Investment banking interviews test two things: whether you can do the technical work, and whether the team actually wants to sit next to you for long hours. Here are the questions that come up again and again, how each type is weighted, and how to prepare so your answers sound genuine rather than rehearsed.
How IB interviews are structured
Most first rounds mix behavioral and technical questions, and by question count they usually weight behavioral and fit more heavily, with technicals a substantial minority. The exact mix varies a lot by firm, group, and round. Elite boutiques and restructuring groups tend to go deeper on technicals, and a first round at one of them can be majority technical, so prepare seriously for both no matter where you interview.
The behavioral and fit questions
These are not warm-ups. Interviewers use them to judge your motivation and whether your story sounds authentic. Expect:
- Walk me through your resume. This is the single most common opener.
- Why investment banking?
- Why our firm, or why this group?
- Tell me about a time you worked on a team, led something, or failed.
- What are your greatest strengths and weaknesses?
The technical questions
Technical coverage centers on accounting, valuation, M&A, and LBOs. A handful of questions show up in nearly every first round:
- Walk me through the three financial statements and how they connect.
- Walk me through a DCF. This is one of the most common technical questions, alongside the three statements and how they link.
- What are the main valuation methodologies, and which gives the highest value?
- Walk me through an LBO at a high level.
- What is WACC and how do you calculate it?
- How does a 10 dollar increase in depreciation flow through the three statements?
How to walk through a DCF
Because this is the question you cannot skip, know the high-level flow cold: project the company's unlevered free cash flows for five to ten years, discount them back to today using WACC, calculate a terminal value and discount that too, sum everything to get enterprise value, then adjust for net debt to reach equity value and a per-share price. You do not need to be a modeling expert as a student, but you must explain this clearly and confidently.
How to prepare
- Build a story for your resume and the fit questions, and practice it out loud until it sounds natural, not memorized.
- Drill the core technicals until you can explain each one simply, in plain language.
- Do mock interviews with friends or mentors and get honest feedback.
- Have two or three thoughtful questions ready for the interviewer.
Common mistakes to avoid
- Memorizing answers so they come out robotic.
- Neglecting the three financial statements, which underpin everything.
- Not being able to walk through a DCF cleanly.
- Bad-mouthing other firms or sounding unsure why you want banking.
- Having no questions when the interviewer turns it around.
The students who walk into interviews calm are usually the ones who networked first. A warm advocate inside the group often means a friendlier room, a heads-up on what to expect, and someone quietly rooting for you. OfferPath keeps every one of those relationships organized from first outreach through your final round. Free to start, up to 50 contacts.
Try the Free TrackerFrequently asked questions
What is the most common investment banking interview question?
On the behavioral side, 'walk me through your resume' and 'why investment banking.' On the technical side, 'walk me through a DCF' and 'walk me through the three statements and how they link' are among the most frequently asked.
Are IB interviews more technical or behavioral?
By question count, most first rounds lean behavioral and fit, with technicals a substantial minority. The exact mix varies by firm, group, and round, and elite boutiques and restructuring groups weight technicals more heavily, so prepare for both.
How long should I prepare for IB interviews?
Give yourself weeks of consistent preparation: drill the core technicals until they are second nature, and rehearse your resume and fit story out loud so it sounds genuine rather than scripted.