Investment Banking Interview Success.

The most comprehensive, trusted and best preparation for investment banking interviews in the world. Over 20,000 copies sold!

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Get Investment Banking Interview Prep Help From the #1 Most Trusted Source

Since 2005, Wall Street Oasis has been the place the most trusted resource applicants turn to when preparing for their difficult investment banking interviews. It is no surprise that we have sold thousands of copies when we have the strongest community (over 1 million comments) and most data to pull from (12,000+ interview insights in the WSO Company Database) compared to any other resource out there. Our team of experts works hard every single year to generate the most comprehensive, accurate and helpful IB interview guide on the market to help you ace your tough interviews. We pull from thousands of interview insights each year in our company database to make sure that our guides are up to date and provide an accurate reflection of current trends, whether you're aiming to land at a middle market boutique bank or at one of the large bulge bracket banks.

Practice with ACTUAL Investment Banking Interview Questions from REAL Interviews with 100s of Sample Answers

How much more confidence would you have if you knew the questions your specific bank is most likely to ask you BEFORE you step into the interview room? With over 12,000 interview insights to date across thousands of firms, we have an unprecedented look on the inside to help you get ready. Old, out-of-date or stale guides are no longer your only option with Wall Street Oasis. To read more about how we changed the game several years ago with the power of the WSO community, click here. We filter through all this rich data so that you don't have to.

What Our IB Interview Preparation Guide Includes

The Investment Banking Interview Prep Pack includes our three most popular guides for candidates looking to ace their interviews and network their way into an investment banking job. This includes the popular 1. Technical Interview Guide, 2. The Behavioral Interview Guide and the 3. WSO Networking Guide. By purchasing all three investment banking interview resources at once, you receive a discounted price of $99.99 ($120 for three guides individually) plus a massive discount on the annual subscriptions of the WSO Video Library and WSO Company Database if you choose to upgrade to the IB Prep Pack Plus. Remember, all of our investment banking interview guides are electronic PDFs, so you can start studying right away.

The descriptions and testimonials of each IB interview guide are listed below:

Investment Banking Interview Prep Pack$99

Get Started!

  • 3 Most Popular Guides (Tech, Fit & Networking)
  • 500+ Real questions from actual IB Interviews
  • Free Lifetime Upgrades for Future Versions
  • Most Affordable Option

IB Prep Pack Plus + Resume Review + 5 Hrs Mock Interviews$1,199

Get Started!

  • 3 Most Popular Guides (Tech, Fit & Networking)
  • Video Library + Comp. DB, 1 Year Access - $760 Value
  • Expert Resume Review + 5 Hrs of Mock Interviews
  • Best Deal - $200 Off

Sample Investment Banking Interview Questions

To give you a short preview of what is included in the three guides we thought it would be helpful to post some sample ib interview questions that are included in the package.

Sample Technical Investment Banking Questions:

If you could use only one financial statement to evaluate the financial state of a company, which would you choose?

Sample Answer: "I would want to see the Cash Flow Statement so I could see the actual liquidity position of the business and how much cash it is using and generating. The Income Statement can be misleading due to any number of non-cash expenses that may not truly be affecting the overall business. And the Balance Sheet alone just shows a snapshot of the Company at one point in time, without showing how operations are actually performing. But whether a company has a healthy cash balance and generates significant cash flow indicates whether it is probably financially stable, and this is what the CF Statement would show."

How do you value a private company?

Sample Answer: "You can value a private company with the same techniques you would use for a public company but with a few differences that make it more difficult. Financial information will likely be harder to find and potentially less complete and less reliable. Second, you can't use a straight market valuation for a company that isn't publicly traded. In addition, a DCF can be problematic because a private company won't have an equity beta to use in the WACC calculation. Finally, if you're doing a comps analysis using publicly traded companies, a 10-15% discount may be required as a 10-15% premium is paid for the public company's relative liquidity."

When should a company issue equity rather than debt to fund its operations?

