Investment Banking Interview Preparation
Common questions, top firms, salary comparison, career paths, and free AI-scored practice for investment banking interviews.
£65,000 base
Avg salary
20+ firms
Firms covered
~1-3% offer rate
Competitiveness
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Overview
What investment banking interviews look like
Investment banking interviews follow a three-stage structure at most firms: online application with HireVue video interview, followed by assessment centre with in-person interviews. Some firms add a phone screen between HireVue and assessment centre.
HireVue stages typically involve 4-6 pre-recorded questions covering behavioural competencies, motivation, and basic commercial awareness. Assessment centre stages involve 2-5 back-to-back interviews with increasingly senior bankers, mixing behavioural questions with technical finance questions.
Technical questions at assessment centre stage cover DCF analysis, valuation methods, enterprise value vs equity value, LBO mechanics, and recent M&A deals. The depth depends on the firm and division — M&A-focused groups test harder on technicals than Capital Markets groups.
Questions
Common investment banking interview questions
- 1Why investment banking?
- 2Walk me through your CV.
- 3Tell me about a deal you've followed recently.
- 4Walk me through a DCF analysis.
- 5What is enterprise value vs equity value?
- 6How do the three financial statements link together?
- 7Tell me about a time you showed leadership.
- 8Why this firm over its competitors?
- 9If you had £1 million to invest, where would you put it?
- 10What's happening in the markets right now?
- 11Walk me through an LBO.
- 12How would you value a company with no revenue?
- 13Tell me about a time you worked under pressure.
- 14What makes a good pitch book?
- 15Why this division (M&A, ECM, DCM, etc.)?
Free practice
Practise a investment banking interview question
Practise answering a real investment banking interview question. You get 30 seconds to prepare and 2 minutes to record — exactly like a real HireVue. AI scores you on the competencies banks actually evaluate.
Goldman Sachs — HireVue Practice
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Technicals
Key technical knowledge
DCF Analysis
Discount free cash flows to present value using WACC. Key inputs: revenue growth, margins, capex, working capital, terminal value, discount rate.
Valuation Methods
Three primary methods: DCF (intrinsic value), comparable companies (relative valuation), precedent transactions (acquisition multiples).
Enterprise Value vs Equity Value
EV = Equity Value + Net Debt + Minority Interest + Preferred Stock - Associates. Know the bridge and why each item is included.
LBO Mechanics
Acquire company with debt, use cash flows to pay down debt, exit at multiple. Returns driven by debt paydown, EBITDA growth, and multiple expansion.
Financial Statement Linkages
Net income flows to retained earnings on the balance sheet and is the starting point of the cash flow statement. Know how every line item connects.
M&A Analysis
Accretion/dilution analysis, merger consequences, synergy valuation, offer premium analysis. Know when a deal is accretive or dilutive to EPS.
Firms
Top investment banking firms
Global leader, most competitive. 200,000+ applicants.
#1 by revenue. Large teams, structured programme.
Strong M&A and ECM franchise.
Growing presence in EMEA.
Major UK bank. Strong in DCM and leveraged finance.
Global coverage. Strong in ECM and emerging markets.
European leader. Strong in leveraged finance.
Swiss bank. Strong wealth management crossover.
Asia-Pacific strength. Growing IB franchise.
Elite advisory boutique. Pure M&A focus.
Top European advisory. Strong restructuring.
Elite US boutique. Highest pay for analysts.
Compensation
Investment Banking salary comparison
| Firm | Graduate | Intern | Bonus |
|---|---|---|---|
| Goldman Sachs | ~£65,000 | ~£55,000 pro-rata | ~£30K |
| J.P. Morgan | ~£65,000 | ~£55,000 pro-rata | ~£30K |
| Morgan Stanley | ~£65,000 | ~£55,000 pro-rata | ~£25K |
| Evercore | ~£75,000 | ~£60,000 pro-rata | ~£40K |
| Lazard | ~£70,000 | ~£55,000 pro-rata | ~£35K |
| Barclays | ~£50,000 | ~£42,000 pro-rata | ~£25K |
Career path
Investment Banking career progression
Financial modelling, pitch books, deal execution. 2-3 year programme.
Project management, client interaction, mentoring analysts.
Deal origination, managing relationships, leading transactions.
Business development, strategic client relationships.
Rainmaking, firm leadership, significant revenue responsibility.
Getting in
How to break into investment banking
Apply early. Most banks use rolling admissions — the pool of available spots shrinks weekly. Applications opening in August should be submitted by mid-September at the latest.
Network through on-campus events, LinkedIn, and alumni connections. Referrals significantly increase your chance of getting past the initial screening.
Know your technicals. DCF, valuation methods, and financial statement linkages are tested at every bank. Start preparing months before applications open.
Prepare firm-specific answers. "Why this bank?" should reference specific deals, people, culture, or programme features — not generic prestige.
Build commercial awareness. Read the FT daily. Follow major deals and market movements. Have a view on current events that you can articulate concisely.
Use spring weeks as your entry point. Conversion rates from spring week to summer internship to full-time offer create the strongest pipeline into banking.
If you're from a non-target university, over-index on networking, extracurriculars, and relevant work experience to compensate.
FAQ
Investment Banking FAQs
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