Citi’s most recent investment banking analyst class were a select group – just 2% of all applicants were hired by the bank in the U.S. The investment bank's incoming class is composed of approximately 75% undergraduates and 25% who have recently graduated with an MBA.
Citi targets a wide range of schools across the U.S., but declined to comment on any specific target schools, and potential candidates are interviewed during these visits. For the colleges that don't make the cut, Citi says it interviews via video or within one of its offices. A "significant volume" of candidates come into the running this way, it says.
Courtney Storz, a director and the head of global campus recruitment and program management at Citi says the interview process is "structured and thorough", but this is not the only way the bank whittles down a shortlist.
The bank is exploring predictive analytics – for example, piloting platforms that assess non-cognitive success attributes such as grit, rigor and teamwork, among current employees and candidates. Citi is working with Koru, a predictive hiring company. This recruiting season, all applicants for 2018 positions in the corporate and investment banking division must take the Koru assessment.
Like many investment banks, it's also using social media to engage a potentially younger audience.
Internships for undergraduate and MBA students
Citi offers internships for both undergraduates and MBA candidates in New York, Los Angeles, San Francisco, Chicago and Houston. Occasionally, some of its other U.S. offices run internship programs as well.
Both programs are 10-week paid internships that run in the summer.
Citi recruiters visit MBA programs in the fall to meet applicants. The interview process takes place in January and February, with some targeted, accelerated interviews taking place in the fall.
For undergraduate candidates, Citi recruiters are on campus in both the fall and the spring. Recruiting timelines are accelerating across the financial services industry, and the bank will now begin its interview process in the spring, continuing into the summer and early fall.
“We maintain continuous contact leading up to their start date,” Storz said. “The recruiting team, managers and the people they meet in the recruiting process reach out to them multiple times before they officially join the firm.”
Keys to success
Citi’s intern program is focused on convincing participants that the bank would be a great place to start their career after they graduate.
“We want interns to gain experience, learn new skills and expand their professional and personal networks,” Storz said. “Our intern program is an important channel for talent recruitment, and we hope that the experience encourages participants to consider a career in financial services.
"We are one of the only firms to hire a right-sized summer intern class, which means that we have a full-time offer for every deserving summer program participant, which creates a collaborative and team-oriented summer internship experience," she says.
Photo credit: benemaleistock/GettyImages