Practical guides for IB and PE interviews. No fluff — just the frameworks and answers you need.
Every IB interview starts with accounting. Here is how to structure your answers so you never get caught off guard.
PE firms test paper LBOs to see if you can think like an investor. Here is the framework to solve any paper LBO in under five minutes.
This question tests investment judgement, not memory. Here is how to structure a deal walkthrough that impresses.
Terminal value is where most DCF valuations go wrong. Here is how to get it right and defend your assumptions.
The EV bridge is tested in nearly every IB interview. Here is how to explain every adjustment with logic, not memorisation.
Most networking attempts fail because they are generic. Here is the framework that actually gets responses from bankers.
Your resume has 15-20 seconds to make an impression. Here is the bullet point formula that works.
This question sets the tone for the entire interview. Here is how to answer it in 90 seconds without rambling.
Interviewers will ask you to walk through an M&A process. Here are the 11 steps you need to know.
A superday is 4-6 back-to-back interviews in one day. Here is exactly what to expect and how to prepare.
Most candidates give the same generic answer to this question. Here is how to give one that actually stands out.
Accretion/dilution is tested in every M&A-focused interview. Here is how it works and how to explain it clearly.
WACC is the discount rate in every DCF. Here is how to calculate it correctly and defend your assumptions.
A structured preparation plan covering technicals, behaviourals, commercial awareness, and timing for IB recruiting.
The 3-statement model is the foundation of all financial modelling. Here is how the three statements connect.
PE interviews test different skills than banking interviews. Here is what to expect and how to prepare for each stage.
The LBO model is the core of PE analysis. Here is how to build one step by step.
Restructuring is one of the most technical seats in banking. Here are the concepts you must know.
A technically correct model that is poorly structured will still fail. Here are the conventions banks expect.
A coffee chat is not an interview. Here is how to use 15 minutes to build a genuine connection and get a referral.
Interview prep covers how to get the offer. This covers what the job actually feels like once you start.
Most students have never seen a CIM. Here is how to read one efficiently and extract what matters.
Modelling is table stakes. Here is what actually separates the analysts who get PE offers from those who do not.
Anyone can run a DCF. The real skill is knowing when to trust it, when to ignore it, and what it actually tells you.
Non-target students face a harder path into IB. Here are the specific strategies that actually work.
Both roles involve financial analysis. But the day-to-day, the culture, and the career trajectory are completely different.
The take-home LBO test is different from a paper LBO. Here is what PE firms actually grade on.
Both paths lead to strong careers. But the experience, culture, and exit opportunities are meaningfully different.
The gap between offer and start date is an opportunity most candidates waste. Here is how to use it.
Infrastructure PE is one of the fastest-growing corners of alternative assets — and one of the least understood by candidates. Here is what practitioners actually think about it.
FIG is one of the biggest revenue-generating groups on the Street. Most candidates have no idea why. Here is how financial institutions banking actually works.
Most people assume macro PMs are economists who read the FT and make interest rate bets. The reality is very different.
You survived banking. You landed the PE offer. Two years in, you feel worse than you did as an analyst. You are not alone.
The 3-statement modelling test is not about building a perfect model. It is about building a functional one under time pressure without critical errors.
The balance sheet does not balance. The model is due in two hours. Here is how to find the error systematically instead of staring at the screen.
A technically correct model built on indefensible assumptions is worse than a simple model built on defensible ones. Here are the mistakes that actually matter.
Debt is cheaper than equity. That is the starting point, not the conclusion. The real question is how much debt a company can support without breaking its covenants in a downside scenario.
An IPO does not value a company. It reprices an existing valuation for public markets, with a built-in discount to guarantee the deal clears. Here is how the mechanics work.
Unlevered free cash flow is the starting point of every DCF. The formula is straightforward. What to include and what to exclude is where candidates get it wrong.
A fund reporting 1.9x gross MOIC and 21% gross IRR sounds strong. After fees and carry, net IRR drops to 15%. Understanding where the gap comes from is the entry point to PE fund economics.
EBITDA is not cash flow. Converting it to FCF requires subtracting taxes, interest, working capital changes, and capex. The tax step is where most candidates get it wrong.
UK assessment centres are fundamentally different from US superdays. They include group exercises, timed case studies, and presentations. Here is how each stage works and what evaluators actually look for.
Analysts spend more time in PowerPoint than Excel. These shortcuts are the difference between leaving at midnight and leaving at 3am.
Banks convert 60-85% of summer interns to full-time. The interns who miss out make predictable mistakes. Here is what evaluators actually look for over the 10-week programme.
PE is not one thing. An LBO fund targeting 20% IRR on mature businesses operates completely differently from a growth equity fund writing minority cheques into pre-IPO companies. Understanding the landscape is the entry point to intelligent PE recruiting.
These are not hypothetical questions. They are the actual questions asked at Goldman, Morgan Stanley, Evercore, Centerview, Moelis, and 20+ other firms, reported by candidates who sat in the room.