What's the hardest bank to get into?


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What “Hard to Get Into” Means

Before naming a specific bank, it helps to define what the phrase “hardest bank to get into” really means. It could refer to:

  • Acceptance rate for internships, graduate programs, or full-time analyst roles.

  • Selectivity based on academic background (prestige of university, GPA), work experience, skills.

  • Assessment intensity, including technical interviews, fit/behavioral rounds, case studies.

  • Competition: how many people apply vs how many spots are available.

  • Prestige and demand: how much people want a role there, which drives volume of applicants.

So when people say a bank is very hard to join, often they mean it combines extremely low acceptance rates, demanding interview / qualification criteria, and a very high volume of candidates.


Which Bank Tends to Be Seen as the Most Difficult

Based on recent data for major investment banks (Wall Street / global “bulge bracket” banks), Morgan Stanley is statistically the hardest to get into—at least for internships and graduate programs in certain regions. (eFinancialCareers)

Here’s what the data says:

  • In the EMEA region, Morgan Stanley’s acceptance rate for students is about 0.43%, which is lower than those of Goldman Sachs and JPMorgan, meaning it's more difficult. (eFinancialCareers)

  • For many top banks (Goldman Sachs, JPMorgan, etc.), internship acceptance rates are less than 1%. (eFinancialCareers)

  • People also place Goldman Sachs among the very toughest because of its reputation, the prestige of its deals, and its headline roles, but statistically it's not always the single hardest, depending on region and program. (streetofwalls.com)

So while many assume Goldman Sachs, in many recent rankings Morgan Stanley has slightly edged ahead in terms of being the hardest.


Why Morgan Stanley (and Peers) Are Hard to Enter

What makes banks like Morgan Stanley, Goldman Sachs, JPMorgan, etc., so difficult to join?

  1. Huge Number of Applicants
    There are tens of thousands of applications for only hundreds (or fewer) internship or entry-level slots. When demand is that high, even very qualified candidates are rejected simply due to sheer volume. (eFinancialCareers)

  2. Rigid Screening Criteria
    These banks often require near-top academic credentials, sometimes very specific majors or coursework, strong quantified achievements, leadership activities, often prior internships or relevant experience. If you don’t check those boxes, your application may not even pass the first round.

  3. Multiple Rounds of Evaluation
    Even after you’re shortlisted, there are usually several rounds: resume/cover letter screening, numerical or problem-solving tests, technical interviews, behavioral or “fit” interviews, sometimes case studies or group exercises. This weeds out many candidates.

  4. Brand & Prestige Effects
    Because working at such banks is viewed as highly prestigious, many people apply even if they’re not fully qualified. The prestige also raises expectations of the candidate (in skills, polish, network, etc.).

  5. Geographical & Market Variation
    Competition can be even fiercer in some regions (e.g. London, New York, Hong Kong, Singapore) or for certain programs (M&A, trading, high finance). Also, local educational systems, reputation, connections matter.


Other Contenders

While Morgan Stanley often comes out on top for lowest effective entry probability in some data sets, Goldman Sachs, JPMorgan, and occasionally boutiques or specialized banks (in certain markets) are also extremely hard to break into.

  • Goldman Sachs is frequently cited in many lists of “bulge bracket” banks that are toughest to join. (streetofwalls.com)

  • Some sources argue that for certain internship programs, Goldman Sachs’ acceptance rate is among the lowest. (eFinancialCareers)

  • Similarly, JPMorgan is almost always in the top tier of difficulty.


Nuances & What “Hardest” Doesn’t Always Mean

  • Internship vs Full-Time: Sometimes internships are more competitive than early full-time roles because there are fewer slots, but also more people who want to try.

  • Role / Division Matters: Some divisions (e.g. M&A, trading, research) are much more selective than others (e.g. operations, risk, back office). Getting into “investment banking” is different from getting into “private banking” or “compliance.” (eFinancialCareers)

  • Regional Differences: In some countries or regions local banks may be very hard to join because of educational or network barriers. So the “hardest bank” might differ depending on your country.

  • Changing over time: What was hardest 5 years ago may have changed. Application volumes, hiring practices, the importance of remote internships, etc., shift over time.



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