Real IB Interview Questions by Bank: What Goldman, Morgan Stanley, Evercore, and 20+ Firms Actually Asked
15 min read
- "Tell me about yourself" and "why this firm" appear in virtually every first interview at every bank. Prepare these two answers until they are automatic.
- Technical depth varies dramatically by firm: Centerview and Evercore test multi-step calculations under pressure. JPMorgan and Bank of America focus on thought process over precision.
- Market awareness questions appear at every bank. "What is happening in the markets" and "tell me about a deal" are not optional preparation.
- PE firms (KKR, Blackstone, Vista, Carlyle) test behavioural fit and investment thinking more heavily than technical mechanics.
The Patterns Across 25+ Firms
After analysing hundreds of reported interview questions from Goldman Sachs, Morgan Stanley, JPMorgan, Bank of America, Citi, Deutsche Bank, Evercore, Centerview, Lazard, Moelis, PJT Partners, Greenhill, Guggenheim, Rothschild, UBS, Perella Weinberg, and PE firms including KKR, Blackstone, Carlyle, Vista Equity, and Ares, clear patterns emerge.
Every firm asks these five questions (or a close variant)
- "Tell me about yourself" / "Walk me through your resume" (appears in the first interview at every single firm)
- "Why investment banking?" / "Why PE?" (tested at every firm, usually in the first round)
- "Why this firm specifically?" (tested everywhere; generic answers are immediately obvious)
- "What is happening in the markets?" / "Tell me about a deal" / "Tell me about an industry trend" (appears at every firm, often from senior interviewers)
- "Do you have any questions for me?" (always the final question; never say no)
How Technical Depth Varies by Firm
| Firm | Technical Depth | What to Expect |
|---|---|---|
| Centerview | Very high | Multi-step mental maths: diluted equity value calculations, full EV bridge, waterfall recovery analysis, and merger maths — all in one 30-minute interview. No notes for some sections. |
| Evercore | Very high | Numerical accretion/dilution with specific share counts and purchase prices. "If P/E is 20x and pre-tax cost of debt is 10%, which is cheaper?" Real numbers, not concepts. |
| Moelis | High | Three-statement walk-throughs with unusual twists: half-cash/half-stock compensation, FIFO-to-LIFO switches, asset write-ups and their tax implications. |
| Lazard | High | Multi-step depreciation scenarios, accretion/dilution with synergy calculations, and conceptual questions about beta differences across tech subsectors. |
| Goldman Sachs | Moderate | Conceptual over computational. "Given current market conditions, what would you consider when building valuation materials?" Heavy market awareness testing. |
| Morgan Stanley | Moderate | Standard DCF walkthrough, WACC components, basic accretion/dilution. One full technical interview, one market trends, one behavioural. |
| JPMorgan | Moderate-low | Thought-process focused. "How would you value a taco truck?" Brain teasers. Personality-heavy interviews with conceptual technical questions. |
| Bank of America | Moderate | Standard EV bridge, valuation methods, accretion/dilution. Follow-ups test whether you understand the "why" behind the formula. |
| Citi | Moderate | LBO walkthrough, DCF, synergies, FCF calculation. Balanced technical and behavioural split. |
The Questions That Catch People Off Guard
Beyond the standard technical and behavioural questions, these are the curveballs that actually appeared in interviews:
| Firm | Question | What It Tests |
|---|---|---|
| Centerview | "If you could have one superpower, what would it be?" | Creativity and thinking on your feet. No right answer, but a boring answer is wrong. |
| Centerview | "Build a theme park. What is the theme and the rides?" (Cannot use anything from your resume) | Creative thinking under constraint. Tests whether you can generate ideas outside your comfort zone. |
| Blackstone | "You have a company. In the final year, would you prefer a £1M release in NWC or +£1M in EBITDA?" | Understanding that EBITDA flows through the exit multiple while NWC is a one-time cash benefit. Then: "At what exit multiple are the two equivalent?" |
| Point72 | "What is the most exaggerated thing on your resume?" | Self-awareness and honesty. Saying "nothing" is the wrong answer. |
| Bridgewater | "If you had to press a button that removes nuclear weapons but stops all technological advancement, would you press it?" | Structured reasoning under ambiguity. There is no right answer but there are wrong ways to argue. |
| Vista Equity | "What is something you are the best in the world at?" | Confidence without arrogance. The follow-up is always "prove it." |
| Moelis | "Switch from FIFO to LIFO in an inflationary period. What happens to unlevered free cash flow?" | COGS increases, pre-tax income falls, taxes fall, cash flow increases. Tests whether you can trace an accounting change through to cash impact. |
| Allen & Co. | "If you were valuing a streaming company, what multiple would you use?" | Industry-specific valuation thinking. EV/Subscriber, EV/Revenue, EV/MAU — not just EV/EBITDA. |
PE Firms: Investment Thinking Over Technical Mechanics
PE interviews (KKR, Blackstone, Vista, Carlyle, Ares) weight behavioural and investment-thinking questions more heavily than banks. The technical bar is assumed to be cleared already — you came from a bank.
KKR asked: "If two companies had the same margins and FCF, what metric would you look at as an investor to see which is better?" (Answer: ROIC.) "If you could only have three metrics to evaluate a company, what would they be?" These questions test whether you think like an investor, not whether you can calculate.
Vista Equity spent three of four interviews on behavioural and cultural questions: "What is your biggest fear?", "What makes you insecure?", "What is a job you would leave Vista for?" The technical interview focused on revenue concepts (recurring revenue, SaaS vs enterprise software) rather than modelling mechanics.
Blackstone Tactical Opportunities combined deep technical questions (NWC vs EBITDA trade-off, debt trading price calculations, covenant analysis) with investment reasoning. The technical questions were not textbook — they required applying concepts to specific scenarios on the spot.
How to Use This Data
- Identify your target firms and look at what they specifically test. Centerview preparation looks very different from JPMorgan preparation. Allocate your study time accordingly.
- Prepare market awareness regardless of firm. Every single bank in this dataset asked about markets, deals, or industry trends. This is non-negotiable.
- Practise the mental maths. Centerview, Evercore, and Moelis expect you to do calculations without a calculator and sometimes without paper. The only way to get fast is to practise under timed conditions.
- Have a stock pitch ready. Multiple firms (Ares, Millennium, Citadel, Evercore) asked for stock pitches. Some asked for two: one large-cap and one small-cap. Prepare both.
- Prepare for curveballs by being comfortable with ambiguity. Centerview's theme park question, Bridgewater's nuclear weapons debate, and Point72's "most exaggerated thing" cannot be scripted. What they test is whether you can think clearly when the question is unfamiliar.
Take Your Preparation Further
For comprehensive model answers to every technical question type referenced above, see the IB Interview Bible. For 50+ behavioural questions with STAR framework answers, see the Behavioural Question Bank.
Ready for personalised feedback? Book a 1-on-1 mentoring session with an experienced IB/PE professional.