Investment bank interview guides, 29 banks
Bulge brackets tend to open with a recorded video interview and keep first rounds on behavior and technical basics, while several elite boutiques go deeper on technicals. Below, for each of 29 banks, is the first round and superday candidates report, with the source, and our full guide for the 18 banks whose own sites publish enough to write one.
Updated
- 29 banks, three tiers. Bulge bracket, elite boutique, and upper and middle market.
- Candidate reports, labeled. Superday formats vary by group, office and year. None of this is a bank's rule.
- 18 full guides. Led by each bank's own careers pages, with candidate reports labeled.
- Video first at most big banks. Candidates report a recorded video before the first round at most bulge brackets.
- Deeper technicals at several boutiques. Many elite boutiques ask about a deal you've followed.
How interviews differ by tier
How interviews typically differ, in our words. Typical, not a rule.
Bulge bracket
Large global banks with big analyst classes. The process tends to be more standardized, often opening with a recorded video interview, and first rounds usually lean on behavioral questions and technical basics.
Elite boutique
Smaller firms focused on advising on M&A and restructuring. Several go deeper on technicals, and many ask you to discuss a deal you have followed. Some are reported to be mostly behavioral.
Upper and middle market
Banks that mostly advise on mid-sized deals, often for private and sponsor-owned companies. Interviews typically focus on fit, why this firm, and solid technical basics.
Reports versus rules
Banks rarely publish their superday. Where one does, our full guide quotes its own page. Everything else here is what candidates report.
First round and superday at 29 banks
In tier order: bulge brackets first, then elite boutiques, then upper- and middle-market banks. Each row is what candidates report, with its source, and our full guide where we have one.
Goldman SachsBulge bracket
Candidates report this first round: a recorded HireVue, mostly behavioral. Superday: 2 to 5 interviews of 20 to 30 minutes, mostly behavioral, technicals kept basic.
Candidate reports, via aced.ioOur Goldman Sachs interview guide
J.P. MorganBulge bracket
Candidates report this first round: a HireVue of about 4 questions, 2 behavioral and 2 basic technical. Superday: 3 to 5 interviews, separate rooms for business sense, your resume and technicals.
Candidate reports, via aced.ioOur JPMorgan interview guide
Morgan StanleyBulge bracket
Candidates report this first round: a HireVue of 3 to 5 questions, then a 20- to 30-minute first-round call. Superday: 3 interviews of 30 to 45 minutes, technical and motivation questions in every interview.
Candidate reports, via aced.ioOur Morgan Stanley interview guide
BofA SecuritiesBulge bracket
Candidates report this first round: a HireVue with about 30 seconds to prepare and 2 to 3 minutes per answer. Superday: 2 to 3 interviews of about 30 minutes, one technical and one behavioral.
Candidate reports, via aced.ioOur Bank of America interview guide
CitiBulge bracket
Candidates report this first round: a HireVue, then a 30- to 45-minute first round. Superday: 3 interviews of about 30 minutes, one behavioral, one technical and one mixed.
Candidate reports, via aced.ioOur Citi interview guide
BarclaysBulge bracket
Candidates report this first round: online tests (numerical, verbal, logical), then a HireVue of 4 to 6 questions. Superday: 4 to 5 interviews of about 30 minutes, a technical round plus behavioral rounds.
Candidate reports, via extern.comOur Barclays interview guide
Deutsche BankBulge bracket
Candidates report this first round: online tests, then a live 30-minute first round in the US. Superday: 3 to 6 interviews of 30 to 45 minutes.
Candidate reports, via aced.ioOur Deutsche Bank interview guide
UBSBulge bracket
Candidates report this first round: a HireVue of 6 to 8 questions, then a 30-minute first round. Superday: 3 interviews of about 30 minutes, behavioral and technical in each interview.
Candidate reports, via aced.ioOur UBS interview guide
Wells FargoBulge bracket
Candidates report this first round: a recorded behavioral HireVue of 4 to 6 questions, then a 30-minute first round. Superday: 3 interviews of about 30 minutes, two technical and one behavioral.
Candidate reports, via aced.ioOur Wells Fargo interview guide
EvercoreElite boutique
Candidates report this first round: no HireVue in the US, up to 2 virtual first-round interviews of about 30 minutes. Superday: 3 to 5 interviews of about 30 minutes, mostly technical, with one interview for behavioral and your resume.
