30 Informational Interview Questions That Impress Bankers

The informational interview is the single highest-leverage activity in the entire finance recruiting process. One 25-minute call can do more for your candidacy than 50 online applications. It can surface insider intelligence, build a genuine relationship, and — when done right — convert into the referral that gets your resume pulled from the pile.

But most candidates waste this opportunity by asking generic questions that signal laziness rather than genuine curiosity. "Why did you choose investment banking?" tells the banker you haven't done any research. "What's a typical day like?" suggests you've never read a single forum post or blog article about the job.

The questions in this guide are different. They're designed to demonstrate preparation, elicit genuinely useful information, and position you as a candidate worth referring.

Why Generic Questions Kill Your Chances

Bankers have these calls multiple times per week during recruiting season. They can tell within 90 seconds whether someone has done their homework or is running through a list of questions they found on Google.

Questions that signal laziness:

"Why did you choose investment banking?"
"What do you like most about your job?"
"Can you describe a typical day?"
"What skills are most important?"

These are all "Why" questions — they're broad, generic, and require the banker to do all the intellectual work.

Questions that signal preparation:

"What drove your transition from [their previous role] to [current group]?"
"Walk me through how your team staffs a live deal versus a pitch."
"How does your group typically win mandates in [sector] — is it relationship-driven or more process-oriented?"

These are "What" and "How" questions — they're specific, demonstrate knowledge, and lead to substantive conversations that the banker actually finds interesting.

The principle: Make them think, not lecture. Bankers are intellectually curious people who enjoy discussing their work at a sophisticated level. Give them that opportunity.

The 25-Minute Call Structure

Informational interviews should be exactly 25 minutes. Not 15 (too short to build rapport), not 45 (too long for a favor). Here's the minute-by-minute breakdown:

Phase	Time	Duration	Your Goal
Opening	0:00 - 1:00	1 min	Thank them, set the frame
Your Intro	1:00 - 3:00	2 min	60-second pitch, establish credibility
Their Story	3:00 - 15:00	12 min	Career path + day-to-day questions
Personal / Culture	15:00 - 20:00	5 min	Culture, team fit, personal rapport
Soft Close	20:00 - 25:00	5 min	Positioning advice + referral ask

Critical rule: End at 25 minutes even if the conversation is going well. Say: "I want to be respectful of your time — I know I said 25 minutes and we're right at that." If they want to keep going, they'll say so. Ending on time signals that you're reliable and respect boundaries — two traits bankers value enormously.

Pro tip: Use audio calls, not video, for first interactions. Video calls create performance pressure for both parties. Phone calls feel more casual and conversational, which leads to better rapport and more honest answers.

Phase 1: Opening (0:00 - 1:00)

The first 60 seconds set the tone for the entire call. Your goal is to thank them, establish a warm frame, and transition smoothly into your intro.

What to say:

"Hi [Name], thank you so much for taking the time to speak with me. I really appreciate it, especially given how busy things must be [during deal season / at quarter-end / this time of year]. I'd love to spend the next 20-25 minutes learning about your experience at [Firm] and getting your perspective on [Group/Coverage area]. Does that work for you?"

Why this works: You've thanked them (obligation acknowledged), shown awareness of their world (deal season reference), set a time boundary (they know this won't drag on), and gotten their buy-in on the agenda.

Phase 2: Your Intro (1:00 - 3:00)

Keep this to 60 seconds. This is not a pitch — it's context so they can calibrate their advice. Hit three points:

Who you are: School, year, major (or current role if you're a career switcher)
What you've done: One or two relevant experiences — an internship, a deal, a project
Why you're interested: One sentence connecting your experience to their specific coverage area

Example:

"Quick background on me — I'm a junior at [School] studying finance. Last summer I interned at [Firm/Company] in [Role], where I worked on [brief relevant experience]. That experience really deepened my interest in [their specific coverage — e.g., 'healthcare M&A'], which is what drew me to reach out to you."

Then immediately pivot to them: "But I'd love to hear about your path — I noticed you started at [Previous Firm/Role] before moving to [Current Firm]. What drove that transition?"

Phase 3: Career Path & Day-to-Day (3:00 - 15:00)

This is the core of the call. You have 12 minutes to ask substantive questions that demonstrate preparation while extracting genuinely useful intelligence.

Career Path Questions (3:00 - 8:00)

Question 1: "What drove your transition from [their previous role/firm] to [current group at current firm]?"

This is personal, specific, and shows you've read their LinkedIn. It also elicits a narrative that reveals what they value — information you can use to position yourself later.

