Top Investment Banking Interview Questions & Answers 2020

Are you looking for investment banking interview tips?

OK…Let me give you the first tip – 10 most common investment banking interview questions:

Investment banking interview questions:

  1. Tell me about yourself?
  2. Why do you want to work for our bank?
  3. How do you value a company?
  4. Why you want to do investment banking?
  5. Why you didn’t receive a return offer from your internship?
  6. Why you are moving from investment banking to private equity?
  7. Why are you changing careers?
  8. Talk about your favorite aspects of your current career.
  9. How M&A deals and debt and equity financing work?
  10. What makes leveraged finance most interesting to you?

Read these 10 investment banking technical interview questions?

The list is not complete…In fact, it’s just a bite.

If you want to go for the snack, read on…

The following post I had written a year back. You can read the post: Investment banking analyst skills, role and responsibilities.

I’m pasting the post contents (Snack ) here for you…

INVESTMENT BANKING INTERVIEW GUIDE (1)Investment banking analyst openings

Investment Banking Analyst roles are in demand. As we have seen in my last post about Equity Research Career, the career in Investment Banking and Equity Research is rewarding if you plan it well and have long term approach towards it.

Investment banking analyst jobs

If you are a fresher or have 1 year of experience in a bank, you can apply for such positions in Boutique brokerage and Investment Banking firms.

You should have graduate or post graduate qualification  (MBA,CFA,CFP,CPA) in business or management.

You can apply for the posts in the area of M&A, Operations, Quant, and Business Analysis.

Investment banking analyst job profile

The job profile varies as per the areas, for instance, a New Jersey job in Investment Banking Business Analyst position comes with the responsibilities of identifying project scope, defining project plan and workload,  following up and report regularly to projects sponsors, escalate issues related to this.

Investment banking analyst New York

Whereas, Investment Banking Analyst-Quant in New York will have duties like:  research, deal processing and strategic business development, researching and evaluating healthcare businesses under the supervision of senior bankers, contributing to the development of information memorandums, management presentations, pitch books and marketing materials and doing  financial Projections.

While an Investment Banking Analyst -M&A working in New York with a globally diversified financial services firm will have to work on : Analytical, due diligence and transactional support on workout, restructuring, acquisition and new business opportunities, developing financial models, pitch book materials and conducting company research, analyzing data to help advise our current or prospective corporate clients on actual or prospective transactions.

The skill sets required to complete the above duties are:

· Strong quantitative / analytical skills
· Superior attention to detail
· Solid work ethic
· Excellent verbal and written communication skills
· Ability to effectively manage multiple project deadlines simultaneously.

Still hungry? Looking for some healthy meal? Read on…

To fulfill your appetite and give you a nutritious meal that will help you in long term, FinanceWalk has partnered with Breaking Into Wall Street (BIWS).


BIWS offers The Investment Banking Interview Guide 3.0, that will boost your confidence and prepare you for investment banking interviews.

Here’s the full offer:

"Here's How to Gain An 'Unfair Advantage' Over Other Candidates in Investment Banking Interviews – Without Memorizing Hundreds of Repetitive Questions and Answers"

"The secret to success in banking interviews is NOT memorizing canned responses that interviewers have heard a million times before. Interview success comes from understanding WHY bankers ask certain questions, and knowing the responses they WANT to hear"

Highlights of the New Investment Banking Interview Guide 3.0 include:

