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Investment banking interview questions

Investment banking interviews mix technical questions on accounting, enterprise value, valuation, DCFs, merger models and LBOs with behavioral questions about you and why you want the job. Below are 53 common questions grouped by topic, each with a short answer and the mistake to avoid, and each free to practice out loud in Superday Room.

53 free questions with answers3,648 in the full bankUpdated November 1, 2026

Investment banking accounting interview questions24 accounting questions banks ask, with short answers: the three statements, how they link, and walk-throughs like depreciation up $10. Practice each out loud.24 free · 300+ in the full bank Enterprise value vs equity value: interview questionsEnterprise value vs equity value, the bridge between them, which multiples pair with which, and a worked example. Short answers to the questions banks ask.2 free · 200+ in the full bank Valuation interview questions for investment bankingThe three valuation methods, which usually gives the highest value, how to calculate WACC, and what rising rates do to a DCF. Short answers to practice out loud.3 free · 330+ in the full bank DCF interview questionsWalk me through a DCF, terminal value, Gordon growth, unlevered free cash flow and the mid-year convention, with a worked example and the mistakes to avoid.3 free · 240+ in the full bank LBO interview questionsWalk me through an LBO, why sponsors use leverage, what makes a good LBO candidate, and a quick paper LBO. Short answers for investment banking interviews.3 free · 240+ in the full bank Merger model and accretion/dilution interview questionsWalk me through a merger model, why companies acquire, and the all-stock P/E shortcut, with a worked accretion/dilution example. Short answers for IB interviews.3 free · 240+ in the full bank Investment banking behavioral questionsWalk me through your resume, why banking, why this bank, strengths, weaknesses and the classic story questions, with structures, examples and mistakes to avoid.11 free · 380+ in the full bank Brain teaser interview questions for investment bankingBrain teaser interview questions with worked answers: clock angles, 25 horses, three ants, burning ropes, plus mental math, stock pitches and market questions.4 free · 290+ in the full bank

What comes up in each round?

In Superday Room's bank, candidates reported 506 questions from first-round interviews and 409 from superdays. Behavioral questions were 12% of the first-round reports and 15% of the superday reports; the rest were technical. These are reports from candidates, not an official breakdown. What a superday looks like →

Which questions are on these pages?

All 53, grouped by topic, each linking to its short answer.

Accounting

  1. Walk me through the 3 financial statements.
  2. Give me examples of major line items on each of the three financial statements.
  3. How do the 3 statements link together?
  4. What are the criteria for an item to appear on the Income Statement?
  5. Name items that never appear on the Income Statement, and explain why.
  6. What's the difference between an Asset and a Liability?
  7. Why might a company's Net Income differ from its cash flow?
  8. Explain the three sections of the Cash Flow Statement and why the 'current vs. long-term' rule of thumb isn't fully accurate.
  9. What's the difference between Accounts Payable and Accrued Expenses?
  10. What is Deferred Revenue, and is it an asset or a liability?
  11. What are Goodwill and Other Intangible Assets, and how do they differ?
  12. What is Treasury Stock and what is Common Stock and APIC?
  13. What is a Deferred Tax Liability?
  14. Depreciation goes up by $10. Walk me through the three statements. Assume a 40% tax rate.
  15. Accounts Receivable goes up by $100. Walk me through the statements, 40% tax rate.
  16. Prepaid Expenses goes down by $100. What happens on the statements? 40% tax rate.
  17. Inventory goes up by $100, paid for in cash, and the tax rate is 40%. What happens on the statements, and what happens when that Inventory goes down by $100 because it's sold?
  18. Accrued Expenses goes up by $100. Walk me through it, 40% tax rate.
  19. Deferred Revenue decreases by $100. Walk me through the statements at a 40% tax rate.
  20. Stock-Based Compensation goes up by $10. What happens, 40% tax rate?
  21. A company raises $100 of debt and uses it to buy $100 of PP&E. Walk me through the statements.
  22. A company sells PP&E with a book value of $100 for $120. Walk me through the statements at 40% tax.
  23. The company issues $10 in dividends. What happens on the statements?
  24. Why does the Revolver show up in Cash Flow from Financing even though it's a current liability?

Enterprise value

  1. What's the difference between Enterprise Value and Equity Value?
  2. Why do you subtract cash when going from Equity Value to Enterprise Value?

Valuation

  1. What are the three main valuation methodologies, and which gives the highest value?
  2. How do you calculate WACC?
  3. If rates go up, what happens to a company's valuation in a DCF?

DCF

  1. Walk me through a DCF.
  2. How do you calculate Terminal Value, and which method is better?
  3. How do you get from EBITDA to Unlevered Free Cash Flow?

LBO

  1. Walk me through a basic LBO model.
  2. Why do private equity firms use leverage in an LBO?
  3. What makes a good LBO candidate?

Merger model

  1. Walk me through a basic merger model, an accretion/dilution analysis.
  2. Why would a company want to acquire another company?
  3. What's the shortcut for telling whether an all-stock deal is accretive?

Behavioral

  1. Walk me through your resume. Tell me about yourself.
  2. Why investment banking?
  3. Why our bank in particular?
  4. What are your greatest strengths?
  5. What's your biggest weakness?
  6. Tell me about a time you led a team.
  7. Tell me about a time you had a conflict with a teammate and how you resolved it.
  8. Tell me about a time you failed.
  9. Tell me about a deal you've been following.
  10. Where do you see yourself in five years?
  11. Why should we hire you over the other candidates?

Brain teasers

  1. What's the angle between the hour and minute hands at 3:15?
  2. What's 15% of 360? And what's 1.08 to the 3rd power, roughly?
  3. Pitch me a stock.
  4. Where are interest rates and the S&P 500 roughly right now, and what's been moving them?

Which guides go deeper?

Step-by-step guides to common questions and to each round of recruiting, each sourced and dated:

Frequently asked questions

What questions are asked in investment banking interviews?
Technical questions on accounting, enterprise value, valuation, DCFs, merger models and LBOs, plus behavioral questions such as “Walk me through your resume” and “Why investment banking?”. In Superday Room's bank, behavioral questions were 12% of the questions candidates reported from first rounds and 15% of those from superdays.
Which topics come up most in investment banking interviews?
Among the 1,989 questions candidates reported in Superday Room's bank (1,790 of them with the firm named), counted November 1, 2026, the largest topics are brain teasers and market questions (288), behavioral questions (275) and valuation questions (267). These are candidates' reports, not an official breakdown.
Are these questions and answers free?
Yes. The 53 questions on these pages and their short answers are free to read and to practice out loud in Superday Room. The full bank of 3,648 questions comes with the Recruiting Season Pass.

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