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Goldman Sachs, J. P. Morgan or Morgan Stanley – which has the best internship?

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Birds of a feather flock together at prestigious investment banking internships.

By and large, if you want to work for a large investment bank, you must complete a summer internship first. Now is the time to be polishing up an application in time for the 2017 intake. As well as knowing what to include when you apply, it’s also worth understanding which firm is likely to provide the best experience.

We’ve looked through the reviews of three big U.S. investment banks, Goldman Sachs, J. P. Morgan and Morgan Stanley, which are among the most competitive to get into, to see what are the good – and bad – things about working at each of the banks. These are all part of the Vault’s annual “The 50 Best Internships” rankings. It’s worth noting, however, that just one of these banks – Goldman Sachs – made the top ten investment banking internships overall for 2017.

Goldman Sachs

Goldman ranks seventh, up from eighth on last year’s list.

Looking at the positives, many interns cited Goldman’s people, culture and networking opportunities. For example, one said: “Everyone at the firm, from the most senior to the least senior person, made themselves available to talk to us, give us advice and tell us about their stories.”

Another praised the “exposure to unique information and incredible professionals,” while yet another cited “the people you meet and connections you make, alongside the personal growth and development.”

As for the negatives, many predictably lamented the long hours and lack of a good work/life balance. One said: “Work could have been more interesting.”

A second intern warned about the “steep learning curve which takes a while to grasp; full suit attire [required] most days,” while a third went on the following rant: “The internship was horrible. Many of the traders were straight up mean to interns (I was told I was the dumbest person they’d ever spoken to and should go kill myself more than once), communication and feedback were not clear at all, the hours were insane (especially since there was no work we could do so it was mostly just sitting at your desk), and the culture was terrible in encouraging interns to cut each other down.”

J.P. Morgan

While J.P. Morgan didn’t crack the Vault’s top 10 list of investment banking internships, its interns did give the bank plenty of positive reviews, including the following: “Organization and effort put in by members of HR & Graduate Recruitment team meant that my internship was a great experience. There were lots of networking events which gave interns the opportunity to meet each other, employees and find out more about J.P. Morgan. I was given various responsibilities and tasks by my team, all of whom were very accommodating and welcoming. The buddy and senior advisor system helped me to meet people at different levels of the business and give different aspects to what it would be like to work full time at J.P. Morgan.”

Another appreciated “being able to engage and work alongside extremely smart people in an exciting and dynamic environment,” while others praised the learning and networking opportunities, the company culture consisting of “people eager to share what they knew” and respond to questions, and the “many resources for self-improvement.”

As for the downsides, aside from complaints about long hours and lack of work-life balance that seem to apply to all investment banks, interns complained about “political power-play in the office,” “training was sparse” and “my boss acted like an intern was imposed upon him.”

One disgruntled person lamented “the lack of access to senior mentors, administrative nature of the job, and the overall culture of the firm. There is absolutely no social aspect to working at J.P. Morgan.”

Morgan Stanley

On the plus side for Morgan Stanley, one intern said: “From analysts to managing directors, all members of our group took an extremely invested interest in teaching us and being there for us to engage with them. In addition to having the assistance of great colleagues and mentors, the training and on-the-job learning was an incredibly rewarding experience and I know that I have several relationships that I will value for the rest of my career.”

Other interns lauded the “mentoring program” with “amazing people there to help and push you,” “working on interesting, meaningful projects” and the “culture on the [trading] floor.”

As for the negatives, most investment bankers complain about long hours and poor work-life balance, and these interns are no exception. One said:  “Somehow I ended up in a team where people were not very nice. Other teams told me from the first couple of weeks that my team was ‘a bunch of ****.’ To be honest, this destroyed many things that were otherwise good about the experience.”

An intern complained that there was “less exposure to financial modeling than I had hoped,” another cited “sometimes menial work,” while yet another said the internship was “not very structured. [You were] lucky if you got a supervisor that had projects, unlucky if you didn’t.”

Photo credit: Yuri_Arcurs/GettyImages

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