Description: Bulge bracket banks are those that you think of when someone mentions big banks, consisting of the likes of Goldman Sachs, Morgan Stanley, JP Morgan, Bank of America, Citi, Barclays, and other similarly sized banks. Working here would mean working in a financial advisory role on both sell-side and buy-side transactions. You could be placed in a coverage group that could be focused on Power & Utilities, or Energy Transition which a lot of banks are starting up now. The only risk with this path is at some banks there is no guarantee of which coverage group you will be placed on, but regardless of you will gain amazing transaction and deal experience and dive headfirst into the world of finance.

Pros: High compensation, prestige, involvement in major transactions, extensive training and professional development opportunities.

Cons: Long working hours, high stress, highly competitive environment, potentially less exposure to specific energy niches.

Timeline: Sophomore year Spring Semester starting in February and going until the end of the summer for a lot of banks. Ideally, you should have an offer by March/April timeframe and should begin networking the semester prior, and during the semester as well.

Process: Most banks will have an initial resume screen, after which you will be invited to a first-round interview that will be a combination of behavioral and technical questions. (See Red Book and 400 Questions Guide for prep questions on technical). After first round interviews, banks will either go to second/third rounds and then invite you for a Superday, which is one day of multiple interviews with multiple employees throughout the hierarchy structure at the bank. These will be more behavioral but still technical in nature and will give you the chance to meet many members of the bank. That is the last step before receiving an offer.

Description: Boutique investment banks are specialized financial institutions that offer services similar to those of bulge bracket banks but on a smaller scale. These firms are typically more nimble and can offer more personalized service. In the context of energy finance, working at a boutique bank might involve focusing on niche areas within the energy sector, such as renewable energy projects or emerging energy technologies. Opportunities in this subsector often include advising on mergers and acquisitions, capital raising, and other financial transactions for smaller or more specialized energy companies. The work environment at boutiques can offer more direct exposure to senior bankers and clients, albeit with potentially less global reach than bulge brackets.

Pros: Specialized focus in energy niches, greater exposure to senior bankers and clients, more flexibility, entrepreneurial environment.

Cons: Limited deal size and global reach, less brand recognition, fewer resources than bulge brackets, longer hours.

Timeline: A lot of energy focused boutiques will recruit a little bit later into the Summer and extend into your Junior Fall as these are typically smaller firms with less resources dedicated to recruiting purposes.

Process: Most banks will have an initial resume screen, after which you will be invited to a first-round interview that will be a combination of behavioral and technical questions. (See Red Book and 400 Questions Guide for prep questions on technical). After first round interviews, banks will either go to second/third rounds and then invite you for a Superday, which is one day of multiple interviews with multiple employees throughout the hierarchy structure at the bank. These will be more behavioral but still technical in nature and will give you the chance to meet many members of the bank. That is the last step before receiving an offer.

Description: Private equity and infrastructure in energy finance involve investing in energy assets and companies. This could include traditional energy sources like oil and gas, as well as renewables like wind, solar, and hydroelectric power. Professionals in this field typically work on acquiring, managing, and selling investments in energy infrastructure projects or companies. Opportunities here include roles in deal sourcing, due diligence, portfolio management, and exit strategy planning. Working in this sector often requires a deep understanding of both finance and the specific dynamics of the energy market.

Pros: Involvement in significant long-term investments, potential for substantial returns, hands-on asset management.

Cons: High investment risk, deep knowledge requirements, longer investment horizons.

Timeline: These depend on firm to firm, but typically will follow the Bulge recruiting timeline and can sometimes fall earlier/later as well. It is best practice to keep an eye out on the banks that you are eyeing’s website.

Process: Most banks will have an initial resume screen, after which you will be invited to a first-round interview that will be a combination of behavioral and technical questions. (See Red Book and 400 Questions Guide for prep questions on technical). After first round interviews, banks will either go to second/third rounds and then invite you for a Superday, which is one day of multiple interviews with multiple employees throughout the hierarchy structure at the bank. These will be more behavioral but still technical in nature and will give you the chance to meet many members of the bank. That is the last step before receiving an offer.

Description: Climate Tech Venture Capital is focused on investing in startups and emerging companies developing technologies and solutions to combat climate change. This includes renewable energy, energy efficiency, carbon capture, and sustainable agriculture technologies, among others. Working in this subsector involves identifying and evaluating potential investment opportunities, conducting market research, and providing strategic and financial support to portfolio companies. Opportunities in Climate Tech VC are appealing for those interested in innovative technologies and sustainable solutions at the intersection of finance and environmental impact.

Pros: Investment in innovative technologies, alignment with sustainability, high growth potential.

Cons: High risk in emerging tech, intensive technology due diligence, longer return on investment time frames.

Timeline: Highly varied, really depends on the firm and if they take interns. A lot of the recruiting for VCs will be highly networking based so make sure to get your name out there and come prepared with why you are the right fit for them with little to no industry experience. The general timeline will be the spring before the summer you are hoping to intern there. Some firms, like Powerhouse Ventures, BEV, and others will have postings for summer fellows/analysts so keep an eye out for those as well. This is a very hard field to break into and takes a lot of time and networking.

Description: Project finance in the energy sector involves the financing of large-scale energy projects, such as power plants, wind farms, or oil and gas facilities. Professionals in this field work on structuring and managing loans and investments that are secured by the project's assets and cash flows. Opportunities in this area include roles in financial modeling, risk assessment, loan syndication, and project management. This subsector requires a strong understanding of both finance and the technical aspects of energy projects.

Pros: Involvement in large-scale projects, multidisciplinary approach, opportunity for international work.

Cons: Transaction complexity, significant risk management, sensitivity to political and economic changes.

Timeline: Early spring a year in advance of your junior summer internship, and will go into the summer most likely.

Process: This will follow the timeline for banking and infra investing as this is typically a group within many boutique banks. If you are hoping to work in project finance, it would be ideal to learn a lot about the space (see Resources and Currents podcast) in order to show this during your interviews. Most firms will have a behavioral round after an initial resume screen, followed by technical and a Superday for which you must be very prepared.

Description: ESG Advisory and Sustainable Finance are focused on integrating environmental, social, and governance factors into financial services. In the energy sector, this involves advising companies on sustainable practices, green financing, and compliance with ESG standards. Working here might involve roles in consulting, risk assessment, and the development of sustainable investment strategies. Opportunities in this field are growing as more investors and companies focus on sustainability and responsible investment practices.

Pros: Alignment with sustainability focus, diverse consulting opportunities, potential for positive corporate influence.

Cons: Evolving ESG standards, balancing financial and sustainability goals, may be peripheral in traditional finance roles.

Description: Impact investing in the energy sector involves investing in projects and companies that generate a measurable, beneficial social or environmental impact alongside a financial return. This could include investments in renewable energy, energy efficiency projects, and community-based energy initiatives. Professionals in this field focus on identifying investment opportunities that align with specific impact goals, performing due diligence, and measuring the impact of investments. Opportunities in impact investing are suited for those looking to blend financial skills with a desire to drive positive change in the energy landscape.

Pros: Contribution to social and environmental goals, growing sector interest, opportunity for investment strategy innovation.

Cons: Challenges in impact measurement, balancing impact with financial returns, limited market scale.