investment banking interview case study example

Investment Banking Case Study Examples – A Guide

If you are preparing for an investment banking interview, you’ll probably need to conquer a case study interview. because case studies are a very crucial component in the investment banking hiring process. particularly if you have never completed a case study before, that will be very challenging for you to get into the investment banking field. this article has covered everything you need to know about investment banking and potential investment banking case studies. there are also tips and practice investment banking case study questions with examples of how to resolve them..

What is Investment Banking?

Investment banks are financial firms that perform a variety of tasks, including underwriting, assisting companies with the issuance of stock and debt securities through initial public offerings or fixed-priced offerings enabling mergers and acquisitions on both the buy side and sell side of the deal, corporate restructuring and many other tasks. 

To efficiently complete these significant deals, a firm turns into an investment banker when it requires finance services. With some of the best benefits in the businesses, it is an extremely competitive industry.

How Does Investment Banking Work?

Investment banking offers services and serves as the middleman between businesses and investors and focuses mostly on shares and stock exchanges. 

Investment banking services help big businesses and organizations in developing a successful investment strategy that includes accurate financial instrument valuation.

When a company conducts an IPO or initial public offering, an investment bank purchases the majority of the shares immediately on the firm’s behalf.

The investment bank, which is now serving as a stand-in for the company then sells these shares on the market. The investment bank improves the company’s revenue in this way while also making sure that all governing rules are observed.

The investment bank makes money by marking up the initial price of shares when selling them to investors, helping the organization in making the most profit possible from this activity.

If a circumstance in the market emerges where the stock becomes overpriced, the investment bank also runs the risk of losing money by selling the stock at a lower price. 

An organization should assess its requirements and carefully consider all of its possibilities before seeking guidance from an investor banker. Before the company visits an investment bank, there are a few crucial considerations including the amount of capital being raised and the level of market competition. When the business has clarity in these areas, it can enlist the assistance of investment bankers to find new businesses to invest in.

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Benefits of Investment Banking

Investment banking assists big businesses in a variety of ways to make crucial financial decisions and make sure they maximize revenues. That’s the reason, Investment banks are a prevalent financial institution among these businesses and even governments.

Here Are Some of the Advantages of Investment Banking:

• Investment banks effectively manage their client and provide them with the information they require regarding the advantage and disadvantages of investing their money in other businesses or organizations.
• These banks serve as a bridge between the company and the investor, ensuring a rise in financial capital by helping in major financial transactions like mergers and acquisitions.
• It conducts an in-depth analysis of the deal and project that will be undertaken by its customer to ensure that the client’s money is invested safely and helps to reduce the risks involved with the mentioned deal or project.

What is Investment Banking Case Study?

You must have solved case studies during your investment banking training. 

Analyzing a business condition is done in case studies during investment banking interviews.

You would be provided with all the necessary data and have adequate time to examine broad case studies. There you would be asked for your opinion on business-related issues.

Your Task Includes,

• Make the necessary deduction.
• Investigate the matter, which is typically a client’s business.
• Give suggestions for resolving the current issue along with an explanation.

Investment banking case studies are frequently used to evaluate a job candidate’s potential performance in real circumstances, where your interviewers would give you a problem and ask for a detailed recommendation.

By presenting them with a hypothetical scenario similar to those experiences while working in the field, your job is simply to analyze the scenario and give them justified reasons. 

Case studies are typically presented at the end of the application process, most frequently at the final interview or during the assessment center.

The majority of questions in investment banking case studies revolve around acquisition, capital raising, or business growth.

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What Are the Types of Case Studies?

Take home investment banking case study.

• You will probably receive the case in advance so you have more time to work on it before the assessment day.
• In the case of take-home case studies, you are given a few days to work on them, complete your analysis, and showcase your recommendation to the bankers over a 30-45 minutes presentation.
• It involves a much deeper analysis including merger/LBO modeling, company procedures, and valuation.

On the Spot or Blind Investment Banking Case Study

• On the day of your assessment center, the case can be presented to you blindly with little time for preparation.
• These are given to you on the day of your interview and within an hour or two you are supposed to present it on the spot. 
• The time split for this process would usually be 45-60 minutes of preparation, 10 minutes of presentation followed by a round of question and answer.
• It would not involve such deep study.
• Some case studies on investment banking may occasionally be given as a group task, where the employer will use this as an opportunity to examine the candidate’s analytical skills and teamwork qualities.

Why You Should Prepare for Investment Banking Case Study?

The theory behind these case studies is that because the qualification for various professions varies, bankers don’t trust the conventional method of interviewing applicants.

Case studies are preferred by banking recruiters as a better way to evaluate applicants because they show how you should perform in the workplace. 

You don’t need to worry about whether your response is right or wrong in this situation because the interviewer is more interested in how the candidate thinks and how well they can use logic and analysis to come up with an innovative answer to the challenge at that time.

Investment banking case study writers aim to inspire applicants to come up with their ideas and apply critical thinking.

Candidates for these positions must have a variety of skills, but problem-solving ability is one of the most important. 

Recruiters are interested in learning how you would approach difficult circumstances and use your intelligence, education, and professional experience to handle them successfully.

Additionally, candidates get an amazing chance to practice their other abilities including presentation, communication, and interpersonal skills.

These factors make case studies significantly more important than the other methods of evaluating applicants in the investment banking hiring process.

How to Prepare for Case Studies Before Assessment Day?

• Read as much deal news as you can while preparing and going through the daily market and business news in popular publications.
• Discover the many valuation methods, how they are calculated, and how they are evaluated then try out your calculations after watching YouTube videos or reading information on valuation methods.
• You must prepare a structure using PowerPoint and Excel consistently, especially for modeling and valuation-based case studies.
• Also, improve your familiarity with software like Microsoft Excel so that you can use spreadsheets effectively.
• You should practice the kinds of questions you might get during your presentation. 
• Real case study interview questions used by banks might not be available to you.
• But, knowing that you need to practice, consider contacting a colleague or friend, or mentor you know who has gone through case study rounds for the types of questions they were asked.

How to Solve It and Perform Well During Assessment Day?

• To solve the case study, take an organized strategy.
• Before making a conclusion or deciding how to solve the problem, carefully analyze the case and the questions.
• Professionally prepare Excel and PowerPoint while modeling case studies.
• Every assentation you make should be supported by solid logical arguments, and the first few points should address that case’s most important issues.
• Even if is not necessary, it would be advantageous to have a specialized understanding of the industry being studied.
• Do not beat around the bush as you have limited time and hence be precise as you speak.

Investment Banking Case Study Examples and Answers

The decision-making case and the financial modeling case are two main types of case studies used in investment banking assessments.

Modeling – Investment Banking Case Study

Modeling case studies are typically take-home tasks that require you to perform straightforward valuation and financial modeling.

So rather than being a case study, it is more of a modeling exam.

The investment banker gives an overview of creating models as well as developing a variety of methods for an in-depth and useful understanding of the subject.

The modeling case study will either use a simpler merger or leveraged buyout model or a free cash flow to the business valuation. 

To assess whether the firms are overvalued or undervalued, you would be asked to examine their valuation multiples.

In most cases, you will be given a few days to finish your analysis. Then on the day of the interview, you must spend 30-45 minutes presenting your case to the bankers. 

Because you will have more time to work on it, the analysis will be considerably more in-depth than in a client case or decision-making case study.

Evaluating Strategic Alternative: Case Study 1 

To maximize shareholder value, a magazine publisher is deciding whether to sell, grow organically or make tiny “tuck-in” acquisitions. It is looking for an investment bank to assist it with its alternatives and has asked for a presentation from your company.

Given Materials: 

They would provide you with a firm summary with financial statements and five-year forecasts, a ten-page market analysis with main competitors, minor acquisition candidates, and recent transactions.

• First, go through everything to get a sense of the industry, where it’s going, and how much this firm is worth in comparison.
• Complete a quick assessment using publicly available rivals and prior transactions and a DCF.
• Evaluate the figures provided by the value, the company’s potential for organic growth, and the availability of suitable targets for acquisition.

Decide what to do, in most cases it is advisable to say “Sell” unless the industry is expanding rapidly (Above 10% annually) the company is completely undervalued, or these are acquisition candidates that will increase revenue or profit by at least 20-30%.

After you have come to a decision, you must prepare your presentation and decide what to tell the bankers.

If you are analyzing scenarios like this during a 30-minute presentation, choose 10 slides with 3-4 important themes each and attempt to spend 3-4 minutes on each slide.

If you choose to write “Sell the company”, consider the following steps in preparing a presentation:

• List the three main reasons for recommending selling
• Overview of the industry- Is it expanding? Falling off? Or Being Inactive?
• Position of the company in the industry? Leader or Second level position? Or is it strong or weak?
• What would organic growth look like in five to ten years? How much larger or more valuable would the company be?
• Prospective tuck-in acquisition candidates
• Why organic growth and acquisition are not the answers.
• Why selling now will generate the most shareholder value
• Show prior transactions and public comparable valuations
• Display the DCF output and the sensitivity chart valuation
• Summary- State again that the best course of action is to sell your company right away and that neither organic development nor the acquisition of smaller firms would increase your company’s valuation in five to ten years.

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Decision Making- Investment Banking Case Study

Case studies that include decision-making are more common than case studies that involve modeling.

In this kind of case study, the applicant is required to decide for their client and offer advice.

The client case study can center on locating financial sources or determining whether or not a proposed merger should go forward.

At the interview, you should be prepared for these questions. Because you will have a set amount of time in which to examine and present the case. You will be given a total of 45-60 minutes to prepare and beforehand 10 minutes presentation with a Q&A round.

Case Study 1

A customer owns her company fully and wants to release some liquidity while keeping a stake in it (Worth £400 million) what suggestions would you provide the client to get the best possible price?

Given Materials:

A corporate overview and details about the company’s performance over the last three years are provided.

Examine all financial information thoroughly and forecast the company’s organic development.

Consider the breakdown of the present valuation if you are provided with the relevant facts.

Think about the client’s industry and the expected trends for that market.

• How does the valuation stack up against others in the field?
• Is the current valuation backed up by reliable industry forecasts?
• Given the slow development of the industry, would it be wise to give up more equity?
• Is it expected that this industry will keep growing?

Consider present customer portfolios, projects, etc., while deciding whether any actions could be performed to boost the company’s value.

Think about suggestions for the client’s negotiation strategy:

• How much equity should they be prepared to give up?
• What number should the client choose as their actual reserve price, in your opinion?

Case Study 2

A publicly traded firm contacts you in the hope to raise money. Analysts’ expectations were met by recent profits and the latest financial report, but the company’s market values are lowest throughout the year. The management of the company has developed a project that it hopes would significantly boost EBIDTA and is looking to raise funding for it. What should the business do to raise the required capital?

Given material:

A summary of the business and its financial statements will be provided to you to prepare for this question.

You must think about whether the organization should raise debt or stock.

Think about the market capitalization, share count, and share price:

• How would the company be affected in this environment if it issued fresh shares?
• In terms of dilution of ownership, would equity financing be an appropriate option?
• How would the effect currently differ from what it would be if the share price were back to normal?

Then examine the provided financial statements:

• Would increasing debt be a better course of action if they are actually under management’s predictions?
• How much they could possibly raise?
• What potential problems could a debt increase bring about?
• How could the cost of interest be reduced?

Prepare your presentation by organizing your ideas clearly and go through your questions and thought process to get at your recommendation.

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Potential Acquisition: Case Study 3 

A software company is considering a large acquisition. It has chosen the company it wishes to acquire and has contacted a number of investment banks to obtain their thoughts on the transaction and how much they should pay. Based on these presentation, it will choose an advisor and decide what to do.

Two page summaries of the buyers and seller, each containing financial data as well as statistics and multiples for similar organization.

With a recommendation on whether to move forward with the acquisition and if so, how much to pay for the target, create five minute presentation.

For the very first, you should consider this two question to solve this,

• Should they purchase that target business?
• What price should they want for the target business?

For an example,

Let’s assume that the comparable companies are trading at EBITDA multiples that range from 4 to 8 times, with the median at 6 times and the 75th percentile at 7 times, respectively. You choose the 25th to 75th percentile range of 5x-7x and apply it to the target company’s $10 million EBITDA since the target company’s profit margins and revenue growth are comparable.

Therefore, the purchase price should range between $50 million and $70 million.

If you have access to a computer, you can also design a DSF, but if you are short of time, keep it straightforward and use multiples.

To answer the question “Should they buy?” take note of the following:

• Will the buyer be able to purchase the seller with enough cash, debt, or stock issuances?
• Will the vendor increase the buyer’s revenue and profit?
• Will the buyer benefit from new consumers, new goods, new markets, or other kinds of benefits as a result of the seller’s acquisition?

After concluding these, you can complete your presentation.

Investment Banking Case Study: FAQs

Q. what is an investment banking case study in short terms.

By presenting candidates with a hypothetical scenario that is comparable to those they might face on the job, investment banking case studies are frequently used to evaluate how the candidate would function in real circumstances.

Q. Which skills are tested in investment banking case study interviews?

Candidates’ analytical and financial skills as well as problem-solving, presentation skills, critical thinking, and interpersonal skills are tested during investment banking interviews.

Q. Is there any way to practice investment banking case studies?

There are various tools, financial modeling online courses, and investment banking textbooks accessible to practice investment banking case studies. Additionally, there are certain career services offered at universities and institutions that provide investment banking programs with case studies.

Investment Banking Case Study: Conclusion

The opportunities to demonstrate your abilities and expertise to investment bankers are provided by investment banking case studies, which are a crucial component of an interview process. 

We have covered some of the investment banking case study examples that will help you in preparation for an investment banking interview.

No doubt it is a very competitive yet tough field to break into but we hope, through this article you achieve the success ladder in the investment banking industry.

