How technical are first-round investment banking interviews?

Usually standard: accounting links, valuation methods, a DCF walkthrough and basic M&A. Later rounds go deeper and add more fit questions with senior bankers.

How long should my "walk me through your resume" answer be?

About 90 seconds to two minutes, ending with why banking. The walk me through your resume page has a structure.

What if I don't know the answer to a technical question?

Say what you do know, reason through the rest out loud, and be clear about where you're unsure. Guessing confidently and being wrong is worse.

Should I say where else I'm interviewing?

You can say you're interviewing with other banks in general terms. Focus on why this one is your top choice and back it up with a specific reason.

Investment banking analyst interview questions and answers

What bankers are listening for

Banking interviews, from first rounds to superdays, test two things: can you do the work, and will the team want to sit next to you at 1 a.m.? Technical questions are mostly standard, and interviewers know you've prepared. What separates candidates is whether you can explain the material clearly under pressure and whether your story for "why banking" sounds real.

Speed and structure matter. A crisp 75-second DCF walkthrough beats a correct but rambling three-minute one.

Why banking

Avoid "I want to learn a lot" and "it's a great platform". Every candidate says it. Use a three-part answer:

The spark: a specific moment that got you interested.
The proof: what you've done since to test it (an internship, a course, a club, a model you built).
The fit: why this group or bank, using something you learned from a person there.

Example answer for a student (made-up details):

"I got interested when my family's business was sold two years ago and I saw how much the advisors shaped the outcome, from finding buyers to the final price. Since then I've done a summer internship in corporate finance and built a model on a mid-cap retailer for our investment club. I'm drawn to your consumer group because, when I spoke to one of your associates, she described how much client contact analysts get here."

Walk me through a DCF

Learn the order until you can say it without thinking, then practise saying it out loud. Written notes don't prepare you for being interrupted.

Step	What to say
1. Free cash flow	"Project unlevered free cash flow for five to ten years: EBIT less taxes, plus depreciation and amortisation, less capex and the change in working capital."
2. Discount rate	"Discount those cash flows at the weighted average cost of capital."
3. Terminal value	"Calculate terminal value using either a perpetuity growth rate or an exit multiple, and discount it back."
4. Enterprise value	"Add the present values to get enterprise value."
5. Equity value	"Subtract net debt to get equity value, and divide by diluted shares for a per-share value."

Then expect follow-ups: why unlevered, how you'd get the cost of equity, which terminal method you prefer and why, what happens to value if the discount rate rises. Pause before answering a follow-up. A two-second pause sounds confident; rushing sounds memorised.

The technical interview guide covers thinking out loud when you're not sure.

A deal you follow

Choose one recent deal and know it well rather than skimming five. Cover:

What happened: buyer, target, rough size, how it was paid for (cash, stock, debt).
Why: the strategic or financial reason for the deal.
Your view: whether you think it makes sense, and one risk.

Example structure (describe a real deal you've actually read about):

"The deal I've followed most closely is [buyer] acquiring [target]. The logic was [one sentence]. It was funded mainly with [cash/debt/stock], which I think was [your view] because [reason]. The biggest risk I see is [risk]."

Don't pick a deal you can't defend if asked about the multiple or the financing.

The hours

Answer honestly and with evidence, without bravado.

"I know analysts regularly work late nights and weekends. During my internship I worked several weeks of 80 hours on a live deal and still enjoyed it, because the work moved fast. What kept me sharp was keeping a running list of open items and checking my numbers before sending anything at 2 a.m."

Mistakes to avoid

Memorised answers delivered too fast. Interviewers interrupt to test whether you understand.
"Why banking" answers about money or prestige. Even if true, they don't help you.
Picking a deal you can't explain past the headline.
Bluffing on a technical question. Say what you know and how you'd work out the rest.

Technical walkthroughs come out more smoothly when you've said them aloud with interruptions. Speaking Coach can play a banker who stops you mid-DCF and asks why.