Complete Guide
Investment Banking Interview Prep
Everything you need to prepare for investment banking interviews in 2026. Technical questions, behavioral frameworks, networking strategies, and proven preparation methods.
What Investment Banking Interviews Test
Investment banking interviews are designed to assess three core areas: your technical knowledge, your fit with the team, and your genuine interest in the role. Understanding what interviewers are looking for is the first step to effective preparation.
Technical questions typically make up 50-70% of your interviews at the analyst level. These questions test your understanding of accounting, valuation, M&A, and LBO concepts. The remaining time focuses on behavioral questions and your "story" — why banking, why this firm, and why you.
Technical Knowledge
Accounting, valuation, M&A mechanics, LBO modeling
Behavioral Fit
Your story, motivations, teamwork examples
Industry Knowledge
Market awareness, deal experience, firm knowledge
Communication
Clear, structured responses under pressure
Core Technical Questions by Category
These are the most frequently asked technical questions in investment banking interviews. Master these categories and you'll be prepared for 80%+ of what you'll face.
Accounting & Financial Statements
- Walk me through the three financial statements
- How do the three statements link together?
- What happens when depreciation increases by $10?
- Why is cash flow more important than net income?
Valuation
- What are the three main valuation methodologies?
- Walk me through a DCF
- When would you use a DCF vs. comparable companies?
- What's the difference between enterprise value and equity value?
M&A
- Walk me through a merger model
- What makes a deal accretive vs. dilutive?
- Why would a company acquire another company?
- What are synergies and how do you estimate them?
LBO
- Walk me through an LBO
- What makes a good LBO candidate?
- How do you calculate IRR?
- What are the main value creation levers in an LBO?
Want All 400+ Technical Questions?
Our Finance Technical Guide covers every question you'll face with detailed answers.
Get the Full Guide — $127Investment Banking Interview Preparation Timeline
Preparation takes 3-6 months for most candidates. Here's how to structure your time effectively.
6-12 Months Before
Learn accounting fundamentals, start networking
3-6 Months Before
Master valuation, practice technicals daily
1-3 Months Before
Mock interviews, refine your story
Final Weeks
Review weak areas, rest before interviews
Mastering Behavioral Questions
"Walk me through your resume" is the first question in virtually every interview. Your answer sets the tone for everything that follows. A strong response takes 2-3 minutes and tells a coherent story about why investment banking is the logical next step in your career.
The Three-Part Story Structure
- Origin: Where you started and what sparked your interest in finance
- Development: How you built relevant skills and confirmed your interest
- Destination: Why this specific role is the logical next step
Other Key Behavioral Questions
- Why investment banking?
- Why our firm specifically?
- Tell me about a time you worked on a team
- What's your greatest weakness?
- Where do you see yourself in 5 years?
Need Help With Your Story?
Our Resume Story Playbook includes 30+ example stories and frameworks for every background.
Get the Story Playbook — $57Networking Is Non-Negotiable
Especially from non-target schools, networking is how you get interviews. Plan for 50-100+ outreach messages and 30-50 calls to build meaningful relationships.
50-100+
Outreach emails needed
30-50
Networking calls target
5-7
Days between follow-ups
Technical Deep Dives
Free articles covering each major technical topic in depth.
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