How to ace your investment banking interview

With high stakes and high standards, preparation is key. Whether you’re applying for an investment banking graduate scheme or an internship , this guide will walk you through every stage of the interview and help you understand how to prepare for an investment banking interview.

The four potential stages of investment banking interviews:

You’ll likely face two to four rounds of interviews, depending on the bank and whether you’re applying for an internship or a graduate role.

• First round interviews are often held online or via phone. These focus heavily on motivational and competency-based questions, such as “Why investment banking?” or “Tell me about a time you worked under pressure”.  Some banks favour strengths-based interviews here.
• Second-round interviews are rare for graduates but may feature in internship processes. These are often more technical and may be the final round for internship candidates.
• Assessment centres are standard for graduate roles. You might face two to four interviews here, often a mix of one-on-ones and panels. Interviewers can include HR professionals, team leaders, and senior bankers. In a virtual setting, the format remains similar.
• Final interviews, occasionally used post-assessment centre, help banks make a final decision among top candidates.

Each stage is an opportunity to show not only your knowledge but also your interest in that specific bank or role. 

Internship vs graduate scheme interviews: know the difference

Though the formats may be similar, the expectations differ significantly. 

Graduate Schemes: Banks assume graduate applicants have completed an internship. This means a higher bar for technical skills and commercial awareness. You’ll need to draw on your past experience to demonstrate how you’ll excel in the role. Use examples from your previous internship(s) to show how you’ve already begun developing the skills required of a full-time analyst.

Internships: These are usually slightly less technical and can be open to undergraduates. However, don’t make the mistake of answering internship questions like you’re already applying for a graduate job. Focus your answers on what you hope to learn. Highlight the specific structure of the internship (e.g. rotations) and how this aligns with your learning goals.

Laying the groundwork (earlier than you think)

You can’t bluff your way through an investment banking interview. Banks expect deep technical knowledge, an understanding of current market trends, and polished soft skills – all of which take time to build.

Start preparing early at university. Some effective long-term strategies include:

• Follow financial markets and macro trends (e.g. tracking the FTSE 100 or a company’s share price over time)
• Get involved in extracurricular activities, like finance societies or take on relevant roles like treasurer or events lead
• Do mock interviews through your university careers service or with peers
• Use online video practice tools, such as those from Shortlist.Me, to simulate interview conditions.

How to prepare for an investment banking interview:

The best candidates treat interview preparation like an investment itself. Doing a quick skim through some notes the night before the interview is not going to cut it. As the bank is looking at whether to invest in you, they also want to see whether you are willing to invest time and effort in them. Strong preparation is key to succeeding in your interview.

Investment banking is a broad field. You could be applying for roles in capital markets, sales and trading, or equity research. Make sure you understand not only the structure of investment banks but also the specifics of the team you are applying for. Read the job description closely and tailor your preparation accordingly.

You could also reach out to people currently in or have done the role you are applying for. Try LinkedIn. People are more often than not willing to chat and share advice, and you could benefit from hearing how the experience really was, gain insight on the application process, and what to expect from an interview. It’s never too early to network.

Research the bank thoroughly 

Each bank has a unique culture, client focus, and strategic approach. Interviewers want to know more than your passion for investment banking that was inspired by the Wolf of Wall Street. Interviewers expect you to know why you’re interested in their firm specifically. This means you need to do thorough research on what makes them tick. Go beyond the homepage. Research the bank, division, and role, and understand what makes them different. Learn what junior analysts actually do. Tailor your understanding of the role to that bank’s structure – for example, one firm’s ‘Investment Banking’ may include equity capital markets (ECM), while another splits it out.

Some things to explore:

• The bank’s recent deals and market activity (use media outlets such as Bloomberg, the Financial Times etc.)
• The bank’s website annual reports, recent transactions, and key hires.
• Understand company values, purpose, diversity policies, and corporate social responsibility
• The structure of their graduate program (what rotations are on offer, what work you may work on)
• Difference between bulge bracket, mid-market, and boutique firms

What to expect from trainee investment banking interviews

If you’ve been invited to an investment banking interview, it means the bank already sees potential in you. Whether your interview is face-to-face, virtual or over the telephone.

Luckily, there are many common questions that investment banks tend to ask, so knowing them and considering your answers is a great way to prepare. However, remember that there is no guarantee what questions will be put to you, so use them to guide your preparation but also be ready to think on your feet. 

Prepare to tell the story of your CV: Your CV is the narrative backbone. The hiring manager would have read through it, and be ready to talk through each line with clarity and relevance. Practice summarising your story: where you’ve come from, why investment banking, and why this bank and role. 

General questions: What are they really looking for?

Typical questions about you/your background/your CV

• Tell me about yourself
• Talk me through your CV
• Why did you choose your university?
• Why have you applied to this bank/division?

