The complete guide
Investment Banking Interview Prep, from zero to offer
Most candidates walk into investment banking interviews having read everything and practised nothing. Interviews aren't passed by reading — they're passed by performing under pressure. This guide is the roadmap: what gets tested, in what order, and exactly how to practise each piece. Every section links to a free question guide with model answers.
1. How IB recruiting works
Investment banking hires early and fast. Summer analyst (internship) recruiting is the main door, and it opens 12–18 months before the internship. Expect a first round (technical + fit), then a superday: back-to-back interviews, harder technicals, less patience for hesitation. The bar is simple — would I want this person on my deal team in front of a client? Everything below is how you clear it.
2. Accounting — the entry ticket
If you can't walk the three statements and flow a change through them, the interview ends early. Master how the income statement, balance sheet and cash flow link; how a $10 change in depreciation flows through; working capital, deferred taxes and stock-based comp. Start here: accounting interview questions and the three-statement modeling questions.
3. Valuation & the DCF
Valuation is the technical heart of the interview. Know the three methods (comps, precedents, DCF), why EV/EBITDA is capital-structure neutral, and — above all — how to walk through a DCF: unlevered free cash flow, WACC, terminal value, bridge to equity. Go deeper with valuation interview questions, DCF questions, and what is WACC.
4. LBO & private equity logic
PE logic is tested in nearly every IB interview: what makes a good LBO candidate, how leverage amplifies returns, and the paper LBO you do in your head. Learn to walk through an LBO and the returns math (IRR vs MOIC) with LBO interview questions and private equity interview questions.
5. M&A & deal mechanics
M&A separates candidates who memorised formulas from those who understand deals: accretion/dilution, synergies, purchase accounting and the sell-side process. Practise M&A interview questions and accretion / dilution analysis.
6. Behavioral & fit — where offers are decided
Most rejections aren't technical. “Why investment banking?”, your CV story, and how you discuss a deal decide the offer once the technicals clear the bar. Nail them with why investment banking, the broader behavioral interview questions, and the full behavioral & fit interview guide.
7. The superday — and how to practise for it
Reading is not practising. The candidates who convert have answered out loud, under a clock, and been graded honestly— dozens of times. That's exactly what Deskcraft is: 1,000+ questions, AI voice mocks with a superday scorecard, a DCF/LBO model grader that flags hardcodes, live deal simulations, and a readiness score across every dimension a real process judges. Warm up with the superday interview questions, then train for real. And so nothing you drill fades before the interview, learn how to memorize IB technicals with spaced repetition.
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