Question 1

How should I prepare for an investment banking interview?

Accepted Answer

To prepare effectively for an investment banking interview, focus on the three main types of questions you’re likely to face: fit questions, technical questions, and business sense questions. Here’s how to approach each one.

1. Fit Questions
These help interviewers assess your motivation, communication skills, and overall suitability for the role and team. Expect questions like:

“Why investment banking?”
“Why our firm?”
“Tell me about a time you had to work under pressure.”

Create 6–8 strong, adaptable stories that show you can lead, collaborate, and deliver under pressure. Practice using a structured format like STAR or SPSIL to make your answers clear and concise. You should come across as someone who understands the demands of the role and is genuinely motivated to do the work.

2. Technical Questions
This is where you’ll be tested on your understanding of finance and accounting. Expect to answer questions about:

Calculating cost of debt, cost of equity, etc.
Valuation methods like DCF, comparables, and precedent transactions
M&A concepts, and possibly LBOs at more senior levels

Don’t just memorize answers—make sure you understand the why behind each concept. Be ready to walk through a DCF or explain how changes in assumptions affect your valuation. Give yourself at least a few weeks to review materials and run practice drills until you’re fluent.

3. Business Sense Questions
These questions assess whether you think like a banker and understand the real-world context behind deals. Common examples include:

“Tell me about a recent deal you found interesting.”
“What’s a company you’d invest in and why?”
“How would you value a startup with no revenue?”

Read the Wall Street Journal, Financial Times, or Axios Pro Rata regularly so you can talk confidently about recent market activity. Choose a couple of deals you can discuss in depth, and practice tying your analysis back to valuation, strategy, or the bank’s involvement.

Read our investment banking interview prep guide for a more detailed look at the process and each question type.

Finally, do interview coaching, ideally with former bankers from your target company. This will help you pressure-test your answers and pinpoint which areas you need to improve. Interview coaching is most effective way to get accurate, specific feedback before the actual interview.

Question 2

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Accepted Answer

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Question 3

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Accepted Answer

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Question 4

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Accepted Answer

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Question 5

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Accepted Answer

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