Bank of America Internship Acceptance Rate Plummets Below 1 Percent

Josh Bronstein, the bank’s global head of talent, attributes the surge in applications to both increased competition and the accessibility of AI-driven application tools. While CEO Brian Moynihan has previously overseen cuts to specific operational and processing roles, the bank continues to prioritize hiring in cybersecurity, technology, and relationship management. The firm views these junior hires as a long-term strategic pipeline, with the majority of interns typically receiving return offers.

As AI reshapes Wall Street, the nature of entry-level labor is shifting. Interns who once spent their early months drafting pitch decks and building financial models will now leverage AI for these tasks, allowing them to focus on higher-order decision-making. To bridge the experience gap created by automation, the bank is introducing specialized AI training from the start of the program. This curriculum aims to simulate the judgment-building tasks that were once foundational to an analyst's first two years. Bronstein emphasizes that as the shelf life of technical skills shortens, the bank is increasingly valuing human-centric capabilities like agility and critical judgment in its recruits.