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
FAQs
Common Answers for “Why Investment Banking”
- Learning experience.
- Fast-paced environment.
- Relevant internship / club experience / personal experience.
- Opportunity for lots of responsibility at a young age.
- Interface with executives from different companies.
- Exposure to different business models and industries.
The lucrative and fast-paced career of an investment banker is a highly competitive one. For instance, in a recent year, 236,000 applicants competed for roughly 3,500 internships at Goldman Sachs. This is common across the industry where acceptance rates for programs are typically less than 2%.
How do I actually get into investment banking? ›
Investment bankers start by earning a bachelor's degree, usually in a field like business administration, finance or statistics. A bachelor's degree typically takes four years of full-time study. Students can also pursue an internship or gain work experience while completing the degree.
How to pass an investment banking interview? ›
Preparing for an investment banking interview requires a lot of preparation. Before going into an interview, research the particular bank, familiarize yourself with the deals it has done in the past or is currently working on, and be prepared to talk about the economy and financial markets.
Why am I suited for investment banking? ›
Essential Qualities for an Investment Banker
For example, if you've built financial models and attempted to value companies on your own, this will stand you in good stead at the interview stage. Finally, would-be investment bankers need to be self-motivated, good communicators, natural leaders, and team players, too.
How do you stand out in an investment banking interview? ›
Demonstrating your Interest and Knowledge of the Industry
Investment banks want to hire candidates who have a genuine interest in the industry and keep up with industry trends. Therefore, demonstrate your knowledge by reading industry publications, attending seminars, and following relevant social media accounts.
What GPA is required for investment banking? ›
These banks often filter candidates based on GPA, typically favoring those with a GPA above 3.5. To catch the attention of investment banking recruiters and hiring managers, it's essential to display excellence both on paper and in person.
What is the hardest part of investment banking? ›
Stress While Working
An investment banking analyst's normal day would include working frantically through the night and early morning hours to finish a pitch book, rushing home as soon as possible to change and shower, and then returning to the office immediately after the meeting.
Is investment banking a declining career? ›
Banks don't break out investment banker headcount specifically, but data released last week by research firm Coalition, suggests investment banker headcount across the industry fell only 4% year-on-year in the first half, which is when many of the cuts at Goldman and Morgan Stanley took place.
What is the most common degree for investment banking? ›
To become an investment banker, you need a minimum of a bachelor's degree. Common majors are finance, business, economics, and accounting.
But if you're 30, graduated from university at 22, and have 8 years of full-time experience, along with a mid-level position at a large company, it will be more difficult. It's still possible, but the success probability is much lower.
How to get into JP Morgan investment banking? ›
Our Hiring Process in Four Steps
- Explore. There's a place for you at JPMorgan Chase. ...
- Apply. You've done your research and are ready to apply for one of our programs or full-time positions. ...
- Interview. It's time for us to get to know each other. ...
- Decision. We're thrilled that you want to join our team.
Some examples of common weaknesses in investment banking include public speaking, networking, and delegating tasks. Explain how you are working to improve your weaknesses. For example, you could talk about how you are taking a public speaking class or how you are practicing delegating tasks to your team members.
How to crack into investment banking? ›
The usual path is to work full-time for 3-5 years, get into one of the top MBA programs in the world, and then, if necessary, complete a pre-MBA internship or other 'steppingstone role' before you start the program.
How to answer why you want to go into investment banking? ›
Some generic themes to draw on for your answer to “Why Investment Banking” could include:
- Fast-paced environment.
- Exposure to high profile transactions.
- Surround myself with intelligent and motivated people.
- Valuation & financial modeling work.
- Steep learning curve.
- Passion & love for finance.
Investment Management is an industry demanding highly analytical and dedicated individuals. In return it provides a challenging and stimulating environment where high calibre candidates can thrive in a fast paced environment.
Why do you want to work in finance and investments? ›
I'm drawn to finance because it provides a comprehensive understanding of an organization's financial health, risk management, and investment decisions. By pursuing a career in finance, I can strengthen my ability to analyze financial data, provide strategic insights, and guide organizations towards sustainable growth.
Why do you want to work in the banking industry why do you want this job? ›
Example: “I feel that a career in the financial industry would be the most beneficial use of my knowledge and skills in accounting and problem-solving. I have always been fascinated by the financial world, am ambitious and hard-working and can bring great value to your company.”
What is an investment banking interview question? ›
Investment Banking Interview Questions Category 3: Discussing Deals, Markets, and Companies. This category includes questions such as: “Tell me about a recent deal.” “Tell me about a deal our bank worked on recently.” “Tell me about a company you're interested in.”
