Stephens SA 2021

Didn't see a thread here for Stephens so starting it now. Heard that phone screens have been going out, any advice on how to best prepare?

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Comments (158)

  • Intern in IB - Gen
Aug 11, 2020 - 8:33pm

I had a phone screen already after applying for FT. Was asked all behavioral, felt more like a conversation to be honest.

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  • Intern in IB - Gen
Aug 11, 2020 - 8:40pm

Screen is fairly simple. Walk through resume, why IB, why Stephens, can you describe investment banking. Hardest question I got was briefly ways you could value a company.

  • Prospect in Other
Aug 15, 2020 - 2:19pm

My screen was insanely technical. Started with talking about my background and a little bit of small talk and went right into the technicals.

  • Prospect in IB-M&A
Aug 15, 2020 - 4:53pm

Gnarly. My first screen was pretty technical but they were really easy. Second interview had some technicals but I could tell they really care about the culture and put more weight on that.

I didn't get 100% of the technicals right in my second interview but I'm moving to the third round sometime in the next couple of weeks.

  • Prospect in Other
Aug 16, 2020 - 11:29am

Yeah, unfortunately, it's the reality of things. Did the best I could and hopefully he was able to understand that

  • Intern in IB - Gen
Aug 16, 2020 - 8:54pm

Sorry to hear that everyone. Curious to know if tough technicals was for FR or SA and if it was through general application? It may have been because of connection, but my screens were pretty much all behavioral and moving on.

  • Prospect in IB-M&A
Aug 16, 2020 - 10:13pm

it was for SA and it was through connection, it was shocking since you dont expect first rounds to be heavy on techical

Aug 17, 2020 - 3:35pm

simple ones were walk me through all of the valuation and accounting but it got tougher as they dived deep into it, if you review all of it and how the valuations work you wll get it.

Aug 17, 2020 - 7:16pm

Mine started with him asking about valuation methods and which ones use multiples. It then got pretty heavy into LBO's. Know dilution vs accretion. Also, how all the ins and outs of which valuation methods & terminal value methods provide the highest and lowest values.

  • Prospect in IB - Cov
Aug 18, 2020 - 12:43am

SO I read what you wrote about the multiple vs perpetuity method and you said the answer was perpetuity bcuz of market premium. Shouldn't it be the other way around and the exit multiple being higher due to a market premium when comparing it to peers?

Most Helpful
Aug 18, 2020 - 12:53am

I believe the answer is actually that the perpetuity method is generally higher because it assumes never-ending growth. I dont believe that it actually has much to do with premiums. Additionally, you do use multiples for precedent transactions. That is the whole point, you compare transactions, then apply their multiples to the companies current situation. I deleted most of the post because I reread it and felt it unintentionally sounded like I was bashing the analyst, which wasnt my intention. He was a cool guy. I just wanted to let people know the answers their interviewer might be looking for.

  • Prospect in IB - Cov
Aug 11, 2020 - 5:41pm

For FT or SA? And which office?

And was the SD invite right after the phone screen?

Aug 11, 2020 - 10:54pm

Anyone have any insight on Stephens in general? What are they know for? Do they have good deal flow? That sort of thing

  • Prospect in IB-M&A
Aug 17, 2020 - 1:57pm

I had NY first round and thought I did pretty well but havent heard back. its been like 4 days. anyone else?

  • Prospect in IB - Cov
Aug 17, 2020 - 2:19pm

Was this FT? I received word for a second round end of last week and finished the second round this week. Good luck

Aug 17, 2020 - 2:52pm

8/10 was my first round, 8/13 a second analyst reached out (but haven't done an interview with him, oddly), 8/16 a third analyst reached out and had an interview with him today.

First interview was all behavioral, second was majority technical (although they were all pretty basic) with a few qualitative.

Aug 19, 2020 - 8:55pm

How was the third interview? technical? behavior? mix? 


  • Prospect in Other
Aug 19, 2020 - 2:42pm

Received my second phone screen after an insanely technical first one

  • Prospect in IB-M&A
Aug 19, 2020 - 3:01pm

did they tell you it was a phone screen. I received an email but am not sure if its a second round.

  • Prospect in IB-M&A
Aug 19, 2020 - 4:30pm

I got the walk me through your resume and 2 technicals the first was about WACC I admitted I didn't know it and would learn it the second I did a DCF walkthrough and was told that it sounds right. He said that's all I have for you and have a good day pretty much and hung up.... thinking that it's GG for me.

Aug 19, 2020 - 9:03pm

Had 2 interviews so far. One last week one this week. The first one was mix of behavior and basic technicals. The second one was heavily technical, covering question on accounting, valuations, and outside of the guide questions. Anyone know any insights regarding the recruiting timeline? 


  • Prospect in IB - Cov
Aug 19, 2020 - 9:24pm

Did you get a third round. And for what office? And any other info on the process you got from your interviewer on next steps?

Aug 24, 2020 - 3:14pm

NY. No update for 3rd round. The interviewer was quiet unsure regarding the next step. He said the firm would get back to me within a week or two. 


  • Intern in IB - Gen
Aug 19, 2020 - 11:49pm

Any idea on FT timeline? Have had screens with associate but wondering if anyone has heard much on next steps after that phase.

Aug 21, 2020 - 1:43pm

No updates regarding third call/ interview. The interviewer I had for my second round mentioned I would likely hear back within a weeks time-- this was on 8/16. I'm thinking they will likely be reaching out next week.

  • Prospect in IB - Cov
Aug 21, 2020 - 1:52pm

Was this for NY? And what did the interviewer ask you in the third call if you don't mind sharing?

  • Prospect in IB - Cov
Aug 23, 2020 - 6:19pm

I heard back for third but this is for FT. So maybe slightly different process.

Aug 24, 2020 - 2:02am

Update: Just had another analyst reach out for a third round that will take place Monday or Tuesday. The pace seems to be about 1 interview per week at this point. I'm hoping these phone screens will be over soon so we can get to the Superdays.

(This is for SA, NY office)

Aug 24, 2020 - 12:42pm

As I'm sure many are studying for technical interviews, you can have your Alexa or Google Home quiz you. I recently added some free IB accounting and valuation quizzes that you can use and add to at Grillme Video of it:

. Hope this is helpful!
  • Prospect in Other
Aug 27, 2020 - 5:15pm

Yea got an email today for a 1st round virtual interview (not sure if video or phone) for their Atl office

  • Intern in IB-M&A
Sep 3, 2020 - 2:57pm

How does Stephens NY exit? What would you say are comparable firms?

Sep 21, 2020 - 11:49am

I can only speak to the NY process, but yes, SD was yesterday (9/20). From what I gathered, the NY SD size was about 10 people, more or less. No idea how many interns they are planning to take. 

Sep 23, 2020 - 5:03pm

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Sep 23, 2020 - 5:10pm

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  • Intern in IB - Treas
Sep 24, 2020 - 11:07am

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Sep 24, 2020 - 11:39am

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  • Intern in IB - Treas
Sep 24, 2020 - 4:44pm

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  • Prospect in Other
Sep 26, 2020 - 10:57pm

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