Investment banking · Advisory

You spend a summer as an intern on a deal team at an independent advisory firm, doing the analyst's work on live mergers and acquisitions. The firm's name for the seat is Summer Analyst. You join a team in London or Munich that advises companies, investors and governments on buying and selling businesses, on raising money and on restructuring, which is reworking a company's debts when it cannot pay them. The firm advises and earns a fee. It does not lend or trade.

The summer is the firm's main route to a full time job. Its aim is to offer interns analyst positions and from there a path to associate, so the placement works as a long interview. It opens with a one-week training programme and the teaching continues through the summer.