Author: Swati Varli

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47 case interview examples (from McKinsey, BCG, Bain, etc.)

One of the best ways to prepare for   case interviews  at firms like McKinsey, BCG, or Bain, is by studying case interview examples. 

There are a lot of free sample cases out there, but it's really hard to know where to start. So in this article, we have listed all the best free case examples available, in one place.

The below list of resources includes interactive case interview samples provided by consulting firms, video case interview demonstrations, case books, and materials developed by the team here at IGotAnOffer. Let's continue to the list.

• McKinsey examples
• BCG examples
• Bain examples
• Deloitte examples
• Other firms' examples
• Case books from consulting clubs
• Case interview preparation

Click here to practise 1-on-1 with MBB ex-interviewers

1. mckinsey case interview examples.

• Beautify case interview (McKinsey website)
• Diconsa case interview (McKinsey website)
• Electro-light case interview (McKinsey website)
• GlobaPharm case interview (McKinsey website)
• National Education case interview (McKinsey website)
• Talbot Trucks case interview (McKinsey website)
• Shops Corporation case interview (McKinsey website)
• Conservation Forever case interview (McKinsey website)
• McKinsey case interview guide (by IGotAnOffer)
• McKinsey live case interview extract (by IGotAnOffer) - See below

2. BCG case interview examples

• Foods Inc and GenCo case samples  (BCG website)
• Chateau Boomerang written case interview  (BCG website)
• BCG case interview guide (by IGotAnOffer)
• Written cases guide (by IGotAnOffer)
• BCG live case interview with notes (by IGotAnOffer)
• BCG mock case interview with ex-BCG associate director - Public sector case (by IGotAnOffer)
• BCG mock case interview: Revenue problem case (by IGotAnOffer) - See below

3. Bain case interview examples

• CoffeeCo practice case (Bain website)
• FashionCo practice case (Bain website)
• Associate Consultant mock interview video (Bain website)
• Consultant mock interview video (Bain website)
• Written case interview tips (Bain website)
• Bain case interview guide   (by IGotAnOffer)
• Digital transformation case with ex-Bain consultant
• Bain case mock interview with ex-Bain manager (below)

4. Deloitte case interview examples

• Engagement Strategy practice case (Deloitte website)
• Recreation Unlimited practice case (Deloitte website)
• Strategic Vision practice case (Deloitte website)
• Retail Strategy practice case  (Deloitte website)
• Finance Strategy practice case  (Deloitte website)
• Talent Management practice case (Deloitte website)
• Enterprise Resource Management practice case (Deloitte website)
• Footloose written case  (by Deloitte)
• Deloitte case interview guide (by IGotAnOffer)

5. Accenture case interview examples

• Case interview workbook (by Accenture)
• Accenture case interview guide (by IGotAnOffer)

6. OC&C case interview examples

• Leisure Club case example (by OC&C)
• Imported Spirits case example (by OC&C)

7. Oliver Wyman case interview examples

• Wumbleworld case sample (Oliver Wyman website)
• Aqualine case sample (Oliver Wyman website)
• Oliver Wyman case interview guide (by IGotAnOffer)

8. A.T. Kearney case interview examples

• Promotion planning case question (A.T. Kearney website)
• Consulting case book and examples (by A.T. Kearney)
• AT Kearney case interview guide (by IGotAnOffer)

9. Strategy& / PWC case interview examples

• Presentation overview with sample questions (by Strategy& / PWC)
• Strategy& / PWC case interview guide (by IGotAnOffer)

10. L.E.K. Consulting case interview examples

• Case interview example video walkthrough   (L.E.K. website)
• Market sizing case example video walkthrough  (L.E.K. website)

11. Roland Berger case interview examples

• Transit oriented development case webinar part 1  (Roland Berger website)
• Transit oriented development case webinar part 2   (Roland Berger website)
• 3D printed hip implants case webinar part 1   (Roland Berger website)
• 3D printed hip implants case webinar part 2   (Roland Berger website)
• Roland Berger case interview guide   (by IGotAnOffer)

12. Capital One case interview examples

• Case interview example video walkthrough  (Capital One website)
• Capital One case interview guide (by IGotAnOffer)

13. Consulting clubs case interview examples

• Berkeley case book (2006)
• Columbia case book (2006)
• Darden case book (2012)
• Darden case book (2018)
• Duke case book (2010)
• Duke case book (2014)
• ESADE case book (2011)
• Goizueta case book (2006)
• Illinois case book (2015)
• LBS case book (2006)
• MIT case book (2001)
• Notre Dame case book (2017)
• Ross case book (2010)
• Wharton case book (2010)

Practice with experts

Using case interview examples is a key part of your interview preparation, but it isn’t enough.

At some point you’ll want to practise with friends or family who can give some useful feedback. However, if you really want the best possible preparation for your case interview, you'll also want to work with ex-consultants who have experience running interviews at McKinsey, Bain, BCG, etc.

If you know anyone who fits that description, fantastic! But for most of us, it's tough to find the right connections to make this happen. And it might also be difficult to practice multiple hours with that person unless you know them really well.

Here's the good news. We've already made the connections for you. We’ve created a coaching service where you can do mock case interviews 1-on-1 with ex-interviewers from MBB firms . Start scheduling sessions today!

The IGotAnOffer team

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Investment Banking Case Studies – Job Application

By Ivy Wang |

 Reviewed By Rebecca Baldridge |

November 21, 2022

What are Investment Banking Case Studies

Candidates will normally encounter case studies at the final stage of the application process, likely during an assessment or final-stage interview. Investment banking roles are highly competitive, and candidates must be properly prepared.

Investment banking case studies are commonly used to assess how a job candidate would perform in a real situation by presenting them with a theoretical scenario similar to those encountered on the job.

Most investment banking case study questions center on acquisitions, raising capital, or company expansion. The case may be given to you ‘blind’ on the day of your assessment with only a short amount of time provided for preparation. If the case is likely to involve deep analysis, financial modeling, or a company valuation, you will likely be given the case in advance to give you more time to work on it before the assessment day.

Key Learning Points

• Investment banking case studies are often used to assess how job candidates would perform in a real situation by presenting them with a theoretical scenario like one they would encounter on the job.
• While general questions give the interviewer a superficial impression of the candidate’s skills and fitness, case study questions allow the interviewer to assess the candidate’s ability to handle multiple levels of analysis and problem-solving.
• Case study questions test reasoning and communication skills as well as analytical skills. They are useful for assessing how candidates approach complex issues, make critical judgments, and deliver recommendations.
• With many case study problems, there will be more than one path to success and more than one possible solution.
• Investment banks are looking for decisive candidates who can articulate and logically present their solutions and defend their decisions under scrutiny.

What are the Types of Investment Banking Case Studies?

In general, there are two types of case studies during an investment banking assessment, the decision-making case, and the financial modeling case.

Decision-Making Investment Banking Case Studies

Decision-making case studies appear more frequently than modeling case studies. In this type of case study, the candidate must make decisions for their client and provide advice. The client case studies could be based on finding funding sources, or whether a proposed merger should proceed and why or why not.

You should expect these questions to be given to you at the interview. Therefore, you must analyze and present the case within a given time frame. Throughout, you will have 45-60 minutes of preparation time and a 10-minute presentation, followed by a round of Q&A.

These case studies do not involve in-depth analysis of the case, given the short amount of time available.

Decision-Making Case Study Example

One of your clients is a global corporation that manufactures and distributes a wide range of perfumes. They are contemplating ways to expand their business. They may either introduce a new range of fragrances with their current distribution channels or start a completely new company with different stores.

You need to determine which solution is better for the business. To do so, you need to compare the return on investment and decide on a solution. Be ready to support your reasoning.

Modeling Investment Banking Case Studies

Modeling case studies are usually take-home assignments where you must do financial modeling and a simple valuation. Thus, it is more of a modeling test than a case study. The Investment Banker provides an introduction to building models, developing multiple techniques for a comprehensive and practical understanding of the topic.

The modeling case study will either employ a free cash flow to the firm (FCFF) valuation on a company or require a simple merger or leveraged buyout model. You would be expected to analyze the corporations’ valuation multiples to determine whether they are undervalued or overvalued.

Generally, you will be given a few days to complete your analysis. Then, you need to spend 30-45 minutes on the day of the interview presenting your case to the bankers. The analysis will go much deeper than a client case study because you will have more time to work on it.

Modeling Investment Banking Case Study Example

A pharmaceutical company wishes to make an acquisition. It has identified the target company and approached you to determine how much they should pay. You will be provided with the necessary financial information, metrics, and multiples, as well as the buyer and seller company profiles.

To complete the case study, you need to determine if the acquisition is feasible. Second, what would be the structure and synergies of the deal if the buyer has access to capital? You need to use multiples and valuation metrics to determine the price range for the transaction.

Access the three-statement case study example to practice a modeling case study.

How to Prepare for Investment Banking Case Studies

Regardless of which type of case study a candidate is presented, the thought process and deliverables are the same. The best way to prepare is to:

• Ensure that key business concepts are well understood and that you can use the associated terminology comfortably in a conversation.
• Learn about various valuation techniques, how to employ them, and how to interpret them. Prepare for case studies by mastering valuation for investment banking with the online investment banker course . Learn how and when to utilize key valuation methodologies and the supporting calculations
• Make sure you read business news regularly and focus on discussing the details of banking transactions in the news.
• Read as many case studies as possible so you get the knack of understanding business scenarios and analyzing Especially for modeling and valuation-based case studies, you must be prepared to format your work using PowerPoint and Excel.
• Check company websites to see if sample case studies are available for reference. Investment banks do not tend to publish case study questions for practice. However, it is possible to formulate your own questions by looking at business scenarios involving possible mergers, valuations, or capital raises.
• Candidates must practice streamlining their thought process so judgments can be made under time pressure.
• Read through the scenario carefully before beginning to form an opinion on how the problem should be tackled. This will ensure that no intricacies are missed, and your response addresses all facets of the case.
• Learn how to stand out from the crowd in your interview with the investment banker interview skills course , designed to prepare you for your interviews and enable you to make a great impression.
• Investment Banking Case Study Example

1.     Scenario

A magazine publisher is evaluating whether it should sell, continue to grow organically, or make small “tuck-in” acquisitions to maximize shareholder value. It is selecting an investment bank to advise on its options and has requested a presentation from your bank.

2.     Task

Review the company’s financial and market information and create a 30-minute presentation analyzing its options. Recommend a specific course of action – selling the company, continuing to grow organically, or making smaller acquisitions.

3.     Solution

The answer to this case study is rather subjective. You should take a stand and support it with well thought out reasons. Here’s how you should approach it:

• First, read through everything and get a sense of the industry, where it’s heading, and how much this company might be worth based on comparables. If they don’t give you much information on comparable public companies or precedent transactions, you’ll have to do your own research.
• Complete a brief valuation using public comps, precedent transactions, and a DCF.
• Weigh the numbers the valuation gives you, the company’s organic growth prospects, and whether there are any good companies to acquire.
• Make a decision-it’s usually best to say “sell” unless the industry is growing quickly (over 10% per year), the company is extremely undervalued, or there are acquisition targets that would boost revenue or profit by at least 20-30%.
• Keep this simple and straightforward-the numbers should back up your reasoning, not take over the entire presentation.
• You could get much fancier with the analysis and look at the company’s valuation now, 5 years from now, and if it acquires 1 or 2 companies, but that isn’t necessary and it may just make your presentation more confusing.

4.     Sample Answer

If you decide to sell, you can write:

Slide 1: Recommendation to sell and the three key reasons why.

Slide 2: Industry overview – Is it growing?  Shrinking?  Stagnant?

Slide 3: Company’s position in the industry – Leader?  Tier 2 player?  Where is it strong / weak?

Slide 4: What organic growth would look like 5 or 10 years in the future – how much bigger / more highly-valued would the company be?

Slide 5: Potential tuck-in acquisition candidates.

Slide 6: Why neither organic growth nor acquisitions are the answer.

Slide 7: Why selling now produces the greatest shareholder value.

Slide 8: Valuation – Show public comps and precedent transactions.

Slide 9: Valuation – Show DCF output and sensitivity table.

Slide 10: Conclusion – Reiterate that selling now is the best option and that neither organic growth nor acquiring smaller companies will result in a higher valuation 5-10 years from now.

If you come to a different conclusion – for example, that acquisitions are the best strategy, you would reverse the order and list the solutions you’re not recommending first, concluding with the one you are suggesting.

Investment banking case studies are an important element in the interview process, it is an opportunity to showcase your skills and talent to investment bankers. In general, there are two types of case studies, the decision-making case study and the financial modeling case study. Candidates will need to be confident in their valuation skills. They will also need to display a good level of commercial awareness. Presentation skills are also critical.

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Investment Banking Interview Guide 4.0

Here’s How to Gain an ‘Unfair Advantage’ Over Other Candidates in Investment Banking Interviews

– Without Memorizing Hundreds of Repetitive Questions and Answers

Pitch yourself like a pro

Use our templates to answer the “Walk me through your resume/CV” question

Ace the technical questions

Learn the concepts so you don’t have to “memorize” anything

Prepare efficiently for "fit" questions

Re-use the same few stories to answer any fit/behavioral question

Test yourself and practice for case studies

You’ll get 17+ case studies and 218+ quiz questions with full answer keys

View short course outline  or scroll down for the details

Join Our Community Join the 56,763+ students and professionals who have already used our training to win interviews and job offers Prepare Quickly Get study plans for 4 hours, 2 days, and 1 week, plus an "interview checklist" with the key points you need to know Get Expert Support Unlimited access to course files, 5 years of support/updates/video access, and a 90-day money-back guarantee Test Yourself Complete global case studies, answer quiz questions, and get feedback on your "story" and other interview answers

Gain an Advantage by Quickly Conquering the Two Topics that Matter the Most in IB Interviews:

When you cut away all the fluff, two topics matter more than anything else in investment banking interviews:

1 Your answer to the “Tell me about yourself” or “Walk me through your resume/CV” or “Why are you here?” question.

In my 10+ years of conducting mock interviews, I’ve never once heard a good initial answer to this question.

