How are investment bank internships adapting to virtual formats?

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Investment Bank Internships Transition to Virtual Formats Amidst Pandemic

Investment bank internships have undergone a significant transformation in response to the coronavirus pandemic, with major institutions like Goldman Sachs, Morgan Stanley, Barclays, JP Morgan, UBS, RBC, and Citi shifting to virtual formats. These programs have replaced traditional in-person activities such as trading floor immersion and networking events with online projects, virtual hackathons, and digital social engagements. While the immersive experience of the trading floor has been lost for many, most interns have continued to receive full pay, and some banks are considering retaining virtual elements in future internship designs.
Virtual Platforms Replace Traditional On-Site Activities

The core of the internship experience has moved online, substituting physical presence with digital interaction. Instead of the usual bustling trading floors and in-person learning sessions, interns engage in online projects, virtual hackathons, and digital team-building exercises. For instance, Goldman Sachs organized virtual networking lunches, hackathons, and even fitness and cooking classes. Networking has been facilitated through online coffee chats, quizzes, and Zoom calls, with JP Morgan even hosting a virtual battle of the bands competition for its interns.
Compensation and Program Structure Remain Largely Intact

Despite the shift to remote work, compensation for interns has largely remained consistent with pre-pandemic levels. While many internships were shortened from the typical eight or ten weeks to five weeks, most interns continued to receive their full pay while working from home. For context, investment bank interns in London usually earn approximately £10,000 for a ten-week program. Banks have also provided necessary equipment for remote work, with Goldman Sachs reportedly supplying electricity generators to some interns.
Mixed Intern Experiences and Future Considerations

The virtual internship experience has elicited mixed reactions from participants. Some interns have expressed disappointment over the inability to experience the "buzz and vibe" of the trading floor and have found genuine in-person networking more challenging. However, others have noted that the virtual environment has fostered a more collaborative atmosphere, reducing competition among interns and increasing willingness to help one another. Looking ahead, institutions like Barclays and RBC are contemplating the integration of certain virtual elements into their future internship programs, acknowledging the evolving landscape of remote work.
Challenges in Supervision and Support

The transition to virtual internships has also presented challenges for supervising staff. Explaining tasks and monitoring intern progress remotely is more complex than in face-to-face interactions, requiring associates to rely more heavily on emails and video calls. While it is harder to oversee interns remotely, banks are emphasizing the importance of maintaining a healthy work-life balance and encouraging regular breaks. In some cases, like at Citi, the shift has led to guaranteed graduate job offers for 2021 to its London interns, provided they meet minimum requirements, thereby easing some of the competitive pressures.

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How are investment bank internships adapting to virtual formats?

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