Our Guide to Off-Cycle Internships

Missed out on a summer internship, or just want to squeeze in some more work experience before graduating? Off-cycle internships run all year round, so they could be just what you’re looking for. Read this guide to find out more...

What is an off-cycle internship?

Put simply, off-cycle internships take place outside of the normal time period when companies take on interns. Since most internships run in the summer months, that means off-cycle internships can be found in spring, autumn and winter.

Popular among big banks and financial institutions, these schemes typically last from three to six months and are aimed at students in their penultimate or final year of university.

Because they tend to happen during term time, off-cycle internships are considered to be a sneaky side door into the competitive world of finance.

Why do an off-cycle internship?

Here are THREE solid reasons why you should consider doing an off-cycle internship...

Less competitive

Off-cycle internships tend to be easier to get onto as you won’t be competing against the thousands of students that apply for summer internships.

Easy to apply

The application process is also easier as it usually just involves an internship CV and cover letter, rather than endless rounds of interviewing and psychometric testing.

It’s CV gold

With banks like Goldman Sachs receiving over 100,000 applicants for their graduate roles, it helps to get as much experience as you can before you leave university. Off-cycle internships are a valuable form of work experience that will dazzle any future employer.

In this video, Youtuber Gavra Nwamadi discusses what to do if you miss out on a summer internship:

Off-cycle internships in London

You can find off-cycle internships all across the world, but they’re particularly common in London; the financial heart of the UK.

Some of the finest financial institutions in the land run their off-cycle internships in London, including Rothschild & Co, J.P. Morgan, Goldman Sachs and UBS.

Goldman Sachs’ off-cycle internships run throughout the year. Open to anyone in their penultimate or final year of studies, these 3-6 month programmes are available in several of their divisions, including...

• Engineering

• Finance

• Global Compliance

• Global Investment Research

• Human Capital Management

• Investment Banking

• Consumer & Wealth Management

• Legal

• Asset Management

• Operations

• Risk

• Global Markets

This is a unique opportunity to dive into a specific area of financial services and shadow current Goldman Sachs professionals, plus you’ll be given scope to work on cases yourself.

Find out how to jumpstart your financial career with some first-class work experience in our guide to Banking Internships.

Applying for off-cycle internships

If you’re a Bachelor’s or Master’s degree student in your penultimate or final year of studies (or within 12 months of graduating), you’ll be eligible to apply for an off-cycle internship.

You can find these schemes on our jobs board or by checking the careers’ websites of larger financial organisations. From there, it’s just a case of tailoring your CV and cover letter to the specific role and employer, then crossing your fingers that you’ll hear back.

Struggling to find a position? Here are a few things you can do to increase your chances of securing an off-cycle internship...

Target SMEs (Small to Medium-sized businesses)

Smaller businesses are more likely to have an irregular hiring strategy. They may look to hire off-cycle interns when they need to plug a staff shortage gap, or during particularly busy periods.

Get networking

Off-cycle internships tend to have shorter recruiting periods, and it can really help your chances of getting in there if you’re already on an employer’s radar.

Keep an eye on job boards

Positions can come and go faster than you can say XXX. Monitor as many job boards as possible, and set up notifications so that you’re first to hear when a role goes live. Create an account with RateMyPlacement.co.uk to follow companies and save jobs.

Keep in mind that most off cycle internships usually occur outside of the months of May-August, and most often between the months of October and December.

However, applications for off-cycle internships are reviewed on a rolling basis - so no matter what time of year it is, if you’re looking for experience in banking, APPLY NOW!