Access the Financial Modeling Course
Access the Full IB Interview Guide
400 Questions Guide for Investment Banking Interviews: 2025 Edition
Table of Contents:
Why Publish a New Version of This Guide? What’s Different? .......................................... 2
Should You Use the Paid Version(s) of This Guide? ........................................................ 4
Fit/Behavioral Interview Questions .................................................................................... 5
The “Big 5” Fit Questions ................................................................................................ 7
Teamwork/Leadership .................................................................................................. 11
Strengths & Weaknesses .............................................................................................. 14
Flaws & Failures ............................................................................................................ 17
Recruiting Process ......................................................................................................... 22
Resume/CV.................................................................................................................... 25
Understanding Banking................................................................................................. 28
“Why Banking?” and “Why Our Firm?” ........................................................................ 34
“Outside the Box” Questions ........................................................................................ 36
Discussing Transaction Experience ................................................................................... 40
Technical Questions (Generalist) ...................................................................................... 46
Finance Concepts .......................................................................................................... 46
Accounting – Concepts ................................................................................................. 50
Accounting – Calculations ............................................................................................. 59
Equity Value & Enterprise Value – Concepts ................................................................ 71
Equity Value & Enterprise Value – Calculations ........................................................... 76
Valuation Methodologies ............................................................................................. 81
Valuation Metrics and Multiples................................................................................... 88
Discounted Cash Flow (DCF) – Assumptions and Analysis ........................................... 94
Discounted Cash Flow (DCF) – The Discount Rate ...................................................... 103
Merger Models – Concepts......................................................................................... 107
Merger Models – Calculations .................................................................................... 114
LBO Models – Concepts .............................................................................................. 119
LBO Models – Calculations.......................................................................................... 126
Industry and Group-Specific Technical Questions .......................................................... 129
Consumer/Retail ......................................................................................................... 129
Debt Capital Markets (DCM) & Leveraged Finance (LevFin) ...................................... 131
Distressed & Restructuring ......................................................................................... 138
Equity Capital Markets (ECM) ..................................................................................... 145
Financial Institutions Group (FIG) ............................................................................... 150
Financial Sponsors Group (FSG) .................................................................................. 159
Healthcare & Biotech .................................................................................................. 162
Industrials.................................................................................................................... 164
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Metals & Mining ......................................................................................................... 167
Oil & Gas ..................................................................................................................... 171
Power & Utilities ......................................................................................................... 176
Private Capital Advisory (Secondaries) ....................................................................... 179
Private Companies ...................................................................................................... 182
Project Finance & Infrastructure ................................................................................ 185
Real Estate (Properties) .............................................................................................. 189
Real Estate Investment Trusts (REITs) ........................................................................ 195
Renewables ................................................................................................................. 200
Technology, Media & Telecommunications (TMT)..................................................... 203
Why Publish a New Version of This Guide? What’s Different?
This new version of the widely shared “400 Questions” guide exists because:
1) The original version, first created in 2009, is now quite bad and outdated. Also, many of
the explanations were confusing, incomplete, or not quite correct.
2) Despite these problems, people kept using the old version due to convenience or the
lack of awareness around the improved versions over the years.
This edition fixes these issues, covers newer accounting rules (e.g., IFRS 16 / ASC 842 for
leases), provides sample answers for many fit / behavioral questions, and includes 155 new
industry-specific questions and answers.
This “400 Questions” guide is still far less detailed than our full IB Interview Guide, but it’s
useful for a quick review.
Have Investment Banking Interviews Changed Since 2009?
The core of investment banking interviews has not changed much in these past 15+ years, but
there have been changes around the edges due to new accounting rules and increased deal
activity in sectors such as tech and renewable energy.
But the main differences relate to the recruitment process and the industry appeal:
1) Recruitment Process – In the U.S., banks have accelerated the recruiting process so
much that university students must apply for and win junior-year summer internships in
the middle of their sophomore years. Banks have also automated more of the process
via tools like HireVue and online tests.
2 of 207 https://breakingintowallstreet.com
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Access the Full IB Interview Guide
2) Industry Appeal – While investment banking jobs still pay well and offer attractive exit
opportunities, it’s a less appealing career than it was in 2005 or even 2015. It has not
grown much compared to fields like technology, and that has affected compensation
levels, workplace practices, and overall enthusiasm levels.
As a specific example, Managing Director pay remained stagnant between 2004 and 2024, so
the average MD now earns less in inflation-adjusted terms.
Earning $1 – 2 million per year still easily puts them in the top 1% in the U.S., but that
compensation level meant more twenty years ago than it does today.
Compensation at the junior and mid-levels has increased, but much of this has taken the form
of higher base salaries.
On a related note, we have also found that candidates today are less enthusiastic and prepared
for recruiting.
