Summer Analyst – Investment Banking Division Interview - Mergers and Acquisitions
Anonymous interview candidate in New York
Interviewed:
October
2024
Date Submitted:
Sep 30, 2025
Outcome
No Offer
Interview Source
College / University / On Campus Recruiting
Length of Process
2-3 months
Application
Phone Interview
1 on 1 Interview
Group Interview
Skills Test
Interview
First round was a 20-minute phone screen with a second-year analyst. Standard fit questions (“Walk me through your resume,” “Why IB?”) and one quick valuation question (“How would you value a private company with no comparables?”).
Two days later, I was invited to their NYC office for Superday. The day started with a 30-minute welcome session by HR, followed by two back-to-back 1:1 interviews with VPs—one focused on technicals (walk me through a DCF, explain WACC, how does $10 depreciation affect the three statements), the other on behavioral and deal experience from my resume.
The group case involved analyzing a mock acquisition target in the renewable energy space. We had 45 minutes to build a high-level pitch deck (no slides, just verbal presentation) and present to a director. Team dynamics were observed closely—someone who dominated the discussion got cut, while collaborative candidates advanced.
Final round included a 30-minute Excel test: build a simple LBO model with given assumptions (entry/exit multiples, debt terms, etc.). Had to calculate IRR and MOIC.
Advice: Know your LBO mechanics cold. They care less about perfect Excel formatting and more about logical structure and speed. Also, ask thoughtful questions about deal flow—interviewers lit up when I referenced a recent transaction they’d worked on (I’d done my homework via press releases).
Why did you choose to decline the offer? (optional)
Accepted a competing offer at a bulge bracket with better long-term mobility into private equity.
Two days later, I was invited to their NYC office for Superday. The day started with a 30-minute welcome session by HR, followed by two back-to-back 1:1 interviews with VPs—one focused on technicals (walk me through a DCF, explain WACC, how does $10 depreciation affect the three statements), the other on behavioral and deal experience from my resume.
The group case involved analyzing a mock acquisition target in the renewable energy space. We had 45 minutes to build a high-level pitch deck (no slides, just verbal presentation) and present to a director. Team dynamics were observed closely—someone who dominated the discussion got cut, while collaborative candidates advanced.
Final round included a 30-minute Excel test: build a simple LBO model with given assumptions (entry/exit multiples, debt terms, etc.). Had to calculate IRR and MOIC.
Advice: Know your LBO mechanics cold. They care less about perfect Excel formatting and more about logical structure and speed. Also, ask thoughtful questions about deal flow—interviewers lit up when I referenced a recent transaction they’d worked on (I’d done my homework via press releases).
Why did you choose to decline the offer? (optional)
Accepted a competing offer at a bulge bracket with better long-term mobility into private equity.
Interview Questions
"Walk me through how a $10 increase in depreciation flows through the three financial statements, assuming a 20% tax rate."
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