Sample Answer: "There are several reasons for issuing stock rather than debt. First, if a company believes its stock price is inflated, issuing stock can raise a lot of capital relative to the ownership sold. Second, if the projects to be funded may not generate predictable cash flows in the immediate future, the company would want to avoid the obligation of consistent coupon payments required by the issuance of debt. Issuing stock is also an effective way to adjust the debt/equity ratio of a company's capital structure or to monetize the owners' investment. "

What is the difference between LIFO and FIFO?

Sample Answer: "LIFO and FIFO are different methods of dealing with inventory and COGS in a company's accounting policy. With LIFO, the last inventory produced or purchased will be the first to be recognized when goods are sold. With FIFO, the first inventory produced or purchased will be the first recognized when goods are sold."

...and hundreds more, along with company specific trends...

Sample Fit Investment Banking Interview Questions:

What are you looking for in this job?

Sample Answer: "I am going into this as an unparalleled learning experience. Everyone I have spoken with in the industry tells me you learn everything on the job. While my undergraduate studies prepared me for business, I know that most of the skills I need will be acquired on the job. I understand the hours and the workload, and I want to work incredibly hard to gain real world experience that isn't available in any other profession at this stage in my career. I know these skills will prepare me for anything I want to do later in my career."

What makes you think you can put up with the stress, pressure, and long hours of a career in finance?

Sample Answer: "I feel I am as prepared as anyone else coming out of college to handle the long hours. In fact, when you add up all the time I spent doing all my different activities, school hours were almost as long. Every day I was up at 7:30 for classes that ran from 8:15 until 1:00. After class, I would grab lunch and then go to golf practice, which didn't get me back until 5:00. Then I would grab dinner, and work in either my room or the library until I was done, which usually wasn't until pretty late at night or into the morning. While I know it isn't the same stress and time commitment as finance requires, I feel my experience has left me well prepared."

What is the most intellectually challenging thing you have done?

Sample Answer: "In my internship last year, I was responsible for aggregating data my company collected and summarizing it using Microsoft Excel. When I started, the analysts on the team had been doing the aggregating, manually collecting all the data, applying formulas, etc. It seemed like they were wasting a lot of time. I had a little bit of experience with VBA, and over the course of about a week, I taught myself to automate the entire process whenever new data became available. It was great that as a summer intern I was able to implement a system that is still saving time today. "

What do you like to do in your free time?

Sample Answer: "In my free time at school, I like to do things that allow me to spend time with my closest friends. I am a huge sports fan, so we just watch games in our apartment or maybe go out to a restaurant or sports bar. We will even go to a game live if we can get tickets. I also try to stay healthy, so I spend some of my free time in the gym."

...and hundreds more, along with company specific trends...don't underestimate the importance of the fit questions!!!

Sample Investment Banking Webinar and Company Data from IB Prep Pack +

The IB Prep Pack Plus includes an annual subscription to the WSO Video Library as well as the WSO Company Database. These resources give you an incredible amount of depth if you are looking to dig for more company specific research or learn more about different investment banking careers or recruiting strategies. We thought it would be helpful to give you a sample webinar here from WSO Video Library as well as a few snapshots from the WSO Company Database you can expect across thousands of companies.

Sample Webinar: Investment Banking or Sales & Trading: Which is Right for You?

Sample Screenshots of what is in WSO Company Database


Inside Look Into Specific Interview Questions by Firm and Position

Interview Again

Inside Look Into Company Culture, Intern Offer Rates and Employee Satisfaction

Unique Company Insight

Investment Banking Salary and Bonus Data. Over 15,000 Entries Across Thousands of Firms and Position

Salary & Bonus Chart

Technical Investment Banking Interview Guide with Flashcards

Updated and revised! This 110+ page guide is a compilation of the most common technical investment banker interview questions and sales & trading interview questions encountered on Wall Street. The fourth edition includes a 3 statement Sample Financial Model built to illustrate the typical valuation methodologies used in investment banking and private equity firms. The guide is an electronic pdf and the model is an Excel file so you get everything immediately and can start studying right away.
The 4th Edition includes:

