When to issue debt vs equity?

I had this as an interview question and not sure if I answered it 100% correctly. Can anyone help me out?

6,374 WSO Academy Investment Banking Session Reviews: 4.82/5

Class of '18 Sep 2026 Cohort

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“Sahil listened closely to my background and goals, then gave me practical advice tailored to my situation rather than a generic job-search checklist. I especially appreciated his perspective on targeting boutique and middle-market banks, pursuing an internship that would keep me close to deal work while I continue recruiting, and broadening my search to groups such as sponsors and industrials. His suggestions for approaching smaller firms, offering to meet contacts for coffee in New York, and focusing on senior associates and VPs gave me a clearer plan I can act on immediately. He also helped me decide where not to spend time. I left the conversation feeling more confident and much clearer about my next steps.”

Thompson Rivers University

Class of '29 Nov 2026 Cohort

5.00/5

Investment Banking 7 Stories Review

“I had an excellent session with the mentor. I particularly appreciated how structured and thoughtful the discussion was, as we focused on developing my answer to "Why Investment Banking?" and building my seven personal stories for behavioural interviews. The mentor took the time to understand my background, experiences, interests, and career motivations rather than simply providing generic advice. What I appreciated most was how he challenged me to think more deeply about my experiences and identify the underlying lessons, skills, and motivations that I could communicate during interviews. He also helped me think about how to connect my personal experiences with my interest in investment banking in a way that feels genuine and compelling. I left the session with much more clarity on how to approach both my story and behavioural interview preparation. It was an incredibly valuable session, and I would highly recommend this mentor to anyone looking for guidance on their investment banking recruiting journey.”

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When to issue debt vs equity?

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When to issue debt vs equity?

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