Understanding rather than memorizing

I'm grinding through the BIWS 400 Questions, rewriting answers in my own words (with AI help on stuck points) to truly grasp concepts, not just memorize.

My Dilemma...
How do I permanently engrave valuation concepts (multiples, DCF, LBO, premiums) long-term? There's a ton of resources out there. How do I know which ones are actually worth my time? Model-building now, or hyper-focus on 400Q-style prep until interviews, then grab Excel reps at when I land a job? 

Any advice on specific study hacks/habits that helped your IB interviews (or roles)? 

I'm trying to avoid fluff courses/question banks that are a waste of time. 

10 Comments
 

To engrave valuation concepts long-term and optimize your prep, here’s a structured approach based on the most helpful WSO content and proven strategies:

1. Understand, Don’t Memorize

  • Active Learning: Rewriting answers in your own words is a great start. Take it further by teaching the concepts to someone else (or even to yourself out loud). This forces you to simplify and truly understand the material.
  • Why, Not Just What: For each concept (e.g., multiples, DCF, LBO), ask yourself why it works. For example:
    • Why do we use EBITDA in multiples?
    • Why does a DCF rely on WACC?
    • Why are premiums paid in M&A deals?
  • Link Concepts: Connect valuation methods to real-world scenarios. For instance, think about how a company’s growth rate or risk profile impacts its valuation multiples.

2. Prioritize Resources

  • BIWS 400 Questions: Stick with this as your core prep for technicals. It’s comprehensive and widely respected.
  • WSO IB Interview Course: This course offers 7,548 questions across 469 banks, covering both technical and behavioral aspects. It’s a great supplement to BIWS.
  • Modeling Practice: If you’re already comfortable with the 400Q-style prep, start incorporating modeling practice. The WSO Elite Modeling Package (6 courses) is a solid choice for mastering Excel, DCF, LBO, and M&A models.
  • Avoid Fluff: Skip generic question banks or courses that don’t align with your goals. Focus on resources with proven success in IB interviews.

3. Study Hacks for Long-Term Retention

  • Spaced Repetition: Use tools like Anki or Quizlet to review key concepts regularly. This helps move information from short-term to long-term memory.
  • Cheat Sheets: Create a one-page summary for each major topic (e.g., DCF, multiples, LBO). Include formulas, key assumptions, and common pitfalls.
  • Mock Interviews: Practice with peers or mentors. Simulating real interview conditions helps solidify your knowledge and improve delivery.
  • Real-World Application: Follow recent deals and try to analyze them using the concepts you’re learning. For example, look at the multiples used in a recent M&A transaction.

4. Model-Building vs. 400Q Prep

  • Balance Both: While 400Q-style prep is crucial for interviews, basic modeling skills are also expected. Dedicate 70% of your time to 400Q prep and 30% to modeling practice.
  • Excel Reps: Start with simple exercises like building a 3-statement model or a basic DCF. The WSO Modeling & Valuation Bootcamp (2-day) is a great way to get hands-on experience quickly.

5. Behavioral Prep

  • Use the STAR Method (Situation, Task, Action, Result) to structure your answers.
  • Tailor your responses to the specific firm. Research their culture, recent deals, and unique practices (e.g., Goldman’s in-house M&A vs. MS’s modeling-heavy approach).

6. Consistency Over Cramming

  • Study in focused blocks (e.g., 90 minutes with 10-minute breaks).
  • Review daily, even if it’s just 15 minutes, to keep concepts fresh.

7. Networking

  • Leverage networking to gain insights into specific firms. This can help you tailor your answers to “Why this firm?” and understand their unique valuation approaches.

By combining these strategies, you’ll not only ace your interviews but also build a strong foundation for your IB role. Keep grinding, and remember: mastering the fundamentals now will pay dividends later!

Sources: Guide for Investment Banking Full-Time Recruiting, SA Interview Prep Techniques, https://www.wallstreetoasis.com/forum/investment-banking/sa-interview-prep-techniques?customgpt=1, Feeling down about rejections

I'm an AI bot trained on the most helpful WSO content across 17+ years.
 