  • The Quick Start Guide and Interview Action Plan reveal exactly what to expect in interviews, how to discuss your past work experience, the 4 Most Important "Fit" Question Categories to know, and how to understand the concepts behind the technical questions like a pro – even if you have less than 1 day to prepare.
  • Gain Conceptual Mastery – with 103+ pages of reference notes and rules of thumb on the key "fit" and technical topics – so you don't have to memorize robotic responses that interviewers can smell from a mile away.
  • Master All The "Fit" Questions they could throw at you – with a detailed breakdown of the 15 categories of "fit" questions... preparation guidelines... and response structures. There are 127+ questions with model answers. 137 pages of detailed guidance in all!
  • Crush Your Technical Questions – with 5 "Key Rules of Thumb" in each of the 6 main technical categories: Accounting, Equity Value / Enterprise Value, Valuation, DCF, Merger Models, and LBO Models... plus 111+ pages of instruction, reference diagrams and Excel screen shots. Use these to answer any interview question, calmly and confidently.
  • Pitch Yourself Like a Pro with one of 15 step-by-step templates + video tutorials, covering the most common backgrounds at the undergraduate, recent graduate, and MBA levels – and beyond.
  • 12 Interactive Quizzes on all the technical topics – including 326 questions and answers, with full analysis of all the questions and explanations of why answers were correct or incorrect.
  • 5 Sample Interviews + 2 Sample “Deal Discussions” to help you climb inside the heads of interviewers. Includes a play-by-play critique of what each candidate did right and wrong, and how you can avoid their mistakes.
  • Extension Material: “Deep Dive” Into Key Industries with 254 questions and answers across real estate and REITs, banks and insurance firms, and oil, gas & mining. You’ll pick up knowledge most bankers wouldn’t expect you to know until you’ve “been in the industry for a few years.”
  • UNLIMITED Support From Experienced Bankers who’ll provide quick answers to your questions, comments, and emails and give you the kind of input that has long been only available only to the few interviewees with ‘connections.’

Why Most Interview Guides Suck... and Why This Guide Will Get You Better RESULTS Than Anything Else Out There

The Investment Banking Interview Guide 3.0 takes interview preparation way beyond merely “regurgitating canned responses” to “understanding the concepts”.

We also give you multiple ways to test yourself, to ensure that you identify and fix any weaknesses before you step into the interview room.

Other Interview Guides, by contrast, can be summed up like this:

1) Here’s a bunch of qualitative questions you might get asked… and some sample answers and explanations.

2) Oh yeah, and then here are the technical questions – with a few explanations and sample answers provided.

3) The end! Good luck with your interview!

There's One BIG Problem with This Approach:

Interviewers at Investment Banks are NOT stupid.
Memorizing questions and answers will only take you so far… because interviewers can always put a new spin on traditional questions, and throw you for a loop in the process.

(And with more and more candidates preparing using Interview Guides and Modeling Programs, interviewers are doing this more and more.)

That’s why we created “Version 3.0” of the Interview Guide - to address the increasing trend of finance firms asking questions designed to make you think - and to catch you off-guard:

  • You Need to Understand the Concepts – Not Just the Answers: Banks and other finance firms are now looking for evidence of conceptual understanding rather than your ability to memorize and repeat ‘stock’ questions and answers. That’s why we give you extensive explanations for all the concepts, before we even dive into the questions and answers.
  • You Need to Practice and Test Your Understanding: Otherwise, how could you really know whether or not you understand the concepts? That’s why we give you 326+ interactive questions and answers that you can use to test your knowledge. It’s like practicing in a real interview setting, but with no suit required!
  • You Need to Customize Your “Story” for Different Roles: Different roles and backgrounds require different preparation. If you’re applying to banks, you’ll say one thing… but it’s different for private equity, and for hedge funds and asset management firms. You need different ways to “tell your story,” pitch yourself, and convince interviewers that you’re the best possible candidate for the role. And you’ll learn how to do exactly that with our 15 resume / CV walkthrough templates and video tutorials.
  • You Need a Different Prep Plan Depending on How Much Time You Have: You might be preparing long in advance… weeks or months before your interviews… or you might only have a few days… or a few hours. Each scenario requires very different preparation, which is why we give you a Quick Start Guide explaining exactly what to focus on depending on your background and how much time you have.

The Investment Banking Interview Guide 3.0 gets you everything above, and more – put simply, this is one of the highest-return investments you’ll ever make in ensuring that you land offers at investment banks and other finance firms.