That’s why it’s so tough to win offers in investment banking interviews – answer that one question wrong in the first 2-3 minutes, and you’re out!

But if you use our templates, and you outline your story and get feedback directly from us , you instantly jump ahead of everyone else in the interview room.

2 Your ability to answer technical questions competently and prove that you can do the work.

Technical knowledge is required to win offers. If you can’t explain the financial statements, valuation, or DCF analysis, you’ve eliminated yourself before the interview even begins.

It’s not possible to learn everything at the last minute because there is a lot of material – but you can focus on the most important concepts and use the quizzes and Excel files in this Interview Guide to make sure you know the ropes.

Our Interview Guide is designed around these two critical topics .

Yes, there’s lot of other stuff in here – fit/behavioral questions and answers, quizzes, practice case studies, industry-specific questions, deal discussions, and more.

But if you answer questions in these two categories like a pro, the rest is icing on the cake .

Highlights of the Investment Banking Interview Guide 4.0 Include:

Take a Look at What You’ll Get Immediately After Signing Up…

Module 1: Action Plan and Quick Start Guide

This module will show you how to get the most out of the Interview Guide with limited time, and what to focus on if you have only a few hours or a few days to prepare.

You get a Quick Start Guide with 4-hour, 2-day, and 1-week-long study plans, as well as checklists of everything you need to do before and after the interview.

You’ll also learn how the recruiting process works and what you must do to be a competitive candidate.

• 3 Written Guides: Quick Start Guide, Interview Checklist and What to Do Before and After the Interview, and The Recruiting Process and Differences at the MBA Level and in Other Countries.

Module 2: How to Tell Your Story (Resume Walkthrough Tutorials)

In this module, you’ll learn how to answer the most important question in any interview: “Tell me about yourself” or “Walk me through your resume/CV” or “Why are you here today?”

If you answer this question effectively, all the other “fit” questions will be easy because you can keep referencing your ‘story’ to answer those questions.

If you don’t answer this question effectively, the rest of the interview is pointless because the interviewer will stop paying attention after 1-2 minutes.

• 1 Written Guide: How to Tell Your Story in Interviews.
• 4 Slide Presentations and 4 Videos: Overall Strategy, Undergrads and Recent Grads, Experienced Professionals and MBA-Level Candidates, and IB Exit Opportunities.
• 5 Templates and Executed Examples for Undergrads and Recent Grads: Engineer to IB, Liberal Arts to IB, Mixed Finance to IB, Previous Banking Experience to IB, and Consulting to IB.
• 8 Templates and Executed Examples for MBA-Level Candidates and Career Changers: Big 4 and Accounting to IB, Corporate Finance to IB, Experienced Executive to IB, Law to IB, Back and Middle Office to IB, Military to IB, Equity Research or Sales & Trading to IB, and Entrepreneurship to IB.
• 5 Templates and Executed Examples for IB Exit Opportunities: IB to Private Equity, IB to Hedge Funds, IB to Venture Capital, IB to Other Groups, and IB to Other Banks.

Module 3: Fit Questions and Deal and Market Discussions

In this module of the Interview Guide, you’ll learn how to answer “fit” questions (e.g., your strengths, weaknesses, and leadership skills) and how to discuss deals, companies, and markets, including your own deal experience.

Instead of presenting a laundry list of questions and answers, we focus on the strategies behind answering questions and how to prepare your discussions efficiently. We provide sample answers for the key “fit” questions as well as many examples of transaction discussions – for IPOs and equity deals, M&A deals, and debt deals.

You’ll also learn how to present your work if you have non-investment-banking deal experience, such as client work at a Big 4 firm, law firm, consulting firm, or in a credit risk role.

• 3 Written Guides: “Fit” Questions and Answers, Deal and Market Discussions, and How to Discuss Your Own Deal Experience.
• 3 Templates and Executed Examples for Deal and Market Discussions: One initial public offering (IPO) example, one leveraged buyout (LBO) example, and one shipping/maritime market discussion example.
• 3 Templates and Executed Examples for Discussing Your Own Deal Experience: One sell-side M&A example, one buy-side M&A example, and one capital markets (debt/equity) example.

Module 4: Technical Questions and Answers

In this module, you’ll master all the technical concepts.

You’ll start by learning about the core concepts required to understand everything else: The time value of money, present value, net present value, discount rates, WACC, and IRR.

Then, you’ll move into accounting and 3-statement modeling, equity value and enterprise value, and valuation and DCF analysis.

The remaining lessons and guides cover M&A deals and merger models, leveraged buyouts and LBO models, and more specialized topics such as private companies, equity and debt capital markets analysis, and industry-specific technical questions.

Each guide has “key rules of thumb” that explain the concepts, as well as interview questions and answers and accompanying Excel files so you can test yourself.

The core sections alone have 578+ pages of instruction and guidance, along with hundreds of annotated diagrams and screenshots, making this the most comprehensive coverage of technical questions available on the planet.

• 10+ Written Guides: Core Concepts, Accounting and the Three Financial Statements, Equity Value and Enterprise Value, Valuation and DCF Analysis, M&A and Merger Models, Leveraged Buyouts and LBO Models, Industry-Specific Guides (Real Estate; Oil & Gas; Banks and Insurance; and Restructuring), Equity and Debt Capital Markets and Leveraged Finance, and Private Companies.
• 18+ Excel Files: These files concisely demonstrate all the mechanics, from the fundamental concepts to their actual application to real-life deals.
• Short Video Walk-Through for Each Guide: These short tutorials summarize the most important points for each topic and explain how to use the written guides, questions and answers, and Excel files efficiently.

Module 5: Interactive Quizzes

This module lets you test your knowledge of the key technical topics by completing quizzes on Core Concepts, Accounting, Equity Value and Enterprise Value, Valuation and DCF Analysis, Merger Models, and LBO Models.

These quizzes are intended to be CHALLENGING – even if you have excellent knowledge of the material, you are unlikely to pass with a score of at least 90% on your first attempt.

Once you’ve tested yourself with these quizzes, you can download the full answer keys to verify that you understand the fundamental concepts.

In total, you’ll get to test yourself with 218+ questions across all the topics.

• 6 Interactive Quizzes: These cover the core technical topics and expand on the questions and answers covered in the technical sections of the Interview Guide in Module 4. There are many trick questions!

Module 6: Case Study Exercises

In this module, you’ll get practice completing a variety of case studies and modeling tests given in interviews and at assessment centers in the EMEA region.

The time required for these case studies ranges from 30 minutes up to 2 hours to simulate the time pressure you will encounter in interviews.

The topics covered include 3-statement modeling, valuation and DCF analysis, M&A and merger models, LBO modeling, and credit analysis. There are both qualitative and quantitative case studies, and some exercises mix the two.

We feature companies and deals from all 6 inhabited continents and a variety of industries, including airlines, manufacturing, professional services, retail, and more.

• 3 Three-Statement Modeling Exercises: A 30-minute case for Illinois Tool Works (U.S.), a 60-minute case for Frank Recruitment (U.K.), and a 90-minute case for Avianca (Colombia).
• 3 Valuation and DCF Exercises: A 30-minute case for Idea Cellular (India), a 90-minute case for Michael Hill (Australia and New Zealand), and a 30-minute case for Attendo (Nordics).
• 6 M&A and Merger Model Exercises: A 30-minute case for Steinhoff (South Africa), a 30-minute qualitative M&A deal discussion, a 30-minute deal discussion case for DSV (Europe), a 30-minute assessment center M&A case study, a 60-minute M&A calculations case study, and a 90-minute M&A case study on Starbucks and Krispy Kreme (U.S.).
• 4 Leveraged Buyout and LBO Model Exercises: A 30-minute “paper LBO” model, a 60-minute case for Diana Shipping (Greece), a 90-minute case for Fromageries Bel (France), and a 2-hour case for My Family Fit (Singapore).
• 1 Debt vs. Equity Exercise: 60-minute case for Central Japan Railway (Japan).

Hear Directly from Customers Who Achieved Spectacular RESULTS with the Investment Banking Interview Guide:

“i was shocked at just how well the guide prepared me for the questions they asked. it was like they were quizzing me on the guide.”.

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“I wanted to let you know that I have secured a graduate position at a bulge bracket investment bank. I would not have been able to get through the technical interview questions without the interview guide.”

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“I have secured 4 summer associate offers in London in IBD at Goldman Sachs, Morgan Stanley, Credit Suisse, and Nomura.”

The BIWS Interactive Learning Portal is Your Roadmap to Fast Understanding and Quick Answers from Our Expert Support Team

Can I See Samples of What’s in the Guide?

Sure! Just click on the links below to check out a few samples of what’s inside:

• Sample “Story” Template and Example – Engineer or Technical Major to IB
• Sample Chapter from the “Fit” Questions and Answers – Strengths and Weaknesses
• Sample Technical Guide and Excel Files – Equity Value, Enterprise Value, and Valuation Multiples
• Sample 30-Minute Case Study – Three-Statement Projection Model for Illinois Tool Works

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Plus Expert Support From Experienced Investment Bankers

Just moments after you enroll, you’ll receive Instant Access to the entire Guide.

Everything is digital, so you do not have to wait for physical products to arrive in the mail, and there are no shipping charges.

But that’s not the best part.

The best part is 365-day-per-year expert support, for a full 5 years after purchase!

If there’s anything at all you don’t understand or need to clarify, just go to the “Question/Comment” area below each and every lesson, and ask your question there.

These comments are monitored and responded to by our expert support team – every one of whom has personal experience working on deals at investment banks, private equity firms, and other finance firms.

That ensures that you’ll get responses from people with deep experience in the field – not a clueless high school temp clutching the “Help Desk” manual.

This personalized, expert support is one of the things that sets Breaking Into Wall Street apart and gets you to your goals faster.

You can often learn just as much from reading other customers’ questions and our responses, as you will from the lessons themselves!

Our 1-on-1 coaching rate is $200+ per hour. But when you invest in the Investment Banking Interview Guide 4.0, personal support is included for FREE .

NOTE: There are some limitations to these support services. For example, we cannot complete models, case studies, or homework assignments for you.

We also cannot provide play-by-play support with an earpiece during interviews.

Finally, we cannot answer questions on topics not covered in the guide, such as sales & trading interview questions or coding/programming interview questions.

We’re happy to answer career-related, qualitative, and technical questions that are related to the course materials.

So, What’s Your Investment in the IB Interview Guide 4.0 ?

To put this in context, let’s look at your Return on Investment in this guide…

The compensation for entry-level investment banking jobs varies from year to year, but it’s safe to say that even entry-level Analysts right out of university earn $150,000 USD at the bare minimum.

And the pay range is often more like $150,000 – $200,000, depending on your region and firm.

At the MBA level, that climbs to $300,000 – $400,000 USD or more (again, just in your first year out of school).

And as you progress, your total compensation only gets higher and higher; top senior bankers earn over $1 million USD annually.

And every top banker had to start at the entry level and get their foot in the door, just like you today.

So, we could charge $500 or $1,000 for this Guide because of the huge payoff potential and the fact it’s flat-out impossible to find out all this information and knowledge any other way (unless you have several years to do full-time research).

But I also want to make this information as accessible as possible to the finance community.

Many customers who sign up for the Interview Guide are so impressed that they go on to do more business with us down the road – so it benefits both of us if I lower the barrier to entry as much as possible.

That’s why I’ve decided to offer the complete Investment Banking Interview Guide, including everything described above, for a one-time payment of just $197.

At $197, the price shouldn’t be an object – the right role at the right firm could make you thousands of times that amount over the course of your career.

And perhaps more importantly: You only get one chance to make a good first impression.

That’s why we focus so heavily on your “story” in this Guide: You can do all the preparation in the world, but if you mess up those first 2-3 minutes of the interview, it’s all over.

How much is it worth to avoid that disastrous, but all-too-common, outcome?

An IB internship at a large bank pays $15,000+ USD, and a full-time role pays 10x that amount (or more), so the answer is “A lot more than $197.”

And just in case you’re not totally convinced this Guide is for you, rest assured that you’re covered by our risk-free 90-Day Money-Back Guarantee:

Here’s What Happens Within Minutes of Signing Up

Once you sign up, you’ll immediately have access to the 578+ pages of written technical guides, the 18 templates for pitching yourself in interviews, the “Fit” guide and the deal/market discussion templates, the 18+ Excel files, the 218+ practice quiz questions, the 17 case studies, the video tutorials, and more.

And you’ll have access to our expert support team to ask whatever questions you need, for a full 5 years after purchase.

You’ll also get free updates and new content as we add it.

A Simple Choice…

If you are reading this right now, you’re serious about a career in investment banking, private equity, or hedge funds…

You know the importance of your first impression in that initial 30-minute interview and your performance in the interviews that follow.

Interview success can be the difference between a lucrative career at prestigious firms like Goldman Sachs, Morgan Stanley, KKR, and Blackstone… or the back office.

Sure… you could ‘wing it,’ hope for the best, and take a huge risk with your future, even though you know you are competing against some of the best and brightest…

You could prepare to dominate your competition, gain an unfair advantage, and land one of the limited investment banking opportunities available, by investing in the Investment Banking Interview Guide 4.0.

I know you will make the right choice so that you start landing six-figure job offers with investment banks – places that just might make your friends a bit jealous when they hear about your success!

Click here now to gain Instant Access to the Investment Banking Interview Guide .

