking & Capital Markets (IBCM) and Fixed Income & Currencies (FIC). Your responsibilities will typically include:

• Financial research and market analysis

• Building financial models and spreadsheets

• Creating presentations (pitch books) for client meetings

• Company and industry research

• Supporting deals (mergers, acquisitions, capital raising)

• Sitting in client calls

• Working with traders, analysts, and senior bankers.

Don’t worry if it sounds like a lot right now. The whole point of an apprenticeship is to learn, so you’ll be taught all of this, and you’ll become a pro in no time.

Here’s what one apprentice said about their time at Deutsche Bank:

What are the entry requirements?

You'll typically find investment banking apprenticeships from Levels 4 to 7. Here's what you'll need for each:

How much do you get paid?

Banking is one of the highest-paying industries in the UK, and that’s true for its apprenticeships, too. How much you earn depends on the company you work for, the level you do and where you’re based, but you’ll always earn the National Minimum Wage (loads of employers pay above this rate). 

Investment banking apprentices earn between £24,000 and £29,000 per year. This can be more if you’re working in London or for a major investment bank like Goldman Sachs or Rothschild & Co. You’ll also be entitled to bonuses or profit share.

You’ll also be entitled to holiday pay (as much as 28 days per year, depending on where you work) and a whole bunch of benefits that can include free or discounted gym membership, cycle-to-work schemes and a lot more.

Once you’re fully qualified and gain more experience, you could earn a lot more. Starting salaries for analysts can be anywhere between £30,000 and £40,000 per year, rising to between £50,000 and £70,000 within a few years. Senior and manager roles often sit at over £100,000 per year. So there’s loads of earning potential.

What happens after?

Some apprenticeship schemes don’t finish with a full-time role. But there’s no need to worry. 

Loads of them do (for example, apprenticeships at Lloyd’s are full-time permanent positions), but doing an apprenticeship will massively increase your chances of securing full-time work.

You’ll have finished your apprenticeship with years of experience and a whole bunch of transferable skills that can be used anywhere. There are loads of opportunities for career progression, too: you could work your way up to manager roles or find yourself in consulting. 

If you completed a Level 4 or 5 apprenticeship, you could apply (or transfer) to a Degree apprenticeship. If you've gained that degree, you can apply for graduate jobs and schemes.

How to apply

Investment banking apprenticeships are popular and can be super competitive. Applications usually open in September, and places can fill up quickly, so it’s worth getting your application in early if you’ve found a scheme you love.

The application process can vary between employers, but you’ll typically start with an online apprenticeship application where you’ll attach your CV and cover letter. You’ll usually complete an online assessment for finance and banking roles.

If you’ve impressed, you’ll be invited to an assessment centre or interview day where you’ll take part in group tasks, complete tests and have your final interview.

Many employers let you know what their application process is on their careers websites, too. So it’s worth having a look and getting familiar.

We’ve got loads of application advice for you to get stuck into. Check it out below