Bank of America Internships Guide: Programs and Application Tips was originally published on Forage.
Bank of America internships allow students to explore career options and build real-world skills at one of the world’s most prominent retail, corporate, and investment banks. Bank of America offers over 15 different internship programs, providing a range of options for nearly any banking and financial services area.
In this guide, we’ll discuss the types of programs Bank of America offers and give you some tips on how to land a Bank of America internship.
What Is a Bank of America Internship?
Bank of America internships are 10-week programs for students typically in their penultimate year of college or university. These internships allow students to explore career opportunities across various business areas in the bank. Additionally, Bank of America uses its intern pool as a primary source for hiring full-time analysts and associates.
Interns build real-world skills in specific business areas and are supported by structured training and development, with periodic performance feedback to ensure they’re on the right track. Bank of America internships also include networking opportunities and educational speaker events, allowing students to build both peer and mentor relationships. Students receive ongoing coaching, mentorship, guided development, and a web-based learning platform that guides them through the program.
Internships at Bank of America are full-time and paid — the general salary range for 2024 is $23.00 to $40.87 per hour. Past interns on Glassdoor rate their experience a 4.4 out of 5, with 95% saying they’d recommend interning at Bank of America to a friend. The company’s culture and values, career opportunities, and compensation are rated highly. Most positive reviews highlight excellent training and development opportunities and a great work-life balance. However, negative reviews note that the company culture differs by team, and some work feels repetitive.
Who’s Eligible for a Bank of America Internship?
While specific eligibility criteria vary by program, most Bank of America internships have the following requirements:
- Currently enrolled in a bachelor’s or master’s degree program for analyst-level internships
- Currently enrolled in a Master of Business Administration (MBA) or Ph.D. program for associate-level internships
- A track record of academic excellence and engagement in extracurricular and professional activities
- Strong written and verbal communication skills
- Interest in building a career in the banking industry
Some internships are specifically designed for sophomore students, but all other programs are for students in their junior year of undergraduate college or university or the second to last year of their graduate education. While not every program has a preferred GPA, some programs look for students with GPAs of 3.0 to 3.5 and above.
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Bank of America Internships and Student Programs
Bank of America offers analyst- and associate-level internship programs across an array of business areas, including corporate finance, global markets, accounting and auditing, and software engineering.
Chief Administrative Office Program
Interns in Bank of America’s Chief Administrative Office (CAO) program help professionals oversee the bank’s full range of capabilities, products, and services. In practice, this means using marketing, analysis, and communication skills to show the bank’s value to diverse audiences, tracking business performance, and mitigating risks across the organization.
Some areas students can focus on during their internship include:
- BofA charitable foundation
- Internal and external corporate communications
- Corporate events
- Corporate social responsibility (CSR)
- Global Environmental Group (GEG)
- Local markets organization
Interns in the CAO have a broad range of tasks they may handle during the program, including finding areas to improve business processes, writing and editing internal and external communications, and supporting business needs across the organization with analysis and reporting.
Consumer Banking Advisor Development Program
The consumer banking advisor development program at Bank of America allows students to explore careers in preferred and small business banking and retail banking. Interns work with bankers to help customers and clients meet financial goals by leveraging the bank’s products and services, such as savings accounts, investment products, and lending services.
Some ways interns may help customers during the program include working with them to establish credit, fund small business needs, or purchase their first home. Students also build skills in market and product research, portfolio and investment management, sales, and relationship management.
Corporate Audit Program
The corporate audit internship program at Bank of America exposes students to fundamental auditing processes across various business areas. The Corporate Audit team validates all risk management activities in the bank, and interns work closely with professional auditors to understand how audit teams test and control these risk management activities to ensure the bank complies with regulatory requirements and keeps itself safe.
Some of the teams interns can focus on during their internship include:
- Global banking and markets
- Preferred and small business banking
- Business banking
- Global corporate and investment banking
- Retail banking and distribution
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Finance Management Program
The finance management summer internship at Bank of America exposes students to core parts of the bank’s Chief Financial Officer (CFO) group. The program centers on corporate finance, and students build skills in financial planning and analysis, investor relations, regulatory reporting, and balance sheet management.
Throughout the program, interns work on a team within the CFO group, such as:
- Corporate treasury
- Strategic forecasting and expense management
- Global financial control
- CFO data management
- Regional banking finance
Interns may have responsibilities like creating financial forecast models, helping management accountants with internal planning, and presenting information about the bank’s finances to business leaders and key stakeholders. Students also have the opportunity to network with executives and bankers in diverse business areas.
