Why do investment banks say they're only looking for rising sophomores and juniors for internships?
What about seniors?
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They don't. They're looking for rising juniors and seniors (i.e. current sophomores and juniors).
But what about seniors, though? I figure most of them would want an internship before they get a job.
Maybe because (ideally) seniors would already be preparing to work full-time somewhere else?
That way, the student is ready to go as soon as he turns his tassel. And the firm doesn't have to worry because they've already filled half of their 1st-year analyst class using former interns.
Are you talking about SA positions?
Think about it, either a senior will already have accepted an offer and they would investing in them without the opportunity to get them full time or they don't already have an offer and in that case they don't want something no one else wants. Remember, most big banks are taking on interns to get a good pool from which to hire full time.
Also, if they were to take a senior without a job, their new analyst class is already full and if they extended an offer, they would have to wait until the next year to start. Just doesn't make sense all around.
I think you should do some reading on Mergers and Inquisitions and here before you ask similar questions.
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