The investment banking interview process, round by round
Most banks run four or five steps: an online application, at some banks a short online assessment, a recorded video interview or a first-round call, then a superday of several interviews in a row. Early rounds screen for motivation and basic technicals. The superday decides the offer. For the spoken rounds, Soreno, an AI voice interview practice app for consulting, investment banking and other finance candidates, runs investment banking interview practice with follow-up questions and a score on every answer.
Updated
- Apply early. Bank of America says interviews often begin before the deadline.
- Tests at some banks. Moelis, Deutsche Bank, UBS and Barclays use online assessments.
- Then a screen. A recorded video at Goldman or Bank of America, a call at Houlihan Lokey.
- Then the superday. Several interviews back to back decide the offer.
- Same answers, every round. Your story and why-this-bank answer travel from the video to the superday.
The rounds, in order
Names and order vary by bank, but the shape is the same. Open a round for what it tests, how long it takes and how to prepare.
Networking and the applicationMonths before
A resume, a short form and at some banks a cover letter. Bank of America and Barclays both review applications on a rolling basis.
What it tests
Fit on paper
Grades, relevant experience and a resume a banker can skim in thirty seconds. Evercore requires a cover letter for campus applications. Moelis does not.
Investment banking resume templateHow many
Count your applications
Barclays takes one application a year, worldwide. Evercore allows two, Rothschild & Co seven per cycle, and Deutsche Bank one role in one country.
When
Early is safer
Bank of America says interviews often begin before the deadline. Barclays says it pays to apply early. Evercore aims to reply within a few weeks of an application.
Recruiting timeline by bankBefore you apply
Talk to people at the bank
Short calls with analysts give you the reasons for one bank over another, and names you can use in the interview.
Coffee chat questions
Online assessmentSome banks
A screen before any person reads your answers.
What it tests
Traits and reasoning
Moelis uses the Suited assessment, which measures over 50 traits such as attention to detail and critical reasoning. UBS sets numerical, verbal and logical reasoning tests.
How long
A short window
Moelis says to allow 30 minutes. UBS gives seven days to finish, Deutsche Bank 96 hours for each set of tests.
How to prepare
Do the practice tests
Deutsche Bank tells you to complete its practice tests first. Moelis asks for 30 minutes of uninterrupted time, so take it somewhere quiet, in one sitting.
Recorded video interviewOften the first screen
Questions on screen, a short time to think, one take, no follow-ups.
What it tests
Motivation and stories
Bank of America says its questions are primarily behavioral and open ended. Expect why banking, why this bank and a time you led or failed.
How long
20 to 30 minutes
Goldman's takes about 30 minutes. Bank of America gives 30 seconds to prepare and up to three minutes to answer. Deutsche Bank gives two minutes to prepare and two to record each answer, with one attempt.
How to prepare
Rehearse on a clock
Record answers to time, then watch them back. UBS lets you record as many practice interviews as you like before the real one.
Bank HireVue questions
First roundPhone or video
A live conversation with a recruiter or a banker, by phone or video.
What it tests
Your story and the basics
Moelis holds one or two first-round interviews with bankers, technical and behavioral. Citi's first interview goes deeper into your background and how your goals fit the bank.
Who
Recruiter or banker
Houlihan Lokey's telephone interview is with a recruiter or someone from the business. Wells Fargo says many roles start with a recruiter phone screen.
How to prepare
See the section below
The first round has its own section on this page, step by step.
Superday or assessment centerThe final round
Several interviews back to back, often on one day.
What it tests
Everything, several times
Each interviewer starts fresh, so the same story gets tested several times. Deutsche Bank's Super Day adds competency assessments and case studies to a technical interview.
How long
Short rooms
Banks don't publish room lengths. In 331 Wall Street Oasis interview reports we read, 69 mention 30-minute slots and 5 mention an hour.
Tests
Rare in banking
Only 8 of the same 331 reports mention an Excel test. Rothschild & Co adds a group exercise and a case study.
Modeling tests, explainedHow to prepare
Same answers, five times
Your why-this-bank answer and your stories must hold up with every interviewer.