Banks are partially responsible, as the accelerated recruitment timeline gives students scant
time to learn the material.
That said, many students also approach the process as if they’re playing a casual mobile game –
not preparing for a competitive career.
These factors have created a paradoxical situation in which candidates are less prepared, but
banks are more selective.
We expect that banks will hire even more selectively in the future, especially as AI and
automation tools continue to improve.
Why hire 10 Analysts when they can get the same results from the top 2 Analysts, amplified by
tools that generate “rough drafts” of the work product?
In the long term, average candidates will find the door slamming shut as automation rises.
Therefore, you should use this “400 Questions” guide as a starting point.
It’s a step in the right direction, but reading this guide will not turn you into a top candidate
overnight.
But if you build on this guide with real effort in the form of additional courses, self-study, and 1-
on-1 tutoring, you will claw your way to the top.
Return to Top.
3 of 207 https://breakingintowallstreet.com
, Access the Financial Modeling Course
Access the Full IB Interview Guide
Should You Use the Paid Version(s) of This Guide?
Throughout this guide, we link to various topics within our main financial modeling course and
full IB Interview Guide.
If you have already paid for these courses, you should obviously use these links to get the more
advanced versions, full Excel models, and personalized support.
But if you don’t have our courses, is it worth paying for them?
It depends on your goals, budget, and time frame.
The full courses are most worthwhile if you want one or more of the following:
1) More Advanced Questions, Excel Files, and Case Studies – For example, we offer 18
templates for the “Walk me through your resume” question in the IB Interview Guide
and 17 practice case studies that go beyond anything in this guide. There are also
thousands of additional interview questions and answers.
2) Step-by-Step Learning – You don’t just get questions and answers in the full courses;
you learn each concept from the ground up, starting with simple examples and moving
into more complex ones. You can read or watch because all the video-based lessons
have transcripts, notes, and written guides.
3) Personalized Support – If you sign up for the paid courses, you can request detailed
feedback on your story, your fit/behavioral answers, or your responses to technical
questions. This condensed version does not offer any support.
So, if you care about these points and have weeks or months to prepare, the paid courses could
be worthwhile.
If not, or if you are using this guide for a quick review the day before your interview, they’re
probably not worth it.
Return to Top.
4 of 207 https://breakingintowallstreet.com
Access the Full IB Interview Guide
400 Questions Guide for Investment Banking Interviews: 2025 Edition
Table of Contents:
Why Publish a New Version of This Guide? What’s Different? .......................................... 2
Should You Use the Paid Version(s) of This Guide? ........................................................ 4
Fit/Behavioral Interview Questions .................................................................................... 5
The “Big 5” Fit Questions ................................................................................................ 7
Teamwork/Leadership .................................................................................................. 11
Strengths & Weaknesses .............................................................................................. 14
Flaws & Failures ............................................................................................................ 17
Recruiting Process ......................................................................................................... 22
Resume/CV.................................................................................................................... 25
Understanding Banking................................................................................................. 28
“Why Banking?” and “Why Our Firm?” ........................................................................ 34
“Outside the Box” Questions ........................................................................................ 36
Discussing Transaction Experience ................................................................................... 40
Technical Questions (Generalist) ...................................................................................... 46
Finance Concepts .......................................................................................................... 46
Accounting – Concepts ................................................................................................. 50
Accounting – Calculations ............................................................................................. 59
Equity Value & Enterprise Value – Concepts ................................................................ 71
Equity Value & Enterprise Value – Calculations ........................................................... 76
Valuation Methodologies ............................................................................................. 81
Valuation Metrics and Multiples................................................................................... 88
Discounted Cash Flow (DCF) – Assumptions and Analysis ........................................... 94
Discounted Cash Flow (DCF) – The Discount Rate ...................................................... 103
Merger Models – Concepts......................................................................................... 107
Merger Models – Calculations .................................................................................... 114
LBO Models – Concepts .............................................................................................. 119
LBO Models – Calculations.......................................................................................... 126
Industry and Group-Specific Technical Questions .......................................................... 129
Consumer/Retail ......................................................................................................... 129
Debt Capital Markets (DCM) & Leveraged Finance (LevFin) ...................................... 131
Distressed & Restructuring ......................................................................................... 138
Equity Capital Markets (ECM) ..................................................................................... 145
Financial Institutions Group (FIG) ............................................................................... 150
Financial Sponsors Group (FSG) .................................................................................. 159
Healthcare & Biotech .................................................................................................. 162
Industrials.................................................................................................................... 164
1 of 207 https://breakingintowallstreet.com
, Access the Financial Modeling Course
Access the Full IB Interview Guide
Metals & Mining ......................................................................................................... 167
Oil & Gas ..................................................................................................................... 171
Power & Utilities ......................................................................................................... 176
Private Capital Advisory (Secondaries) ....................................................................... 179
Private Companies ...................................................................................................... 182
Project Finance & Infrastructure ................................................................................ 185
Real Estate (Properties) .............................................................................................. 189
Real Estate Investment Trusts (REITs) ........................................................................ 195
Renewables ................................................................................................................. 200
Technology, Media & Telecommunications (TMT)..................................................... 203
Why Publish a New Version of This Guide? What’s Different?