Candidate reports, via aced.ioOur Evercore interview guide
LazardElite boutique
Candidates report this first round: a first round of 20 to 45 minutes, mostly behavioral. Superday: 3 to 6 interviews, mostly behavioral, usually with one technical interview.
Candidate reports, via aced.ioOur Lazard interview questions
Centerview PartnersElite boutique
Candidates report this first round: a 30-minute technical screen, then a first round of two 30-minute interviews. Superday: 5 to 6 interviews of about 30 minutes, one finance technical interview, the rest brainteasers, market sizing, situational and behavioral.
Candidate reports, via aced.ioOur Centerview interview questions
PJT PartnersElite boutique
Candidates report this first round: an online assessment, then a 30- to 45-minute technical first round, no HireVue. Superday: 4 to 6 interviews of about 30 minutes, a mix, with more behavioral than the first round.
Candidate reports, via aced.ioOur PJT Partners interview questions
Moelis & CompanyElite boutique
Candidates report this first round: an online assessment, then 1 or 2 live first-round interviews, mostly technical. Superday: 3 to 5 interviews of about 30 minutes, mostly fit and behavioral, with at least one technical interview.
Candidate reports, via aced.ioOur Moelis interview guide
Perella Weinberg PartnersElite boutique
Candidates report this first round: a recruiter screen, then a first round of about an hour. Superday: 3 to 4 interviews, a case study plus technical, markets and fit interviews.
Candidate reports, via aced.ioGuggenheim SecuritiesElite boutique
Candidates report this first round: a short phone screen, no HireVue. Superday: 3 to 5 interviews of about 30 minutes, mostly behavioral.
Candidate reports, via aced.ioOur Guggenheim interview questions
Qatalyst PartnersElite boutique
Candidates report this first round: a 30-minute phone screen, half behavioral and half technical. Superday: 4 to 6 interviews of about 30 minutes, about half technical, with senior interviews mostly technical.
Candidate reports, via extern.comHoulihan LokeyUpper and middle market
Candidates report this first round: an online test, a 30-minute phone screen and a virtual first round. Superday: 4 to 6 interviews, deeper technicals plus behavioral.
Candidate reports, via extern.comOur Houlihan Lokey interview guide
JefferiesUpper and middle market
Candidates report this first round: an online assessment, then a 20- to 30-minute first round. Superday: 3 to 5 interviews, fit and technical (LBO, enterprise value bridge, merger basics). Often called upper middle market, and some put it close to the bulge brackets.
Candidate reports, via extern.comOur Jefferies interview questions
RBC Capital MarketsUpper and middle market
Candidates report this first round: a HireVue, then a first round of about an hour, half behavioral and half technical. Superday: 3 to 5 interviews, technical-heavy (stock pitch, deals, sector questions) plus fit. Part of one of Canada's largest banks. Grouped here for how its US investment banking interviews run.
Candidate reports, via extern.comWilliam BlairUpper and middle market
Candidates report this first round: an online assessment, then 30-minute first-round calls, half behavioral and half technical. Superday: 4 to 5 interviews of about 30 minutes, one technical (a paper LBO), one behavioral with an MD, the rest mixed.
Candidate reports, via extern.comHarris WilliamsUpper and middle market
Candidates report this first round: an online assessment, a HireVue and a 30-minute first round. Superday: 4 to 6 interviews, case studies plus technical and behavioral interviews.
Candidate reports, via extern.comBairdUpper and middle market
We couldn't find a reliable account of Baird's interview rounds.
Baird: careers sitePiper SandlerUpper and middle market
Candidates report this first round: a recorded behavioral HireVue. Superday: 3 interviews, two behavioral (one with markets), one technical with brainteasers.
Candidate reports, via extern.comRaymond JamesUpper and middle market
Candidates report this first round: a HireVue, then a first-round phone call with junior bankers. Superday: 3 to 4 interviews of 30 to 45 minutes, behavioral-heavy with moderate technicals, often a stock pitch.
Candidate reports, via extern.comLincoln InternationalUpper and middle market
Candidates report this first round: a timed cognitive test, a 30-minute first round and a take-home case. Superday: 4 to 6 interviews of about 30 minutes, behavioral and fit plus deeper technicals and deal talk.
