Introduction

Preparing for an investment banking interview can be daunting, but with the right approach and resources, you can navigate this process with confidence. Make sure you are aware of the different types of interviews you might face and learn some tips for making a great impression.

Whether you're a student or a professional making a career switch, understanding the interview process is the first step to make sure you know how to prepare your interviews The first thing you need to know: timing is everything. Apply as soon as applications open. Let´s dig into the typical steps of the interview process.

Interview Process Overview

Investment banking interviews typically follow a structured process that includes several stages:

1. Initial Screening
2. HireVue Interview
3. Interview Rounds
4. Superday

Let's dive into each stage.

Initial Screening

The initial screening involves the submission of your CV and cover letter. This is your first opportunity to make a strong impression.

• ‍CV: Ensure your CV is well-structured, concise, and highlights relevant experience and skills.

• Cover Letter: Tailor your cover letter to the specific bank and role, emphasizing your passion for finance and how your background aligns with the job requirements.

Expert Tip: A well-crafted V and tailored Cover Letter will significantly increase your chances of passing the initial screening. Highlight your most relevant skills and experiences that relate to investment banking. Reach out to our mentors with Network for help tailoring your CV and Cover Letter.

HireVue Interview

Many top-tier investment banks use HireVue, a video interviewing platform, as an initial screening tool.

• ‍Setup and Instructions: Once you receive an invitation for a HireVue interview, follow the instructions carefully to set up and use the platform. Ensure your camera and microphone are working properly.

• ‍Answering Questions: You’ll be presented with a set of predetermined questions. These questions often revolve around common themes such as "Why investment banking?", "Why choose our bank?", or "Tell us about a significant achievement?"‍

• Recording Responses: You will record your answers on camera. Unlike traditional interviews, you often have only one shot at recording your response, so it's important to be prepared and articulate your answers clearly.‍

• ‍Analysis: HireVue's advanced algorithms analyze your responses, including verbal and non-verbal cues.

Tips for Succeeding in a HireVue Interview:

• ‍Practice: Familiarize yourself with the format by practicing common questions. Record yourself to get comfortable with speaking on camera and refine your answers.‍

• ‍Environment: Choose a quiet, well-lit space for your interview. Ensure there are no distractions or interruptions.‍

• Presentation: Dress professionally as you would for an in-person interview. Pay attention to your body language; sit up straight and maintain eye contact with the camera.‍

• ‍Preparation: Prepare your answers in advance. Structure them clearly and concisely, ensuring you address the key points.‍

• Technology Check: Test your equipment beforehand to avoid technical issues during the interview.

Interview Rounds

If you pass the initial screening and HireVue interview, you'll be invited to multiple rounds of interviews. These can be categorized into two main types: behavioural (fit) and technical.

Prepare with mock interviews, as they help you get comfortable with the interview format, improve your responses, and reduce anxiety. They also provide an opportunity to receive constructive feedback. Conduct mock interviews with peers and mentors. Also try to simulate the interview environment as closely as possible, including dressing in professional attire and practising under timed conditions.

Expert Tip: Practice makes perfect. Take advantage of our Interview platform to practice as many mock interviews as you can and simulate real interview conditions. Improve your confidence and receive valuable feedback. Play both the candidate and the interviewer roles to understand common mistakes and refine your responses - this will give you an invaluable insight!

Superday

The Superday interview is the final step of the investment banking recruitment process. It typically involves a series of back-to-back interviews with various bank employees ranging from analysts to senior bankers.

• Structure: Superday interviews can vary in length and format but usually include multiple short interviews. Be prepared for any scheduling changes or unexpected interviewers.

• ‍Networking Events: Many banks host networking events like dinners or happy hours the night before the Superday. These events are informal but still professional settings where first impressions matter.

• Questions: Expect a mix of behavioural and technical questions. Junior bankers may focus more on technical skills, while senior bankers might assess your fit with the company culture.

