I applied online for the Investment Banking Associate, Tech Enabled Services position. A member of William Blair’s Talent Acquisition team reached out shortly afterward to schedule an initial 30-minute phone screen. The recruiter discussion covered my background, interest in William Blair and the Tech Enabled Services practice, the Atlanta/Chicago teams, Associate-level responsibilities, and the overall hiring process.

Following the recruiter screen, I was invited to a second-round 30-minute video interview with a Vice President on the Tech Enabled Services team via Microsoft Teams. The conversation was professional and focused on assessing my experience and fit with the team.

The process moved relatively quickly. There was approximately one to two weeks between the recruiter conversation and the second-round interview. About a week after the second interview, Talent Acquisition informed me that they had decided to proceed with other candidates whose backgrounds more closely matched the team’s needs.

Overall, the process was organized and communication from the recruiting team was timely and professional. I had two interview stages: an initial recruiter screen followed by an interview with a banker from the Tech Enabled Services team.

HR Resume Screen, then one-on-one interview with vice president, after that would be a virtual superday. Interview included behaviorals and a simplified paper LBO

Interview was with a VP. First half was behavioral, asking about my previous IB internship, deal experience, and typical stories. Then the technical portion was only related to LBOs. Was a 5 part question where I kept getting new information and had to either do calculations/give my thoughts. Final part was calculating IRR and MOIC from a high level paper LBO.

Mix of behavioral questions (why banking, why WB, why Chicago), market sizing questions, and a paper LBO for just 1 interview

Fast track interview consisted of a few preliminary screens from analysts and then 4/5 interviews from senior levels for 30 min each, ranging from behavioral to technical.

Recruiter put me in the process for IB Associate in WB in London. 1st round was a 30-min video call with HR. Next round was a 1-hour interview with a VP (behavioural + technical). Next round was a take-home 2.5hr case study (Teaser+3-statement+Profile review). Next round was 2 separate interviews with the team's Directors. Last round would be meeting the MDs.

Networking call with Senior IB employee who submitted a referral. (no other networking) Then got invited to 1st round zoom interview (30 minutes) which consisted of mostly behavioral and fit questions. Had some basic EV/valuation questions but nothing crazy. Superday was 4 30 min zooms with a break. MD, VP, VP, Associate. One all about LBO (was hard but if you do paper lbo practice questions you will be fine). One was case study and fit questions. MD call was all fit and why Tech. Very much tech focused call. One call was strictly behavioral and scenario based questions (guy joined 15 mins late and we flew through like 20 questions -- was not a lot of fun).

Had coffee chats with a recruiter in the Chicago office and was connected to a partner / MD in their Boston office where I had a great call with him and was able to earn a referral from him where I then heard back about a first round interview in late January

Initial Contact & Application
I applied online through William Blair's careers portal (williamblair.com/ibcareers). Within 48 hours of submitting, I received an automated email with a link to complete the Suited assessment — a personality/cognitive pre-screening tool. There's no real way to prep for it; it tests judgment and soft skills more than finance knowledge. I'd advise not overthinking it, just answer authentically. Make sure to check your spam folder since the link sometimes lands there.
Roughly two to three weeks after submitting, I received an email to schedule my first round interview. I had done some light networking beforehand — I'd connected with a couple of analysts on LinkedIn who were responsive and friendly, which I think helped signal genuine interest.
First Round Interview
A 30-minute Zoom with a second-year analyst (in some cases a VP or Director, depending on office). The format was roughly half behavioral, half technical.
Behavioral questions included the standard: tell me about yourself, why investment banking, why William Blair specifically, and something not on your resume. They go fairly deep on "why Blair" — you need a real answer about the independent partnership structure, culture of accountability, boutique deal exposure, or a specific group you're interested in. Vague answers don't fly here.
Technical questions included: walk me through a DCF, enterprise value vs. equity value, and most importantly — a paper LBO. The paper LBO is a defining feature of Blair's interview process and comes up at almost every stage. Know it cold. Be able to walk through entry/exit, debt paydown, IRR calculation, and key value drivers verbally and on paper without hesitation.
I got a superday invitation about two hours after the first round ended, which was a great sign.
Superday
Four back-to-back 30-minute interviews, all one-on-one. The interviewers were mostly MDs and Directors, with one Associate.
Round 1 (MD) — Behavioral + mini case study. Started with TMAY. Then they presented a brief business scenario and asked me to think through it — somewhat consulting-flavored but they tied it to M&A, asking about comparable transactions and what kind of buyer would be interested. Stay calm and structured.
Round 2 (MD) — Resume-based + markets. Heavy on "why Blair, why this office, why this group." Also asked about an industry I follow, a company I find interesting, what differentiates it competitively, and what the key risks are. Know a sector cold — ideally one relevant to Blair's coverage areas (healthcare, tech, industrials, consumer).
Round 3 (MD) — Pure behavioral. Be ready for situational/ethical questions like: "What would you do if you caught a mistake in a pitchbook the night before a client presentation?" They want to see judgment, teamwork instincts, and maturity under pressure.
Round 4 (Associate) — LBO focused. This is where they really stress-test technical depth. They gave me the paper LBO in parts, almost like a guided walkthrough, but pushed back on assumptions and asked about key drivers of IRR improvement (debt paydown, multiple expansion, EBITDA growth). Know your LBO levers inside and out.

first round was 30min with a mix of behav and technicals, they focus a lot on LBO. and superday was 4 back to back with 2 case-study, one pure LBO, and another one more liek a market analysis, depends on your interviewer. mine was less beahev.