Off-cycle vs. summer internships in investment banking

Question

Hi everyone,

I’ve seen a few off-cycle openings in Europe but don’t really get how they differ from summer internships. Are they just shorter-term roles or do they lead to full-time offers too? Would love to hear from someone who’s done one.

Answer 1

Hey,

I’ve met candidates who did an off-cycle internship, and the main difference from a summer internship is the flexibility. Off-cycle roles start year-round and often last longer (e.g., 3–6 months). In terms of work, there’s not much difference, but you might get fewer structured training sessions and networking events.

Whether they lead to full-time offers depends on the bank and team. Some use off-cycle interns as a talent pipeline, while others see them more as short-term support. But if you perform well, there’s definitely a chance.

If you're flexible, an off-cycle internship can be a great alternative; especially if you missed the summer cycle or want extra IB experience.

Hope that helps!

Answer 2

Having worked in both consulting and finance, I’d say the main difference is the focus. In consulting, it’s about big... (read entire answer)

Having worked in both consulting and finance, I’d say the main difference is the focus. In consulting, it’s about big-picture problem-solving, like helping a client expand into... (read entire answer)