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Generally first and 2nd round interview will be with more junior staff, as in occasionally an analyst, and often associates. Final round interviews, although conducted by associates as well, is where you will find VP, D and MDs interviewing. Reason being, early rounds are often testing general personality and hard technical/modeling, etc, depending on your resume/experiences, and final round interviews test everything, but often really drill on personal fit (in addition to testing your financial knowledge and such). Senior bankers are usually testing your hard skills, but focused on your soft skills and your fit with the company and with them.

Regardless of who is interviewing you, be yourself, stay relaxed, and don't try to BS a BSer (courtesy of Role Models - solid movie).

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