  1. Sample Financial Model - 3 financial statements, DCF and other valuation techniques
  2. 200+ of the most Common Questions With Sample Answers
  3. Common Brainteasers and Solutions
  4. 20+ easy to read charts to help you remember what you read
  5. Income Statement, Balance Sheet, and Cash Flow Basics
  6. One page tutorials on how to read each of the financial statements
  7. Current events-related interview questions and explanations (including the European Financial Crisis and Mortgage Crisis)
  8. Detailed LBO (leveraged buyout) explanation

UPDATE:Wall Street Oasis has also released a new supplement to the technical guide in the form of flash cards! We provide you with 184 sales & trading and investment banking interview questions and answers from the technical guide to help you prepare in the best format possible. The flash cards are part of the PDF which you can print on any double-sided printer, cut out the cards, and begin studying right away!
Technical investment banking interview questions are part of almost every finance interview. While the level of difficulty of these questions vary from firm to firm, you will undoubtedly be quizzed on technical questions in at least one round of investment banking interviews. Detailed and accurate responses will more likely impress your interviewer and help you land the job. In this difficult market and competitive industry it is important to gain any edge you can. If you put in the time to review, this guide will give you that edge for investment banking interview preparation.
Good luck! Please let us know if you have any suggestions for improving the Technical Guide by sending an e-mail to [email protected].

Types of questions that are included in this guide:

  1. Accounting, Finance and Valuation
  2. Stocks
  3. Bonds and Interest Rates
  4. Currencies
  5. Options and Derivatives
  6. Mergers and Acquisitions
  7. Brainteasers
  8. and Other

Testimonials:

Just got the new technical guide. By far much better than vault. Very detailed (80+ pages) with charts, graphs, etc. I'll be reading this at least once this summer in prepping for fall interviews -- banker88

The WSO technical guide is awesome! I landed a FT Citi IBD job with it! -- R.S.

Just bought the guide, and I can say that it really goes into a lot of detail to introduce and expand on certain concepts. -- Sisak

I bought the Vault guide and there is a lot of fluff, this guide is straight to the point. Question, explanation, sample response. It was amazing. Going into my interviews and superdays, I almost never got a single question that I hadn't seen before, or wasn't able to work my way through. -- Scott M.

The new Wall Street Oasis Technical Guide provides questions and easy to understand answers for all the questions I typically ask when interviewing a candidate. The additional questions expand the guide, and the new charts are an added bonus for easily remembering the crucial concepts. If a student really knows all the questions in this guide, they are sure to nail the technical section of their interview. -- Vice President, Goldman Sachs, Sales and Trading

I bought it as well! Pretty awesome simple format...walks you through the answers and then gives you an example of what exactly what to say in an investment banking interview. Breaks it down from beginner to intermediate to advanced questions for investment banking interviews and S&T. -- slkyswtbllr05

I'd like to thank you - I just bought the investment banking interview guide and it's absolutely amazing. -- Goon

The investment banking interview guide is fantastic! It's got the questions and answers that you need to know. It also has a very easy to use format... -- Kaba Modern

Thumbs up on technical interview guide. It was definitely helpful. -- Jamie Dimon (WSO username, not the actual Jamie Dimon)

This guide is a great resource for anyone going into investment banking interviews. The questions in this guide helped me successfully land the full-time job I have today! I can honestly say after preparing the questions in this guide I almost never received a question I hadn't seen before or wasn't ready to answer due to the suggestions the WSO guide provided. -- 1st Year Analyst, Goldman Sachs, Sales and Trading

Just got the technical guide today. Nice breakdown of beginner/intermediate/advanced questions depending on your background. -- Mez

I didn't read Wall Street Oasis Technical and Behavioral Interview guides until after my first year in my MBA program, and frankly they contained everything I had spent the last year learning to get a job on the Street. I highly recommend them to anyone preparing for an interview, finance or other. It's a heck of a lot cheaper than an MBA (not to mention faster and more to the point). -- MIT Sloan MBA, Class of 2009

The technical investment banking interview guide is great. Detailed. -- Fudbox

I have found the guides to be very thorough and highly relevant for individuals looking to prepare for finance interviews and internships. - Junkbondswap

I have purchased the Technical, Behavioral and Networking guides. All of them are great! I bought the Vault guides for $25 or $30 or whatever, but I think these guides are actually better. -- NewIBHire27

Behavioral Investment Banking Interview Guide

Updated and Revised! This comprehensive guide is a compilation of over 100+ of the most common behavioral / fit questions encountered in investment banking interviews with detailed advice and examples. This guide was created to provide prospective financiers a quick review for a fraction of the price of other investment banking interview guides. This is an electronic pdf so you get everything immediately and can start studying right away (unless you pay with an echeck which can take 3-4 days to verify).

