Evercore interview questions, from its own prep list

1. Step 1

   Apply, with a cover letter

   Campus applications need a cover letter. You can send up to two applications a year, and late ones are not accepted.

2. Step 2

   Hear back

   Evercore says it tries to reply within a few weeks if you are picked for an interview, depending on the role's timeline.

3. Step 3

   Interviews

   Be ready to tell your story, answer resume questions, discuss the markets and handle technicals from its list.

4. Step 4

   The final round

   If you applied twice and reach a final round, you pick one location or position to interview and be considered for.

Evercore asks for a personal pitch and real knowledge of the firm.

1. 1

   Walk me through your resume.

   What a strong answer does

   Evercore calls this your personal pitch. Keep it short enough that they want to ask more, and end on why advisory is next. Try this one out loud

   • “Which line on your resume would you cut?”
   • “What deal from your internship could you walk me through?”
2. 2

   Why Evercore, an independent advisor, and not a bulge bracket?

   What a strong answer does

   Its first value, Clients First, is about independent, trusted advice. Explain why boards pay for advice without conflicts, using a moment you saw it matter, then give two reasons that fit only Evercore, such as its special committee work or its apprenticeship program. Try this one out loud

   • “Which of our groups interests you, and why?”
   • “Who have you spoken to here?”
3. 3

   Why restructuring, or why M&A?

   What a strong answer does

   Evercore lists Liability Management & Restructuring and Strategic Advisory as separate groups. Show you know the difference in the work. Try this one out loud

   • “What does a restructuring analyst do that an M&A analyst doesn't?”
   • “What happens to your interest if the cycle turns?”
4. 4

   Tell me about a time you held a team to account.

   What a strong answer does

   Partnership and collaboration means openness, teamwork and accountability. Show how you raised it without breaking the team. Try this one out loud

   • “What did the other person say?”
   • “What would you do if it happened again?”

The questions are ours. Each starts from something Evercore says on its own site, so you can check the facts before you lean on them.

1. 5

   Evercore's Strategic, Defense & Shareholder Advisory team helps clients with activism defense. How would you research whether a company might attract an activist?

   What a strong answer does

   One clean order: find where the company lags its peers, name what an activist would demand to fix it, then judge how hard the board and the shareholder base would be to move. Try this one out loud

2. 6

   Beyond M&A, Evercore advises on capital markets and private capital and has equity research and wealth management. How do these fit together for a client?

   What a strong answer does

   Walking one company through its needs over the years makes the links clear. Mention that research and trading are kept apart from confidential deal work. Try this one out loud

3. 7

   Evercore's Private Capital Advisory team advises on the secondaries market, and Capital Markets Advisory works on IPOs and share repurchases. Which interests you more?

   What a strong answer does

   Make a choice and ground it in work you've done that resembles the group's. A sentence of respect for the other team rounds it off. Try this one out loud

4. 8

   Evercore says its special committee practice is driven by a commitment to independence and unconflicted advice. Why does that matter to clients, and why start your career there?

   What a strong answer does

   Conflicts are the core. Show you know a committee forms when insiders such as management are buying, why its advisor must have no stake in the result, and what that commitment means for your own start. Try this one out loud

5. 9

   Evercore names integrity, excellence and respect among its core values. Tell me about a time you showed one of them in a team.

   What a strong answer does

   One value, one story. It works best when the value changed what the team produced and others get their share of the credit. Try this one out loud

6. 10

   You've spoken with a few Evercore analysts. What did they tell you about working with senior bankers early on that stayed with you?

   What a strong answer does

   A believable detail from the conversation carries the answer. Add a moment when someone senior relied on your work and you had to earn that trust. Try this one out loud

7. 11

   Evercore's 10-week Summer Apprenticeship Program pairs each analyst with a peer mentor and a senior banker. What two things do you want from those 10 weeks?

   What a strong answer does

   Goals you could measure by week ten work best. Show you'd ask the peer mentor and the senior banker for different things, and keep the senior ask small. Try this one out loud

Each question maps to a topic Evercore names.

1. 12

   Depreciation goes up by $10. Walk me through the three statements.

   What a strong answer does

   Net income falls by $7.50 at a 25% tax rate, cash rises by $2.50, and the balance sheet balances. Say each line. Try this one out loud

   • “What if the depreciation isn't tax deductible?”
   • “What changes in a DCF?”
2. 13

   A buyer pays for a deal with stock. How do you tell if it is accretive?

   What a strong answer does

   Compare the buyer's P/E with the target's, then say what a premium, synergies and fees change. Try this one out loud

   • “What if it paid with debt instead?”
   • “Why would a board do a dilutive deal?”
3. 14

   What is goodwill, and where does it come from in a deal?

   What a strong answer does

   The price paid above the fair value of net assets, from purchase price allocation. Say what happens when it is impaired. Try this one out loud

   • “Asset sale or stock sale: which does the buyer prefer?”
   • “Why don't you amortize goodwill?”
4. 15

   Walk me through how you would calculate WACC.

   What a strong answer does

   Cost of equity from CAPM, after-tax cost of debt, weighted by market values. Then say which input you'd argue about. Try this one out loud

   • “Why unlever and relever beta?”
   • “What happens to WACC as debt rises?”
5. 16

   Can enterprise value be negative?

   What a strong answer does

   Yes, if cash exceeds the market value of equity and debt. Say what that tells you about the business. Try this one out loud

   • “Why subtract cash at all?”
   • “How do leases and preferred stock fit the bridge?”
6. 17

   A company can't refinance debt that comes due next year. What are its options?

   What a strong answer does

   Amend and extend, an exchange offer, new money, asset sales or a court process. Rank them by who gives up what. Try this one out loud

   • “Who has the leverage, senior or subordinated lenders?”
   • “When does a company file instead?”

Evercore says to follow the news and be able to discuss it.

1. 18

   Tell me about a deal in the news you followed.

   What a strong answer does

   The buyer's logic, the price as a multiple, how it was paid for and what could go wrong. Pick one you can defend. Try this one out loud

   • “Was the price fair?”
   • “Who advised, and what would you have told the board?”
2. 19

   What's happening in markets that Evercore's clients care about?

   What a strong answer does

   One trend, why it matters to a company deciding on a deal now, and what would change your view. Try this one out loud

   • “How does that change M&A volume?”
   • “What does it mean for restructuring?”
3. 20

   A company has $100m of EBITDA. How much debt can it support?

   What a strong answer does

   Pick a leverage multiple that peers and lenders would accept, multiply, then check the cash flow covers the interest. At 4x that is $400m. Then say what would make you go lower. Try this one out loud

   • “What's the difference between senior and subordinated debt here?”
   • “What covenant would you watch?”

• Two careless applications

  You get two a year, and a withdrawn one still counts. Pick the groups and offices first.

• No cover letter

  Campus applications need one.

• Memorized technicals

  Its list runs from accounting to restructuring. Expect a follow-up on anything you say.

• No view on the news

  Evercore expects you to discuss what is happening in your industry right now.

Evercore's five tips, turned into four steps.

1. Before you apply

   Come informed

   Learn the industry, the summer program, Evercore's history, values and groups. Write the cover letter for that group.

2. Before interviews

   Build your pitch

   Tell your story and know every line of your resume. Evercore suggests working with career services on it.

3. Each week

   Read the news

   Evercore names the Wall Street Journal, Bloomberg, Morning Brew and its podcast, The Edge.

4. Before every round

   Mock interviews

   Evercore suggests mock interviews with peers and alumni. Use its technical list as the syllabus.