Interview Process
Real Interview Questions
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After spending several years in investment banking we’ve seen hundreds of resumes and conducted countless interviews with new analysts and associates. The advice below is a guide based on my firsthand experience of what is the most effective way to get a job in investment banking.
Step 1: Networking and resume
The first step on your path to an investment banking career is to get an interview. Investment banking is extremely competitive with way more applicants than available positions each year. You will often be up against students from Ivy League universities, with a high GPAs and multiple internships under their belts.
How can I use networking to get an investment banking interview?
Networking is a great way to increase your chances of getting an interview. If you are at a target school(a school that investment banks recruit directly from), then you don’t have to worry as much about networking as if you’re froma non-target school. Below are foureasy approaches:
- An easy way to start networking is to talk to your career center and ask to be introduced to any alumni working at investment banks that you want to target.
- Another approach is to use LinkedIn and find any connections who can introduce you to bankers you want to network with. Be sure to frame the request around learning more about the industry, rather than about getting a job or an interview.
- A third approach is to join a local CFA® society in your city and network with local professionals who may know investment bankers and can introduce you to them.
- Attend the National Investment Banking Competition (NIBC) where hundreds of schools from around the world compete in a live investment banking case competition.
How do I make an investment banking resume?
Step 2: Understanding the interview process
The investment banking interview process is highly structured. The banks move quickly to screen resumes, conduct first-round interviews, conduct on-site interviews at their offices, and extend job offers.
What should I expect in the first round interview?
The first round interview will either be on the phone or on campus (if you’re at a target school). There are three types of questions you will be asked: problem-solving, technical, and behavioral. The first round interview will have all three types of questions, however, there will be more focus on the technical ones. The objective of the first round is to quickly screen candidates between those that live up to their resume and those that don’t.
What should I expect in the final round interview?
The final round (often called “Super Day”) will be held on-site, with everyone being flown into the office from their respective school or hometown. The final round will typically include interviews with several different people, ranging in seniority. Generally speaking, the more junior the person interviewing you, the more technical their questions will be, and the more senior the person, the more behavioral their questions will be. It’s important to dress right for the interview, which typically means wear a suit that’s black/blue/gray and nothing too bold.
Some banks will make decisions immediately following Super Day (i.e., the same or following day), with most getting back to you within a week.
Step 3: Knowing how to answer the interview questions
What questions will I be asked in the interviews?
As mentioned above, there are three types of interview questions: problem-solving, technical, and behavioral. The link below contains specific examples of each type…
We have prepared a fullexample of a realinvestment banking interview for you to practice with. It uses real questions used by investment bankers to hire analysts and associates at a large global bank.
Step 4: Mastering technical skills
The main technical skills to master are valuation, financial modeling, accounting, and Excel.
At CFI, we are a leading global provider of all the above technical skills and encourage you to enroll in our online courses for investment banking to help you be fully prepared for how to get a job in investment banking.
Summary
The investment banking hiring process is very formulaic. The key is to understand the process and tick all the boxes without making any fatal mistakes. It means, limit your resume to one page, have a good GPA, gain relevant work experience, and demonstrate you can gracefully answer both technical and behavioral questions.
Following the steps in this guide on how to get a job in investment banking will provide a great framework for your preparation. At the end of the day, there are no real shortcuts, and you still have to put in the hard work of being well prepared.
Additional Career Resources
Thank you for reading CFI’s guide on how to get a job in investment banking. We hope this has been a useful guide to help you advanceyour career. Please check out our other helpful guides and resources:
- Financial Modeling Guide
- How to Link the Financial Statements
- Interview Guides
- Investment Banking Training
- See all economics resources
- See all capital markets resources
