Showcase your technical skills and master the interview process

A strong financial modeling background will give you a huge advantage in your investment banking interview, but to showcase this knowledge effectively, you’ll need to master the interview and networking process. That’s why we’ve partnered with Wall Street Oasis to bring you real-life interview insights and guidance from the most active IB forum. Start preparing today and gain a huge competitive advantage.

  • Interview Prep Only

    IB Interview Prep Pack Plus

    • 3 WSO Guides: Tech, Fit, Networking
    • 1 Year Access to WSO Video Library
    • 1 Year Access to WSO Company Database

    $199Add to Cart
  • Interview Prep + Financial Modeling

    IB Interview Prep Pack Plus
    & The Premium Package

    Take interview prep to the next level

    • Everything in the IB Interview Prep Pack Plus
    • Complete financial modeling training program
    • Certification in Financial and Valuation Modeling

    $593*Add to Cart

Guide #1: The Technical Interview

This 110+ page PDF guide is a compilation of the most common technical investment banker interview questions and sales & trading interview questions encountered on Wall Street. Includes a 3-statement sample financial model to illustrate the typical valuation methodologies used in investment banking and private equity firms.

  • 200+ of the most common questions with sample answers
  • Common Brainteasers and solutions
  • 20+ easy to read charts to help you remember what you read
  • Income statement, balance sheet, and cash flow basics
  • One page tutorials on how to read each of the financial statements
  • Current events-related interview questions and explanations
  • Detailed LBO (leveraged buyout) explanation

Guide #2: The Behavioral Interview

Fit questions are part of almost every investment banking interview. Often, candidates are unsure of how to best approach them. This guide prepares you with 100+ of the most common behavioral/fit questions encountered in investment banking interviews with detailed advice and examples.

  • Expanded general tips and preparation
  • New questions asked in recent WSO member interviews
  • Tough questions you WILL get in the following categories: Industry, About You, Situational, Tricky, Other
  • Sample answers to each and every question
  • Advice from our mentors on how to respond
  • Advice on asking the interviewer questions with over 30 sample questions

Guide #3: The WSO Networking Guide

Master the fine art of networking. Worried you aren’t sending the right Thank You note? This guide can help with specific examples. Need to broaden your search and improve your chances of landing that coveted IB interview? This PDF is packed with 71 pages of detailed strategies to help you get the most of your networking.

  • 148 copy-and-paste questions for you to ask in an interview
  • Navigate LinkedIn and cold calling/e-mailing with success w/ 14 message templates
  • 8 easy-to-follow tips to make sure your resume makes a great first impression
  • 8 crucial steps to make sure you are negotiating your offer properly
  • 3 polished resume templates (Word files) from our Resume Review service
  • 21 things you should be doing right (and right now) for networking success

Company database & video library

Both interview packages come with 1-year access to the Wall Street Oasis collection of 100+ exclusive finance videos, including recorded mock interviews and detailed Q&A finance videos as well as exclusive company data on compensation and interviews. The Video Library includes webinars on fit interviews, technical interviews, the sales and trading interview, making the most of your summer internship and more. The Company Database will give you unique insight to compare companies across a variety of metrics.

The Wall Street Prep Premium Package*

*Only Included in the $593 version. Used widely at top financial institutions, the Premium Package is designed for students pursuing careers in investment banking, PE, corporate finance and equity research.

  • Learn financial statement modeling, DCF, M&A, LBO, Comps
  • The premium package bridges the gap between academics and the real world, allowing you to show interviewers that you understand what's done on the job
  • Ace the most common technical questions on valuation methodologies, calculating cost of equity and unlevered free cash, revenue multiple vs. EBITDA, etc.
  • The step-by-step program uses a real case study approach and is designed to mimic the experience of a financial analyst.
  • Learn More about the Premium Package

Gain a huge competitive advantage in your IB interviews

  • Interview Prep Only

    IB Interview Prep Pack Plus

    • 3 WSO Guides: Tech, Fit, Networking
    • 1 Year Access to WSO Video Library
    • 1 Year Access to WSO Company Database

