2026 Investment Banking Off-Cycle Internship

Jefferies Group LLC, the largest independent, global, full-service investment banking firm headquartered in the U.S. focused on serving clients for over 60 years, is a leader in providing insight, expertise and execution to investors, companies and governments. We offer deep sector expertise across a full range of products and services in investment banking, equities, fixed income, asset and wealth management in the Americas, Europe and the Middle East and Asia. Jefferies Group LLC is a wholly-owned subsidiary of Jefferies Financial Group Inc. (NYSE: JEF), a diversified financial services company.

What you can expect

Jefferies Investment Banking Off-Cycle Intern will have the unique opportunity to gain insight into a global, client-focused investment bank and experience an entrepreneurial environment where employees have the opportunity to make an immediate impact and are rewarded for performance. Our off-cycle intern is exposed to Jefferies' full range of top-tier investment banking products and leading industry expertise by working closely with senior bankers on pitches and live deals. Our lean deal team structure will not only provide you with unparalleled hands-on experience, it will help you develop lasting personal and professional relationships with peers and senior bankers that will serve as the foundation for a successful career.

In addition to performing fundamental analysis and research into companies and markets, off-cycle interns are challenged to think creatively, offer their input, and add value to the team from day one. As with everyone at Jefferies, off-cycle interns are expected to pursue their projects with excellence, a collaborative spirit, and with the highest levels of integrity.

Off-cycle intern responsibilities may include, but are not limited to:

• Performing financial valuation, discounted cash flow and multiples-based analyses
• Building and using financial models
• Preparing pitchbooks and live deal materials, such as offering memorandums and prospectuses
• Conducting industry and product research
• Analyzing detailed corporate and financial information
• Participating in the execution of financings and M&A transactions

What we look for in a candidate

We look for candidates who are eager to make an impact by doing real, hands-on work and participating on active deal teams. Successful Jefferies Off-cycle interns are able to multitask and manage a variety of projects simultaneously. Candidates must demonstrate professionalism and client management skills together with strong technical, written and verbal communication skills. The work is fast paced, challenging and intellectually stimulating. The ability to work under pressure and tight deadlines, be adaptable and work both independently and as part of a team are essential traits of a successful candidate. Although a background in accounting or finance can be helpful, we hire off-cycle interns who have studied a variety of disciplines.

Eligible applicants are available to work full-time from December 2025 / January March 2025 / April 2026.

Calgary, AB: Jefferies Energy Group

The Jefferies Energy team represents one of the largest dedicated Energy sector investment banking teams in the world. Our unique structure combines corporate finance and advisory capabilities with a large technical team of geologists and engineers collectively delivering superior financial solutions through industry and banking expertise.

The Jefferies Energy team in Calgary represents a unique opportunity to make meaningful contributions to a new and growing team. Our flat team structure and collaborative work environment will provide unparalleled opportunities to learn and grow as a professional and contribute directly to the deal generation and execution process.

Summer analysts will gain exposure to the global Jefferies Energy platform. With over 100 professionals worldwide, the team has completed 190 bookrun financings and advisory transactions since the beginning of 2012, with valuation of approximately $215 billion, and well over $300 billion of energy M&A since 2007. The group has been ranked #1 in U.S. shale sell-side M&A over the last five years and has executed eight of the top 15 U.S. onshore E&P transactions ($134 billion of total deal value) and five of the top ten U.S. midstream transactions ($111 billion of deal value) since 2007. We have advised on over $150 billion in midstream transactions since 2012, including two of the three largest midstream M&A transactions in the last 12 months, and five of the eight largest midstream M&A transactions in the last three years. We are a leader in innovative oil and gas financings, having raised over $30 billion in private capital since 2012, utilizing a wide range of structures and assets.