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Investment Banking interview

12 November 2026 · Bulge bracket · London · English

72/ 100
Hire

Clear, structured candidate with a credible story. The accounting answer was fully correct; valuation answers were right but too short and missed the second half of the argument. Language was fluent with a few non-native constructions.

Technical7/10
Structure8/10
Communication7/10
Business language · English7/10

Interviewer's note to the hiring committee

“Would put through to the next round. Strong structure and motivation; needs to develop answers beyond the first point and quantify experience.”

How you sound

Average answer
41 words · about 18 s spoken

Short answers: add a reason or an example to each one.

Filler words

None detected. Clean delivery.

Transcription may drop some fillers, so treat this as a minimum.

What went well

  • Logical CV walkthrough that ends on a clear reason for M&A
  • Three-statement answer correct and in the right order
  • Calm, concise delivery without filler

Fix before your next interview

  1. Quantify your summer impact (how many entities, how much time saved)
  2. On valuation questions, give the second reason: D&A and accounting differences
  3. Close each answer with a one-line conclusion

Question by question

1

Walk me through your CV and why investment banking.

8/10

Well structured: past, present, why now. Add one number to make the summer role concrete.

What you covered

  • Chronological
  • Clear motivation

What was missing

  • Quantified impact

How to structure it: Past, present, future in under 90 seconds.

See a strong answer

I'm a final-year finance student. Last summer I joined the finance team of a hospitality group, where I rebuilt the monthly reporting pack for 4 entities and built a 13-week cash-flow forecast. Working on that forecast showed me how much I enjoy understanding what drives value, which is why I've focused on M&A: I want to apply that analysis to transactions, with the pace and responsibility of a deal team.

2

Depreciation goes up by 10. Walk me through the three statements (25% tax).

9/10

Fully correct and in the right order. Mention the tax shield explicitly to show you understand why cash rises.

What you covered

  • Net income −7.5
  • Cash +2.5
  • Balances

What was missing

  • Tax shield named

How to structure it: IS, CFS, BS: always in that order.

See a strong answer

Income statement: operating income −10, tax −2.5, net income −7.5. Cash flow: start with −7.5, add back 10 of non-cash depreciation, cash +2.5 thanks to the tax shield. Balance sheet: PP&E −10, cash +2.5, retained earnings −7.5. Assets −7.5, equity −7.5: it balances.

3

Why use EV/EBITDA rather than P/E?

6/10

Correct first point on capital structure, but stopped there. Add the D&A and accounting argument and when P/E is still useful.

What you covered

  • Capital structure

What was missing

  • D&A / accounting differences
  • When P/E applies

How to structure it: Give two reasons, then one exception.

See a strong answer

EV/EBITDA is capital-structure neutral: enterprise value and EBITDA both belong to all capital providers, so you can compare companies with different leverage. It also sits before D&A, so it's less distorted by different depreciation policies and acquisition accounting. P/E mixes in interest, tax and one-offs. P/E is still useful for banks and insurers, where debt is part of operations.

Your English

The phrases that would cost you most in a real interview, and how to say them.

✕I am preparing for M&A since then.
✓I've been preparing for M&A since then.
Use the present perfect continuous for an action that started in the past and continues.
✕It is independent of capital structure, so it compares companies.
✓It's capital-structure neutral, so you can compare companies with different leverage.
Use the banker's term and say what the comparison allows.

Your plan for the next 5 days

  1. Multiples and when to use each
  2. DCF walkthrough
  3. Rewrite CV bullets with numbers
  4. Full mock interview
  5. Retry your weakest questions
Read the full transcript
Thanks for joining. Let's start with you: walk me through your CV and why investment banking.
I'm in my final year of a finance degree. Last summer I worked in the finance team of a hospitality group, where I built the monthly reporting pack and a cash-flow forecast. That's where I realised I enjoy valuation and deal work, so I've been preparing for M&A since then.
Good. If depreciation goes up by 10, walk me through the three statements. Assume a 25% tax rate.
Operating income falls by 10 and net income by 7.5. On the cash flow statement net income is down 7.5 but we add back the 10 of depreciation, so cash is up 2.5. On the balance sheet PP&E is down 10, cash up 2.5, and retained earnings down 7.5, so it balances.
Why would you use EV/EBITDA rather than P/E to compare companies?
Because EV/EBITDA is independent of capital structure, so it compares companies with different debt levels. P/E is affected by leverage and interest.

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