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Global Corporate Banking Program
Bank of America’s corporate banking internship program revolves around risk management, treasury solutions, and debt and credit ratings. Interns work alongside professional bankers to deliver financial solutions, matching clients’ needs to Bank of America’s products and services.
Throughout the program, interns build strong skills in financial analysis and corporate finance, including weighted average cost of capital (WACC) analysis, credit analysis, and studying clients’ capital structures and allocations. Interns gain exposure to client relationship management practices and help bankers prepare internal and external materials to support deal execution, due diligence, and transaction execution processes.
Global Human Resources Program
The global human resources (HR) division at Bank of America works to align the business’s strategy with its human capital strategy. The division also focuses on sourcing and retaining high-quality talent to drive growth and innovation across the organization.
Interns work directly with senior human resources managers to learn how the HR department is a strategic partner, enabling teams to make critical business decisions.
During the internship, students can work on different teams within HR, such as:
- HR generalists
- Talent acquisition
- Compensation
- Employee relations
- Diversity and inclusion
- Global talent
Through direct contribution to the HR division’s processes and projects, interns work on initiatives that seek to make Bank of America a place where all employees have the tools and support to reach and exceed their goals.
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Global Investment Banking Program
Investment banking interns at Bank of America help full-time analysts and associates complete merger and acquisition (M&A) transactions, source treasury solutions, and advise clients on debt and equity products.
Interns join specific teams covering a product, industry, or country. Over the course of the program, students build financial models, perform in-depth analysis and research for their team, assist with preparing presentations for clients and other teams, and use financial analysis skills, like business valuation and comparable company analysis.
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Global Markets Program
Bank of America’s global market program interns work directly with securities traders and senior managers, building in-demand skills in trading diverse securities and asset classes. Students can network with key stakeholders, business leaders, and clients while gaining hands-on experience in sales, hedging, and trading.
Global markets interns join a global market desk (or rotate between a few), such as:
- Cash equities and derivatives
- Global markets financing and services
- Fixed income, currencies, and commodities
- Global rates and currencies
- FICC sales and structuring
During the program, interns perform quantitative analysis and market research, develop presentations for clients, and assist traders in all parts of the trading process, from sourcing to structuring and pricing, and ultimately executing trades.
Global Operations Development Program
Bank of America’s global operations development program exposes students to the ways operations teams manage and maintain the systems and platforms clients use to reach their goals. Some business areas interns learn about in this internship include payment products, consumer lending, middle-market lending, investment banking, treasury services, and sales and trading.
Interns in the global operations development program take on specific roles to learn about more closely, such as:
- Business Support Lead
- Operations Analyst
- Process Design Analyst
- Operational Risk Specialist
- Trade Control Analyst
In these roles, students may perform tasks like analyzing operations problems, researching the company’s risk management procedures in data management and reporting, or reporting sales and trading KPIs and core financial metrics to key stakeholders.
Global Quantitative Analytics Program
Global quantitative analytics program interns use quantitative methods to understand and solve business problems. Alongside professional quantitative analysts, interns perform in-depth data analysis, build models, and hone programming skills to uncover and fix financial challenges.
Interns are assigned to a specific team during the program, such as:
- Global risk analytics
- Enterprise credit risk
- Corporate treasury
- Data, digital, and global marketing
- Global market and financial risk
- Model risk management
- Enterprise independent testing
During the internship, interns develop and test risk assessments, analyze potential credit risk scenarios, stress test quantitative models, and research risk management on micro and macro level views. In partnership with global markets and investment banking teams, quantitative interns also analyze market trends to help the bank and its clients make better investment decisions.
Global Research Program
Research interns at Bank of America enable investment banking and global market teams and traders to make informed decisions. Throughout their internship, students learn core skills in trading, quantitative, and qualitative research.
Interns spend the summer researching and writing reports on markets, industries, and economies, and building financial models to test hypotheses and analyze companies. Additionally, students have the opportunity to network and form relationships with clients.
Global Strategy and Enterprise Platforms Program
Bank of America’s global strategy and enterprise platforms (GSEP) division focuses on providing programs and services to practically every business area within the bank. Interns explore aspects of corporate strategy and management, like business continuity procedures, data governance, global climate risk management, vendor procurement, and business process improvement.
Some of the teams interns can work on during the program include:
- Business controls
- Data strategy, governance, and operations
- Global procurement
- Program management office
- Real estate services
Interns use analytical thinking to help managers and professionals identify opportunities for improvement and innovation within business processes and support risk management activities.