To YOUR success,

Brian DeChesare Breaking Into Wall Street Founder

P.S. It is never too early to start preparing for the most important interview of your career. Gain Instant Access to the Secure Members’ Area now, and you will receive an email with login instructions within a few short minutes.

In case the Investment Banking Interview Guide 4.0 isn’t everything I say it is, you are covered by our no-questions-asked, 100% risk-free money-back guarantee. You have nothing to lose, and a rewarding career in finance to gain.

P.P.S. Business philosopher Jim Rohn once said, “We must all suffer from one of two pains: the pain of discipline or the pain of regret. The difference is, discipline weighs ounces while regret weighs tons.”

My hope is that you do everything you can to ace your interviews and that you never have to live with the knowledge that there’s something you could have done to succeed, but didn’t.

Sign up now , and I’ll see you on the other side.

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Practicing An Investment Banking Case Study:

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If you’re in the midst of interviewing for a role within an investment bank, you most likely will need to ace a case study interview. This can be stressful, especially if you’ve never gone through the process of a case study before. This article  shows you everything you need to know about a possible banking case study. It even has tips and a case study practice question with guidance on how to solve the given problem. Definitely check it out and try to solve the question for some excellent prep.

Some prep work to do  before  your case study interview:

• Read daily about the market and business news, such as through popular newspapers like The New York Times or The Wall Street Journal (having a college email address through Bentley can get your accounts for FREE)!
• Watch Youtube videos or read up on valuation techniques and try your own calculations.
• Become more comfortable with tools like Microsoft Excel and be ready to use spreadsheets efficiently.

There are different types of case studies, such as those in which you need to make decisions or where you have to conduct financial modeling. Remember, practice is the only way to get used to this type of interview and it will greatly help you snatch your IB role!

The Complete Guide to Investment Banking Interview Questions

Investment banking is an incredibly competitive field to interview for and work in. 

Whether you’re aiming for a small boutique firm or a bulge-bracket firm, you’ll be competing for a position with dozens, or hundreds, of other possible applicants. In your investment banking interviews, your work ethic, hustle, and technical knowledge will be what sets you apart – and your passion for the work and people skills will be what sells the firm on YOU. 

Most of the below investment banking interview questions are directed at candidates entering investment banking at the pre-MBA level. If you are entering investment banking after a few years working in another finance sector or post-MBA, you can expect a bit more technical questions than I cover here. 

The first category of questions you can expect are basic “fit” questions. 

Investment Banking Fit Questions

These questions are your generic interview questions, but they give you a really good chance to sell yourself. This is where your “soft” resume skills can show up well: work ethic, public speaking, and good old-fashioned hustle.  

Walk me through your resume.

This is not supposed to be your full life history – your interviewer has already looked over your resume and knows what’s there. Keep it brief, and pull out specific items of interest. 

If you’ve had some real finance experience – e.g. if you managed your finance club’s practice investment fund – talk about your results, the most interesting thing you learned, or some other important bit. 

If the interviewer asks specific questions about resume items, feel free to go into more detail. If you have experience listed that isn’t specifically related to investment banking, be prepared to tie it to the specific job you’re interviewing for. For example, if you were a club or professional fraternity president, or a sports team captain, highlight the leadership experience you’ve gained and how it could help you on the job. 

If you’ve done your research about the firm (and even the specific interviewer if you’re lucky) you can use this question to highlight specific things about your resume that would impress that person specifically. If you looked up your recruiter on LinkedIn before the interview, you might see items in their CV that can tie to yours – maybe they were in the same fraternity, or you both have a specific interest in international banking. Only do this if it’s genuine; it’s not something that can be forced. 

Don’t be afraid to conduct this type of research ahead of time. To some degree, they’re doing it to you – you should feel free to find out more about them too. Just don’t divulge so much that you come across as creepy. 

Why should we pick you?

Investment banking is so competitive that you have nothing to lose by giving a positive, confident pitch about yourself. 

In your preparation, you should ask yourself “What (actually) sets you apart? What makes you unique?” 

Create a one- or two-sentence description of yourself. Your tagline, your slogan, your elevator pitch; whatever you want to call it, it’s a powerful description of how you’re ready to bring value to the world. 

And remember that the biggest thing they are looking for is work ethic and hustle so make sure you show in your pitch how passionate and excited you are for this job.

Why investment banking? 

Recruiters want to know you’re serious about investment banking. Your answer to this question reveals a lot about why you’re sitting in that chair in the recruiter’s office. 

Are you looking for an interesting, challenging career? Are you ready to work long hours?

Do you want a job with prestige and a big paycheck? (Hint: even if you do, don’t talk about that during your interviews).

If you’re going into investment banking because you hope to springboard to a different area of finance in a few years, like VC, growth equity, or private equity, that’s fine. It’s a very popular path for young finance professionals. However, the company you’re interviewing for now doesn’t want to know about your future plans to leave them! So don’t discuss this in your interviews. 

Their main concern is that you will be a reliable, hardworking, creative employee – and stay long enough that you can be an asset to the company. 

If you have a specific interest or life experience that has drawn you to investment banking as a career, feel free to give a more personal reason why it’s important to you – but again, it’s not the time for a long story. 

For a deeper dive on why investment banking , check out this article.

What kind of work environment do you do well in?

Everyone is different, and every bank is different (or wants to think they are). 

Interviewers are looking for candidates who thrive in a fast-paced, ambitious, and competitive environment. In your answer, make sure to back it up with examples from your past experience.

What are your hobbies?

This is a good opportunity to let your personal side show a bit. 

Whether you like mountain climbing, oil painting, or something else, this is a nice way to show your employer that you are a well-rounded person with unique interests outside of work. 

If your favorite hobby is truly reading the Wall Street Journal and keeping up with the stock market, absolutely say so – but you don’t have to pretend it is just for the sake of the job. 

Keep the answer brief – this answer is likely not going to get you the job.  So, answer succinctly and let them see a new side of you.  Then move on.

Why This Bank?

To answer this question, do your research before the interview. 

Show your interviewer that you’ve researched all the external facing information about the bank.  For instance, what does the website say about the bank’s strategy?  What did the CEO talk about on the recent earnings call?  

This is also a good opportunity to show off any networking you’ve done. If you attended a campus event or spoke to a recruiter before interviewing, this is a good time to drop names and mention what you learned about the company. “I spoke to X at the Y event, and he told me about this company’s role in Z. I’m especially interested in Z, and am looking forward to working on Z- related projects in the next few years.” 

If you have specific social ethics or values, you can mention how they line up with the company’s CSR or ESG goals – but this shouldn’t necessarily be the main reason you chose the firm.  But don’t go overboard here, unless you’re specifically interviewing for an ESG role.

Investment Banking Behavioral Questions

I’m not going to go into a lot of detail on these. They’re pretty standard interview questions. Be prepared to answer them, but put most of your preparation into the technical and firm-specific questions.

• What’s the thing you’re most proud of?
• What is your biggest strength?
• What is your biggest weakness and how do you deal with it?
• How do you deal with stress?
• Tell me about a time you had to work extremely hard.

Investment Banking Technical Interview Questions 

This is the real meat of an investment banking interview. Knowing the principles of finance and investing inside out will go further towards distinguishing you from other candidates than any discussion of your personal preferences.  

What is the difference between equity value and enterprise value?

Equity value is a component of enterprise value.

The enterprise value is the full value of any business.  Because many businesses have debt, part of this value will be attributable to NET DEBT, while the rest will be attributed to EQUITY.

Enterprise value = Equity + Net Debt

Investors who are interested in valuing or acquiring entire businesses are generally interested in enterprise value. If you are going into private equity where leverage is heavily emphasized as an acquisition strategy, you will certainly rely on  enterprise valuation. 

Think of it like the value of a home.  The enterprise value is the price you sell your home for – let’s say $1 million.  However, because you have a mortgage on the home with an outstanding balance of $300,000, then you only have $700,000 in equity value.  This means when you sell for $1 million you would only get $700,000 in net proceeds (or equity) when you sell.

Same idea as enterprise value vs. equity value.

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What is EBITDA, and why are EBITDA multiples sometimes preferred to P/E ratios?

EBITDA is earnings before interest, tax, depreciation, and amortization. 

A company valuation based on EBITDA often reflects the true value of a company better than a P/E ratio for one important reason: it excludes capital structure and non-core factors from the company’s earnings. 

Since Net Income includes so many one-off things that may not be reflective of the ongoing business activities, it can skew the company valuation’s valuation, which should only reflect going forward activities. 

What are the main valuation methods for companies?

A few of the primary methods for companies are discounted cash flow (DCF), comparables or multiple analysis, and asset-based valuation. 

Discounted cash flow is very common among investment bankers, as it gives the theoretical value of any company.  It essentially calculates the value of the business by projecting forward its cash flows and then discounting them back to today’s date, using a discount rate.  The downside of this method is that it relies on several assumptions and can be too theoretical to use in practice.  

Comparable analysis compares the sale price or market valuation of the company in question to other similar companies in the market. There are two kinds of comparables – “trading” comps, which compares public companies, and “acquisition” comps, which compares M&A deals.  The companies have to be similar in terms of industry, size and yearly earnings to be comparable in value. This valuation method is extremely common since it shows the actual market prices of real companies in the market, rather than some theoretical value as in the case of DCF.

Another form of valuation is called “replacement value.” If a company is being sold, one way to value it is by calculating the cost required to completely rebuild or duplicate the company.  If a company wants to sell for $400 million, but buyers know they can rebuild its assets for just $50 million, this may constrain the valuation the company can achieve in its sale process.

Which has a higher cost of capital: debt or equity? Why?

Equity financing has a higher cost of capital than debt financing. 

This is because the providers of the financing take on a greater risk in providing equity than they would in providing debt. They will demand a higher return on their money to compensate for the increased risk. 

Companies have a legal requirement to pay back the debt they owe before the equity, and they must make debt payments before they pay dividends to shareholders. This offers a few benefits. First, it decreases the risk that they will default on the debt, creating the possibility of a lower cost of capital. Second, the interest the company will pay on that debt is usually tax-deductible, reducing their cost of capital by their corporate tax rate. 

Equity financing has none of these benefits. The company has no legal obligation to pay shareholders. This alone creates more risk for the shareholders, and they will demand a higher return in exchange. Payments to shareholders are also not tax-deductible as interest on debt financing is. Because of this, even equity financing that provides the same rate of return as debt financing will always be more expensive to the company because of the tax rate. 

Explain what net working capital is, and how it impacts cash flow.

Net working capital is the difference between a company’s current assets (excluding cash) and current liabilities (excluding current portion of long-term debt). 

It shows two important things: 

First, it shows how easily a company would be able to meet their current liabilities with their current assets, should they need to in an emergency. 

Second, working capital can be a significant source (or use) of cash for the business in ongoing operations. Changes to the net working capital will increase or decrease the unlevered free cash flow of the firm.  

Walk Me Through a DCF

This is another technical question, and one that requires slightly more preparation than the others. 

The key here is preparation – the interviewer wants to see not only that you have the technical knowledge, but that you are mentally organized enough to discuss it fluently and intelligently. 

To answer this question in an interview, follow a basic outline in your head that you can flesh out as you go. Something like this: 

Define DCF: A DCF, or discounted cash flow model, shows the value of future cash flows from a company over a period of time, adjusted by a discount rate back to the present time period. 

State the purpose of a DCF: The end goal of a DCF is to determine the theoretical enterprise value of a company . This gives potential investors a realistic idea of the value in the company independent of market forces. This is a solid anchor for valuation and pricing estimates. 

Explain how a DCF works: Before you can find the discount part of a DCF, you have to find the cash flow part. You will need to project forward a cash flow statement to find free cash flow for the end of each period – usually five years. To do this, you will need the EBITDA and other financial metrics affecting cash besides EBITDA to get down to Free Cash Flow for each projected year (e.g. interest, working capital, taxes, capital expenditures, etc.). .

Once you have the ending free cash flow for each period, you need to calculate the discount rate in order to find the present value of each year’s cash flow. The discount rate is calculated by finding the WACC (weighted average cost of capital) for the company. This is a weighted average of the returns that debt and equity investors can expect from the deal. If the company is highly leveraged, the WACC will generally be lower than if it is financed with larger amounts of equity. 

Now that you have the WACC and the free cash flow for each year, you then have to discount each year’s cash flow separately back to the present day, based on the WACC and the time period for each cash amount. 

Finally, you’ll need to calculate the “terminal value” of the enterprise.  This is the value of all cash flows that occur outside of the projection period (e.g. if the projection period is 5 years, then the terminal value is for year 6 and beyond).  You can calculate this value either through a perpetual growth rate or by applying a valuation multiple to the FCF in that year.  Likewise, you will then apply the discount rate to see the present day valuation of the terminal value.

Once you have all the present-day equivalents of the cash flows, you can add them all together to obtain an approximate company valuation. 

Discuss pros and cons of a DCF:

• Pros: Assuming that the WACC and assumed growth rate are accurate, the DCF is one of the best ways to obtain a company valuation. It eliminates the impact of prevaling market forces.
• Cons: The Con is the same as the Pro:  Market forces.  While the DCF eliminates the impact of market forces outside the company’s control, these forces CAN and DO easily change the valuation of companies overnight in the real world.  Also, the DCF relies on several assumptions (WACC, discount rate, etc.) that are theoretical and hard to justify. 

How are the three main financial statements linked?

Like the last question, this is one that is best answered with a basic framework that you can build off of. 

Describe the three main financial statements: 

• Income statement: shows all revenue and expenses for the past fiscal period
• Balance sheet: shows all assets, liabilities, and equity at the end of the period
• Cash flow statement: translates the accrual accounting basis to actual cash on hand for the period

Describe how they impact each other: 

The first statement you have to compile is the income statement. This shows all the revenue earned and expenses incurred.

