Investment banking internships: applications and a valuation case you can explain

Choose a client problem you want to understand

A useful reason for pursuing banking names the work: comparing acquisition choices, helping a company raise debt or studying financing needs in a particular sector. 'I enjoy finance' does not distinguish banking from investing, corporate planning or accounting.

JPMorgan lists accounting, financial modeling, valuation and Excel in its training. Use those topics to identify gaps in your preparation, not as a requirement to purchase a course. The same page says its optional Forage experience does not affect hiring consideration; completing that simulation is not employment.

Sources: JPMorgan investment banking summer analyst

An $80 million enterprise value is not $80 million for shareholders

Original fictional case, all figures in millions of dollars: a business has EBITDA of $10, debt of $30 and cash of $5. Assume an 8× enterprise-value-to-EBITDA multiple, all the cash is excess cash and no other valuation adjustments are needed. EBITDA means earnings before interest, taxes, depreciation and amortization.

• Enterprise value: $10 × 8 = $80.
• Equity value: $80 − $30 debt + $5 excess cash = $55.
• At 7× with the same EBITDA, debt and cash: enterprise value is $70 and equity value is $45.

Explain the bridge, then question the assumptions

The one-turn reduction in the multiple removes $10 million from both enterprise and equity value in this simplified case. It does not mean multiplying the original equity value by 7/8. Debt and cash sit in the bridge between the two values.

An interview explanation can be: 'The multiple values the operating business. I subtract the debt claim and add excess cash to reach the assumed value for equity holders. I would next check whether the EBITDA period, adjustments and comparable companies are appropriate.' A correct multiplication does not establish that 8× is the right market multiple.

For a work sample, choose one straightforward public company and a dated filing. Show where revenue, operating profit, debt and cash came from; keep your adjustments separate. Add one weaker operating scenario and explain which customer, pricing or cost assumption drives it. EBITDA is not cash available to owners: taxes, capital spending, working capital and financing still matter.

Ask a banker what makes an analysis usable in a client discussion. The answer may concern a clearly labeled assumption, an overlooked liability or a decision the presentation must resolve. Prepare to explain those choices without reading every cell aloud.

Before you apply

Eligibility

Goldman's Americas summer analyst route is generally for students in their third or penultimate year. The selected business and office determine the actual application conditions.

Timing

Goldman's 2027 page says selected businesses are open and describes 9–10 weeks. JPMorgan's banking program describes nine weeks; neither is a universal office deadline.

Location

Select an actual office and learn when group placement occurs. A broad banking application does not settle the eventual coverage or product team.

Pay

Calculate the paid term using the offer's compensation basis. Ask how overtime and relocation are treated instead of treating an annualized figure as summer earnings.

Sources: Goldman Sachs 2027 Americas summer analyst · JPMorgan investment banking summer analyst

Job titles to search

Investment banking summer analyst

Support transaction analysis, financial models and client materials.

Industry coverage summer analyst

Study clients within a sector and their advisory or financing needs.

Capital markets summer analyst

Work on a financing product; do not assume the assignment is an M&A placement.

Where to look

Search routes, not confirmed vacancies.

Compare the work and try an example

Use a role comparison or worked exercise to choose your preparation before tailoring an application.

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