How to secure an M&A internship: a practical guide

Mergers and acquisitions (M&A) is a selective area of finance. To prepare an application, build a sound academic foundation and initial finance experience, search through several channels, prepare a clear one-page CV and tailored letter, practise technical questions and speak with people in the field.

Contents

• Why do an M&A internship?
• What should you prepare before applying?
• Where can you find M&A internships?
• Prepare your CV and cover letter
• Prepare for M&A interviews
• Use your network thoughtfully
• Consider alternatives to large banks
• Common mistakes
• An example application timetable
• Frequently asked questions
• Quick checklist

Why do an M&A internship?

An internship can introduce you to financial modelling, sector analysis, valuation using DCF and comparables, and preparing pitch books. It can also provide contact with executives, investors and sector specialists.

The experience can be relevant to later work in private equity, venture capital, strategy consulting, a finance department or corporate M&A. Pay may be attractive, particularly at large banks and boutiques, though responsibilities and compensation vary by team.

What should you prepare before applying?

Academic foundations

M&A recruiters often value a strong academic record. You do not have to attend one of three particular schools, but relevant courses can demonstrate both interest and a grounding in the work. Examples include corporate finance, mergers and acquisitions, business valuation, financial accounting and strategic analysis.

Initial finance experience

A first internship in audit, management accounting, financial analysis or finance at a startup or small business can give you useful evidence. Private equity and transaction services can also be relevant stepping stones. Explain what you did and learned rather than relying on the employer’s name alone.

Where can you find M&A internships?

Do not limit your search to job boards such as JobTeaser, Welcome to the Jungle or Indeed. Consider several channels:

• LinkedIn: look for postings and contact recruiters or analysts where appropriate.
• Bank and boutique careers pages: examples include Rothschild, Lazard, Messier, Bryan Garnier and Alantra.
• School careers fairs: business and engineering schools may host employers and alumni.
• Speculative applications: a targeted message can be relevant for M&A boutiques and financial advisory firms.

Try searches such as Stage M&A + city, Stage analyste fusions acquisitions + bank name, “offre stage M&A Paris”, “M&A internship Paris/London” and “fusions acquisitions analyst stage boutique”.

Prepare your CV and cover letter

The CV

An English CV is often requested; one estimate puts the share at around 95%. Requirements vary, so follow the language and instructions in each posting. Keep the CV structured and readable, generally on one page.

Highlight relevant finance experience, Excel and PowerPoint, academic achievements, certifications such as Bloomberg or CFA Institute courses, English and other languages. A technical-skills section can mention DCF, trading and transaction comparables, LBO, three-statement modelling, data rooms, due diligence, VBA or Python where you can substantiate them.

Examples of concrete bullet points:

• “Built a full DCF model, including WACC and sensitivity analysis, with a ±10% difference from broker consensus.”
• “Contributed to a 25-slide foodtech sector pitch book, including competitor mapping and EV/EBITDA multiples.”

Use figures only when they accurately describe your own work.

The cover letter

Tailor each letter to the role. Explain your interest in M&A, your understanding of the work and what you can contribute, such as careful execution, resilience and teamwork. Referring to one or two recent transactions can show that you have researched the team.

Example subject line and application email

Subject: M&A Off-Cycle Internship – Application | [Your name]

Dear [Team/Recruiter name],
I am applying for the M&A [Off-cycle/Summer] Internship within [Bank/Team].
After [experience], I developed skills in financial modelling (DCF, comps, LBO) and sector analysis.
I am particularly interested in your recent work on [deal], which reflects [investment thesis/positioning].
Please find attached my CV and cover letter. I am available from [date] for [duration].

Kind regards,
[Name – telephone – LinkedIn]

Adapt the example to your actual skills and the position.

Prepare for M&A interviews

Interviews can combine technical questions, fit and financial news.

Technical preparation

• Valuation: trading multiples, precedent transactions, DCF and LBO.
• Financial statements: profit and loss, balance sheet and cash flow, including the links between them.
• Excel modelling: business plans, forecasts, scenarios and sensitivity analysis.

Fit and behavioural questions

• Why M&A, and why this bank or boutique?
• What is your greatest success or failure, and what did you learn?
• How do you work under pressure, manage hours, collaborate and respond to feedback?

Financial news

Follow recent deals, market trends, interest rates and the credit cycle. Think about macroeconomic and sector effects in areas such as energy, technology, healthcare, consumer businesses and infrastructure.

For practice, resources include Mergers & Inquisitions and Breaking Into Wall Street. See Mergers & Inquisitions – Recruitment.

Use your network thoughtfully

Introductions and referrals can be useful in M&A. Contact alumni through LinkedIn or your school’s directory, attend M&A events and consider short conversations with analysts or associates about their work and recruitment process.

Example LinkedIn message

Hello [First name],
I am studying at [school] and am interested in your M&A team at [bank].
Would you have ten minutes for a call or coffee to help me understand what the team
looks for and prepare my applications?
Thank you,
[Name]

Consider alternatives to large banks

Alongside firms such as Rothschild and Lazard, M&A boutiques and financial advisory firms can provide broad exposure and responsibility. Examples include Capitalmind, Auris Finance, Financière Monceau, Oaklins and Clearwater. The experience will depend on the team and transactions, so ask what interns actually do.

Common mistakes

• Sending a two-page or overly descriptive CV without results.
• Using a generic cover letter.
• Ignoring the target team’s transactions and sectors.
• Underestimating technical interviews, including DCF and LBO.
• Applying too late when a process reviews applications as they arrive.
• Failing to follow up politely after an application or conversation.

An example application timetable

• Six to five months before: map banks and boutiques; update your CV and LinkedIn.
• Five to three months before: apply through careers sites and targeted speculative approaches; contact relevant people.
• Three to one month before: practise technical and fit questions, including mock interviews.
• At selection: prepare for interviews, case studies and Excel tests.
• Afterwards: send professional follow-ups and thanks, and update your application tracker.

Deadlines and recruitment cycles differ; check them for every team. A coherent academic and professional story, targeted applications, technical understanding and a considered network can all help. For further preparation, see Mergers & Inquisitions – Recruitment.

Frequently asked questions

What level of English is expected?

Aim for working proficiency: reading and writing presentations, joining calls and explaining your experience. Proofread your CV and cover letter and practise speaking aloud.

Do I need to code?

Not necessarily. VBA or Python can be useful for automation and analysis where the role calls for them.

Is an internship impossible if my school is not a target school?

No. Relevant audit, transaction services or private equity experience, targeted speculative applications and conversations with people in the field can help you present evidence of your interest.

Off-cycle or summer?

Both exist. Six-month off-cycle placements are common in Europe and can offer substantial responsibility, depending on the team. Choose according to your availability and the actual role.

How long should I prepare for interviews?

Allow around four to eight weeks for intensive technical and fit preparation, including mock interviews. Your starting point and the employer’s timetable will affect what is practical.

Quick checklist

• [ ] One-page English CV, where requested, focused on results and technical skills.
• [ ] Tailored letter referring to relevant recent transactions.
• [ ] A target list of more than 30 applications across careers sites and speculative approaches, where suitable.
• [ ] Targeted conversations with alumni or analysts, such as 10–20 coffee chats where practical.
• [ ] Practice in DCF, LBO, comparables and Excel.
• [ ] Polite follow-ups and thanks after conversations.