The balance sheet , of course, is impacted by the income statement because net income (or loss) from the period flows through to retained earnings in the equity section of the balance sheet, where it can be distributed to owners and shareholders.  

There are other income statement items that impact other balance items. A prominent example is depreciation & amortization and how it impacts the balance of PP&E on the balance sheet.

Finally, the cash flow statement pulls from both the income statement and the balance sheet.  The cash flow statement ultimately measures the change in cash flow for the business.  The change in cash is ultimately quite different from the income it earns, but this statement helps you track the differences.  This statement starts with net income from the income statement, and then it will detail all non-cash items that are counted within net income (e.g. operating activities) or need to be included (e.g. investing or financing activities).  Examples include capital expenditures from the balance sheet, and depreciation from the income statement. 

Then, the change in cash flow measured on the cash flow statement is ultimately reflected back on the balance sheet!

To cross-check the ending cash balance on the balance sheet, you can check that the ending cash balance from the last period plus the current period’s cash from operations, investing, and financing (cash flow statement) are the same. 

Investment Banking Case Study

Your investment banking interview may include a case study. While this is more common in sectors like private equity or growth equity , you may also see it here, especially at interviews above entry-level positions. 

In general, though, investment bankers prefer to test your knowledge with technical questions and follow-ups like the information in this article, rather than actual assignments. 

Private equity interviews may include a detailed take-home case study or in-person valuation model. 

The most common case study you’ll see in an investment banking interview process would be a very light DCF model with little complexity. This is something you might only see at a very small boutique firm, and won’t see at all at larger firms or bulge-bracket banks – they simply don’t have the time or capacity to review case studies on a large scale. 

If you’re going into investment banking as a step to a future career in private or growth equity, the case study is a good thing to remember for the future, but you most likely won’t need to deal with it now. 

Questions To Ask Your Investment Banking Interviewer

This is a good time to ask any questions you may have about company culture or specific answers to questions you may have thought of that you couldn’t find on the website. 

If you did some networking before the interview, you can mention any questions you didn’t get to ask in your networking conversations. “I really enjoyed speaking with X about the work this bank is doing with Y. I’d love to know more about that project.” 

This isn’t the time to appear self-interested in working hours or salary. Think of it as the flip side of the interviewer’s “why should we hire you?” question. Now you get to ask questions to see if you are a good personality and work style fit for the company. You can also ask your interviewer more personal questions.

“What is your favorite part about working for X?” 

 “What were your first couple years working for X bank like? Is that a similar experience to what new hires now can expect?”

Preparing for a big career interview like investment banking can be a bit nerve-wracking if you haven’t done many like it before. Don’t worry – you’ll get over it quickly. Practice in front of a mirror, or record yourself giving confident answers. Investment banking is a rewarding, lucrative career, and you’re ready to do what it takes to get you there.

Preparing for an investment banking interview requires a thorough understanding of the various types of questions that may be asked, such as fit, behavioral, and technical inquiries. 

It is critical to conduct research on the bank you are interviewing with and be able to articulate why you want to work for them.

Technical questions, such as walking through a DCF and understanding the relationship between financial statements, must also be mastered. Furthermore, practicing investment banking case studies and preparing thoughtful interview questions can help you stand out and make a good impression.

You will be better prepared to succeed in your investment banking interview (including your HireVue interview ) and land your dream job if you follow this guide.

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Best Investment Banking Interview Prep Courses

What are investment banking case studies, why do investment banks ask case study questions, how to tackle a case study question, how to prepare for investment banking case studies, tips to help you impress, investment banking case study interviews.

Updated October 11, 2023

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3. The Ultimate Guide to the Technical Finance Interview - Wall Street Prep

The Ultimate Guide to the Technical Finance Interview by Wall Street Prep is a comprehensive resource for those looking to prepare for a finance interview. It covers a wide range of topics, including financial statement analysis, valuation techniques, and corporate finance. The guide provides in-depth explanations, step-by-step instructions, and real-world examples to help readers understand these complex concepts. It also includes practice problems and interview questions to help readers hone their skills and prepare for the interview process. Overall, The Ultimate Guide to the Technical Finance Interview is an invaluable resource for anyone seeking to succeed in a finance interview.

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When going through the application process for a graduate role at an investment bank, you will likely be faced with a case study interview . Investment banking roles are highly competitive and you must be properly prepared.

This article, along with our comprehensive article on case study interviews , will ensure you know what's coming and can prepare with confidence.

Investment banking case studies are commonly used to assess how a job candidate would perform in a real situation, by presenting them with a theoretical scenario similar to those encountered working in the role.

You will normally encounter case studies at the final stage of the application process, likely during an assessment centre or final-stage interview.

Most investment banking case study questions centre on  acquisition , raising capital or company expansion. The case may be given to you ‘blind’ on the day of your assessment centre with only a short amount of time provided for preparation.

If the case is likely to involve deep analysis, financial modelling or company valuations, you will likely be given the case in advance, to give you more time to work on it before the assessment day.

In some cases, the investment banking case study may be presented as a group task . This is an opportunity for the employer to test how candidates work in teams, as well as their analytical skills .

While  general interview questions can give a surface impression of a candidate’s skills and suitability, case study questions enable interviewers to assess the candidate’s ability to approach a multi-layered client problem . 

Case study questions are not only testing a candidate’s analytical skills but also their ability to reason and communicate. They are useful for assessing how candidates tackle complex problems, make key judgements and present their recommendations.

With many case study questions, there will be more than one way to successfully approach the problem and more than one possible solution. Investment banks are looking for decisive candidates who can present their solution clearly and logically, and defend their decisions under scrutiny.

These questions are not designed to test in-depth sector knowledge but are an opportunity to display the commercial awareness investment banks seek. 

Facing a case study exercise can be daunting. Here are some key tips to help you get started:

• Read through the scenario carefully – at least twice – before beginning to form an opinion on how the problem should be tackled. This will ensure that no intricacies are missed and your response addresses all facets of the case.
• Review the information presented and make informed and necessary assumptions where needed.
• Take time over your analysis:  consider all possible courses of action before settling upon your recommendations.
• If financial information is provided, take note of this carefully. Do not shy away from performing calculations to support your recommendations.

Candidates will likely be asked to give a presentation of their findings at the end of the task.

When preparing your presentation, make sure you outline the path you have taken clearly. It is important to display why the choice was made to discard other courses of action in favour of the selected recommendation.

The case study questions are not necessarily about finding a correct answer, but rather the thought process and analytical skills used to tackle a problem.

What to Expect During a Case Study Interview

Case studies for investment banking interviews come in two forms:

• Take-home case studies
• Blind or on-the-spot case studies

Take-Home Case Studies

Take-home case studies are usually given to candidates up to a week before they are scheduled to attend an interview or assessment day .

You will be expected to work on it at home and then present your analysis and recommendations in a 30 to 45-minute presentation when attending your interview. The level of analysis must reflect the amount of time allowed to complete the task.

Due to the extra time allowed, a take-home case study will usually be a financial modelling case study which will require more in-depth research. Financial modelling and simple valuation will be required.

This may be preparing a straightforward merger, presenting the process for a Leveraged Buy Out (LBO) or performing an FCFF (free cash flow to firm) valuation.

Candidates will need to be confident with valuation multiples; for example, looking at equity and enterprise value to determine accurate, over- or under-valuation.

For more help and advice on investment banking valuations, see our article on Company Valuation Interview Questions .

Blind Case Studies

Blind case studies will be given to the candidate on the day of an assessment centre or later-stage interview.

During a blind case study assessment, a candidate will normally face a decision-making case study, which will not require in-depth research.

These may focus upon whether a particular merger should take place, how to achieve the best valuation or identifying sources through which capital could be raised. These questions are looking more at a candidate’s problem-solving skills and commercial awareness , rather than deep analysis.

Candidates will be given around one hour to complete their analysis and approximately 10 minutes to present. They should be prepared for a substantial round of questions after completing their presentation.

Regardless of which investment banking case study type a candidate is presented with, the thought process and deliverables are the same. The best way to prepare for an investment banking case study is to practise completing similar questions .

Investment banks do not tend to publish case study questions for practice. However, it is possible to formulate your own questions by looking at business scenarios involving possible mergers, necessary valuations or raising of capital.

As mentioned above, candidates will need to be confident with valuation skills . They will also need to display a good level of commercial awareness . Presentation skills and successful team working also need to be considered.

Before your case study interview, keep up-to-date with developments in the investment banking sector, both relating to company conduct and external impacts. This background knowledge is key when demonstrating your knowledge and enthusiasm for investment banking.

Thinking about work experience completed and even any extra-curricular activities from a commercial perspective is also a good way to start to interrogate different types of client relationship and look at the common factors for success.

Candidates should ensure that they can display a full understanding of key business concepts and can use the associated terminology comfortably in a conversation. Make sure you can confidently discuss the following:

• Profit, revenue, and fixed and variable costs in a business;
• Client, stakeholder and competitor landscapes;
• How external/internal factors can influence these and the financial dynamics that rely upon them.

Candidates must practise streamlining their thought process so judgements can be made under time pressure if required.

Candidates should also practise presenting their process of analysis clearly and justifying the recommendations they have made, to prepare for the scrutiny of the interviewer.

Example Case Study Questions and Answers

“A client owns her business (worth £400m) outright and is looking to release some liquidity while retaining a percentage of ownership. What recommendations would you make to the client to achieve maximum valuation?”

Accompanying information is likely to be provided with a question of this kind, such as a company overview and data on the company’s performance over the last three years. Go through any financial data carefully and make predictions as to what organic growth would look like for the company.

If you are given the relevant information, consider the breakdown of the current valuation.

Consider the industry of the client and predicted sector trends:

• How does the valuation compare within the industry?
• Is the current valuation based upon solid industry predictions?
• Would it be wise to give up more equity based on stagnant industry growth?
• Is the sector growing and predicted to continue to do so?

Think about whether any steps could be taken to make the company of increased appeal – consider current client portfolios and projects, etc.

Consider how you would advise the client to negotiate:

• What percentage of equity should they be willing to give up?
• What figure would you advise the client to settle on as their effective reserve price?

“A public company approaches you as they wish to raise capital. Recent earnings and the quarterly report have been reviewed and found to be in line with analyst predictions but the company is currently trading at an all-year low. The company’s management has designed a project it believes will substantially increase its EBITDA and wishes to raise the capital to advance. How should the company go about raising the capital necessary?”

For this question, you would be given an overview of the company and their financial statements to review.

You must consider whether the company should raise debt or equity.

Consider the share price, volume of shares outstanding and the market cap:

• What impact would issuing new shares have on the company in this landscape?
• Would equity financing be a sustainable option regarding ownership dilution?
• How would the impact now differ from that if the share price were back at ‘normal’?

Look over the financial statements provided:

• If these are indeed in line with management predictions, would raising debt be a better option?
• How much might they raise?
• What future issues may raising debt cause?
• How might interest expense be mitigated?

Organise your ideas clearly for your presentation, working through your thought process and the questions you posed to reach your recommendation. Around five PowerPoint slides should be ample.

“A renewables company is looking to make a significant acquisition. You have been asked to review the deal and make your recommendations.”

You will be given an overview and the financial information for both the buying company and the potential acquisition. You will also be provided with information relating to other companies similar to the proposed acquisition.

You will need to decide if the target company should be purchased and, if so, at what price.

You will be expected to use the data provided from comparable companies and apply multiples to the target company to settle upon a purchasing price.

Consider the financial situation of the purchasing company:

• If required, can they raise the necessary capital through raising debt or equity, or do they already have the funds necessary?

Consider the benefits of acquiring the target company:

• What will the company contribute in terms of profit and revenue?
• What other benefits may the acquisition bring the buyer?

Think about how any risks to the buyer can be mitigated.

Present your strategic recommendation clearly and concisely.

Step 1 . Prepare

Practice completing the type of case study questions you are likely to be presented with. Read about examples of mergers, acquisitions and expansions in the news. Get comfortable with all relevant terminology and financial concepts.

Step 2 . Have conviction

Make a solid recommendation backed up with detailed reasoning. Stand by your choices and explain clearly why you believe the course of action to be preferable.

Step 3 . Remain calm

There may not immediately be an obvious solution. Take time to think the problem through with the information given, making necessary assumptions.

Step 4 . Be logical

Work through the problem carefully and strategically. Present your ideas clearly and with justification. Case study questions are intended to challenge candidates to display their thought process.

Step 5 . Teamwork

If the case study task is a group exercise, make sure all members have the opportunity to contribute and present. Performing well yourself, while facilitating others to perform at their best, displays a good awareness of people management skills.

Step 6 . Confidence

Work on your presentation skills so you can convey your ideas decisively and with confidence. A detailed and meticulous analysis won’t count for much unless it can be communicated effectively.

You might also be interested in these other Wikijob articles:

Or explore the Industry / Investment Banking sections.

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Investment Banking Case Studies: Real-Life Examples and Lessons Learned

• June 10, 2023

Investment banking is a highly sought-after area in the money market . The current investment banking industry is valued at 80.54 trillion USD .

Wondering how an investment banking course can help learners? It gives them cutting-edge competition and ensures that they are equipped with both traditional and modern solutions along with solution-based technologies. 

To crack an investment banking hiring process, a candidate needs to access efficient ways in which they can handle the company’s investments.

With Imarticus’s investment banking essentials, one can tread the paths just as smoothly and achieve their goals. 

In this article, we will find out about the investment banking market while looking at some real-life examples surrounding case studies in various areas.

Reasons for case studies 

One of the top reasons why investment banking studies can benefit learners is in terms of making well-thought decisions on investments. Apart from this, here are some more reasons why one should learn from investment banking case studies. 