    $199Add to Cart
  • Interview Prep + Financial Modeling

    IB Interview Prep Pack Plus
    & The Premium Package

    Take interview prep to the next level

    • Everything in the IB Interview Prep Pack Plus
    • Complete financial modeling training program
    • Certification in Financial and Valuation Modeling

    $593*Add to Cart

Sample Investment Banking Interview Guide Questions

Sample Technical Interview Questions

If you could use only one financial statement to evaluate the financial state of a company, which would you choose?

Sample Answer: "I would want to see the Cash Flow Statement so I could see the actual liquidity position of the business and how much cash it is using and generating. The Income Statement can be misleading due to any number of non-cash expenses that may not truly be affecting the overall business. And the Balance Sheet alone just shows a snapshot of the Company at one point in time, without showing how operations are actually performing. But whether a company has a healthy cash balance and generates significant cash flow indicates whether it is probably financially stable, and this is what the CF Statement would show."

How do you value a private company?

Sample Answer: "You can value a private company with the same techniques you would use for a public company but with a few differences that make it more difficult. Financial information will likely be harder to find and potentially less complete and less reliable. Second, you can't use a straight market valuation for a company that isn't publicly traded. In addition, a DCF can be problematic because a private company won't have an equity beta to use in the WACC calculation. Finally, if you're doing a comps analysis using publicly traded companies, a 10-15% discount may be required as a 10-15% premium is paid for the public company's relative liquidity."

When should a company issue equity rather than debt to fund its operations?

Sample Answer: "There are several reasons for issuing stock rather than debt. First, if a company believes its stock price is inflated, issuing stock can raise a lot of capital relative to the ownership sold. Second, if the projects to be funded may not generate predictable cash flows in the immediate future, the company would want to avoid the obligation of consistent coupon payments required by the issuance of debt. Issuing stock is also an effective way to adjust the debt/equity ratio of a company's capital structure or to monetize the owners' investment. "

... and hundreds more, along with company-specific trends

Sample Fit Interview Questions

What are you looking for in this job?

Sample Answer: "I am going into this as an unparalleled learning experience. Everyone I have spoken with in the industry tells me you learn everything on the job. While my undergraduate studies prepared me for business, I know that most of the skills I need will be acquired on the job. I understand the hours and the workload, and I want to work incredibly hard to gain real world experience that isn't available in any other profession at this stage in my career. I know these skills will prepare me for anything I want to do later in my career."

What makes you think you can put up with the stress, pressure, and long hours of a career in finance?

Sample Answer: "I feel I am as prepared as anyone else coming out of college to handle the long hours. In fact, when you add up all the time I spent doing all my different activities, school hours were almost as long. Every day I was up at 7:30 for classes that ran from 8:15 until 1:00. After class, I would grab lunch and then go to golf practice, which didn't get me back until 5:00. Then I would grab dinner, and work in either my room or the library until I was done, which usually wasn't until pretty late at night or into the morning. While I know it isn't the same stress and time commitment as finance requires, I feel my experience has left me well prepared."

What is the most intellectually challenging thing you have done?

Sample Answer: "In my internship last year, I was responsible for aggregating data my company collected and summarizing it using Microsoft Excel. When I started, the analysts on the team had been doing the aggregating, manually collecting all the data, applying formulas, etc. It seemed like they were wasting a lot of time. I had a little bit of experience with VBA, and over the course of about a week, I taught myself to automate the entire process whenever new data became available. It was great that as a summer intern I was able to implement a system that is still saving time today. "

...and hundreds more, along with company specific trends...don't underestimate the importance of the fit questions.
X

The Wall Street Prep Quicklesson Series

7 Free Financial Modeling Lessons

Get instant access to video lessons taught by experienced investment bankers. Learn financial statement modeling, DCF, M&A, LBO, Comps and Excel shortcuts.