Piper Sandler Interview Questions

65 total interview insight submissions
Interview Experience (99%)

The Interview Experience is a score from 1 star (very negative) to 5 stars (very positive) generated based on the Interview Insights at this company.

The number you see in the middle of the doughnut pie chart is the simple average of these scores. If you hover over the various sections of the donut, you will see the % breakdown of each score given.

The percentile score in the title is calculated across the entire Company Database and uses an adjusted score based on Bayesian Estimates (to account for companies that have few interview insights). Simply put, as a company gets more reviews, the confidence of a "true score" increases so it is pulled closer to its simple average and away from the average of the entire dataset.

4.1
  • Very Negative
  • Negative
  • Neutral
  • Positive
  • Very Positive
Interview Difficulty (87%)

The Interview Difficulty is a score ranging from very difficult (red) to very easy (green) generated based on the Interview Insights at this company.

The number you see in the middle of the doughnut pie chart is the simple average of these scores. The higher the number, the more difficult the interviews on average. If you hover over the various sections of the doughnut, you will see the % breakdown of each score given.

The percentile score in the title is calculated across the entire Company Database and uses an adjusted score based on Bayesian Estimates (to account for companies that have few interview insights). Simply put, as a company gets more insights, the confidence of a "true score" increases so it is pulled closer to its simple average and away from the average of the entire data set.

2.6
  • Very Easy
  • Easy
  • Average
  • Difficult
  • Very Difficult
% Interns - FT Offers (100%)

The % of Interns Getting a Full Time Offer chart is meant to provide a realistic estimate of the hiring practices of the company based on the reviews at this company.

The number you see in the middle of the doughnut pie chart is the simple average of these scores. If you hover over the various sections of the doughnut, you will see the % breakdown of each score given.

The percentile score in the title is calculated across the entire Company Database and uses an adjusted score based on Bayesian Estimates (to account for companies that have few reviews). Simply put, as a company gets more reviews, the confidence of a "true score" increases so it is pulled closer to the simple company average and away from the average of the entire data set.

82%
  • 0%
  • 10%
  • 20%
  • 30%
  • 40%
  • 50%
  • 60%
  • 70%
  • 80%
  • 90%
  • 100%

Interviews at Piper Sandler

Filter by:
Year
Job Title
Group/Division
Location
Experience
Difficulty
Student / Prospective Monkey
Year 2024
Job Title Student / Prospective Monkey
Group/Division Industrials
Location Richmond
Experience
Positive
Difficulty
Difficult
Intern
Year 2024
Job Title Intern
Group/Division Industrials
Location Richmond
Experience
Positive
Difficulty
Average
Student / Prospective Monkey
Year 2024
Job Title Student / Prospective Monkey
Group/Division Investment Banking
Location Houston
Experience
Very Positive
Difficulty
Average
Summer Associate Intern
Year 2022
Job Title Summer Associate Intern
Group/Division Investment Banking
Location San Francisco
Experience
Positive
Difficulty
Average
1st Year Associate
Year 2023
Job Title 1st Year Associate
Group/Division Investment Banking
Location Houston
Experience
Very Positive
Difficulty
Average
N/A
Year 2023
Job Title N/A
Group/Division Restructuring
Location New York
Experience
Positive
Difficulty
Average
Intern
Year 2023
Job Title Intern
Group/Division Investment Banking
Location City of Houston Acres
Experience
Very Positive
Difficulty
Average
Intern
Year 2022
Job Title Intern
Group/Division Investment Banking
Location San Francisco
Experience
Neutral
Difficulty
Average
Student / Prospective Monkey
Year 2023
Job Title Student / Prospective Monkey
Group/Division Investment Banking
Location Minneapolis
Experience
Very Positive
Difficulty
Average
Intern
Year 2023
Job Title Intern
Group/Division Mergers and Acquisitions
Location new york
Experience
Very Positive
Difficulty
Easy

Interview Questions & Answers - Piper Sandler Examples

Summer Analyst Interview - Industrials

Anonymous interview candidate in Richmond
Interviewed: February 2024
Outcome
No Offer
Interview Source
Employee Referral
Length of Process
1-2 months
Application
1 on 1 Interview
Group Interview
Interview
Networked there with MD and got selected for first round interview. First round consisted of two 30 minutes interviews with analysts. Consisted of standard behavioral questions (eg. tell me about a time...) and basic technicals (DCF, LBO, valuation methods). Second round consisted of one 30 minute interview with associate and VP (expecting to be more relaxed), but followed the same format as first round--standard behaviorals and repetition of standard technicals (all from 400 guide, though a bit more difficult). Superday consisted of 5 30 minute interviews with VPs and associates and followed same format as previous interviews. The technicals were more geared on Industrials specific questions, wanting to see if I understood the actual M&A process rather than memorizing guides.
Interview Questions
What is the difference between IRR and MOIC and how are they used in LBO analysis

Investment Banking Analyst Interview - Industrials

Anonymous interview candidate in Richmond
Interviewed: February 2024
Outcome
No Offer
Interview Source
Other
Length of Process
Less than 1 month
Application
1 on 1 Interview
Group Interview
Interview
Applied to the position and then cold emailed the firms MD asking if I could get on a phone call. He responded and we spoke on the phone. Shortly after the call I received an invitation for a first-round zoom interview. This was three days later and was with a VP. This was all behavioral questions and they were trying to assess if I was a good fit. I found this very easy as I was well prepared and was able to carry good conversation with the VP. After this I received an email three days later about a second round interview. This interview was over zoom about a week later from the first round and was with an analyst and a VP. This was mainly technical questions ranging from accounting to DCF and LBO. Make sure to be very familiar with the different formulas what they all mean and how the components are found. I did not receive a super day which would have been the next step. Overall the process was very efficient and communication was great from the firm.
Interview Questions
What valuation method do you think we use the most?
What are the drivers of IRR in an LBO?