• Experience: Since investment banking isn’t fairly new and has been in the business since the 19th century, it is a well-explored branch. Due to this, enthusiasts can learn from prior cases and gain experience with time. This includes gaining experience and skill sets in all the primary aspects including banking, interpersonal, and analytical skills.
• Skills: When it comes to skills that an investment banker is supposed to have, IB skills often differ from that of a general banker. These include being able to analyse frequently and carrying on with an analytical mindset throughout their job. This also involves being able to work in a team as this job requires a certain level of interpersonal communication and team morale.
• Financial complexity: To be able to make good financial decisions in seconds is a good part of the job for an investment banker. As an IB, the primary task is providing a financial outlook into complex financial transactions. An investment banker can offer insight into the risks associated with such high-valued investments. Simultaneously, one can devise expert solutions for growing financial challenges in the money market.

Real-life examples 

Before venturing into the case studies, it is important to note that there are two types of investment banking studies taking centre stage.

These are primarily modelling and decision-making studies. Let’s look at how both are distinct and can be utilised for the best solutions.

Case study - Modeling

A prominent investment bank is looking to efficiently price financial derivatives using improved models. Currently, the bank is utilising the Black-Scholes model for pricing their investments. On the other hand, it isn't quite successful in measuring the losses made in the bank’s derivatives market trading book. 

Challenges presented

The bank needs to come up with more efficient models for handling their accounts. This includes being able to better their money market dynamics.

Solutions implemented

The bank can utilise more sophisticated models in work such as Monte Carlo, Stochastic Search, and even Regressive models. These models can present the bank with a more refined way of handling their finances as well as ensuring accuracy with the highest quality. 

Atop the investment models already at work, they would have to come up with a risk management system with the expertise of an investment banker. 

Case Study 2 - Decision making

An investment banking firm is currently consulting a client seeking a new investment option. At the same time, the nature of investment is high-risk and high-return making it a viable option for investment banking consultancies.

Challenges presented 

Since the firm is seeking a solution for a high-return investment, it is due to include several risks. These include increased volatility, a chance of blind gambling, and other risks such as systemic, regulatory, and counterparty risks.

Solutions implemented 

The first and foremost thing that investment bankers can focus on is the assessment of desired outcomes. One can do so by conducting an independent check and comparing the risks and benefits associated with the proposed venture. 

Simultaneously, they can focus on ongoing market trends and mark the potential implications that come with the new venture. 

Additionally, the firm can utilise potential strategies that are highly effective and maximise their returns on the new investment. These involve working with a comprehensive model including predictive models, and researching alternatives for yielding the best outcomes.

Lessons learned

While we have already discussed the case studies before this, it is essential to note that investment banking studies can only serve as examples. However, the lessons learned over here are vital to the future of identifying trends and making careful decisions. Here are some of the pointers for following the correct route for investment banking.

• Emphasise coming up with strategic instead of traditional solutions.
• Focus on structured solutions along with the strategic counterpart. This helps in devising a potential solution before making an educated guess.
• Equip oneself with Excel and PowerPoint for better accessibility to the figures and potential outcomes.
• Do a thorough assessment of all available figures before presenting them to a team.
• Although it is completely acceptable to present previous figures and the solutions associated with them, it is advisable to look for future implications regarding a particular solution. 
• As most cases can be critical to the outcome, it is best to find a strong logical understanding of the same to predict favourable outcomes.
• Enrich the project with all relevant news and practices for the best outcome.
• Go over a question twice before interpreting them and presenting a solution.
• Lastly, apply professional logic to the problem before moving forward with the solution/s.

Conclusion 

Investment banking studies and their case examples provide valuable insight into the market and the trends that are currently ongoing. At the same time, they also offer a clear cognizance of the future, thereby marking a trend into the future of the investments currently in question. 

Furthermore, they allow students and practitioners to come up with more effective solutions to complex banking problems, which makes it all the more essential. Imarticus Learning’s 150-hour investment banking certification enables learners to opt for a clear-cut course and venture into the world of investment banking in no time.

As it is a highly rewarding field with salaries ranging anywhere between 125,000 to 10 million USD , the investment banking career is a lucrative option. 

Sign up for the programme today! A Certified Investment Banking Operations Professional course can bestow individuals with the required skill set and experience for cracking the investment banking position.

Besides being one of the top courses catering to investment banking enthusiasts, it is also a flexible option for online learners. 

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Private Equity Interviews 101: How to Win Offers

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Private equity interviews can be challenging, but for most candidates, winning interviews is much tougher than succeeding in those interviews.

You do not need to be a math genius or a gifted speaker; you just need to understand the recruiting process and basic arithmetic.

Still, there is more to PE interviews than “2 + 2 = 4,” so let’s take a detailed look at the process:

How to Network and Win Private Equity Interviews

The Private Equity recruiting process differs dramatically depending on your current job and location.

Here are the two extremes:

• Investment Banking Analyst at a Bulge Bracket or Elite Boutique in New York: The process will be highly structured, and interviews will finish at warp speed. In some ways, your bank, group, and academic background matter more than your skill set or deal experience. This one is known as the “on-cycle” process.
• Non-Banker in Another Part of the U.S. or World: The process will be far less structured, it may extend over many months, and your skill set and deal/client experience will matter a lot more. This one is known as the “off-cycle” process.

If you’re in between these categories, the process will also be in between these extremes.

For example, if you’re at a smaller bank in NY, you may complete some on-cycle interviews, but you will almost certainly also go through the off-cycle process at smaller firms.

If you’re in London, there will also be a mix of on-cycle and off-cycle processes, but they tend to start later and move more slowly than the ones in NY.

We have covered PE recruiting previously ( overall process and what to expect in the on-cycle process ), so I am not going to repeat everything here.

Interviews in both on-cycle and off-cycle processes test similar topics , but the importance of each topic varies.

The timing of interviews and start dates, assuming you win offers, also differs.

The Overall Private Equity Interview Process

Regardless of whether you recruit in on-cycle or off-cycle processes, or a combination of both, almost all PE interviews have the following characteristics in common:

• Multiple Rounds: You’ll almost always go through at least 2-3 rounds of interviews (and sometimes many more!) where you speak with junior to senior professionals at the firm.
• Topics Tested: You’ll have to answer fit/background questions, technical questions, deal/client experience questions, questions about the firm’s strategies and portfolio, market/industry questions, and complete case studies and modeling tests.

The differences are as follows:

• Timing and Time Frame: If you’re at a BB/EB bank in NY, and you interview with mega-funds, the process starts and finishes within several months of your start date at the bank (!), and it moves up earlier each year. Interviews at the largest firms start and finish in 24-48 hours, with upper-middle-market and middle-market firms beginning after that.

By contrast, interviews start later at smaller PE firms, and the entire process may last for several weeks up to several months.

• Importance of Topics Tested: At large funds and in the on-cycle process, you need to complete modeling tests quickly and accurately and spin your pitches and early-stage deals into sounding like real deals; at smaller funds and in off-cycle interviews, the reasoning behind your case studies/modeling tests and your real experience with clients and deals matter more.

Firm-specific knowledge and fitting your investment recommendations to the firm’s strategies are also more important.

• Start Date: You interview far in advance if you complete the on-cycle process, and if you win an offer, you might start 1.5 – 2.0 years later. With the off-cycle process, you start right away or soon after you win the offer.

Private Equity Interview Topics

There is not necessarily a correlation between the stage of interviews and the topics that will come up.

You could easily get technical questions early on, and you’ll receive fit/background and deal experience questions throughout the process.

Case studies and modeling tests tend to come up later in the process because PE firms don’t want to spend time administering them until you’ve proven yourself in previous rounds.

However, there are exceptions even to that rule: For example, many funds in London start the process with modeling tests because there’s no point interviewing if you can’t model.

Here’s what to expect on each major topic:

Fit/Background Questions: “Why Private Equity?”

The usual questions about “ Why private equity ,” your story , your strengths/weaknesses , and ability to work in a team will come up, and you need answers for them.

We have covered these in previous articles, so I’ve linked to them above rather than repeating the tips here.

Since on-cycle recruiting takes place at warp speed, you’ll have to draw on your internship experience to come up with stories for these questions, and you’ll have to act as if PE was your goal all along.

By contrast, if you’re interviewing for off-cycle roles, you can use more of your current work experience to answer these questions.

While these questions will always come up, they tend to be less important than in IB interviews because:

• In on-cycle processes, it’s tough to differentiate yourself – everyone else also did multiple finance internships and just started their IB roles.
• They care more about your deal experience, whether real or exaggerated, in both types of interviews.

Technical Questions For PE

The topics here are similar to the ones in IB interviews: Accounting, equity value and enterprise value , valuation/DCF, merger models, and LBO models.

If you’re in banking, you should know these topics like the back of your hand.

And if you’re not in banking, you need to learn these topics ASAP because firms will not be forgiving.

There are a few differences compared with banking interviews:

• Technical questions tend to be framed in the context of your deal experience – instead of asking generic questions about the WACC formula , they might ask how you calculated it in one specific deal.
• More critical thinking is required. Instead of asking you to walk through the financial statements when Depreciation changes, they might describe companies with different business models and ask how the financial statements and valuation would differ.
• They focus more on LBO models, quick IRR math , and your ability to judge deals quickly.

Most interviewers use technical questions to weed out candidates , so poor technical knowledge will hurt your chances, but exceptional knowledge won’t necessarily get you an offer.

Talking About Deal/Client Experience

This category is huge, and it presents different challenges depending on your background.

If you’re an Analyst at a large bank in New York, and you’re going through on-cycle recruiting, the key challenge will be spinning your pitches and early-stage deals into sounding like actual deals.

If you’re at a smaller bank, and you’re going through off-cycle recruiting, the key challenge will be demonstrating your ability to lead, manage, and close deals .

And if you’re not in investment banking, the key challenge will be spinning your experience into sounding like IB-style deals.

Regardless of your category, you’ll need to know the numbers for each deal or project you present, and you’ll need a strong “investor’s view” of each one.

That’s quite a bit to memorize, so you should plan to present, at most, 2-3 deals or projects.

You can create an outline for each one with these points:

• The company’s industry, approximate revenue/EBITDA, and multiples (or, for non-deals, estimated costs and benefits).
• Whether or not you would invest in the company’s equity/debt or acquire it (or, for non-deals, whether or not you’d pursue the project).
• The qualitative and quantitative factors that support your view.
• The key risk factors and how you might mitigate them.

If you just started working, pick 1-2 of your pitches and pretend that they have progressed beyond pitches into early-stage deals.

Use Capital IQ or Internet research to generate potential buyers or investors, and use the company-provided pitch materials to come up with your projections for the potential stumbling blocks in the transaction.

For your investment recommendation, imagine that each deal is a potential LBO, and build a quick, simple model to determine the rough numbers, such as the IRR in the baseline and downside cases.

For the risk factors, reverse each model assumption (such as the company’s revenue growth and margins) and explain why your numbers might be wrong.

If you’re in the second or third categories above – you need to show evidence of managing/closing deals or evidence of working on IB-style deals – you should still follow these steps.

But you need to highlight your unique contributions to each deal, such as a mistake you found, a suggestion you made that helped move the financing forward, or a buyer you thought of that ended up making an offer for the seller.

If you’re coming in with non-IB experience, such as internal consulting , still use the same framework but point out how each project you worked on was like a deal.

You had to win buy-in from different parties, get information from groups at the company, and justify your proposals by pointing to the numbers and qualitative factors and addressing the risk factors.

Firm Knowledge

Understanding the firm’s investment strategies, portfolio, and exits is very important at smaller firms and in off-cycle processes, and less important in on-cycle interviews at mega-funds.

If you have Capital IQ access, use it to look up the firm.

If not, go to the firm’s website and do extensive Google searches to find the information.

Finding this information should not be difficult, but the tricky point is that firms won’t necessarily evaluate your knowledge by directly asking about it.

Instead, if they give you a take-home case study, they might judge your responses based on how well your investment thesis lines up with theirs.

For example, if the firm makes offline retailers more efficient via cost cuts and store divestitures, you should not present an investment thesis based on overseas expansion or roll-ups of smaller stores.

If they ask for an investor’s view of one of your deals, they might judge your answer based on your ability to frame the deal from their point of view.

For example, if the firm completes roll-ups in fragmented industries, you should not look at a standard M&A deal you worked on and say that you’d acquire the company because the IRR is between XX% and YY% in all scenarios.

Instead, you should point out that with several roll-ups, the IRR would be between XX% and YY%, and even in a downside case without these roll-ups, the IRR would still be at least ZZ%, so you’d pursue the deal.

Market/Industry

In theory, private equity firms should care about your ability to find promising markets or industries.

In practice, open-ended questions such as “Which industry would you invest in?” are unlikely to come up in traditional PE interviews.

If they do come up, they’ll be in response to your deal discussions, and the interviewer will ask you to explain the upsides and downsides of your company’s industry.

These questions are more likely in growth equity and venture capital interviews, so you shouldn’t spend too much time on them if your goal is traditional PE (for more on these fields, see our coverage of venture capital interview questions and the venture capital case study ).

And even if you are interviewing for growth equity or VC roles, you can save time by linking your industry recommendations to your deal experience.

Case Studies and Modeling Tests

You will almost always have to complete a case study or modeling test in PE interviews, but the types of tests span a wide range.

Here are the six most common ones, ranked by rough frequency:

Type #1: “Mental” Paper LBO

This one is closer to an extended technical question than a traditional case study.

To answer these questions, you need to know how to approximate IRR, and you need practice doing the mental math.

The interviewer might ask something like, “A PE firm acquires a $150 EBITDA company for a 10x multiple using 60% Debt. The company’s EBITDA increases to $200 by Year 3, $225 by Year 4, and $250 by Year 5, and it pays off all its Debt by Year 3.

The PE firm sells its stake evenly over Years 3 – 5 at a 10x EBITDA multiple. What’s the approximate IRR?”

