Guides / City guides / Chicago
Break into investment banking in Chicago.
Chicago is the capital of US middle-market banking, with a large private equity community and deep coverage of industrials and business services.
The Chicago recruiting clock.
Chicago follows the national US calendar, though middle-market banks often recruit a little later.
- Freshman to early sophomore
Early insight programmes
US banks run early-insight and diversity programmes for first- and second-years. Chicago offices usually recruit through the same national process as New York.
What to do: Join your finance club, build a target list and start networking with Chicago bankers now.
- September–November, sophomore year
Boutiques open first
Some boutiques open junior-summer roles more than a year ahead of the internship.
What to do: Have your technicals and a one-page resume ready by the start of sophomore autumn.
- December–February
The crunch
Most applications for the following summer land in December and January, on the same clock as New York.
What to do: Apply in the first days a portal opens; many banks review on a rolling basis.
- January–April
Interviews and superdays
Online tests and video interviews lead to superdays, often within weeks of applying.
What to do: Run full mock superdays every week from December.
- Junior summer
The 10-week internship
Around ten weeks on live deals. Most full-time analyst classes are filled from summer interns.
What to do: Treat it as a ten-week interview.
Typical windows only; dates move every year.
Ways in.
Summer analyst internship
The main route at both bulge brackets and middle-market banks.
Middle-market banks
Many mid-market firms recruit later and less predictably than bulge brackets.
Big 4 transaction services
A route into banking or PE after a couple of years in deal advisory.
Who hires in Chicago.
William Blair and Lincoln International are headquartered in Chicago.
| Tier | Examples | Why apply |
|---|---|---|
| Middle-market leaders | William Blair, Lincoln International, Baird | Strong training and real deal responsibility on smaller transactions. |
| Bulge brackets | J.P. Morgan, Bank of America, Goldman Sachs, Morgan Stanley, Citi | Midwest coverage of industrial and consumer companies. |
| Other advisers | Houlihan Lokey, Jefferies, Piper Sandler, Raymond James | Sector teams and sponsor coverage. |
Middle-market interviews often focus on private companies and PE buyers: be ready to discuss a sponsor deal and walk through a paper LBO.
Are you Chicago-ready?
Tick what you’ve done. Be honest: interviewers will find out.
The Chicago selection process.
- Online application, often reviewed on a rolling basis.
- Online assessment or recorded video interview, such as HireVue.
- First-round interview, technical and fit questions.
- Superday: several back-to-back interviews, with an offer often within days.
Visas and work rights.
US offices follow the same visa rules as New York. Most international graduates work on OPT for 12 months, plus a 24-month STEM extension if their degree is STEM-designated.
H-1B sponsorship rules are changing in 2026, so ask each bank whether it sponsors before you apply. Our New York guide covers the details.
Test yourself: Chicago
Questions from the Mandate app. Try each before you open it.
Chicago is a centre for which kind of advisory work?
Middle-market M&A. Firms like William Blair and Lincoln International are based there.
Which exchange group, home of major futures markets, is headquartered in Chicago?
CME Group. Chicago is a global hub for derivatives trading.
Which sectors are especially strong in Chicago coverage?
Industrials and business services. Many Midwest industrial companies are nearby.
Middle-market deals are typically…
Smaller deals, often private companies and PE. Juniors often get more responsibility in smaller deal teams.
Get ready before applications open.
Mandate’s LBO and M&A units are built for middle-market interviews, with daily drills and mock interviews.