Candidate reports, via extern.comRothschild & CoUpper and middle market
We don't have reliable candidate reports for it. Its own site describes a first-round interview online or in person, then an assessment center with a senior interview, a group exercise and a case study. Many people call it an elite boutique, especially in Europe. We group it with the middle market for the US.
Rothschild & Co: how to applyOur Rothschild & Co interview guide
TD SecuritiesUpper and middle market
Candidates report this first round: no HireVue, a 30-minute first round mixing behavioral and technical. Superday: 3 interviews of about 30 minutes, technical-leaning (DCF, LBO, accretion and dilution, stock pitch) plus industry talk. Also Canadian-owned.
Candidate reports, via extern.comBMO Capital MarketsUpper and middle market
Candidates report this first round: a HireVue, or a campus or live video interview instead. Superday: 3 to 4 interviews of about 30 minutes, behavioral, technical and market questions. Canadian-owned as well.
Candidate reports, via extern.com8 questions that come up at most banks
Our own wording. These come up across tiers, at different depths.
Fit questions4 questions
Most banks ask these in some form. Tailor the why to the bank.
Walk me through your resume.
What a strong answer does
Short and in order, with the reason behind each move. End on this bank and this role. Practice it, see a model answer
- “Which experience matters most for this job?”
- “What on it should we ask you about?”
Why investment banking?
What a strong answer does
What the analyst work is and why you want it, with one example from your own experience. Practice it, see a model answer
- “What will be hardest about it?”
- “Why not consulting or private equity?”
Why this bank?
What a strong answer does
Something specific to the bank and its tier: its size and reach, its advisory focus or its mid-market clients. Practice it, see a model answer
- “Who have you spoken to here?”
- “Why not a bank in another tier?”
Tell me about a deal you followed.
What a strong answer does
Elite boutiques commonly ask this. The logic, the price, how it was paid for and the risk.
- “Was the price fair?”
- “What would you have advised?”
Technicals, basic to deep4 questions
Bulge brackets lean on the basics. Several boutiques push further.
How do the three financial statements link?
What a strong answer does
Some interviewers want it in words, others with a number. Have both versions ready. Practice it, see a model answer
- “Depreciation goes up by $10 at a 25% tax rate. What changes?”
- “How does a build in working capital hit cash?”
Walk me through a DCF.
What a strong answer does
Free cash flow, discount rate, terminal value and the bridge to equity value. Practice it, see a model answer
- “How do you calculate terminal value?”
- “When would you not use a DCF?”
Is this deal accretive or dilutive?
What a strong answer does
Compare the buyer's earnings yield with the cost of what it pays with, then adjust for synergies and fees. Practice it, see a model answer
- “How does paying in stock change it?”
- “Why do a dilutive deal?”
Walk me through a basic LBO.
What a strong answer does
Buy with debt, pay it down from cash flow, sell later, and say where the returns come from. Practice it, see a model answer
- “What makes a good LBO candidate?”
- “What's the difference between IRR and MOIC?”
Practice for your bank, out loud
Fit or technicals, Soreno's AI interviewer asks, comes back when an answer runs thin and grades each one. Free for 7 days.
Questions people ask
Where does this superday information come from?
From guides that compile candidate reports, linked on each row. Formats vary by group, office and year, so treat them as typical, not as a bank's rule. Our full guides lead with the bank's own pages and label candidate reports.
Why is there no full guide for some banks?
We write a full process guide when a bank's own site publishes enough about its process. For banks that publish less, such as Jefferies and Centerview, we write a questions page instead: practice questions built on the bank's own pages, with what candidates report labeled as such.
Which banks use a recorded video interview?
Candidates report a recorded video, often HireVue, before the first round at most bulge brackets and some middle-market banks. Several elite boutiques are reported to skip it. Check each row and each bank's own guide.
How many interviews are in an investment banking superday?
Across these 29 banks, candidates report from 2 to 6 interviews, usually of 20 to 45 minutes each.
Are elite boutique interviews harder?
Several go deeper on technicals and ask you to discuss a deal you've followed. Others, such as Lazard and Guggenheim, are reported to be mostly behavioral. Bulge bracket first rounds usually lean on behavioral questions and technical basics.