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Prep/Investment Banking

Investment Banking

1,339
questions
Start the Behaviorals set

New to this? Read the lessons first. 8 tracks, in the order to learn them.

Open Learn

Drill sets11 sets

  • All topics1,339 questionsMixedEvery topic in one set, shuffled, the way a real interview jumps from your story to a DCF to a market question.Sign in to save scoresStart this set
  • Behavioral, HireVue87 questionsInsight HireVueThe recorded first round for insight and sophomore programs.Sign in to save scoresStart this set
  • Behavioral307 questionsBehavioralsYour story, why banking, why this bank and group, and the STAR questions.Sign in to save scoresStart this set
  • Technicals215 questionsAccountingThe three statements, how they link, and what moves when one line changes.Sign in to save scoresStart this set
  • Technicals85 questionsEnterprise and equity valueThe bridge, what belongs in it, and which multiples pair with which value.Sign in to save scoresStart this set
  • Technicals124 questionsValuationComparable companies, precedent transactions, and when each method fails.Sign in to save scoresStart this set
  • Technicals120 questionsDCFFree cash flow, WACC, terminal value, and what each assumption does to the answer.Sign in to save scoresStart this set
  • Modeling153 questionsMerger modelsAccretion and dilution, purchase price allocation, synergies, and deal structure.Sign in to save scoresStart this set
  • Modeling110 questionsLBOsSources and uses, leverage, debt paydown, returns math, and the paper LBO.Sign in to save scoresStart this set
  • Technicals79 questionsBrainteasers and mathQuick math and logic asked to see how you think under pressure.Sign in to save scoresStart this set
  • Markets146 questionsMarkets and dealsA deal you follow, what rates are doing, and why the market cares.Sign in to save scoresStart this set

More ways to practice

  • Cases11 cases played step by step, with exhibits, the math, and a model answer. The first is free.→
  • Speed drills1 timed math drills, new problems every run.→
  • Voice mockAn interviewer asks out loud and you answer out loud.→
  • Timed interviewsA screen, a first round, and a superday on the clock, scored at the end.→
  • Modeling testsBuild the model in a sheet against the clock.→
  • Terms96 Investment Banking terms, each with a worked example.→
  • Company sets40 firms, how each one interviews and what it asks.→

How the interview runs5 stages

  1. 1ApplicationResume, cover letter at some banks, school and GPA screens. Networking often decides who gets a first round.
  2. 2HireVue or videoTwo to five recorded behavioral prompts, sometimes one technical. Thirty seconds to prepare, two minutes to answer.
  3. 3First roundOne or two 30 minute calls with an analyst or associate. Walk me through your resume, why banking, why us, then accounting and valuation technicals.
  4. 4SuperdayThree to six back to back interviews with associates, VPs, and MDs. Technicals get harder, fit gets more personal, and at least one person tests how you handle pressure.
  5. 5OfferUsually within days. Exploding deadlines at smaller shops.

What gets askedShare by topic

  • Behavioral and fit40%
  • Accounting
Read next11 outside sources
  • A shitter's comprehensive guide to sophomore year recruitingA month by month plan for sophomore year IB recruiting written by a student who went through it.WSO
  • Everything I Wish I knew About Sophomore IB Recruiting (Q&A)A Q&A on the mistakes and timing lessons from a completed sophomore IB cycle.WSO
  • Preparing for Summer 2028 investment banking recruitingCurrent cycle discussion of when Summer 2028 applications open and what to have ready.WSO
  • Can you break in to IB / PE? Yes, but....A blunt, heavily upvoted take on the odds and what has to be in place before sophomore year.
20%
  • Valuation and DCF20%
  • M&A and LBO15%
  • Markets and deals awareness5%
  • Reddit
    • 400 Investment Banking Interview Questions and Answers (the red book)Breaking Into Wall StreetThe technicals everyone else in your superday also read. Know it cold or you are behind.GuidePaid
    • Investment Banking: Valuation, LBOs, M&A, and IPOsRosenbaum and Pearl, WileyThe textbook. Read the valuation chapters once, then use it to check your own work.BookPaid
    • Mergers & Inquisitions: investment bankingMergers & InquisitionsFree articles on every bank, group, and interview question. Start here before paying for anything.SiteFree
    • Investment banking interview guideWall Street OasisA second set of technicals when the red book starts feeling familiar.GuidePaid
    • Street of Walls: IB interview prepStreet of WallsShort, free technical walkthroughs. Good for a last pass the night before.SiteFree
    • MacabacusMacabacusModel templates and how a DCF or merger model is actually laid out.SiteFree
    • Financial Modeling and ValuationPaul Pignataro, WileyBuild a full three statement model by hand once. Interviewers can tell who has.BookPaid