A More Detailed Look At What’s New in Version 3.0:

Ace “Fit” Questions without Sounding “Canned”:

  • Detailed explanations over 100+ pages, advice on how to prepare examples in advance and on how to structure your responses for the 15 most important categories of “fit” questions you need to know…
  • Plus 127+ questions and model answers for every single one of them so that you can see exactly what to say (and perhaps more importantly, what not to say).
  • Save time when preparing for interviews. You’ll learn exactly what to draw on from your resume / CV, and how to talk about it so that you don’t waste time figuring out what to say.
  • You’ll also discover how to tweak all the sample answers to suit your unique background – and what you can say to set yourself apart from everyone else.

New and Improved Resume / CV Walkthrough Templates and Tutorials:

  • Our resume / CV walkthrough templates now cover 10 additional, more specific backgrounds and career transitions - 15 in all!  Just pick the template that best matches your situation and build the perfect pitch:
    • Undergraduate with Non-Finance Background to Investment Banking
    • Undergraduate with Finance Background to Investment Banking
    • MBA with Non-Finance Background to Investment Banking
    • Working Professional to Investment Banking
    • Investment Banking to Private Equity
    • Big 4 Accounting Firm to Investment Banking
    • Corporate Finance to Investment Banking
    • Engineering Background to Investment Banking
    • Liberal Arts Background to Investment Banking
    • Sales & Trading to Investment Banking
    • Military Background to Investment Banking
    • Law to Investment Banking
    • Back Office to Front Office
    • Investment Banking to Hedge Funds / Asset Management
    • Lateral Move from One Investment Bank to Another Bank

New Approaches for Nailing Technical Questions:

  • Brand-new “Overview” and “Key Rules of Thumb” sections concisely lay out exactly what you need to know on each of the 6 main technical topics. Master these, and you can tackle any interview question that comes your way – even if you’ve never seen or heard it before.
  • 5 Excel models – for answering Accounting, Equity & Enterprise Value, Valuation and DCF, Merger Model, and LBO Model questions – and 6 video tutorials to go along with them.
  • 12 Interactive Quizzes on all technical question topics, to accelerate your understanding and ability to respond easily and accurately. These quizzes are hands-down the best way to test yourself outside of hiring a Private Interview Coach.
  • And 412 individual technical questions and answers in the guide itself. These have been revamped over earlier versions, and they offer brand-new content, concepts, and ways to test your knowledge.

New INDUSTRY-SPECIFIC Technical Questions:

  • Stand out above all other candidates with the ONLY guide on the market that has industry-specific technical questions on commercial banks, insurance firms, natural resource firms (oil, gas, and mining), real estate development, and REITs.
  • 121 questions and answers on commercial banks and insurance firms.
  • 82 questions and answers on real estate.
  • 51 questions and answers on natural resources.

Plus FREE Upgrades To Version 3.5… 4.0… and Beyond

If you’ve been following this site for a while, you know that we have a track record of adding more and more content over time. The original Interview Guide, released in 2008, was a skinny volume in comparison… and we then went on to update that one multiple times.

This edition is massive (yet it still has a “Quick Start Guide” in case your interview is fast approaching.)

And there’s even more on the way - you’ll be first in line to get FREE upgrades to all of the below when you sign up for the Guide:

  • Interactive Quizzes for Qualitative Questions: Develop your skills to give better responses and detect what makes an answer to a “fit” question good or bad.
  • New Case Studies: We’ll be adding extensive coverage of the case studies that you receive at assessment centers (standard in Europe and other regions outside the US), and even in some entry-level investment banking interviews. From advising companies on M&A to building quick models and valuations, this will be your #1 source for case study practice.
  • More Sample Interviews and Deal Discussions: These are great if you have a more “unorthodox” background and you need to see how interview questions will change depending on your experience.
  • Interactive Quizzes on the Industry-Specific Questions: As always, these quizzes are simply the best way to test your knowledge and close any gaps.
  • Additional Industry-Specific Questions: We will be adding additional material to address subtle differences in industries such as technology, healthcare, consumer / retail, and industrials, and how to talk about industry trends and deals.

