Role guide · Updated Oct 6, 2026
Investment Banking Associate Interview Guide 2026
Investment Banking Associate loops test DCF Valuation, Precedent Transactions Analysis and Comparable Company Analysis (Trading Multiples) first, then Mergers & Acquisitions (M&A) Fundamentals and Client Communication & Stakeholder Management. Everything below is aggregated from 204 candidate reports and 28 company guides.
204
Candidate reports
175
Reported questions
28
Companies with a guide
4.5rounds
Median loop length
01 · What interviews test
Topics by share of guides
DCF Valuation
25%
Precedent Transactions Analysis
18%
Comparable Company Analysis (Trading Multiples)
14%
Mergers & Acquisitions (M&A) Fundamentals
11%
Client Communication & Stakeholder Management
11%
Working Capital Modeling (AR/AP/Inventory)
11%
Working Capital Dynamics
11%
Leveraged Finance Fundamentals
7%
02 · Typical process
Recurring stages, by frequency
- 1Recruiter or HR screenBackground, motivation, target level and timeline.75%
- 2Panel or team interviewsSeveral interviewers at once, often cross-functional.11%
- 3Behavioral and culture fitPast situations, collaboration and values.57%
- 4Technical interviewsDeep dives on the core skills the role tests.50%
- 5Assessment or take-homeOnline test, case study or take-home exercise.39%
- 6Final or onsite roundA multi-interview loop, sometimes with leadership.82%
03 · Company guides
Popular Investment Banking Associate interview guides
Piper Sandler
9 reports · 21 Qs
Lazard
9 reports · 6 Qs
Goldman Sachs
8 reports · 28 Qs
Truist
8 reports · 3 Qs
Jefferies
7 reports · 15 Qs
Guggenheim Investments
7 reports · 13 Qs
Guggenheim Partners
7 reports · 4 Qs
Houlihan Lokey
4 reports · 18 Qs
JPMorganChase
4 reports · 17 Qs
Nomura
4 reports · 8 Qs
Baird
4 reports · 6 Qs
Morgan Stanley
4 reports · 5 Qs
04 · Questions
Most common Investment Banking Associate questions
Motivation for Investment Banking
Behavioral & Leadership
Easy
11 guidesWalk Me Through a DCF
Finance & Accounting
Hard
6 guidesDepreciation Impact on Statements
Finance & Accounting
Medium
5 guidesHow Do You Do an LBO, What Impacts an LBO, and What Makes a Good LBO Candidate?
Finance & Accounting
Hard
5 guidesBridge Equity Value to Enterprise Value
Finance & Accounting
Medium
4 guidesDCF Walkthrough
Finance & Accounting
Hard
4 guidesBuilding a Real Estate DCF
Finance & Accounting
Hard
3 guidesWalk Me Through Your Deals
Finance & Accounting
Hard
3 guides05 · By category
Questions by category
- Behavioral & Leadership83
- Finance & Accounting80
- Strategy9
- Metrics3
Prep for Investment Banking Associate interviews with a plan built from this data
A question queue weighted to the topics above, plus scored mock interviews.