Expert Tip: Prepare for a variety of interviewers and questions during Superday. Your ability to adapt and perform under pressure is crucial. Reach out to our mentors with Network for expert mock interviews if you get to this stage.

Types of Questions

As aforementioned, investment banking interviews typically fall into two main categories: behavioural (fit) and technical. Understanding what to expect in each can help you prepare more effectively. Check out out "Behavioural Questions" and " Technical Questions" posts for a more detailed overview on how to prepare for each of them.

Behavioural Questions

These questions tend to focus on your motivations, past experiences and how you've handled various situations. Interviewers assess your soft skills such as teamwork, leadership, and problem-solving abilities. Expect questions like "Tell me about a time you faced a challenging situation" or "Describe a project where you worked as part of a team."

Preparing for common questions can significantly boost your confidence. Here are some typical questions and tips on how to answer them effectively:

• Tell me about yourself: Craft a concise and compelling narrative that highlights your background, key achievements, and why you're interested in investment banking.

• ‍Why investment banking?: Focus on your passion for finance, your desire to work in a dynamic environment, and how your skills align with the demands of the industry.

• Describe a challenging project you worked on: Choose a project where you had a significant role, outline the challenges you faced, and explain the actions you took to overcome them and the results achieved.

Key Takeaway: Behavioural questions assess your soft skills and past experiences. Prepare stories that highlight your leadership, teamwork, and problem-solving abilities.

Technical Questions

These are designed to test your financial knowledge. You'll be asked questions related to accounting, valuation methods, financial modelling, and potentially some financial market hot topics and/or trends. Examples include "How do you value a company?" or "What are the different types of financial statements and what do they tell you?"

Preparing for common questions can significantly boost your confidence. Here are some typical questions and tips on how to answer them effectively:

• How do you value a company?: Explain different valuation methods such as discounted cash flow (DCF), comparable company analysis, and precedent transactions. Highlight the importance of using multiple methods to cross-check valuations.

• ‍What are the main financial statements?: Describe the balance sheet, income statement, and cash flow statement. Explain how they are interconnected and their significance in financial analysis.‍

• Walk me through a DCF: Outline the steps involved in a DCF analysis, including projecting free cash flows, calculating the discount rate, and determining the terminal value.

Key Takeaway: Thorough knowledge of finance concepts is essential. Check our free resources to get familiar with these topics: "Accounting", "Equity Value to Enterprise Value", "Valuation", "DCF", "LBO" and "Merger Model".

Tips for Preparation

Effective preparation is key to acing your investment banking interviews. Here are some tips to help you get ready:

• ‍Practice and Repetition: Regularly practice answering common interview questions. Conduct mock interviews with peers and mentors to get feedback and improve your responses.

• ‍Stay Organized: Keep a study schedule and track your progress. Break down your preparation into manageable chunks, focusing on different topics each day.

• Research: Learn about the firm’s history, culture, recent deals, and industry position. Tailor your answers to reflect your understanding of and fit with the firm.

• ‍Networking: Connect with current employees or alumni working at the bank to gain insights and advice. This can also help you stand out during the interview process.

Expert Tip: Organize your preparation and research the firm thoroughly. Tailor your answers to demonstrate your knowledge and fit for the role.

Dress Code and Etiquette

Making a positive first impression is crucial in investment banking interviews. Here are some guidelines to follow:

• Dress Code: Wear a professional, well-fitted suit in a conservative color like navy, black, or grey. Ensure your attire is clean and pressed.‍

• ‍Etiquette: Arrive on time, preferably 10-15 minutes early. Greet your interviewers with a firm handshake, maintain eye contact, and be polite and respectful throughout the interview.

Conclusion

Investment banking interviews are challenging, but thorough preparation will set you up for success. By preparing effectively, you'll be well on your way to ace your interviews and secure a role in the industry.

How to prepare effectively? There is only one way: practice, practice, practice. Take advantage of our Interview and Network platforms to practice as many mock interviews as you can, and connect with mentors that can help you. Good luck!