This new version of the widely shared “400 Questions” guide exists because:
1) The original version, first created in 2009, is now quite bad and outdated. Also, many of
the explanations were confusing, incomplete, or not quite correct.
2) Despite these problems, people kept using the old version due to convenience or the
lack of awareness around the improved versions over the years.
This edition fixes these issues, covers newer accounting rules (e.g., IFRS 16 / ASC 842 for
leases), provides sample answers for many fit / behavioral questions, and includes 155 new
industry-specific questions and answers.
This “400 Questions” guide is still far less detailed than our full IB Interview Guide, but it’s
useful for a quick review.
Have Investment Banking Interviews Changed Since 2009?
The core of investment banking interviews has not changed much in these past 15+ years, but
there have been changes around the edges due to new accounting rules and increased deal
activity in sectors such as tech and renewable energy.
But the main differences relate to the recruitment process and the industry appeal:
1) Recruitment Process – In the U.S., banks have accelerated the recruiting process so
much that university students must apply for and win junior-year summer internships in
the middle of their sophomore years. Banks have also automated more of the process
via tools like HireVue and online tests.
2 of 207 https://breakingintowallstreet.com
, Access the Financial Modeling Course
Access the Full IB Interview Guide
2) Industry Appeal – While investment banking jobs still pay well and offer attractive exit
opportunities, it’s a less appealing career than it was in 2005 or even 2015. It has not
grown much compared to fields like technology, and that has affected compensation
levels, workplace practices, and overall enthusiasm levels.
As a specific example, Managing Director pay remained stagnant between 2004 and 2024, so
the average MD now earns less in inflation-adjusted terms.
Earning $1 – 2 million per year still easily puts them in the top 1% in the U.S., but that
compensation level meant more twenty years ago than it does today.
Compensation at the junior and mid-levels has increased, but much of this has taken the form
of higher base salaries.
On a related note, we have also found that candidates today are less enthusiastic and prepared
for recruiting.
Banks are partially responsible, as the accelerated recruitment timeline gives students scant
time to learn the material.
That said, many students also approach the process as if they’re playing a casual mobile game –
not preparing for a competitive career.
These factors have created a paradoxical situation in which candidates are less prepared, but
banks are more selective.
We expect that banks will hire even more selectively in the future, especially as AI and
automation tools continue to improve.
Why hire 10 Analysts when they can get the same results from the top 2 Analysts, amplified by
tools that generate “rough drafts” of the work product?
In the long term, average candidates will find the door slamming shut as automation rises.
Therefore, you should use this “400 Questions” guide as a starting point.
It’s a step in the right direction, but reading this guide will not turn you into a top candidate
overnight.
But if you build on this guide with real effort in the form of additional courses, self-study, and 1-
on-1 tutoring, you will claw your way to the top.
Return to Top.
3 of 207 https://breakingintowallstreet.com
, Access the Financial Modeling Course
Access the Full IB Interview Guide
Should You Use the Paid Version(s) of This Guide?
Throughout this guide, we link to various topics within our main financial modeling course and
full IB Interview Guide.
If you have already paid for these courses, you should obviously use these links to get the more
advanced versions, full Excel models, and personalized support.
But if you don’t have our courses, is it worth paying for them?
It depends on your goals, budget, and time frame.
The full courses are most worthwhile if you want one or more of the following:
1) More Advanced Questions, Excel Files, and Case Studies – For example, we offer 18
templates for the “Walk me through your resume” question in the IB Interview Guide
and 17 practice case studies that go beyond anything in this guide. There are also
thousands of additional interview questions and answers.
2) Step-by-Step Learning – You don’t just get questions and answers in the full courses;
you learn each concept from the ground up, starting with simple examples and moving
into more complex ones. You can read or watch because all the video-based lessons
have transcripts, notes, and written guides.
3) Personalized Support – If you sign up for the paid courses, you can request detailed
feedback on your story, your fit/behavioral answers, or your responses to technical
questions. This condensed version does not offer any support.
So, if you care about these points and have weeks or months to prepare, the paid courses could
be worthwhile.
If not, or if you are using this guide for a quick review the day before your interview, they’re
probably not worth it.
Return to Top.
4 of 207 https://breakingintowallstreet.com