Summer Analyst Interview - Investment Banking

Anonymous interview candidate in Houston
Interviewed: January 2024
Outcome
Declined Offer
Interview Source
Employee Referral
Length of Process
Less than 1 month
Application
1 on 1 Interview
Group Interview
Interview
30 min technical first round in person, superday with 8 people. First round accounting/valuation, superday one technical
Interview Questions
Harder technicals, brain teasers, line item questions, M&A, ratios

Summer Associate Interview - Investment Banking

Anonymous employee in San Francisco
Interviewed: November 2022
Outcome
Accepted Offer
Interview Source
College / University / On Campus Recruiting
Length of Process
1-2 months
Application
Phone Interview
1 on 1 Interview
Interview
I reached out after an info session at school. I coffee chatted with 3 associates, an MD, and one other associate. Went to the office and met with 3 MD's, all 15min one on one sessions. Went to lunch with the team, and then got my superday offer a week later. Superday was pretty relaxed. Met with an MD I had already met, met with a new MD, and had a technical interview with 2 associates.
Interview Questions
Walk me through what happens on the three statements when you sell $50 of gift cards, but they aren't redeemed. Then what happens after $25 of product is redeemed.

Associate Interview - Investment Banking

Anonymous interview candidate in Houston
Interviewed: October 2023
Outcome
No Offer
Interview Source
Other
Length of Process
Less than 1 month
Application
Phone Interview
Group Interview
Skills Test
Interview
First round coffee chat with a director to discuss the market / potential opportunities. Second round consisted of a group behavioral interview with MD & director. Final round was an in person excel test that lasted 1.5 hours followed by ~30 minutes of brain teasers.
Interview Questions
There are 4 people, each who need to cross a bridge. They must cross in pairs, and each time they cross they must carry the 1 torch they have. Person A can cross in 10 minutes, B in 5, C in 2, and D in 1. What is the combination of pairs that allows them to cross in 17 minutes or less?

Restructuring Interview - Restructuring

Anonymous interview candidate in New York
Interviewed: September 2023
Outcome
No Offer
Interview Source
Recruiter
Length of Process
1-2 months
Application
Phone Interview
Group Interview
Interview
Interview process was great. Spoke with an analyst and associate that were easy going. They asked how the 3 financial statements would be affected after a decline in stock price. A few brain teasers, several accounting questions, and how to get to Un/levered free cash flow.
Interview Questions
What are the priority of claims in bankruptcy, how does a decline in stock price affect the three financial statements, and several accounting questions that were not on the 400 guide.

Summer Analyst Interview - Investment Banking

Anonymous employee in City of Houston Acres
Interviewed: March 2023
Outcome
Accepted Offer
Interview Source
Employee Referral
Length of Process
Less than 1 month
Application
Phone Interview
1 on 1 Interview
Group Interview
Interview
Went through a group networking event in Houston (really a first round) and then followed by two other rounds. One was solely technical (~25 questions in 30 minutes mainly on DCfs and common ratios), other (SD) was mixed. 6 interviews 30 minutes each. 5 two-on-ones and one 1-1. 1 solely technical round (~25 questions in 30 minutes again this time more on oil and gas, ratios, and a bit of LBOs).
Interview Questions
Nothing really that difficult. Mostly needed to understand how to convert from line items to ratios (e.g. going from a leverage to a coverage ratio). Needed to know all steps and sub-steps of a DCF and you're fine. Maybe the question they asked on converting to FDSO with TSM would be the most difficult for some people if you forget to repo outstanding shares with options proceeds.

Summer analyst Interview - Investment Banking

Anonymous interview candidate in San Francisco
Interviewed: April 2022
Outcome
Declined Offer
Interview Source
Applied Online
Length of Process
1-2 months
Application
1 on 1 Interview
Group Interview
Interview
Went through an accelerated process through a club I'm in, technical questions were basic about DCF, accounting etc but they tried to push back a lot. Final superday was 3 30 minute interviews.
Interview Questions
In depth DCF

Summer Analyst Interview - Investment Banking

Anonymous interview candidate in Minneapolis
Interviewed: April 2023
Outcome
No Offer
Interview Source
Employee Referral
Length of Process
2-3 months
Application
Group Interview
Interview
I networked within the bank, then applied once the interview went live. Three weeks later I received a HireVue invitation and two weeks later a Superday invite. The superday was 3 30 minute interviews a mix of technical and behavioral
Interview Questions
If you could only use one financial statement to value a company, which would you use?
What is missing from the cash flow statement in relation to valuing?
What does an investment bank do?

Investment Banking Summer Analyst Interview - Mergers and Acquisitions

Anonymous employee in new york
Interviewed: February 2023
Outcome
Accepted Offer
Interview Source
Applied Online
Length of Process
Less than 1 month
Application
Group Interview
Interview
One group interview then superday. Was fairly technical from advanced M&I 400 and some critical thinking questions. Overall pretty straight forward
Interview Questions
All pretty easy but when to use different multiples, gain on sale of asset, net working capital questions
$1bn+
Est Annual Revenue

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