The 400 Investment Banking Interview Questions & Answers You Need to Know
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Course
400 Investment Banking Interview
Institution
400 Investment Banking Interview
Analytical / Attention to Detail Questions & Suggested Answers
Analytical and quantitative questions are more common if you’re a Liberal Arts major or
if you haven’t had finance, engineering or math experience.
Interviewers are trying to assess whether “you can count” – you don’t ...
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This guide has one purpose: to help you answer the most important “fit” and technical
questions in investment banking interviews. We tell you what’s important and what you
need to say – nothing more and nothing less.
Most other guides suffer from several problems:
1. The information is not investment banking-specific. Do you think you’re going
to get a question about “Why you’re interested in this position?” I’ll tell you
why you’re interested – because you want to make a lot of money!
2. The information is out-of-date, wrong or incomplete (see: The Vault Guide).
These days, interviewers assume you know the basics – like how to value a
company – and go beyond that with advanced questions that require thinking
more than memorization.
3. No answers are provided, or there’s minimal direction (see: The Recruiting Guide
to Investment Banking). Of course, you shouldn’t memorize answers word-for-
word, but it’s helpful to have an idea of how you might structure your answers.
4. The questions do not apply to interviewees from diverse backgrounds. If you
worked at Goldman Sachs this past summer it’s not hard to convince them
you’re serious about finance – but what if you didn’t? What if you’re making a
career transition or you’re coming in as a more experienced hire? That’s what
this guide is for.
5. The guides were not written by bankers. If you doubt my credentials, just refer
to Mergers & Inquisitions, where I’ve written over 200 detailed articles on
networking, resumes, interviews, and recruiting for investment banking and
private equity. The proof is in the pudding.
Your time is limited – so we get you the answers you need, when you need them (right
now).
What follows is a list of 400 investment banking interview questions and answers,
divided into different types of “fit” questions (personal, team / leadership, “why
banking,” etc.), technical questions (accounting, valuation, DCF, merger models and
LBO models, and brain teasers), and other topics (restructuring, distressed M&A, and
discussing transactions).
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