Superday interview guide
The offerDays to weeks
When
Often within a week
Deutsche Bank calls with the outcome within a week of the final round, with feedback.
Deciding
Deciding fast
Deutsche Bank gives two weeks to decide. Evercore asks final-round candidates with two applications to pick one location.
From Evercore, Moelis, Barclays, Rothschild & Co, Deutsche Bank, its FAQ, Bank of America, UBS, Goldman Sachs, Citi, Houlihan Lokey and Wells Fargo.
Who asks what
Our advice from how superdays are usually staffed. The more senior the interviewer, the more the questions move from technicals to judgment.
Recruiters
Motivation, timing and logistics. Treat it as a real interview: recruiters pass notes on.
Analysts and associates
The most technical rooms. Accounting, valuation and the details of your resume.
Vice presidents
A deal you follow, a stock or market view, and why you'd be good at the work.
Managing directors
Fit and judgment. Would they put you in front of a client? Morgan Stanley says it wants a compelling reason for the industry, the firm and the division.
The first round, step by step
The round most guides skip. It is short, so every answer has to land the first time.
Show the six parts
The day before
Learn the bank in five lines
Its groups, two recent deals, one person you spoke with and why you'd pick it over its closest rival.
Why this bank?Minute 1
Tell me about yourself
Ninety seconds, in order, ending on why banking. Know every line of your resume without looking.
Walk me through your backgroundMinutes 3 to 10
Why banking, why us
Two real reasons each, tied to something you did. Generic praise of the culture costs more here than anywhere.
Why investment banking?Minutes 10 to 20
Three to five technicals
Usually the basics: the three statements, a DCF, enterprise value. Short, correct answers beat long ones.
Investment banking interview questionsMinutes 20 to 25
One story
A team, a failure or a hard deadline, told in about a minute with your own part clear.
Banking fit questionsThe last minutes
Your questions
Two about the interviewer's own work. Then a short thank-you note the same day.
Questions to ask
The minute marks are our example for a 30-minute call. Banks don't publish first-round lengths.
16 questions, by round
Grouped by the round where they usually first appear. Expect them again later, with harder follow-ups.
Recorded video4 questions
One take each. Aim for 60 to 90 seconds.
Why investment banking?
What a strong answer does
Two reasons tied to things you have done, and what you want to learn in the job. Practice it, see a model answer
Tell me about a time you worked on a team that struggled.
What a strong answer does
Your own part, what you changed and how it came out, in about a minute. Practice it, see a model answer
What is a market or deal story you have followed recently?
What a strong answer does
One story, why it happened and your view of it. A view is what makes it an answer.
Tell me about a time you failed.
What a strong answer does
A real miss you caused, what you changed and proof the change stuck. Practice it, see a model answer
First round4 questions
Short and mixed. Expect the basics, cleanly.
Walk me through your resume.
What a strong answer does
Ninety seconds, each step explaining the next, ending on why banking. Practice it, see a model answer
- “Why did you leave that role?”
- “What did you do on that deal?”
Why this bank?
What a strong answer does
A group, a deal or a person you met. A reason any bank could claim doesn't count. Practice it, see a model answer
Walk me through the three financial statements.
What a strong answer does
Net income links them. Walk the links in order and skip the line-item tour. Practice it, see a model answer
Depreciation goes up by $10. What happens?
What a strong answer does
State the tax rate first, then move through all three statements and show the balance sheet balances. Practice it, see a model answer
Superday technicals4 questions
Deeper, with follow-ups two or three levels down.
Walk me through a DCF.
What a strong answer does
Cash flows, discount rate, terminal value, then equity value per share. Stop there and let them ask. Practice it, see a model answer
- “Why unlevered cash flow?”
- “What drives the terminal value?”
What is the difference between enterprise value and equity value?
What a strong answer does
Who each belongs to, and the bridge between them with debt and cash. Practice it, see a model answer
Is this deal accretive or dilutive?
What a strong answer does
Compare the cost of the buyer's funding with the target's earnings yield, then add synergies. Practice it, see a model answer
Walk me through an LBO.
