What is an Off-Cycle Internship?

Did you miss out on a summer internship, or just want to squeeze in some more work experience before graduating? An off-cycle internship is the industry’s best-kept secret, and it’s exactly what you need.

Off-cycle internships are short-term work experience opportunities that happen outside the usual summer internship months. These schemes are popular among big banks and financial institutions, typically last from three to six months and are aimed at students in their penultimate or final year of university.

If you’re a Bachelor’s or Master’s degree student in your penultimate or final year of studies (or within 12 months of graduating), you’ll be eligible to apply for an off-cycle internship.

Off-cycle internships can be a great way for you to get your foot in the door and gain valuable experience in a competitive industry.

In this guide, you’ll learn everything you need to know about them and whether they're right for you.

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Should I do an off-cycle internship? Which banks offer off-cycle internships? How to apply for off-cycle internships

Should I do an off-cycle internship?

We say absolutely. Here are three solid reasons why you should consider doing an off-cycle internship.

Less competitive - Off-cycle internships tend to be easier to get as you won’t be competing against the thousands of students who apply for summer internships. However, this does mean there are fewer places.
Easy to apply - The application process is also easier as it usually just involves an internship CV and cover letter rather than endless rounds of interviewing and psychometric testing.
It’s CV gold - With banks like Goldman Sachs receiving over 300,000 applicants for their graduate roles, it helps to get as much experience as you can before you leave university. Off-cycle internships are a valuable form of work experience that will dazzle any future employer.

Which banks offer off-cycle internships?

In short, all of them. Especially the large banks. Employers are always looking for talent that might not have had the chance to join them for a summer internship.

While many employers formally advertise specific off-cycle internships, it’s worth getting in touch with their recruitment teams directly; many of them are open to creating opportunities for the right candidate.

Here are three of them:

GOLDMAN SACHS GROUP

Goldman Sachs’ off-cycle internships run throughout the year. Open to anyone in their penultimate or final year of studies, these three to 12-month programmes are available in several of their divisions, including...

Engineering
Finance
Global Compliance
Global Investment Research
Human Capital Management.

J.P. MORGAN

Internships at J.P. Morgan are all about professional growth, industry connections and community impact. An off-cycle internship lasts six months and is available in several countries and across various divisions, including…

Systematic Trading
Corporate & Investing Banking
Quantitative Analytics
AI & Data Science
Software Engineering.

BARCLAYS

With an off-cycle internship, you’ll get involved with the culture and real projects and gain a real overview of the business. They run between three and six months and are available in a wide range of sectors, including…

Investment Banking
Private Banking & Wealth Management
Wholesale Lending
Quantitative Finance
International Corporate Banking

Off-cycle internships in London

You can find off-cycle internships all across the world, but they’re particularly common in London, the financial heart of the UK. Some of the finest financial institutions in the land run their off-cycle internships in London, including Rothschild & Co, J.P. Morgan, Goldman Sachs and UBS.

During my internship, I analysed capital market information and ESG topics to provide clients with up-to-date ideas and strategies for them to execute for stronger market positioning. My PowerPoint slide development skills have been enhanced considerably; presenting skills and having the right mind set and confidence in presenting; attention to detail and the importance of it. Off-Cycle Intern, HSBC

READ BANKING INTERNSHIP REVIEWS

How to apply for off-cycle internships

Think you’re ready for an internship? Let’s get applying. Here’s how.

Firstly, always make sure your CV and cover letter are in shape. Always tailor them depending on the job you’re applying for. Although assessment centres aren’t a part of the application process, you will be expected to take a couple of online assessments before your interview.

Target SMEs (Small to Medium-sized businesses) - SMEs often have flexible hiring needs, making them perfect for off-cycle opportunities.
Get networking - Being on an employer's radar can turn a maybe into a definite yes. Get that LinkedIn looking ✨majestic✨.
Keep an eye on job boards - Create a Higherin account and set up notifications. You’ll get emails whenever a new off-cycle internship drops.

Keep in mind that most off-cycle internships usually occur outside of the months of May-August and most often between October and December.

Stay proactive, be strategic, and your dream internship could be just around the corner! Good luck.