"Can I See A Sample Of What's In The Guide?"

Sure! Just click on this link to check out a sample of what’s inside.

Get Instant Access Today...Plus Unlimited Support In the Future

When you sign up for the Investment Banking Interview Guide 3.0, you get Instant Access - all materials delivered online, with no shipping charges and no waiting for physical products to arrive.

Even if your interview is tomorrow and you just found out about it an hour ago, you will have the best chance possible to prepare. We've even included a "Quick Start" Guide, to help you hit the ground running in the shortest time possible.

But that's not all.

In addition to Instant Access, you also get FREE lifetime updates, new additions to the guide, and here is the big one:

Expert support 365 days per year (yes, even on New Year's Day).

Inside the Secure Members' Area, you will find a "Question/Comment" area attached to every lesson, where you can ask questions, request additional clarification, and get help on any specific course element.

These comments are monitored and responded to by our expert Support Team - every one of whom has personal experience working on deals at banks, private equity firms, and other finance firms.

So in other words, you’ll be getting expert advice from people who have "made it" themselves, not some high school temp clutching a “Help Desk” manual.

You could learn a whole lot just by reading other members’ questions and answers on the site.

Our 1-on-1 phone-based coaching rate is $200+ per hour. But when you invest in the Investment Banking Interview Guide 3.0, personal support is included for FREE.

With everything you get here, you might expect the Interview Guide 3.0 to be priced at a huge premium.

After all, what’s a foot-in-the door at an Investment Bank or finance firm worth to you?

Even entry level Analysts earn at least $100,000 USD right out of university.

At the MBA level, that climbs to $200,000 USD. And as you progress, your total compensation only gets higher and higher.

So we could charge several hundred dollars for this Guide because of the huge payoff potential and the fact it’s flat out impossible to find out this information and knowledge any other way (unless you have several months to do your own full-time research).

But I also want to make this information as accessible as possible to the finance community. Many customers who invest in this product are so impressed, they go on to do more business with us down the track. So it benefits both of us if I lower the barrier to entry as much as possible.

That's why I've decided to offer the complete Investment Banking Interview Guide, including everything I've mentioned above, for a one-time payment of just $397.

At $397, price shouldn't be an object - the right role at the right firm could make you literally thousands of times your investment over the course of your career.

And perhaps even more importantly - you only get one chance to make a good first impression. This Guide gives you everything you need to maximize your chances in each and every interview, so you never let golden opportunities slip through your fingers.

Plus, you get a no-hassle money-back guarantee

Just like every one of the BIWS products and courses, this comes with our unconditional 60-day money back guarantee.

That’s right – take a full 60 days to evaluate everything inside the Program, and if you’re not 100% satisfied, simply contact BIWS via the “Contact” link displayed on every page of the site and ask for your money back. You’ll receive a prompt and courteous refund.

There are no strings attached, no special terms or conditions, and no fine print.

Special Offer from FinanceWalk

Here’s a bonus for FinanceWalk readers

FinanceWalk has partnered with BIWS; and you, as a FinanceWalk reader, will get a Free $397 bonus.

To get the bonus, sign up from this link.


What's even better than the Interview Guide? The Networking Toolkit + Interview Guide Bundle!

With The Networking Toolkit + Interview Guide Bundle, you get these two components:

  • Investment Banking Networking Toolkit
  • Investment Banking Interview Guide

(Including all bonuses, expert support, immediate access and a 90-day Money-Back Guarantee on everything…) all for just $244 (savings of $50) Plus $397-bonus for FinanceWalk readers. These two products work great together, and I promise you - they will never be offered at a lower price than this.

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Top Investment Banking Interview Questions & Answers [year] 1
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