What a strong answer does
Buy with debt and equity, pay down debt from cash flow, sell, then the returns. Give a number. Practice it, see a model answer
Superday fit4 questions
Senior rooms. Judgment and conviction matter more than polish.
Why should we hire you over the other people here today?
What a strong answer does
One strength the role needs, with proof. Keep it to a minute. Practice it, see a model answer
Where else are you interviewing?
What a strong answer does
Be honest and consistent. Name the kind of banks, and why this one is your first choice.
Tell me about a time you had too much to do and something had to give.
What a strong answer does
How you chose what came first and who you told. Bankers live this every week. Practice it, see a model answer
What questions do you have for me?
What a strong answer does
Two about their own work and judgment, nothing that is on the website. Practice it, see a model answer
More to prepare with
A four-week plan, by round
Start with the round that comes first and the answers that never change.
Week 1
Story, why banking, why each bank
Write them, then say them out loud until they fit in 90 seconds.
Week 2
The core technicals
Accounting, enterprise value, DCF and LBO basics. Out loud, with a follow-up after each.
Week 3
Video and first-round reps
Record timed answers and do two live mock calls.
Week 4
Superday depth
Harder technicals, a deal you can defend, group questions for the team you want, and a few mental math warm-ups.
What banks publish about their process
From each bank's own careers page, read on October 19, 2026. Pages describe campus programs, and your invitation always wins.
Goldman SachsVideo, then superday
A video interview of about 30 minutes on HireVue, then a series of final round interviews. Typically two to five for campus hires, depending on the division.
Goldman Sachs: how to prepareOur Goldman Sachs guide
Bank of AmericaOn-demand video
First and second rounds by phone, on-demand video, on campus or in an office. The video is about 20 to 30 minutes, 30 seconds to prepare and up to three minutes per answer, with no follow-ups.
Bank of America: application processOur Bank of America guide
CitiFive steps
Apply, a skills evaluation for some programs, a one-on-one first interview, then a final stage of multiple interviews, an assessment or a case study, depending on program and location.
Citi: early career programsDeutsche BankSix stages
Online tests with 96 hours per set, then an interview and an Assessment Centre/Super Day with competency assessments, case studies and a technical interview.
Deutsche Bank: your applicationBarclaysThree steps
Two short interactive assessments, then an assessment centre of two or three stages, including a motivational interview. Third-party AI tools are not allowed in its interviews.
Barclays: how to applyUBSFive stages
Online assessments, a recorded video interview with unlimited practice runs, then a final assessment day of interviews, including meeting senior leaders.
UBS: how we hireMoelisSuited, then two rounds
A 30-minute Suited assessment for US and UK applicants, one or two first-round interviews with bankers, then an onsite final round with multiple senior bankers.
Moelis: explore opportunitiesHoulihan LokeyPhone, then in person
A telephone interview with a recruiter or someone from the business, then in-person interviews over one day or several. It offers feedback to everyone who reached the in-person stage.
Houlihan Lokey: how to applyRothschild & CoAssessment centre
A first-round interview online or in person, then an assessment centre with a senior interview, a group exercise and a case study.
Rothschild & Co: internshipsRun the rounds before the bank does
Soreno's AI interviewer asks banking fit and technical questions out loud, one at a time, with the follow-ups a first-round banker would ask. The first week is free.
Questions people ask
How many rounds are in an investment banking interview process?
Usually three or four after the application: an online assessment at some banks, a video interview or first-round call, sometimes a second round, then the superday. Moelis, for example, has one or two first rounds before an onsite final round.
How long does the process take?
Several weeks. Deutsche Bank says about six weeks pass from application to interview, and every later round adds its own wait.
Is the HireVue the first round?
At many banks, yes. Goldman's first interview is a video interview of about 30 minutes, and its superday follows. Other banks, such as Houlihan Lokey, start with a phone call instead.
Are there technical questions in the first round?
Often. Moelis says its first-round interviews cover technical and behavioral questions. Recorded video interviews lean behavioral: Bank of America calls its questions primarily behavioral.
Is Soreno affiliated with any bank?
No. Soreno is an independent practice tool and is not affiliated with, endorsed by or sponsored by any bank named here. The questions and the first-round example are our own.