Role guide · Updated Oct 9, 2026

Investment Banking Analyst Interview Guide 2026

Investment Banking Analyst loops test DCF Valuation, LBO Modeling (Leveraged Buyout) and Fit / Behavioral Interviewing first, then Enterprise Value (EV) and WACC (Weighted Average Cost of Capital). Everything below is aggregated from 4,761 candidate reports and 156 company guides.

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4,761

Candidate reports

1,236

Reported questions

156

Companies with a guide

4rounds

Median loop length

01 · What interviews test

Topics by share of guides

DCF Valuation

31%

LBO Modeling (Leveraged Buyout)

13%

Fit / Behavioral Interviewing

12%

Enterprise Value (EV)

10%

WACC (Weighted Average Cost of Capital)

03 · Company guides

All 0 Investment Banking Analyst interview guides

Back to the popular guides

No guides on this page.

04 · Questions

Most common Investment Banking Analyst questions

Discounted Cash Flow Walkthrough

Finance & Accounting

Hard

30 guides

Linking the Three Financial Statements

Behavioral & Leadership

Medium

07 · Recent experiences

What candidates reported recently

All experiences →

Baird

Aug 4, 2026 · Average

I started with a pretty low-key conversation where an associate asked about my background and why I wanted to move, mostly centered on fit rather than deep technicals. The vibe felt straightforward and easy to talk through, and I remember walking away feeling like I could speak comfortably about what I’d done before.

No offer

Bank of America

Jul 30, 2026 · Difficult

My journey started with an application where I had to submit my resume and then go through region-specific psychometric testing. After that, I completed an asynchronous HireVue focused on behavioral questions, personal motivation, and some basic commercial awareness. If I passed that stage, the next step was a first-r

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8%

Three Financial Statements (Income Statement, Balance Sheet, Cash Flow Statement)

6%

Comparable Company Analysis (Trading Multiples)

6%

Working Capital Concepts

6%

02 · Typical process

Recurring stages, by frequency

1
Recruiter or HR screen
Background, motivation, target level and timeline.
78%
2
Assessment or take-home
Online test, case study or take-home exercise.
55%
3
Panel or team interviews
Several interviewers at once, often cross-functional.
8%
4
Technical interviews
Deep dives on the core skills the role tests.
36%
5
Behavioral and culture fit
Past situations, collaboration and values.
20%
6
Final or onsite round
A multi-interview loop, sometimes with leadership.
66%

25 guides

Depreciation Impact on Statements

Finance & Accounting

Medium

23 guides

Enterprise Value vs Equity Value

Behavioral & Leadership

Medium

23 guides

Walk Me Through a DCF

Finance & Accounting

Hard

21 guides

Motivation for Investment Banking

Behavioral & Leadership

Easy

21 guides

Trace How the Three Statements Connect

Finance & Accounting

Easy

15 guides

05 · By category

Questions by category

Finance & Accounting609
Behavioral & Leadership453
Strategy140
Metrics34

No offer

Wells Fargo

Jul 27, 2026 · Average

After I applied, the process started with a virtual question screening that felt more like a proctored exam than a conversation. I was asked why I wanted the role and then went through a lot of behavioral prompts. It was awkward more than hard, and I remember wishing it were a more human interaction. That moved into H

No offer

JPMorganChase

Jul 23, 2026 · Difficult

My process felt intense from the start. It began with an online recorded interview, but the bigger challenge came right after with timed assessments and question formats that didn’t leave much room to think. I ran into a test that asked difficult math and finance questions without being able to use a calculator, and I

No offer

JP Morgan Chase

Jul 23, 2026 · Difficult

My process started with a recorded HireVue that felt much more stressful than the later conversations. It ran close to half an hour and focused on just two prompts, with the format giving me two opportunities to re-record if I didn’t like my first take. I remember thinking that the timing pressure and the self-recordin

No offer