This first-person essay draws from a discussion with Xavier Sztejnberg, a finance professor at the McCombs School of Business at the University of Texas at Austin and former M&A professional. He launched the Wall Street for McCombs Leadership Program in 2016. The dialogue has been condensed and clarified for readability.
When I launched Wall Street for McCombs ten years ago, we placed fewer than ten UT students in New York investment banking roles. While UT Austin dominated recruiting in Houston, we recognized that a strong New York presence was essential for the school to become a finance powerhouse overall. For the summer of 2027, we’ve assisted roughly 150 students in securing internships at over 50 banks, with a focus on increasing our share at elite firms.
Admission to the program has become highly competitive as interest has surged. Students apply during their sophomore year, and we typically receive nearly 500 applications for just 75 spots. Candidates submit resumes, write essays, and undergo two rounds of behavioral and technical interviews — first with student leaders, then with me.
The training program
Accepted students concentrate on three pillars: structured training, individualized coaching, and mentorship from an alumni board. I see Wall Street for McCombs as a leadership development program, not merely an internship prep club. When selecting participants, we look for those who will become successful alumni and contribute back to UT.
Interviews for junior summer internships now begin as early as November of sophomore year, a timeline that can disadvantage late bloomers. We’ve adapted by moving our admissions process from October to September. Freshman-year investment banking clubs help by training students who later enter my program and face those early interviews.
Securing the internship is only half the challenge; the other half is earning a return offer. We devote significant time to coaching students to excel in their summer roles. We emphasize core fundamentals and technical skills, which remain critical on the job despite AI advances. Interns must grasp modeling concepts because they can’t rely on ChatGPT during a board meeting.
We run a banking simulation where teams create a pitchbook for a real corporate client like Nike or Pepsi. The exercise teaches teamwork, client interaction, and the grunt work that helps them hit the ground running at their internships. Winning teams present to the client, often to the CFO.
The alumni network is deeply engaged and committed to hiring more Longhorns. Alumni adopt a student each year, guiding them through the process and working to expand UT’s footprint at their firms.
Unfortunately, many schools are copying our model, so we’ve had to elevate our execution and finesse to keep UT students ahead.
Succeeding on the job
We boast a near 100% return-offer rate, largely due to strategic placement. We’ve built strong relationships with firms and understand where each student will thrive. Investment banks have distinct cultures and needs; it’s about optimizing for cultural fit.
Beyond preparation, UT students stand out for their humility and collaboration. They often prepare for the same interviews together, a trait banks value.
The program has become a virtuous cycle: more placements in New York attract stronger applicants to UT, which in turn enables even more placements.