Overheard someone else's interview and it made me realize something.

You are absolutely right that most qualified candidates will have the same answers to a lot of questions. The way you can stand out is by 1) having a clear reason for why you want to join a particular industry group or firm, 2) having some passion about the industry, and 3) showing that you have done your homework. I can only pass along my own experience, but I was able to beat out several other candidates for a position when they all had what I view as better backgrounds on paper (two were IVY undergrads, one was a JD/MBA, one had analyst experience...which I did not).

For instance, if you are looking at a consumer/retail group, take some time to look at a recent headline transaction (preferably handled by that bank), and consider why the acquiror was looking at a target. Was it purely financial, or were there other reasons such as international presence or retail footprint? Throw some corporate strategy related items into your answer. It doesn't need to be perfect, just show that you are thinking about these things.

With regard to passion for the industry, mention how you enjoy reading about companies in the industry even though you don't work in that industry. Get smart about a few of the headline companies in that industry, and be able to convey why they are great companies (strategy, vision, marketing, management, efficiency). Relate it to your background too. If you worked at Abercrombie for a summer, show how this made you think about how they differ from a J-Crew or Gap in terms of financial profile, customer segmentation, etc. Once you have proven that you have a capacity for the technical side of the equation, people start looking to see if you will be interested in th job beyond just crunching the numbers. As an associate, it is always great to meet an analyst candidate that might be able to help with some of the more qualitative aspects of the job such as positioning slides for an IPO (basically the thesis covering why that company will appeal to investors).

For the "doing your homework" part, I had some success by looking at recent hirings or departures. If the group head just left for another firm, ask who is replacing them and if this will impact the type of deals that they handle. Make sure you don't take an overly aggressive tone, but just show that you might be interested in that firm for long term beyond your analyst stint. It works even better for recent hires, since it gives them a chance to talk about an industry vertical where they might be making a big push over the coming years.