Here, the Purchase Enterprise Value is $1.5 billion, and the PE firm contributes 40% * $1.5 billion = $600 million of Investor Equity.

The “average” amount of proceeds is $225 * 10 = $2,250, and the “average” Exit Year is Year 4 (no need to do the full math – think about the numbers – and all the Debt is gone).

So, the PE firm earns $2,250 / $600 = 3.75x over 4 years. Earning 3x in 3 years is a ~45% IRR, so we’d expect the IRR of a 3.75x multiple in 4 years to be a bit less than that.

To approximate a 4x scenario, we could take 300%, divide by 4 years, and multiply by ~55% to account for compounding.

That’s ~41%, and the actual IRR should be a bit lower because it’s a 3.75x multiple rather than a 4.00x multiple.

In Excel, the IRR is just under 40%.

Type #2: Written Paper LBO

The idea is similar, but the numbers are more involved because you can write them down, and you might have 30 minutes to come up with an answer.

You can get a full example of a paper LBO test, including the detailed solutions, here .

You can also check out our simple LBO model tutorial to understand the ropes.

With these case studies, you need to start with the end in mind (i.e., what multiple do you need for an IRR of XX%) and round heavily so you can do the math.

Type #3: 1-3-Hour On-Site or Emailed LBO Model

These case studies are the most common in on-cycle interviews because PE firms want to finish quickly.

And the best way to do that is to give all the candidates the same partially-completed template and ask them to finish it.

You may have to build the model from scratch, but it’s not that likely because doing so defeats the purpose of this test: efficiency.

You’ll almost always receive several pages of instructions and an Excel file, and you’ll have to answer a few questions at the end.

The complexity varies; if it’s a 1-hour test, you probably won’t even build a full 3-statement model .

They might also ask you to use a cash-free debt-free basis or a working capital adjustment to tweak the Sources & Uses slightly.

If it is a 3-hour test, a 3-statement model is more likely (the other parts of the model will be simpler in this case).

Here’s a free example of a timed LBO modeling test ; we have many other examples in the IB Interview Guide and Core Financial Modeling course .

IB Interview Guide

Land investment banking offers with 578+ pages of detailed tutorials, templates and sample answers, quizzes, and 17 Excel-based case studies.

Type #4: Take-Home LBO Model and Presentation

These case studies are open-ended, and in most cases, you will not get a template to complete.

The most common prompts are:

• Build a model and make an investment recommendation for Portfolio Company X, Former Portfolio Company Y, or Potential Portfolio Company Z.
• Pick any company you’re interested in, build a model, and make an investment recommendation.

With these case studies, you must fit your recommendation to the firm’s strategy rather than building a needlessly complex model.

You might have 3-7 days to complete this type of case study and present your findings.

You might be tempted to use that time to build a complex LBO model, but that’s a mistake for three reasons:

• The smaller firms that give open-ended case studies tend not to use that much financial engineering.
• No one will have time to review or appreciate your work.
• Your time would be better spent on industry research and coming up with a sold investment thesis, risk factors, and mitigants.

If you want an example of an open-ended exam like this, see our private equity case study article and follow the video walkthrough or article text.

Your model could be shorter, and your presentation could certainly be shorter, but this is a good example of what to target if you have more time/resources.

Type #5: 3-Statement/Growth Equity Model

At operationally-focused PE firms, growth equity firms, and PE firms in emerging markets such as Brazil , 3-statement projection modeling tests are more common.

The Atlassian case study is a good example of this one, but I would change a few parts of it (we ignored Equity Value vs. Enterprise Value for simplicity, but that was a poor decision).

Also, you’ll never have to answer as many detailed questions as we did in that example.

If you think about it, a 3-statement model is just an LBO model without debt repayment – and the returns are based on multiple expansion, EBITDA growth, and cash generation rather than debt paydown .

You can easily practice these case studies by picking companies you’re interested in, downloading their statements, projecting them, and calculating the IRR and multiples.

Type #6: Consulting-Style Case Study

Finally, at some operationally-focused PE firms, you could also get management consulting-style case studies, where the goal is to advise a company on an expansion strategy, a cost-cutting initiative, or pricing for a new product.

We do not teach this type of case study, so check out consulting-related sites for examples and exercises.

And keep in mind that this one is only relevant at certain types of firms; you’re highly unlikely to receive a consulting-style case study in standard PE interviews.

A Final Word On Case Studies

I’ve devoted a lot of space to case studies, but they are not as important as you might think.

In on-cycle processes, they tend to be a “check the checkbox” item: Interviewers use them to verify that you can model, but you won’t stand out by using fancy Excel tricks.

Arguably, they matter more in off-cycle interviews since you can present unique ideas more easily and demonstrate your communication skills in the process .

What NOT to Worry About In PE Interviews

The topics above may seem overwhelming, so it’s worth pointing out what you do not need to know for interviews.

First, skip super-complex models.

As a specific example, the LBO models on Macabacus are overkill; they’re way too complicated for interviews or even the job itself.

You should aim for Excel files with 100-300 rows, not 1,000+ rows, and skip points like circular references unless they specifically ask for them (for more, see our tutorial on how to remove circular references in Excel )

Next, skip brain teasers; if an interviewer asks them, you should drop discussions with the firm.

Finally, you don’t need to know about the history of the private equity industry or much about PE fund economics beyond the basics.

Your time is better spent learning about a firm’s specific strategy and portfolio.

PE Interview X-Factor(s)

Besides the topics above, competitive tension can make a huge difference in interviews.

If you tell Firm X that you’ve already received an offer from Firm Y, Firm X will immediately become far more likely to give you an offer as well.

Even at the networking stage, competitive tension helps because you always want to tell recruiters that you’re also speaking with Similar Firms A, B, and C.

Also, leverage your group alumni and the 2 nd and 3 rd -year Analysts.

You can read endless articles online about interview prep, but nothing beats real-life conversations with others who have been through the process.

These alumni and older Analysts will also have example case studies they completed, and they can explain how to spin your deal experience effectively.

PE Interview Preparation

The #1 mistake in PE interviews is to focus excessively on modeling tests and technical questions and neglect your deal discussions.

You can avoid this, or at least resist the temptation, by turning your deals into case studies.

If you follow my advice to create simplified LBO models for your deals, you can combine the two topics and get modeling practice while you’re preparing your “investor’s views.”

If you’re working full-time in banking, use your downtime in between tasks to do this , outline your story , and review technical questions.

If you only have 10-15-minute intervals of downtime, break case studies into smaller chunks and aim to finish a specific part in each period.

Finally, start preparing before your full-time job begins .

You’ll have far more time before you start working, and you should use that time to tip the odds in your favor.

The Ugly Truth About PE Interviews

You can read articles like this one, memorize PE interview guides, and get help from dozens of bank/group alumni, but much of the process is still outside of your control.

For example, if you’re in a group like ECM or DCM , it will be tough to win on-cycle interviews at large firms and convert them into offers no matter what you do.

If the mega-funds decide to kick off recruiting one day after you start your full-time job in August, and you’re not prepared, too bad.

If you went to a non-target school and earned a 3.5 GPA, you’ll be at a disadvantage next to candidates from Princeton with 3.9 GPAs no matter what you do.

So, start early and prepare as much as you can… but if you don’t receive an offer, don’t assume it’s because you made a major mistake.

So You Get An Offer: What Next?

If you do receive an offer, you could accept it on the spot, or, if you’re speaking with other firms, you could shop it around and use it to win offers elsewhere.

If you’re not in active discussions with other firms, you’re crazy if you do not accept the offer right away.

If You Get No Offer: What Next?

If you don’t get an offer, follow up with your interviewers, ask for feedback, and ask for referrals to other firms that might be hiring.

If you did reasonably well but came up short in a few areas, you could easily get referrals elsewhere .

If you did not receive an offer because of something that you cannot fix, such as your undergraduate GPA or your previous work experience, you might have to consider other options, such as a Master’s, MBA, or another job first.

But if it was something fixable, you could take another pass at recruiting or keep networking with smaller firms.

To PE Or Not to PE?

That is the question.

And the answer is that if you have the right background, you understand the process, and you start preparing far in advance, you can get into the industry and win a private equity career .

And if not, there are other options, even if you’re an older candidate .

You may not reach the promised land, but at least you can blame it on someone else.

Additional Reading

You might be interested in:

• The Search Fund Internship: Perfect Pathway into Investment Banking and Private Equity Roles?
• Private Equity Analyst Roles: The Best Way to Skip Investment Banking?

About the Author

Brian DeChesare is the Founder of Mergers & Inquisitions and Breaking Into Wall Street . In his spare time, he enjoys lifting weights, running, traveling, obsessively watching TV shows, and defeating Sauron.

Free Exclusive Report: 57-page guide with the action plan you need to break into investment banking - how to tell your story, network, craft a winning resume, and dominate your interviews

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49 thoughts on “ Private Equity Interviews 101: How to Win Offers ”

Brian, What about personality tests? What is their importance in the overall hiring process eg if you get them as the last stage?

They’re not that important, and even if you do get them, you can’t really “prepare” in any reasonable way (barring a brain transplant to replace your personality and make it more suitable for the firm). It’s also highly unusual to get one in the final stage – a firm doing that is probably just paranoid that you are secretly a serial killer and they want to rule out that possibility.

Hey- for the Fromageries Bel case study, can’t quite make sense of the Tier 4 management incentive returns, what’s the calculation for each tier? Would think it’s Tier 2 less tier 1 * tier 1 marginal profit

Tier 4 is based on a percentage of all profits *above* a 2.5x equity multiple. Each tier below it is based on a percentage of profits between specific multiples, which correspond to specific EUR proceeds amounts.

I have an accounting background (CPA & several years removed from school) and a small amount of finance experience through internships. I’m interviewing for a PE analyst position and managed to get through the first round of interviews. The firm itself doesnt just hire guys with a few years of banking, their team is very diverse with some backgrounds similar to mine.

The first round interview was a mix of technical questions plus a lot about myself and my experience. No behavioral questions. The first round was with an associate for 30 minutes, the second round is an hour with a partner. I managed to answer a lot of the questions about LBO models and what types of companies are good LBO candidates. Thanks to your website for that.

Any advice for a second round interview for a guy like me who doesnt have deal making experience or much experience in finance? Will the subsequent interviews after the first round be more technical-based questions? Or do they lean more on technical questions in round 1 to weed out candidates?

They will usually become more fit-based if they’ve already asked a lot of technical questions in earlier rounds. I would focus on your story and answers to the Why PE / Why This Firm / Are you sure you want to switch?-type questions.

Is it likely too difficult to access the on-cycle process from the CLT office of an In-Between-a-Bank that it would make more sense to focus one’s energy on the MM/LMM? Is the new era of Zoom making geography/distance less of a factor or is the perceived prestige of NY still an obstacle?

Location is somewhat less of a factor now, but it still matters, and working from home will not continue indefinitely into the future. It will be very difficult to participate in on-cycle recruiting at the mega-funds if you’re working in Charlotte at Wells Fargo if that’s your question, but plenty of MM funds are realistic.

What are some of the larger funds that you would consider realistic?

There are dozens of funds out there (it’s not like bulge bracket banks or mega-fund PE firms where there’s only a defined set of 5-10), so I can’t really give you a specific answer. My recommendation would be to look up people who worked at WF on LinkedIn and see the types of funds they are now working at.

I remember I saw a video of yours (might have been YouTube) where you explained the PE process. You talked about do pe firms really add value and then you went over how when a pe firm buys a company, they do a little “trick” where they create a shell company to acquire the target so the debt isn’t on the pe firms books. I’ve been looking all over for this video. Do you know which video I’m referring to?

Yes, that is no longer in video form. It’s still in the written LBO guide but the video from the old course was removed because it was way too long and boring for a video and was better explained in text.

Hi Brian, can you elaborate more on ‘Understanding the firm’s investment strategies, portfolio, and exits’ when you talk about smaller firm and off-cycle processes, simliar point came up under *Type 5*: you must fit your recommendation to the firm’s strategy rather than building a needlessly complex model. What exactly should I pay attention on? I felt funds I checked their investment strategy descirption are pretty broad, and they invest in various type of deals, say even in one industry, they do different purchase range. Also, when talking about growth equity, you mentioned you can practice case by picking companies you’re interested in, downloading their statements, projecting them. What if they are not public companies, how can I get those information? Are you recommending only those companies with 20F available? Or can you just elaborate more on how can I follow your instruction? Thanks

All you can do is go off their website and possibly a Capital IQ description if you have access. See if they focus on growth, leverage for mature companies, operational improvements, or add-on acquisitions and pick something that fits one of those.

You can pick public companies for growth equity or find a public company that is similar to a private one the firm has.

Hey Brian! I have an interview with a family office for a private equity analyst position. The firm is small and not much about it online. I haven’t had much time to prepare as it was not an interview I was expecting. What would you say the most important elements to focus on are for the interview considering the time constraint? I am an undergrad, third year, second internship. (first internship was for a large construction/developer as project coordinator, not finance based)

Focus on your story, the firm’s portfolio companies and strategies, and a few investment ideas you have for specific sectors. Technical questions are fine, but you probably won’t have much time to prepare at the last minute.

How would PE interviews / Technical questions look like for straight out of undergrad PE role look like

e.g Blackstone internships, Goldman Merchant Banking internships etc

Similar to IB ones, with a focus on LBOs?

Largely the same, but less emphasis on deal experience and deal-related questions at the undergraduate level. They may ask slightly more questions on LBOs, but at the undergrad level, they assume you know very little, so questions will span a wide range of topics.

Have you written or seen similar articles on PE operating partner interviews?

