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Investment banking interviews can look very different from interviews in other industries. Knowing what will be expected of you and being prepared beforehand will help you ace this interview process. Here is what you need to know before you begin.
Step One: Video Portion
The first step in the hiring process will likely be a video screening, done through HireVue or a similar platform. Instead of sitting in front of another person and answering questions, there will be pre-recorded questions that you will need to answer on a video. You will be able to complete this step on your own time, but your answers will likely be timed, meaning you will have about 90 seconds to answer each question. The types of questions you will be asked during this step will likely be mostly behavioral. You can expect questions you may have heard before, such as “Tell me about yourself” and “Why investment banking?” You may have to answer some technical questions as well, but they likely won’t be too in-depth.
If you have never completed a video interview before, it will be good to practice. While a video interview may sound easier since you aren’t sitting across from another person, the format can still trip you up. Practice answering questions while maintaining eye contact and keeping your answers within a time constraint. Preparing your answers beforehand will also help you be successful. Research common behavioral questions and practice your answers. On the video, you want to appear ready and prepared, but you don’t want to sound robotic. Practice these questions so that when the recording starts, your answers come naturally.
Step 2: First-Round Interview
If you make it through the video round, the next step is typically a first-round interview. This interview will entail one or two 30-minute interviews with analysts or associates. These folks were likely in your position a few years ago, so try and remember that if you’re feeling nervous.
The questions in this round will be both behavioral and technical. The behavioral side of the interview will be similar to the types of questions asked in step one, but they may dive a little deeper. Don’t expect to answer the exact same questions again; be prepared for different behavioral questions.
The technical questions will be trying to gauge your knowledge of fundamentals. Be prepared for questions like “Walk me through the three financial statements,” “How do these financial statements connect?” and “Walk me through a DCF.” Being able to answer these questions clearly and correctly will show that you are competent in the fundamentals of investment banking work. The technical questions may go a level deeper, so be prepared for this as well.
Outside of the behavioral and technical questions, you may be asked some brain teasers. These types of questions are along the lines of “How many basketballs would fit in this room?” and “How many people are using TikTok in Chicago at 1:30 pm on a Wednesday?” With these questions, your actual answer matters less than your reasoning. The interviewer wants to hear you talk through your thought process and see how you’re making quick decisions with guesstimates and logic.
Step 3: Superday
If you make it through the first round interview, you go to the next and final step: the Superday. This step will include a full day of interviews, with the specific number of interviews depending on the firm. You will be interviewing with employees from all levels of the company, from associates all the way to directors. The types of questions that you will be asked are similar to the first-round, with a mix of behavioral and technical questions. However, the questions on this day will go much deeper. These questions will really test your knowledge and test how you handle being unsure of your answers, because you most certainly will be at one point or another during the day.
Superday fatigue is very real. It’s not every day that you spend hours interviewing with different groups of people. Go in with the understanding that this will be a whole-day ordeal. To prepare, you will want to get a great night’s sleep, fuel yourself with a good meal, and be ready to answer questions all day long. Even if you are exhausted, you’ll want the fifth time you’ve walked someone through your resume to be as natural as the first time.
Investment banking interviews can be intimidating and lengthy. Preparing beforehand and knowing what the process will entail will help you to end the process with an offer.
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