Pro Tips
How to Prepare for an Investment Banking Interview (It's Not Just Technicals)
Ask ten candidates how they're preparing for an investment banking interview, and nine will describe technical prep. Walking through a discounted cash flow, running comps, drilling the three statements.
Technicals matter a lot. It's also the part every other candidate is preparing for, but it's only one of five areas you're being evaluated on. Here's the full scope of what to prepare for, and how you can stand out.
Want a checklist to have on hand? Download Your Free Finance Interview Checklist and work through it before the day.
What should you prepare for an investment banking interview?
There are five areas: technical, behavioral, firm and industry research, networking and follow-up, and logistics. Most candidates go deep on the technicals and skim the rest, but the other four areas are where you separate yourself.
Area | What it covers | Where you can stand out |
|---|---|---|
Technical | Valuation methods, the three statements, core metrics | Know your formulas and |
Behavioral | Your story, strengths and weaknesses, situational answers | Deliver answers in STAR format, like a conversation rather than a script |
Firm & industry research | Recent deals, competitors, financial performance | Answers specific enough for the industry or bank in question |
Networking & follow-up | Alumni conversations, personalized thank-you notes | A thoughtful follow-up takes ten minutes, and very few people send one. |
Logistics | Attire, tech setup, resume copies, timing | Easy to lock down in advance so you can focus on the conversation |
How much technical prep does an investment banking interview require?
Enough that recall is automatic, because interviewers assume you already know it. That means the three core valuation methods, discounted cash flow (DCF), trading comps, and precedent transactions, plus how the income statement, balance sheet, and cash flow statement connect to one another. You should also be able to calculate and interpret EBITDA, EBIT, WACC, and beta. Not just define them: interpret them.
Rehearse "walk me through a DCF" specifically. It comes up often enough that a shaky answer can cost you, and a clean one takes about ninety seconds. One piece that gets skipped: practice mental math and quick estimations. Being asked to ballpark something on the spot is more common than candidates expect, and hesitating reads worse than being slightly off.
For what interviewers ask after you answer a technical question correctly, our guide to investment banking technical interview questions breaks down the specific follow-up behind each concept, because that's usually where offers get decided.
What behavioral questions do investment banking interviews ask?
Three come up at nearly every bank: tell me about yourself, why do you want to work in investment banking, and what are your strengths and weaknesses. Their predictability is the trap. Everyone knows they're coming, so they judge you on delivery rather than content.
Behavioral rounds in IB are largely a fit-and-durability test. The interviewer is working out whether you understand the hours you're signing up for, and whether they'd want you in the decision room. Answers that gloss over that read as naive.
For situational questions, use the STAR format: situation, task, action, result. It keeps an answer from wandering, which is the most common way a good example gets wasted. Then tailor the answer to them! Research the firm's culture and adjust your answers to it, because the same story can land differently at a bulge bracket and a boutique.
How do you research a bank before an interview?
Study recent deals, competitors, and financial performance specifically enough that your answers couldn't be given about any other bank. If your answer to "why us" would work just as well down the street, it isn't doing anything for you.
Use that research to prepare thoughtful questions for your interviewer, too. The questions you ask say more about your preparation than most of the answers you give, and candidates often leave that part to chance.
What should you do after an investment banking interview?
Send a personalized thank-you note, but know that the networking half of this prep should have started before interview day! Reaching out to alumni and employees for insight is a great part of your preparation and networking strategy.
The post-interview thank-you note is quick, and personalizing it matters more than sending it fast. Reference something specific from the conversation.
Our recruiting timeline maps out when each stage of the process opens, so you can start those conversations months ahead of the people who wait for applications to go live.
What should you check the day before?
Handle logistics the day before so nothing unrelated to your skills costs you the offer: attire, tech setup, resume copies, and your route. The unglamorous things, because these losses have nothing to do with whether you could do the job.
Professional attire ready and clean
Video conferencing setup tested, if the interview is remote
Extra copies of your resume printed, or ready to be emailed if remote
Route planned so you arrive early
Get the checklist
We’ve compiled every item above and more, in a one-page checklist you can tick off as you go, from technical, behavioral, research, networking, and the day-before checks.
And if you want some extra help this recruiting season, book a free consultation with one of our Wall Street insiders, and we'll run mock interviews with you!
