Intern

Overview
The process consisted of four rounds and was fairly simple. Compared to other EB processes, this one lightly touched certain topics.

Round 1: Personal Fit Only
Duration: Around 30 minutes

This round was purely fit based

Typical questions included:
Tell me about yourself
Why investment banking
Why Evercore
Why Frankfurt
Walk me through your CV
Failure and what you learned

They went fairly deep on motivations and asked follow up questions to test consistency. Nothing unexpected, but they clearly wanted structured answers and strong reasoning for Evercore specifically.

Round 2: Basic Accounting and Valuation
Duration: Around 45 minutes

Main topics:
PP&E accounting case
Walk through depreciation impact on the three statements
Capital expenditures and how they flow through the model
Impact of increasing depreciation on net income, cash flow, and valuation
Basic DCF mechanics
How changes in WACC affect valuation
Enterprise value vs equity value

Round 3: IFRS and PIK Interest
Duration: Around 30min

This was the most technically detailed round

Topics included:
IFRS 15 revenue recognition
What IFRS 15 changed versus prior standards
How revenue timing affects EBITDA, net income, and valuation
IFRS 16 lease capitalization
How operating leases moving onto the balance sheet affect EV, EBITDA, and leverage
Impact of IFRS 16 on comparability and multiples
PIK interest mechanics
How PIK interest flows through the income statement and balance sheet
Impact of PIK on free cash flow and debt balance
How PIK affects LBO returns

This round was very detail oriented and required strong conceptual understanding rather than surface level knowledge.

Round 4: Brain Teasers, Mental Math, and Case Style Questions
Duration: 30 to 40 minutes

Lots of math and cases in the last round

Components included:
Mental math under time pressure
Breaking down large numbers quickly
Percentage changes and growth rates
On the fly free cash flow calculations
How changes in working capital affect FCF
Impact of margin expansion on valuation
How changes in PnL line items affect equity value

They would change one assumption and ask for the directional impact on free cash flow, enterprise value, equity value, or IRR. For example, what happens if depreciation increases, or if working capital increases by 10, or if revenue growth slows by 2 percentage points.

Overall Impression
Fairly simply Interview, when compare to other banks in Frankfurt.