Guides / City guides / Madrid
Break into investment banking in Madrid.
Madrid connects Spanish corporates with Latin America. Off-cycle placements are a common way in, and fluent Spanish is essential.
The Madrid recruiting year.
Madrid hires through off-cycle placements and graduate roles.
- Autumn
Placement applications
Banks recruit off-cycle placement analysts for early-year starts. Citi posted its January 2027 Madrid placement in September 2026.
What to do: Apply as soon as postings appear.
- Several months
The placement
Placement analysts work on live deals with the full-time team.
What to do: Treat it as a long interview.
- After the placement
Analyst offers
Many analyst roles go to former interns.
What to do: Ask for feedback and stay in touch.
- Spring
Graduate analyst roles
Global banks also post full-time analyst roles in Madrid.
What to do: Watch careers sites from early in the year.
- Ongoing
Latin America coverage
Many Madrid teams cover Latin American clients as well as Spain.
What to do: Follow deals in Mexico, Brazil and Chile too.
Typical windows only. Dates vary by bank each year.
Ways in.
Off-cycle placements
A common first step into Madrid banking.
Analyst roles
Fewer places, often going to former interns.
From Big 4 or corporate finance
Deal advisory experience can lead to M&A roles.
Who hires in Madrid.
Experience with Spanish or Portuguese clients is valued, according to Citi’s Madrid postings.
| Tier | Examples | Why apply |
|---|---|---|
| Spanish banks | Santander CIB, BBVA CIB, CaixaBank | Large corporate and investment banking teams with Spanish and Latin American clients. |
| US and global banks | Citi, J.P. Morgan, Goldman Sachs, Morgan Stanley, Bank of America | Madrid teams covering Iberian clients. |
| Advisers | Rothschild & Co, Lazard and Spanish boutiques | Advisory work for Spanish and Portuguese companies. |
Madrid teams often cover Spain, Portugal and Latin America. Follow regional deals, not just Spanish ones.
Are you Madrid-ready?
Tick what you’ve done. Be honest: interviewers will find out.
The Madrid selection process.
- Online application, CV and sometimes a cover letter.
- Tests, at some banks.
- Interviews, technical and fit, in Spanish and English.
- Final round, with senior bankers.
Visas and work rights.
EU citizens can work in Spain without a permit. Non-EU candidates need the right permit; many placements don’t sponsor visas.
Some placements require you to be enrolled at a university.
Test yourself: Madrid
Questions from the Mandate app. Try each before you open it.
The main Spanish stock index is…
The IBEX 35. It tracks the 35 most liquid stocks on the Spanish exchanges, run by BME.
Which regulator oversees Spanish securities markets?
The CNMV. The Bank of Spain and the ECB supervise banks.
Bolsas y Mercados Españoles (BME), which runs the Spanish exchanges, is owned by…
SIX, the Swiss exchange group. SIX completed its takeover of BME in 2020.
Why do many Madrid banking teams cover Latin America?
Spanish groups have big Latin American businesses. Language and business ties make Madrid a natural hub.
Get ready before applications open.
Mandate’s Madrid add-on and core units prepare you for Spanish banking interviews, with daily drills and mock interviews.