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Based on the most helpful WSO content, SA (Summer Analyst) recruiting processes often operate on a rolling basis, but there are nuances to consider:

  • Rolling Basis: Many banks and firms review applications as they come in, which means applying early can be advantageous. For example, if an application opens on June 1st, there might be mini-deadlines such as June 15th and June 30th, where applications received by these dates are reviewed in batches.

  • Mini Deadlines: Even within a rolling process, there can be unpublished mini-deadlines. These are internal cut-offs where firms review a batch of applications received by a certain date. This can depend on how busy the bankers and HR are.

  • Wave Deadlines: Some firms might have specific waves or rounds of deadlines (e.g., Wave 1, Wave 2). They might review all resumes after each wave deadline, but it's still beneficial to apply as early as possible within each wave to increase your chances.

In summary, while many processes are rolling, there are often internal deadlines and waves that can affect when and how applications are reviewed. Applying early is generally recommended to maximize your chances.

Sources: https://www.wallstreetoasis.com/forum/investment-banking/will-2020-recruiting-ft-and-sa-be-accelerated-or-be-more-relaxed?customgpt=1, 2018 Full-Time IB Recruiting Timeline Megathread Page, Stifel 2021 SA, SA and Full Time Recruiting 2020 thread, 2023 SA Recruiting Timeline

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