New features of the second version include:

  1. Expanded general tips and preparation
  2. New questions
  3. Sample answers to each and every question
  4. More advice on how to respond
  5. Additional advice on asking the interviewer questions and over 30 sample questions to ask.

Fit questions are part of almost every investment banking interview. There are certain questions you can always expect to get, but often candidates are unsure of how to best approach them. In this investment banking interview guide, not only do we give you guidance but we even provide specific examples. That is the primary difference between this guide and others. A sample response of what an interviewer is looking for is provided for every question. In this difficult market and competitive industry it is important to gain any edge you can. If you put in the time to review, this investment banker interview guide will give you that edge.

Types of questions that are included in this guide:

  1. The One Question You WILL Get In Your Interview
  2. Industry
  3. About You
  4. Situational
  5. Tricky
  6. Other

Testimonials:

All I can say is I wish I had the Wall Street Oasis Behavioral Guide before I went into my banking interviews. I was well prepared for some of the fit questions that came my way, but others challenged me. With the extensive number of questions in this guide and the sample answers, I would have felt prepared to handle almost anything. -- 2nd Year Analyst, Credit Suisse, Mergers and Acquisitions

I have purchased the Technical, Behavioral and Networking guides. All of them are great! I bought the Vault guides for $25 or $30 or whatever, but I think these guides are actually better. -- NewIBHire27

I've owned several interview prep guides, this being my second WSO guide (first was for Technical Interviews), and the products that WSO has produced are by far the best ones I've seen. The Behavioural Guide covers most, if not all, of the questions you'll get in an interview (I recently interviewed with an elite boutique, some of the questions I was asked were almost identical to the ones in the guide). I will tell you up front that you should not expect the "perfect" answer to each and every single fit question you'll be asked, because the guide does not provide them. What it does provide, however, is the FRAMEWORK that you need to formulate your own, genuine, answer -- this is what interviewers are looking for! Overall, I am very satisfied. Combine this with the tech guide, and you'll be set for 90-95% of the questions thrown your way during interviews. -- Mez B.

I didn't read Wall Street Oasis Technical and Behavioral Interview guides until after my first year in my MBA program, and frankly they contained everything I had spent the last year learning to get a job on the Street. I highly recommend them to anyone preparing for an interview, finance or other. It's a heck of a lot cheaper than an MBA (not to mention faster and more to the point). -- MIT Sloan MBA, Class of 2009

The behavioral guide was just as useful as the technical guide. A lot of people don't focus as much on the behavioral section of interviews, but interviewers really have an idea of what they want to hear in answers. This guide provided great tips on words to mention, stories to tell, and gave an example of a "good" response for almost every question. -- Scott M.

Investment Banking Interview Prep Pack$99

Get Started!

  • 3 Most Popular Guides (Tech, Fit & Networking)
  • 500+ Real questions from actual IB Interviews
  • Free Lifetime Upgrades for Future Versions
  • Most Affordable Option

IB Prep Pack Plus + Resume Review + 5 Hrs Mock Interviews$1,199

Get Started!

  • 3 Most Popular Guides (Tech, Fit & Networking)
  • Video Library + Comp. DB, 1 Year Access - $760 Value
  • Expert Resume Review + 5 Hrs of Mock Interviews
  • Best Deal - $200 Off

WSO Networking Guide

UPDATED VERSION: This 71 page guide is a thorough introduction into the fine art of networking. Worried you aren't sending the right Thank You note? This guide can help with specific examples. Wondering how to broaden your search and improve your chances of landing that coveted investment banking interview?