Global Technology Program
The global technology division at Bank of America manages the technology needs across all areas of the bank’s business and clientele. Interns in the global technology program can choose from five program focuses: software engineering, business analytics, data management, cybersecurity, and mainframe analytics. The most openings are usually in software engineering, though.
Software Engineering Internship
In the software engineering program, interns develop, design, and maintain software and applications, translating client requirements into design specifications and engineered results. Interns work with seasoned software engineers and developers to code and test software solutions and build fundamental skills in CI/CD, issue triage, and technical problem-solving.
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Business Analytics Internship
Interns focusing on business analytics work with clients to understand their technical needs and how the bank can solve their problems. Working with engineers, business analyst interns document the processes and workflows that take client needs from general specifications to fully-formed applications. Students gain in-depth knowledge of specific business areas and how business needs translate into technical solutions.
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Data Management Internship
Data management interns leverage cutting-edge technologies in machine learning and artificial intelligence to help clients meet goals and manage their data. Students practice ensuring data within the bank is clean, secure, and usable, and they work across various areas of the company to find ways to improve and evolve the bank’s data management capabilities. Interns gain hands-on experience in building predictive models, data mining, and using tools like Spark and Hadoop to solve real-world business challenges.
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Cybersecurity Internship
In Bank of America’s cybersecurity internship, students analyze and mitigate risks across the company’s technological landscape. Interns gain exposure to the ways cybersecurity professionals develop and deploy solutions to prevent security attacks. Students also learn how to accurately assess threats and attacks to understand the scale and scope and how similar issues can be prevented in the future.
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Mainframe Analytics Internship
Interns in the mainframe analytics program focus on maintaining and improving the bank’s mainframe systems, like transaction and database managers, operating systems, and communication services. Students gain hands-on experience in IBM mainframe systems management and work collaboratively with professionals across the technology teams.
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Global Transaction Services Program
Bank of America’s global transaction services (GTS) division is where technology and finance intersect. Bankers in this sector specialize in helping clients with liquidity management, foreign exchange, commercial card services, and trade and supply chain finance.
Interns work closely with GTS specialists, exploring how transaction banking affects each aspect of the bank and building a foundation of knowledge in how deals progress from client prospecting to execution and implementation.
Throughout the program, interns can work on different teams within GTS, like:
- Corporate treasury sales
- Treasury product solutions
- Asia trade and supply chain solutions
- Financial institutions (FI) treasury sales
Interns perform sales analysis and market research throughout the internship and learn how to communicate with clients to better understand how the bank can meet their needs.
Merrill Wealth Management Program
In Bank of America’s Merrill wealth management program, interns work directly with clients to help them meet financial goals, such as buying a house or saving for retirement. The Merrill wealth management division helps clients at varying stages of their financial planning lives. Interns play a crucial role in building relationships with these clients and helping them understand how the bank can help them achieve and exceed their goals.
Interns learn core skills in relationship building and management, product sales, and client engagement. Students aid bankers in client onboarding, servicing accounts, and engaging clients digitally.
Private Bank Wealth Management Program
Interns in Bank of America’s private bank wealth management program help clients meet specific and complex financial goals using skills in financial and succession planning, investment management, asset management, custom credit solutions, and trust solutions.
Students are assigned to specific teams for the course of their internship. The teams in the private bank wealth management division include:
- Trust and wealth structuring
- Relationship management
- Investment management
Interns work directly with professional bankers to source and engage new clients, onboard clients, monitor accounts, and service clients. Additionally, interns perform research for clients to help them better understand and execute investment strategies.
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Campus Events with Bank of America
Bank of America hosts on-campus and virtual events for students to meet recruiters, network, and learn more about the available programs at Bank of America. Some types of events the bank hosts include:
- Coffee chats are an opportunity for students to meet with members of a specific division or team for thirty minutes. This event is typically for freshmen and sophomores planning for future internship opportunities.
- Virtual resume reviews are virtual opportunities for students to gain resume feedback from Bank of America recruiters.
- Recruiter Q&As are virtual events for students interested in internships or first-year analyst positions to ask questions about the recruiting process.
- Black History Month celebration and Q&A is a virtual networking and Q&A event held by Bank of America’s University Relations Team.
- Women’s History Month celebration and Q&A is a virtual networking and Q&A event held by Bank of America’s University Relations Team and includes female representatives from various divisions of the bank.
- Pride Month celebration and Q&A is a virtual networking and Q&A event where the bank will introduce intern and graduate opportunities and answer questions about recruiting tactics.
