- Bank of America is highly selective but has a relatively higher internship acceptance rate (~2.1%) than peer banks like Goldman Sachs or JPMorgan (<1%).
- Interviews typically start with a HireVue/video behavioral screen, followed by one or more role-specific rounds and sometimes a superday.
- Behavioral fit questions are universal, while technical questions vary by function (e.g., valuation/markets for finance roles and coding/system topics for tech roles).
- Strong candidates differentiate through clear STAR storytelling, crisp role rationale, and up-to-date market awareness aligned with BoA’s “Responsible Growth” focus.
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The data confirms that while Bank of America is highly selective—accepting about 2.1% of internship applicants—it remains notably more accessible than many major banks. JPMorgan and Goldman Sachs intern acceptance rates are under 1%. Compared to Morgan Stanley (≈0.4%) and BNP Paribas (≈0.45%) in select regions, BoA’s rate suggests a broader intake and greater role variety.
The interview process reflects this diversity: for roles spanning investment banking, sales & trading, technology, and corporate banking, there’s a consistent use of behavioral screening (often via HireVue or video) followed by technical or role-specific rounds depending on position seniority and domain. Superdays or panel interviews are common in IB and technical roles.
Behavioural questions are foundational across all roles. General questions (“Tell me about yourself”, “Why BoA?”, “Greatest achievement/failure”) appear universally. Technical challenges are layered in based on function—finance or IB roles ask for valuation frameworks, DCF/LBO walk-throughs, or metrics like WACC; tech roles might include coding, system design, or data-related questions.
Given the relatively higher acceptance rate, the differentiator isn’t just rarity but depth of preparation. Strong candidates distinguish themselves via clarity in aligning their past experiences and motivations with BoA’s values, culture, and role expectations; also by demonstrating current market awareness and domain-specific competencies. Weaknesses often cited in candidate feedback include lack of prep, generic responses, or failure to convey impact.
Strategically, this suggests that: 1) BoA may hire interns across more disciplines, thus candidates have multiple levers; 2) internships at BoA serve as a potential feeder to full-time roles if interns perform well; 3) market trends (e.g., inflation rates, regulatory shifts, ESG) increasingly matter in interviews due to BoA’s emphasis on “Responsible Growth” and sustainable finance objectives. Open questions remain around specific return-on-offer rates (intern → full-time), geographic differences in process rigor, and how BoA balances volume vs. selectivity in periods of economic uncertainty.
Supporting Notes
- Bank of America’s intern acceptance rate for applications was ~2.1%; Goldman Sachs and JPMorgan’s are under 1% for their internship programs.
- Secondary roles (outside IB) at BoA and its large employee base contribute to its relatively higher acceptance rate compared to Goldman Sachs or Morgan Stanley.
- An intern interviewer on Glassdoor stated that BoA’s interview process begins with a HireVue/video behavioral round, followed by 1–2 additional rounds (behavioral and technical), sometimes capped by a superday for IB roles.
- Role-specific questions often include valuation methods (e.g., DCF, LBO), market/current-events awareness, and in sales & trading, option Greeks or pitching stocks.
- For technical or tech roles, coding assessments or technical questions are included, though some candidates note these are more common in later rounds or depending on team.
- Candidates receive behavioral/motivation questions (STAR stories), fit rationale (“why this role?”, “why BoA?”), and often stress questions such as handling obstacles, failure, or leadership experiences.