I don't approve of this as an interview question, but it is something that everyone should try to think about. When I was an MBA candidate, it was more about just getting my foot in the door. I was lucky enough to get into a good bank as anAssociate.
The first few years were focused on just getting transaction experience: learning to block and tackle and just trying to stay afloat. I would like to think that if someone asked me that question and I was being honest (not just giving a "recruiting" answer) I would have answered: "In five years, I want to develop in this career, build a strong skill set and eventually become a well established VP."
No one wants to be a "junior" banker and the VP role is where people stop calling you that. We put up with being an Analyst or Associate for good exit ops: whether that is outside of IBD or "exiting" to more senior levels. IBD is a marathon and the first few years was just that: Not about winning Olympic gold, but more about just getting to the finish.
But now as a VP, the game has changed. Rather than just grinding in the office, you are now officially in the middle: senior enough that you need to start thinking about relationships, but junior enough you have to make sure the work still gets done (well). This is also when you get a hunting license: time to go out and start getting deals. While you don't have revenue responsibility yet, it's clear your expectations are more than putting together materials: you need to start sourcing the meetings, generating ideas and originating business.
Time to recalibrate: So now as an established VP, what's the new five year plan looking forward? Well, to be honest, I'm looking at MD. I want to be in a position where I have good solid relationships with my clients, am able to translate my Associate/VP years of grinding analysis into useful advice for clients: "Oh yeah, I've seen a similar scenario before, this is what you should consider / this would be really helpful and insightful for you."
My business card has the name of a good firm on it, and I'll be leveraging existing knowledge and relationships built on previous deal experiences to try to be valuable to my clients.
See you out there. Happy hunting.