For both undergraduates and MBAs, investment banks typically have a number of “core” schools at which they recruit. In the early fall, the banks will come to campus for informational presentations and receptions to give students an opportunity to learn more about the bank and to meet some bankers. These events are also an opportunity for the bankers to begin to identify potential good candidates. A little later in the fall (typically in late September or October), banks will hold first round interviews on campus. It is often competitive for students to win places on the interview schedule. Some banks and some schools will leave a number of interview slots open to students, through a lottery or other mechanism who were not directly selected for an interview.
Generally, students will have one or two 30 minute interviews. Second (and typically final) round interviews generally take place at the investment bank at what are known as “super” days (usually occurring either on a Friday or Saturday). Banks will normally pay for out-of-town candidates to travel to the bank. During these “super days,” candidates can expect to have anywhere from 4 to 10 or more interviews of 30-45 minutes in length each. Banks usually make their decisions very quickly regarding to who they will offer full-time positions. Candidates are contacted accordingly, often that same day, with the good or bad news.
Those that are being offered positions will receive a formal offer package. The offer package will include salary, signing bonus and a host of HR documents. Most of the time, the offer will have an expiration date, known as an “exploding offer.” While some schools try to crack down on exploding offers, banks use them to pressure candidates to accept and to try to prevent candidates from using the offer as negotiating leverage with another investment bank or other institution.