- Hispanic Heritage Month celebration is a virtual celebration and networking event focusing on undergraduate student opportunities.
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Networking with a recruiter greatly improves your chances of landing an internship! Attending on-campus events, virtual events, and connecting with recruiters on LinkedIn can help you form a connection with the company and make your application stand out.
Bank of America’s Student Leaders High School Program
The Student Leaders program at Bank of America gives high school students an opportunity to connect with and serve their communities through paid 8-week internships. Students are paired with a nonprofit or charitable organization, such as Habitat for Humanity or the Boys and Girls Clubs of America.
The program requires students to commit to 35 hours per week over the course of the 8-week internship. And, students attend an all-expense-paid summit in Washington, DC, with all program participants. The program is only available in specific locations around the U.S., though.
Applying for Internships at Bank of America
To apply for a Bank of America internship, students must apply online through the company’s career portal. Deadlines and recruiting timelines vary by program and school. However, all internships are filled on a rolling basis, so applying early is pivotal. The first applications in are the first to be reviewed. So, waiting until the deadline to apply could mean many positions are already filled.
Application Process
When submitting your online application, you can choose to have the application auto-populate from a resume or manually input your information. You’re required to upload a resume or CV as part of your application.
When crafting your resume for a Bank of America internship, remember to tailor it to the program you’re applying for. Including information about your extracurricular activities, experience with the banking industry, and relevant hard and soft skills can help your resume stand out.
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Interviews at Bank of America
If the hiring team approves your application, they’ll invite you to participate in an interview. First- and second-round interviews at Bank of America are either over the phone, via on-demand video (like HireVue), on campus, or at a Bank of America office location.
>>MORE: Check out 15 interview tips to help you get hired.
On-demand or one-way video interviews can be a challenging process — for each question, you’ll have thirty seconds to prepare your responses and up to three minutes to respond to prompts. Your responses are short video clips the hiring manager can review on demand.
Bank of America offers some tips to help prospective applicants prepare for these one-way interviews:
- Even though it’s one way, treat it the same as a normal or in-person interview.
- The questions will be similar to other types of interviews (brush up on some of the commonly asked interview questions for all careers!).
- Dress for the interview professionally.
- Rehearse your responses so they’re clear and concise.
- Record your responses in a well-lit and distraction-free location.
- Don’t script your responses, but you can refer to notes if needed.
If you make it to the final round of interviews, expect this to be with business leaders from your chosen business area. The structure of final round interviews ultimately varies by program. Some programs, like investment banking, have Superday, where students have a full day of interviews and networking alongside other applicants. Other programs may hold final-round interviews remotely or with less formal structures.
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Tips for Landing a Bank of America Internship
As a global force in the banking industry, Bank of America’s internships are highly competitive and can change the trajectory of your career. Make sure you note if you’re open to relocation or if you’d be willing to move for the job. Also remember to keep the examples of your experience specific and relevant.
Don’t Be Afraid to Show Your Personality
Of course, Bank of America wants interns who are capable and smart, but they also want exciting individuals who can bring unique perspectives and innovative ideas to the table. Show off your personality in your interviews and at any networking events you attend — this will also make you more memorable to recruiters and hiring managers.
Seek Help From Friends and Family
Getting feedback from your friends and family members on your interview responses and application materials helps you better understand how you’re coming across. See if they’d be willing to help you run through mock interview processes. Remember: The more you practice your answers, the more comfortable and confident you’ll feel delivering them, even in one-way interviews.
Networking Is Key
At the end of the day, who you know does matter. By networking with talent acquisition leaders and current employees, you begin to build a network of people who know you and your name. Consider reaching out to possible connections on LinkedIn, especially if you already have something in common, like the same college or university. Don’t forget to demonstrate your passion for the banking industry and keep the conversations professional.
>>MORE: Learn how to effectively network virtually.
Build Connections Through Questions
Asking the interviewers, recruiters, and hiring managers questions throughout the application process can show them you’re excited about the company and engaged in the process. Additionally, when you ask questions, you can form a personal connection with the interviewer, making you more memorable and increasing your chances of success.
>>MORE: Check out five questions you should ask in an interview.
We asked students who got hired at JPMorgan, Bank of America, Wayfair, and Walmart to share their top tips on what actually works to get a finance or software engineering internship:
Log in to Forage (it’s free!) to read these hired students’ exclusive top tips.
How to Get an Internship in Finance or Software Engineering, According to Hired Students
Interested in learning more about what it’s like to work at Bank of America? Check out our Guide to Working at Bank of America.
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