Question 2: "What were the main reasons you selected [Firm] over other options when you were recruiting?"

This tells you what differentiates the firm from the inside — information you can reference in interviews to show you truly understand the culture.

Question 3: "Now that you've been at [Firm] for [X years], has your experience matched your expectations coming in? What surprised you?"

This question is powerful because it gives you honest, unscripted insight. The gap between expectations and reality is where the real intelligence lives.

Day-to-Day Questions (8:00 - 15:00)

Question 4: "Walk me through what a typical week looks like during a live deal versus a slower period. How does the intensity shift?"

This shows you understand that banking isn't one-dimensional — there's deal flow variation. It also gives you practical information about what to expect.

Question 5: "What enables your group to win mandates over competitors in [sector]? Is it more relationship-driven or process-driven?"

This is an advanced question that most candidates never ask. It demonstrates you're thinking about banking as a business, not just a job. Bankers love discussing competitive dynamics.

Question 6: "How does staffing work in your group? Do analysts get to express preferences on deals, or is it more top-down?"

This gives you practical insight into the analyst experience that you won't find in any recruiting brochure. It also signals that you're thinking about what the job is actually like day-to-day.

Question 7: "What's the typical deal team composition look like on a mid-size transaction? How much direct client exposure do analysts get?"

Follow-up to staffing — this gets at the quality of the experience, not just the workload.

Phase 4: Culture & Personal (15:00 - 20:00)

This is where you shift from professional to semi-personal. The goal is to build genuine rapport and learn about the team's culture in a way that helps you assess fit.

Question 8: "What type of individuals tend to thrive in your group versus those who struggle? Is there a common profile?"

This is one of the most valuable questions you can ask. The answer tells you exactly what traits they screen for in interviews — so you can emphasize those traits in your own candidacy.

Question 9: "If you could change one thing about the group or the firm, what would it be?"

A bold question that works because it feels refreshingly honest. Most candidates only ask positive questions. Asking about flaws shows maturity and genuine interest in understanding the full picture. Bankers respect this.

Question 10: "What do you do to decompress outside of work? Is there a group culture around that?"

This builds personal rapport and shows you see them as a human being, not just a networking target. People refer people they like, and likability comes from genuine human connection.

Phase 5: The Soft Close (20:00 - 25:00)

This is the most important phase of the call. Everything before this was building credibility and rapport. Now you convert that into actionable next steps.

Question 11: "Based on our conversation, how would you recommend I position myself for [Firm/Group] during recruiting? Is there anything specific I should emphasize or work on?"

This is the positioning question. It invites them to invest in your candidacy by giving specific advice — which psychologically increases their commitment to your success.

Question 12: "Who else on your team or at the firm would you recommend I speak with? May I mention your name when reaching out?"

This is the referral question — and it's the entire reason you're on this call. By asking for a specific name and permission to name-drop, you're setting up your next warm outreach.

Why "May I use your name?" matters: This transforms your next email from cold outreach into a warm introduction. A subject line like "Sarah Chen Suggested I Reach Out" has 3-5x the open rate of a cold email.

Converting Informational Interviews Into Referrals

The call itself is step one. Converting that call into a referral that gets your resume on the right desk requires a deliberate follow-up strategy.

The Mini-Ask (During the Call)

During the soft close phase, plant the seed with a low-pressure ask:

"I really appreciate your insights. If it's not too much trouble, I'd love to stay in touch as recruiting progresses. Would it be okay if I sent you a brief update in a few weeks?"

This gets permission for continued contact without asking for anything specific yet. The real ask comes later.

The Real Ask (When Recruiting Opens)

When applications open or interview slots are being allocated, you circle back with a specific request:

"Hi [Name], I hope you've been well since we spoke in [month]. I wanted to let you know that I've applied to the [Firm] [Program] and am very excited about the opportunity. If you'd be willing to put in a word with recruiting or flag my application, I would be incredibly grateful. I've attached my updated resume for reference."

Timing is critical. Send this when applications open or shortly after — not weeks later when decisions are already being made.

The 3-Touch Framework

The complete conversion sequence looks like this:

Touch 1: The Initial Call

Build rapport and credibility
Ask the positioning question and referral question
Get permission to stay in touch

Touch 2: The Value Add (Weeks 3-6 After the Call)

Send a brief, genuine follow-up that adds value rather than asks for something
Share an article relevant to their coverage area: "Saw this piece on [sector trend] and thought of our conversation about [topic you discussed]."
Congratulate them on a deal closing: "Congrats on the [Company] transaction — saw the announcement and thought of you."
Update them on something they advised you on: "I took your advice on [specific thing] and [positive result]."

