The IB Assessment Centre: What to Expect at a London Bank and How to Prepare
10 min read
- UK assessment centres typically run a full day: group exercise, timed case study (often a merger model or valuation), individual presentation, and 2-3 one-on-one interviews
- The group exercise tests collaboration, not dominance. Evaluators mark candidates who facilitate discussion and build on others' points, not those who talk the most.
- The case study is timed (60-90 minutes). Completing a simplified model with correct logic beats attempting a complex model that breaks.
- The presentation tests whether you can distil analysis into a clear recommendation under time pressure.
How UK Assessment Centres Differ From US Superdays
| Dimension | US Superday | UK Assessment Centre |
|---|---|---|
| Format | 4-6 back-to-back interviews in one day | Group exercise + case study + presentation + 2-3 interviews over a full day |
| Group component | Rare | Standard. Candidates work together on a business problem while evaluators observe. |
| Case study | Sometimes a modelling test sent separately | Timed in-person exercise: analyse a deal, build a simplified model, present findings |
| What gets you cut | Poor technical answers or bad fit | Dominating the group exercise, failing to present clearly, or a model that does not work |
The Group Exercise: Collaboration, Not Competition
Typically 4-6 candidates are given a business scenario (e.g. "Company A is considering acquiring Company B. Discuss the strategic rationale and recommend whether to proceed.") with 30-45 minutes to discuss and reach a group recommendation. Evaluators sit around the edges of the room, each assigned to observe 1-2 candidates.
What evaluators mark positively:
- Structuring the discussion early: "Let's break this into strategic rationale, valuation, and risks"
- Building on others' points: "That is a good point about synergies. To quantify that..."
- Bringing quieter candidates into the conversation: "We have not heard from everyone on the financing question"
- Summarising progress and moving the group forward: "So we agree on the strategic logic. Let's now discuss price."
What gets you marked down:
- Talking over others or dominating airtime
- Dismissing other candidates' contributions
- Staying silent and contributing nothing
- Failing to reach a conclusion (the group must deliver a recommendation)
The Case Study: Timed Merger Model or Valuation
The most common format: candidates receive a packet with financial data on two companies and are asked to assess whether Company A should acquire Company B. Time limit: 60-90 minutes. The deliverable is either a completed Excel model, a written recommendation, or both.
How to approach the 60-90 minutes
The three insights evaluators test
1. Purchase method matters more than purchase price. Even at a higher premium, a debt-financed deal can be more accretive than a stock-financed deal because after-tax debt cost is lower than the equity cost (1 ÷ buyer's P/E). Candidates who explore different financing structures rather than fixating on the premium demonstrate deal thinking.
2. Accretion creates a tension with credit risk. More debt means more accretion (cheaper financing) but higher leverage and lower interest coverage. The recommendation should acknowledge this trade-off explicitly: "The deal is 8% accretive with 60% debt financing, but leverage rises to 4.5x, which is at the upper end of the investment-grade range."
3. Valuation arbitrage drives most accretive deals. When the buyer trades at a higher P/E than the target's purchase P/E, the deal is likely accretive regardless of financing. Understanding this pattern allows you to assess the deal directionally before touching Excel.
The Presentation: Distil Analysis Into a Recommendation
Some assessment centres ask candidates to present their case study findings to a panel of bankers (5-10 minutes, sometimes with slides, sometimes verbal only).
The structure that works:
- Recommendation (10 seconds): "We recommend Company A proceeds with the acquisition at a 25% premium, financed with 60% debt and 40% stock."
- Strategic rationale (60 seconds): Why the deal makes sense operationally.
- Financial impact (60 seconds): Accretion/dilution, credit metrics, and the trade-off between them.
- Key risks (30 seconds): Integration risk, leverage, customer overlap, regulatory.
- Sensitivity (30 seconds): How the conclusion changes under different assumptions.
Lead with the recommendation. Evaluators want to see whether you can take a position, not whether you can list pros and cons without concluding.
The Interviews: Same as a Superday
The 2-3 individual interviews at a UK assessment centre follow the same format as US superdays: a mix of technical questions (accounting, valuation, M&A), behavioural questions (why IB, why this firm, tell me about yourself), and commercial awareness (deals in the news, market themes).
The only difference: interviewers may reference the group exercise or case study. "I noticed you suggested X in the group discussion. Walk me through your reasoning." Be prepared to defend every position you took during the day.
Preparation Checklist
- Practice a simplified merger model under timed conditions (give yourself 75 minutes, not 90, to build in pressure)
- Prepare your "tell me about yourself" (90 seconds), "why IB" (specific), and "why this firm" (reference a deal)
- Read 2-3 recent deals the bank advised on so you can reference them in interviews and the group exercise
- Practice presenting a recommendation verbally in under 3 minutes — record yourself and listen back
- In the group exercise: speak early (within the first 2 minutes) to establish yourself, then facilitate rather than dominate
Take Your Preparation Further
Download our free Interview Day Checklist for the complete preparation timeline. For comprehensive technical and behavioural prep, see the IB Interview Bible.
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