Ask ten candidates how they're preparing for an investment banking interview, and nine will describe technical prep. Walking through a discounted cash flow, running comps, drilling the three statements.
Technicals matter a lot. It's also the part every other candidate is preparing for, but it's only one of five areas you're being evaluated on. Here's the full scope of what to prepare for, and how you can stand out.
Want a checklist to have on hand? Download Your Free Finance Interview Checklist and work through it before the day.
What should you prepare for an investment banking interview?
There are five areas: technical, behavioral, firm and industry research, networking and follow-up, and logistics. Most candidates go deep on the technicals and skim the rest, but the other four areas are where you separate yourself.
Area | What it covers | Where you can stand out |
|---|---|---|
Technical | Valuation methods, the three statements, core metrics | Know your formulas and |
Behavioral | Your story, strengths and weaknesses, situational answers | Deliver answers in STAR format, like a conversation rather than a script |
Firm & industry research | Recent deals, competitors, financial performance | Answers specific enough for the industry or bank in question |
Networking & follow-up | Alumni conversations, personalized thank-you notes | A thoughtful follow-up takes ten minutes, and very few people send one. |
Logistics | Attire, tech setup, resume copies, timing | Easy to lock down in advance so you can focus on the conversation |
How much technical prep does an investment banking interview require?
Enough that recall is automatic, because interviewers assume you already know it. That means the three core valuation methods, discounted cash flow (DCF), trading comps, and precedent transactions, plus how the income statement, balance sheet, and cash flow statement connect to one another. You should also be able to calculate and interpret EBITDA, EBIT, WACC, and beta. Not just define them: interpret them.
Rehearse "walk me through a DCF" specifically. It comes up often enough that a shaky answer can cost you, and a clean one takes about ninety seconds. One piece that gets skipped: practice mental math and quick estimations. Being asked to ballpark something on the spot is more common than candidates expect, and hesitating reads worse than being slightly off.
For what interviewers ask after you answer a technical question correctly, our guide to investment banking technical interview questions breaks down the specific follow-up behind each concept, because that's usually where offers get decided.
What behavioral questions do investment banking interviews ask?
Three come up at nearly every bank: tell me about yourself, why do you want to work in investment banking, and what are your strengths and weaknesses. Their predictability is the trap. Everyone knows they're coming, so they judge you on delivery rather than content.
Behavioral rounds in IB are largely a fit-and-durability test. The interviewer is working out whether you understand the hours you're signing up for, and whether they'd want you in the decision room. Answers that gloss over that read as naive.
For situational questions, use the STAR format: situation, task, action, result. It keeps an answer from wandering, which is the most common way a good example gets wasted. Then tailor the answer to them! Research the firm's culture and adjust your answers to it, because the same story can land differently at a bulge bracket and a boutique.
How do you research a bank before an interview?
Study recent deals, competitors, and financial performance specifically enough that your answers couldn't be given about any other bank. If your answer to "why us" would work just as well down the street, it isn't doing anything for you.
Use that research to prepare thoughtful questions for your interviewer, too. The questions you ask say more about your preparation than most of the answers you give, and candidates often leave that part to chance.
What should you do after an investment banking interview?
Send a personalized thank-you note, but know that the networking half of this prep should have started before interview day! Reaching out to alumni and employees for insight is a great part of your preparation and networking strategy.
The post-interview thank-you note is quick, and personalizing it matters more than sending it fast. Reference something specific from the conversation.
Our recruiting timeline maps out when each stage of the process opens, so you can start those conversations months ahead of the people who wait for applications to go live.
What should you check the day before?
Handle logistics the day before so nothing unrelated to your skills costs you the offer: attire, tech setup, resume copies, and your route. The unglamorous things, because these losses have nothing to do with whether you could do the job.
Professional attire ready and clean
Video conferencing setup tested, if the interview is remote
Extra copies of your resume printed, or ready to be emailed if remote
Route planned so you arrive early
Get the checklist
We’ve compiled every item above and more, in a one-page checklist you can tick off as you go, from technical, behavioral, research, networking, and the day-before checks.
And if you want some extra help this recruiting season, book a free consultation with one of our Wall Street insiders, and we'll run mock interviews with you!