Most Helpful

Current sophomore recruiting here. I spent this past semester building the actual models for multiple different companies for understanding. At this point, if you haven’t started doing that, I’d just do the hyper-focus on the 400q and make sure you can explain every concept to a 5th grader. Then if you have time, go for marginofalpha questions to challenge yourself. Everybody’s gonna know the concepts in interviews but it’s about who can explain it the best. The exceptions are at EB interviews where the questions will be heinous (BTW this is from seniors who have successfully recruited in my club + I worked for an investment bank so had to learn lots of this already).

 

Sorry for late response but yes I started with accounting. And accounting is the most important it is the basis for some of the models you build such as dcfs and lbos (rev -> ufcf and rev -> lfcf) and when you project 3 statements there are often some annoying items like DTAs, DTLs, NOLs, and so many more annoying line items that aren’t the “feature line items” that you think about when you’re thinking about a high level IS, BS, CFS. EBs will press the fuck out of you on accounting so focus on that and have that down. Then EV/Equity Val. can be skimmed through but still important. But more important to focus on DCF, then merger models, then finally LBO (but if you’re recruiting LevFin or FSG or some shit LBO is really important and I’d do it before merger models). Also I read through first 6 chapters of Rosenbaum and that really helped get a more detailed understanding of comps, precedents, dcfs, lbos, and the sell-side m&a process. PM me if you want to talk/mock as well.

 

Rewriting the 400 questions is good for the first pass, but that knowledge has a half-life of about two weeks if you don't apply it. You are learning to pass a quiz, not to do the job. 3 things that really helped me: 

1. Context over Content

The 400Q guide is isolated trivia.  Answers to questions like "why do you add back D&A?" are easy to memorize. But if you actually build a 3-statement model and see the cash balance drop when you forget to link the CFS, you will never forget that concept again.

You need a mix. 400Q for the game of rapid-fire interviews but modeling for the deep retention.

2. Stop Reading Models

Don't just watch a video of someone modeling. Open a blank sheet and try to rebuild it yourself. You will get stuck and that struggle is where the actual learning happens.

3. Simulate the Reps

If you want to avoid fluff courses, look for tools that force you to execute rather than just watch. WSO is good, and I've also used Cook’d AI as a solid resource for this. It gives you actual work simulations. 

Get the reps in now. If you wait until you land the job to open Excel, you’re going to have a brutal first month.

 

Quia omnis dolorem est aut omnis id nostrum quis. Atque ab voluptas suscipit. Fugiat aliquam in doloribus. Autem fugiat autem voluptatem ut id ipsum.

Career Advancement Opportunities

June 2026 Investment Banking

  • Evercore 01 99.4%
  • Moelis & Company 01 98.8%
  • JPMorgan 01 98.2%
  • Guggenheim Partners 01 97.7%
  • Morgan Stanley 07 97.1%

Overall Employee Satisfaction

June 2026 Investment Banking

  • Moelis & Company No 99.4%
  • Morgan Stanley 01 98.8%
  • Evercore 01 98.2%
  • BMO Capital Markets 12 97.6%
  • Banco Santander 01 97.1%

Professional Growth Opportunities

June 2026 Investment Banking

  • Moelis & Company No 99.4%
  • Evercore No 98.8%
  • Morgan Stanley 05 98.2%
  • JPMorgan No 97.7%
  • BMO Capital Markets 12 97.1%

Total Avg Compensation

June 2026 Investment Banking

  • Vice President (14) $434
  • Associates (43) $259
  • 3rd+ Year Analyst (8) $210
  • 2nd Year Analyst (22) $179
  • Intern/Summer Associate (13) $156
  • 1st Year Analyst (75) $151
  • Intern/Summer Analyst (67) $101
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

Leaderboard

1
redever's picture
redever
99.2
2
Secyh62's picture
Secyh62
99.0
3
BankonBanking's picture
BankonBanking
99.0
4
kanon's picture
kanon
99.0
5
dosk17's picture
dosk17
98.9
6
CompBanker's picture
CompBanker
98.9
7
DrApeman's picture
DrApeman
98.9
8
GameTheory's picture
GameTheory
98.9
9
Betsy Massar's picture
Betsy Massar
98.9
10
Linda Abraham's picture
Linda Abraham
98.8
success
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”