Summer Analyst

First round was held on campus. Very straightforward technical questions after resume walkthrough. This includes the standard valuation questions and DCF questions for EV and unlevered free cash flow. Interview ended with some slightly more advanced technical questions that were followups to walking through an LBO model. This included explaining how different components in Excel tie together (e.g. sources and uses flow to new balance sheet items and affect interest expense on new income statement).

Final round interview at office went well. Almost all of the interviews were entirely fit and focused more on my background and how previous experiences made me interested in banking. I had one interview that was extremely technical (the associate who interviewed me has switched to another bank since then) and focused on the mechanics of a merger model. This did not just include the valuation theory behind a merger model but also many follow up conceptual questions regarding M&A transactions. Another interview I had was partially technical and focused entirely on multiples and what kind of information you can discern given 1 or 2 multiples (e.g. total interest expense, debt to ebitda multiple, find ebitda or something like that).