No, sorry. There’s hardly any information on that level of interview online because you can’t really make an interview guide or other product to prepare for it, and most people at that level would need 1-on-1 coaching more than a guide. My guess is that they will focus almost exclusively on your past experience turning around and growing businesses and assess how well you can do it for their portfolio companies. They’re not going to give you LBO modeling tests or case studies.

“Next, skip brain teasers; if an interviewer asks them, you should drop discussions with the firm”

Could you please elaborate on this? Almost every IB interview includes brain teasers so I am wondering why a PE interview shouldn’t?

Brain teasers are not that common in IB interviews in most regions unless you count any math/accounting/finance question as a brain teaser. They are far more common in S&T, quant fund, and prop trading interviews.

The point of this statement is that it’s OK if an occasional brain teaser comes up, but if the interviewer asks you brain teasers for 30 minutes, which have exactly 0% correlation to the real work in PE, you should leave because it’s a sign that the people working at the firm are idiots who don’t know how to conduct proper interviews or test candidates.

This is helpful. I find myself at a fix, I do not think I have had the right exposure, although in a BB I support teams with standard materials in a particular industry group in M&A. However I have interviews with a top global PE next month. Any guidance on how should I prepare for it ?

Thanks in advance

Follow everything in this article… practice spinning/discussing your deals… practice LBO questions and simple case studies.

Brian – thank you for your concise and candid remarks. do you have any insights or advice for someone with 5yrs of BB ECM & DCM experience now at a top full-time MBA program looking to break in?

It’s going to be very difficult if you just have capital markets experience and you’re already in business school. You should probably move to an M&A or strong industry team at a large bank (BB or EB) after business school and then go into private equity from there. It’s tough, but still easier than trying to move into PE directly out of an MBA program with only capital markets experience.

My next interview will highly likely involve a statement/growth equity modeling case. I tried to find the Atlassian Case interview but i am unable to open the link.

Would it be possible to share an example case or more information on that topic?

Many thanks,

The Atlassian case study is all we have. I don’t know why you can’t open the files, but I just tried and they seemed to work. Maybe try again or use a different browser.

Hi M&I team,

I have an opportunity to interview for an Analyst level opening at a boutique PE fund. This is a shop that has just started operations so I am directly communicating with the Partner. I doubt they have any structured recruitment process at this stage of their existence. He asked me to send some written work (memos and spreadsheets) on any public listed co that demonstrates my understanding of investing (basic balance sheet analysis, ratio analysis, valuation multiples).

So I am just wondering what to do? Should I work on projections and prepare a DCF model or do something simpler? I’d really appreciate your guidance on this.

Thanks again for the amazing work you’ll have been doing!

Yes, just create simple projections, a simple valuation/DCF, and maybe a simple LBO model since it is a PE fund that intends to buy and sell companies.

Could you provide some advice for preparing interviews for principal investing role ?

Thank you in advance Laura

We don’t really focus on that, but the articles on private equity and funds of funds on this site might be helpful.

Just wanted to say thank you! After reading everything on this site including all the CV and interview material I have managed to transition from a second year engineering undergrad with no prior experience/spring weeks/insight days, into an intern at Aviva Investors (UK buy side) within the space of one year.

The information you have posted is invaluable and “breaking in” is definitely doable with the right mindset and appetite for rejections!

Thanks again.

Thanks! Congrats on your internship offer.

Hi Brian/Nicole – Im an Economics student from the UK in 3rd year out of a 4 year course at a semi-target college, with 2 finance internships done up until now(not FO). I plan on doing a Msc Finance when I finish and eventually break into IB or Sales/Trading (I know I still haven’t decided which one I really want more). Through a family friend I have an offer to do a short internship this summer in NY in a post-trade regulatory commission. As this isn’t actually sitting at a trading desk experience, or anything related to IB should I decide to go down that road, would this add genuine value to my CV ? How are internships in regulatory commissions looked at for students looking to break into sales/trading? Surely even having any NY Finance experience on the CV will add more substance over here in London when going for internships compared to the majority of UK students who don’t? Appreciate any advice on this matter, Thanks!

I don’t think it would help much because you already have 2 non-FO internships, and a regulatory internship would be yet another non-FO internship. If it’s your best option, you can take it, but you would be better off getting something closer to a real front-office role.

Hey Brian. I am graduating after this semester going into Management consulting (Deliote, AT Kearny, Accenture)but I’m hoping to make a switch into either IB or PE after a couple years. I have one search fund internship which was enough to get me a few 1st and second round ib/pe FT interviews but no offers.My plan is to get into the best online MSF program I can and switch into Finance once I’m done. Do you think, given how close I was to getting in my 1st try, a high GPA from a reputable MSF and good experience in consulting will be enough or should I try to somehow get an IB internship before I apply?

I think you will probably need another internship just before the MSF starts or while it is in progress, not necessarily in IB, but something closer to it. Otherwise you’ll get a lot of questions about why you went from the search fund to consulting.

Thanks. As far as my story is concerned, is it better to do another finance internship before consulting so it’s search fund->ib->consulting->MSF (or MBA not sure)? I only ask because I may be able to get on some m&a projects with the consulting firm and my story could be when exposed to those deals, I realized how big my passion for finance was and that’s when I decided to get my MSF and switch to IB.

No, I think that would make less sense because then you would have to explain why you went from IB to consulting… and are now trying to go back to IB. Saying that you got exposed to M&A deals during the consulting experience would be a better story (and you would still ideally pair it with a transaction-related internship before/during the MSF).

Got it, thanks!

Probably missing something here, but for the first example, where does the 300% and 55% come from?

300% = 4x multiple. If compounding did not exist, we could just say 300% / 4 = 75% annual return. Because of compounding, however, the actual return does not need to be 75% per year in order for us to earn 300% by the end of 4 years. Instead, it can be a fair amount less than that, and we’ll still end up with 300% at the end.

To estimate the impact of compounding, you can multiply this 300% / 4 figure by a “compounding factor,” which varies based on the multiple and time period, but which is around 55% for a 4x return over a standard holding period.

Do you mind explaining how you can estimate a “compounding factor” such as with the 55% here?

There’s no easy-to-calculate-using-mental-math way to get this for all scenarios, but you can memorize quick rules of thumb (based on actual numbers and looking at the ratios) for 3 and 5-year periods and extrapolate from there. I don’t really think it’s worth doing that in-depth, though, because you just have to be roughly correct with these answers.

Do you think you will do a hedge fund interview guide similar to the one you have here?

Potentially, yes, but it’s much harder to give general guidelines for HF interviews because they’re completely dependent on your investment pitches. Also, interest in HFs has declined over the years (we no longer receive as many questions about them).

On that mental paper LBO question, how is the company able to pay off 900 of debt by year 3? It sounds like proceeds from the sale will have to be used in order to fully pay off the debt because EBITDA alone only adds up to 525, and that’s assuming there’s no interest.

Favorable working capital… NOLs… asset sales… the Konami code or other cheat codes. The point is not the numbers but the thought process.

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How to Prepare for Barclays Investment Banking Interviews

Are you gearing up for Barclays investment banking interviews? Look no further! Our comprehensive guide covers everything you need to know to ace the interview process.

Posted May 11, 2023

Featuring Margaret J.

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Table of Contents

Are you looking to land a job in investment banking with Barclays? If so, you've come to the right place. Preparing for a job interview can be nerve-wracking, but with the right approach, you can crush it and land the job of your dreams. In this comprehensive guide, we'll cover everything you need to know to prepare for a Barclays investment banking interview. Let's get started!

Researching Barclays Investment Banking

Before you can ace your interview, you need to understand the company you're interviewing for. Spend some time researching the history, mission, and values of Barclays. Check out their website, read their latest news, and learn about their culture. Doing so will give you valuable insights about what the company truly cares about and help you tailor your interview answers accordingly.

Another important aspect to research is the specific division of Barclays that you are interviewing for. For example, if you are interviewing for their investment banking division, it would be beneficial to understand the types of deals they have worked on in the past, their current market position, and any recent developments in the industry that may impact their business.

Additionally, it can be helpful to network with current or former employees of Barclays to gain a better understanding of the company culture and what it's like to work there. You can also reach out to your university's career center or alumni network to see if they have any connections at Barclays who may be willing to speak with you.

Understanding the Hiring Process

Knowing what to expect is half the battle when it comes to preparing for interviews. Barclays investment banking hiring process consists of several steps, including an initial phone interview, behavioral interviews, technical interviews, and case studies. Knowing what each of these entails can help you prepare accordingly and perform your best at each stage.

It is important to note that the hiring process may vary depending on the position you are applying for and the location of the job. Additionally, Barclays values diversity and inclusion in their hiring process and actively seeks out candidates from diverse backgrounds. This means that they may also conduct interviews that focus on your experiences and perspectives as they relate to diversity and inclusion in the workplace.

Types of Questions to Expect

Barclays investment banking interviews can be challenging, with many different types of questions that can come your way. You can expect to be asked behavioral questions, technical questions, and case study questions. It's essential to prepare for each of these types of questions and have answers ready to go in advance.

Additionally, you may also be asked questions about your knowledge of the financial industry, your understanding of current market trends, and your ability to work in a team. It's important to research the company and the industry thoroughly before the interview and be prepared to demonstrate your knowledge and expertise.

Crafting the Perfect Resume for Barclays Interviews

Your resume is your first chance to make a great impression on your potential employer. It's essential to tailor your resume to the position you're applying for at Barclays, highlighting your relevant skills and achievements. Make sure to proofread your resume multiple times, and have someone else review it as well.

Additionally, it's important to research the company and the specific job you're applying for. This will help you understand the skills and experiences that Barclays values and is looking for in a candidate. Incorporating this information into your resume can help you stand out from other applicants and show that you have a genuine interest in the company and the position.

How to Ace the Initial Phone Interview

The initial phone interview is typically used as a screening tool to weed out candidates who are not a good fit. You can expect to be asked behavioral questions at this stage, so make sure to have examples ready to go that showcase your skills and accomplishments. Speak clearly and confidently, and be sure to ask questions at the end to show your interest in the position.

It's important to remember that the initial phone interview is also an opportunity for you to assess whether the company and position are a good fit for you. Take note of the questions asked and the tone of the interviewer. Are they respectful and professional? Do they seem genuinely interested in your responses? Use this information to determine if you would be happy working for this company and in this role.

Preparing for Behavioral Interviews

Behavioral interviews are used to gain insight into how you've handled specific situations in the past. The best way to prepare for these types of questions is to think about various workplace scenarios and come up with examples of how you handled them. Remember to focus on specific instances, and use the STAR method (Situation, Task, Action, Result) in your answers.

It's also important to research the company and the position you're interviewing for. Look for information about the company's values, culture, and mission statement. This will help you tailor your answers to align with the company's goals and show that you're a good fit for the organization.

Finally, practice your responses with a friend or family member. This will help you feel more comfortable and confident during the actual interview. You can also ask for feedback on your answers and make any necessary adjustments before the interview.

Mastering Technical Interviews

Technical interviews are used to test your knowledge of finance, economics, and mathematics. Make sure to brush up on your technical skills, study investment banking concepts and the financial markets, and practice solving technical problems. Doing so can help you feel more confident in your abilities and perform better in the interview.

It's also important to remember that technical interviews are not just about your technical skills. Interviewers are also looking for strong communication skills, problem-solving abilities, and the ability to work well under pressure. Make sure to practice explaining your thought process and reasoning behind your solutions, and be prepared to handle unexpected challenges during the interview.

Tips for Excelling in Case Studies

Barclays uses case studies to test your ability to think critically and solve complex problems. Make sure to read the case study carefully, ask clarifying questions, and take your time to come up with a well-thought-out solution. Be sure to communicate your thought process and assumptions as you work through the problem.

Additionally, it is important to consider the potential ethical implications of your proposed solution. Think about how your solution may impact different stakeholders and whether it aligns with the company's values and mission. Don't be afraid to suggest alternative solutions or to challenge assumptions presented in the case study. Remember, the goal is not to come up with a perfect solution, but to demonstrate your ability to analyze complex problems and think critically.

Strategies for Answering Brainteaser Questions

Barclays may also ask you to answer brainteaser questions, which can be tricky. The best approach is to take your time, break the problem down into smaller parts, and communicate your thought process as you work through the question. Don't be afraid to ask for clarification or take a step back to gather your thoughts before answering.

It's important to remember that brainteaser questions are not necessarily about getting the right answer, but rather about demonstrating your problem-solving skills and ability to think creatively. So, don't worry if you don't know the answer right away. Instead, focus on showing how you approach the problem and how you come up with potential solutions. Remember to stay calm and confident, and don't be afraid to think outside the box.

Managing Interview Nerves and Stress

Interviews can be stressful, and it's natural to feel nervous. However, managing your nerves is crucial to performing well. Take some deep breaths before the interview, practice positive self-talk, and visualize yourself succeeding in the interview. Remember, you've got this!

In addition to these techniques, it can also be helpful to prepare thoroughly for the interview. Research the company and the position you are applying for, and practice answering common interview questions. This will help you feel more confident and in control during the interview. It's also important to dress appropriately and arrive early to the interview, so you have time to compose yourself and get settled before the interview begins.

Following Up After Your Interview with Barclays

After your interview with Barclays, it's essential to follow up promptly with a thank-you note. This shows your appreciation for the interviewer's time and reiterates your interest in the position. Make sure to send a personalized note to each interviewer, and keep it short and sweet.

Preparing for a Barclays investment banking interview takes time and effort, but it's worth it. By following the tips and strategies we've outlined in this guide, you'll give yourself the best chance to succeed in the interview and land your dream job.

It's also a good idea to reflect on your interview experience and take note of any areas where you could improve. This will help you prepare for future interviews and increase your chances of success. Additionally, don't be afraid to reach out to your interviewers for feedback on your performance. This can provide valuable insights and help you grow as a candidate.

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