This info-rich book is packed with 71 pages of detailed strategies to help you get the most of your networking, including:

  • 148 Copy-and-Paste Questions for you to ask in an interview (both informational and actual interviews)
  • How to navigate LinkedIn and Cold Calling/E-mailing with success including 14 message templates
  • 8 easy-to-follow tips to make sure your resume makes a great first impression
  • 3 Polished WSO Resume Templates (Word files) from our famous Resume Review service included (one for undergrads, another for experienced applicants and another for experienced applicants with deal experience)
  • 21 things you should be doing RIGHT (and right NOW) for networking success
  • How to AVOID networking failure
  • How to make a huge impression at business conferences
  • 8 crucial steps to make sure you are negotiating your offer properly
  • A plug-and-play template for that crucial 90 Second Elevator Pitch

As a reminder, this guide is an electronic pdf so you get everything immediately and can start reading right away.

I was tired of the typical advice from my advisor, and decided to get my hands on the WSO Networking Guide. It has been paying dividends since. It was easy to understand and offered practical advice I could use for every setting. I not only found my 'style', but it helped me land my current job. A+ material WSO. Will definitely recommend it to my friends. -- Chris

After a few years in finance, what I've realized is that most important skill you can have on Wall Street nowadays is the ability to sell yourself. The networking guide is a Bible for how to meet the right people and, more importantly, maintain those connections. -- Daniel

The WSO Networking Guide is perfect for anyone who wants to network more effectively. Like many people, I was worried that I may not be networking as well as I could, and this guide definitely helped me step up my game. Many of the tips and ideas from it helped me land my current job. If you have any doubts about your networking skills, buy this guide! -- Michael

By applying the years of experience of WSO contributors, the Networking Guide helped me get a leading edge over other applicants. More specifically, the WSO Networking Guide assisted me in polishing my resume, cover letter, and interpersonal skills. -- Giorgio

The information found in this guide is practical and very useful. It is definitely a resource that I turn to in my job search, and I would recommend it to anyone looking to gain an edge in their job search. -- Albi H

The Networking on Wall Street guide is so detailed that even the most socially awkward person can't mess up. From social cues to letter formatting, every aspect of making a positive, lasting impression is covered. What I especially like is that the content is direct and simple, helping you easily apply it. Immediately after finishing, I used one of the cold calling templates to secure a meeting with an alumni in my industry of interest. It doesn't get much better than that. -- Jake Z

The WSO Networking Guide has shed light on some of my poor networking habits that I would have not known otherwise. I recommend this guide because it helped build confidence in my networking skills, which will leave a strong impression in the eyes of employers. -- Harry D

From utilizing Linkedin to networking with alumni, I have found the WSO networking guide to be a great compilation of networking tips and templates. This guide is truly a must have for job seekers in the finance industry -- Alan C

The WSO Technical Guide has been extremely helpful. It's written in an easy-to-read format with plenty of examples and simple explanations. Being from a non-target with minimal background in finance, the guide acted as my bible throughout the SA recruiting period. Without it, I would not have been able to land the offers I did. It was instrumental to my success. -- Arnav G

Although I have been working in investment banking for a while, the networking guide was useful for the lesser known nuances of investment banking networking. I also gained a better idea of how to network with professionals from other industries such as private equity, venture capital, and hedge funds. For these reasons, I was able to successfully secure a buy-side offer recently. -- Kevin

Investment Banking Interview Prep Pack$99

Get Started!

  • 3 Most Popular Guides (Tech, Fit & Networking)
  • 500+ Real questions from actual IB Interviews
  • Free Lifetime Upgrades for Future Versions
  • Most Affordable Option

IB Prep Pack Plus + Resume Review + 5 Hrs Mock Interviews$1,199

Get Started!

  • 3 Most Popular Guides (Tech, Fit & Networking)
  • Video Library + Comp. DB, 1 Year Access - $760 Value
  • Expert Resume Review + 5 Hrs of Mock Interviews
  • Best Deal - $200 Off

Detailed Company Overview Pages for 1,000s of Firms included in the IB Prep Pack +