These might feel like icebreakers, but don’t wing them. Each is an opportunity to:

• Tell a coherent story about your academic and extracurricular choices
• Show alignment with the bank’s values and the division’s day-to-day work
• Demonstrate drive, curiosity, and a pattern of achievement

Pro tip: Even personal anecdotes (working while travelling on a gap year, taking an advanced scuba course) can work – but only if you link them back to the skills needed in banking (e.g. precision, teamwork, composure under pressure). 

Typical suitability & career motivation questions

• Why do you want to work in investment banking?
• Why have you applied to this division (or rotation) and this bank?
• Why should we hire you over others?

These assess both your commercial awareness and your personal alignment. Make sure your answers are:

• Well researched (e.g. specific deals that interest you, bank values, client base)
• Self-reflective (e.g. I thrive under pressure and enjoy analytical thinking, with a relevant example)
• Tailored to their graduate scheme and what you seek to learn, not generic to “investment banking”
• Showing your unique skills, such as experience crunching the numbers as a society treasurer, may stand out to them

Technical and industry specific questions

Whether or not you’re from a finance background, you’ll be expected to grasp core concepts and apply them. 

Common technical questions:

• How do you calculate a company’s WACC?
• What is the difference between enterprise value and equity value?
• If a company’s P/E ration is above industry average, what might that indicate?

These questions test your baseline knowledge. You don’t have to be a modelling wizard, but you do need to show intellectual curiosity and a solid grasp of fundamentals. 

Pro tip: Use resources like Investopedia, Mergers & Inquisitions, or the FT to brush up. Some banks even offer their own glossaries and primers. A good place to start would be our investment banking glossary.

Commercial awareness and market questions

These test how you track financial news and think critically. Don’t just list facts – show you understand the implications. Back your opinions with logic. 

Questions could include:

• Tell me about a recent deal we’ve done
• If you have GBP10000 to invest, where would you put it?
• How do interest rates affect equities?

Brainteasers or curveballs

A few banks (e.g. Goldman Sachs, MUFG) may throw in unusual or analytical questions to see how you think on your feet:

• If you were shrunk to the size of a pencil and put in a blender, how would you get out?
• If a clock shows the time as 9.30 am, what is the angle between the two hands? (NB the answer is not 90 degrees.)

No one expects a perfect answer. They just want to see how you think. To prepare, practise answering the questions above and others you can think of. Follow these three steps when doing so: 1) carefully consider the question, 2) ask clarifying questions and 3) verbalise the steps you’d take to resolve the problem.

Competency-based questions: prove it with examples

Expect to be asked about past behaviour that reflects the bank’s core competencies, such as: resilience, collaboration, attention to detail, and drive. It's a great opportunity that you have the skills to succeed in investment banking.

• Tell me about a time you worked under pressure
• Describe a situation where you had to persuade someone
• When did you show resilience?

Use the STAR (Situation, Task, Action, Result) or CARE (Context, Action, Result, Evaluation) structure. Prepare examples beforehand from internships, university projects, societies, or part-time jobs. Even waitering can demonstrate time management or people management skills – if framed correctly. 

After the interview: what comes next?

Typical timeline:

• Within a few days: You’ll hear back if you’re progressing to the next stage (often assessment centres or superdays)
• After the final round: Offers may come within a week – or longer within peak recruitment.

Follow-up etiquette

• Send a short thank you email (especially if you’ve had a live interview)
• Reflect on what went well and what you could improve. Write down the questions you were asked while they’re still fresh. 

General investment banking interview tips:

Here are some simple but essential tips to boost your performance: 

• Practice speaking on camera: Record yourself answering common questions. Reviewing your responses helps improve your delivery and confidence. Make good eye contact (even with the screen!)
• Use all available resources: Resources like targetjobs employer hubs offer detailed insights into what different banks are looking for, their interview formats, and how to answer their specific questions.
• Prepare STAR examples: Use examples from university, part-time work, internships or extracurricular activities to showcase skills like teamwork, problem-solving, and leadership.
• Sort out your tech and space: Choose a quiet, well-lit environment with a stable internet connection. Ensure your device is charged and your camera/mic are working.
• Dress smartly: Even if it’s a ‘virtual’ assessment, dress as if you were attending in person. First impressions still matter.

Investment banking interviews are high stakes but they are also highly predictable. With the right preparation – and a solid grasp of both the technical and behavioural side – you’ll be in a strong position to stand out. 

Start early, be methodical, know your ‘why’, and don’t underestimate the value of mock interviews. Whether you’re gunning for a summer internship or your first graduate analyst role, your success will come down to how well you know yourself, the bank, and the industry. Reaching the interview is quite an achievement in itself - we also have tips on how to get into investment banking for those earlier on in their investment banking journeys.