This touch keeps you top of mind and demonstrates that you listened and acted on their advice. It builds reciprocity without asking for anything.

Touch 3: The Ask (When Recruiting Opens)

Make the specific referral request
Attach your resume
Reference your prior conversation and their earlier advice
Make it easy for them to forward your information internally

Handling Awkward Situations

Not every informational interview goes smoothly. Here's how to handle four common difficult scenarios:

Scenario 1: They're Clearly Rushed or Distracted

Signs: Short answers, checking their phone, multitasking sounds in the background.

What to do: Acknowledge it directly. "It sounds like you might be in the middle of something — I'm happy to reschedule if there's a better time." This shows emotional intelligence and respect. 90% of the time they'll say "No, it's fine" and actually refocus. If they do want to reschedule, you've earned respect by offering.

Scenario 2: They Discourage You From Banking

Signs: "Are you sure you want to do this?" or "The hours are brutal — have you considered other options?"

What to do: Don't get defensive. Acknowledge their point, then redirect. "I appreciate the honest perspective. I've spoken with several people about the lifestyle and I'm going in with clear eyes. What I'm really drawn to is [specific aspect — the deal experience, the learning curve, the exit opportunities]. Can you tell me more about how your group handles [specific topic]?"

Scenario 3: They Ask You a Technical Question

Signs: "So walk me through how you'd value a company" or "What do you know about DCFs?"

What to do: Answer it. This is actually a good sign — it means they're evaluating you as a potential candidate, not just having a polite conversation. Give a concise, structured answer. If you don't know the answer, be honest: "I'm still building that knowledge — it's actually one of the reasons I'm so eager to learn from people in the role. I've been working through [specific resource] to get up to speed."

Scenario 4: They Go Over Time (And You're Enjoying It)

Signs: 25 minutes hits and they're still talking enthusiastically.

What to do: Offer the exit. "I want to be respectful of your time — we're at about 25 minutes. I could talk about this all day, but I don't want to keep you." If they say "No, I have a few more minutes," keep going — this is a great sign and may lead to a stronger relationship. But always be the one to offer the out first.

The Thank You Email

Send a thank you email within 2 hours of the call. Not the next day — within 2 hours. Speed signals genuine enthusiasm.

Template:

Hi [First Name],
Thank you so much for taking the time to speak with me today. Your perspective on [specific topic you discussed] was incredibly helpful, and I especially appreciated your advice about [specific piece of advice].
I'll definitely [follow through on something they suggested — e.g., "look into the healthcare M&A space more closely" or "reach out to [Name] as you recommended"].
Thanks again — I'll keep you posted on how recruiting goes.
Best regards, [Your Name]

Key details:

Reference something specific from the conversation (not generic "thanks for the advice")
Mention a concrete next step based on their guidance
Keep it to 4-5 sentences
Don't attach your resume in the thank you email — that comes later

Common Mistakes to Avoid

Mistake 1: Treating it like a job interview. Don't pitch yourself aggressively. This is a conversation, not a sales call. The goal is for them to like you and want to help — not to feel like they're being recruited by a candidate.

Mistake 2: Not taking notes. Write down key points during the call. You'll need these details for your thank you email and future follow-ups. Nothing kills credibility faster than asking someone the same question twice because you forgot their answer.

Mistake 3: Asking questions you could Google. If the answer is on the firm's website, a press release, or the first page of search results, don't ask it. Every obvious question costs you credibility.

Mistake 4: Talking too much. The 80/20 rule applies: they should be talking 80% of the time. Your questions are prompts to get them sharing their experience, insights, and advice. If you're talking more than them, you're doing it wrong.

Mistake 5: Not asking for referrals. The entire purpose of the call is to build a relationship that leads to a referral. If you end the call without asking who else you should speak with, you've left the most valuable outcome on the table.

The Compounding Effect

Here's what most candidates miss: informational interviews compound.

Call 1 gives you a name for Call 2. Call 2 gives you insight that makes Call 3 more informed. By Call 10, you're asking questions that reference real conversations with real people at the firm — and that depth of knowledge is impossible to fake.

When you eventually interview, you can say: "I've spoken with Sarah in M&A, James in the healthcare group, and Mike in recruiting — and what consistently came through was [genuine insight about the firm's culture]." That answer carries more weight than any rehearsed response.

The informational interview isn't just a networking tactic. It's the foundation of your entire recruiting strategy.