Guides / City guides / Sydney
Break into investment banking in Sydney.
Australian summer internships run from November to February, for penultimate-year students. Resources, infrastructure and superannuation funds drive much of the deal flow.
The Sydney recruiting year.
Australian banks recruit penultimate-year students for internships over the southern summer.
- March–August
Applications open
Global banks open summer programmes from autumn onwards. Morgan Stanley posted its 2026/27 Sydney summer analyst programme in March 2026, and Citi reviews applications on a rolling basis.
What to do: Apply early in the window.
- August–September
Later deadlines
Some banks close later. CommBank’s summer intern applications ran from 12 August to 8 September 2026.
What to do: Keep a calendar of every deadline.
- September–October
Assessment centres and interviews
Assessment centres and interviews follow applications.
What to do: Practise group exercises as well as technicals.
- November–February
Summer internship
Around 8 to 10 weeks over the Australian summer.
What to do: Treat it as a long interview.
- Following year
Graduate offers
Top performers are offered places on the next graduate analyst programme.
What to do: Stay in touch with your team.
Typical windows only. Dates vary by bank each year.
Ways in.
Summer internship
The main route into graduate analyst roles.
Insight and challenge programmes
Such as UBS’s IB Development Challenge for penultimate-year students.
Direct graduate roles
Fewer places for those who missed the internship route.
Who hires in Sydney.
Many roles require Australian citizenship, permanent residency or the right to work.
| Tier | Examples | Why apply |
|---|---|---|
| Australian firms | Macquarie Capital, Barrenjoey and the major banks | Macquarie is headquartered in Sydney and known worldwide for infrastructure. |
| Global banks | Morgan Stanley, Goldman Sachs, J.P. Morgan, UBS, Citi, Bank of America, RBC | Sydney teams covering Australian clients. |
| Advisers | Independent Australian advisers | Advisory work across M&A and capital raising. |
Know the superannuation system. Super funds are huge buyers of infrastructure and private assets, and they come up in Australian deal discussions.
Are you Sydney-ready?
Tick what you’ve done. Be honest: interviewers will find out.
The Sydney selection process.
- Online application, resume, transcript and sometimes a cover letter.
- Online tests or video interview, at many banks.
- Assessment centre or interviews, technical and fit.
- Final round, with senior bankers.
Visas and work rights.
Many summer programmes require Australian citizenship, permanent residency or valid work rights.
International graduates of Australian universities may qualify for a temporary graduate visa. Check current Home Affairs rules.
Test yourself: Sydney
Questions from the Mandate app. Try each before you open it.
Australia’s stock exchange is…
The ASX. The ASX 200 is the main index.
Which body regulates Australian financial markets and companies?
ASIC. APRA handles prudential supervision of banks.
Which Australian bank, headquartered in Sydney, is known for infrastructure investment banking?
Macquarie. Its infrastructure model is copied worldwide.
Large Australian pension funds are known as…
Superannuation funds. They are major buyers of infrastructure and private assets.
Get ready before applications open.
Mandate’s Sydney add-on and energy pack prepare you for Australian interviews, with daily drills and mock interviews.