Interview Process
Real Interview Questions
Updated February 15, 2023
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?
Resume Guide & Template
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.
Real Interview Questions & Examples
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:
FAQs
Earn an undergraduate degree from a top school, with a major in finance, economics, or business. Get an advanced degree, preferably an MBA. Get an internship at a top firm to gain on-the-job training and a chance to impress potential employers. Network like crazy to find a job.
Is it hard to get a job in investment banking? ›
Investment banking recruiting is an extremely competitive process, so you'll want to do whatever you can to stand out during the recruitment process. Banks value the quality of your job experience, and the quality of your schools attended, and how hard you network or “hustle” for the role.
What do you need to get a job in investment banking? ›
To become an investment banker, you need a minimum of a bachelor's degree. Common majors are finance, business, economics, and accounting. You also need to pass licensing exams to work as an investment banker.
What are the odds of getting an investment banking job? ›
You need to get on the phone ASAP and start talking to real people and then meeting them in-person – if you're coming from a non-target school and you haven't done that, you stand a 0.0000000000001% chance of breaking into investment banking.
What GPA is required for investment banking? ›
The typical investment banker has a graduate degree in business from an Ivy League school or other top-tier university and superior educational credentials [i.e., excellent grades (minimum 3.50 GPA), active participation in business and investment clubs, and participation in at least one internship or summer program at ...
Is JP Morgan hard to get into? ›
It is very hard to get a job at JP Morgan.
One of the main factors that makes getting a job at JP Morgan so challenging is that the firm often recruits its own talent, rather than selecting job candidates from a pool of applicants.
Is investment banking high paying? ›
Investment bankers are typically the highest-paid workers in the finance industry—high salaries are most prevalent even among younger employees. The starting salary for the typical investment banker exceeds that of most other finance positions, but working in this field has its challenges.
Is 25 too old for investment banking? ›
If you have more than 2 – 3 years of full-time work experience after university, it will be very difficult to get in at the Analyst level (estimated age cut-off of 25, but it may be more like 27 – 28 depending on when you started the degree).
What degree is best for investment banking? ›
Most investment banks prefer degrees in finance, accounting, business administration, and other business disciplines. Undergraduate degree subjects are less influential in the hiring process if a candidate has a master's degree in business administration, finance, or another highly relevant subject.
How to break into investment banking with no experience? ›
Start with an undergraduate degree with a major in finance, economics, or business. Pursue an advanced degree, preferably an MBA. Get an internship, volunteer opportunity, or first-entry job in investment banks and firms. Network like crazy to find a job in top investment banks.
The short answer: For M&A Investment Banking and Private Equity, you don't need anything beyond basic arithmetic. We are talking about addition, subtraction, multiplication and division. Throw in some percentages and growth rates and some means and medians. That's the math needed for Investment Banking.
How stressful is being an investment banker? ›
Investment banking is one of Wall Street's most coveted roles. It is also one of the hardest. It is no surprise that the average day in an investment banker's life is long and stressful. Those who manage to survive the adjustment period often go on to have long and financially rewarding careers.
How many hours a week do investment bankers work? ›
Investment bankers work notoriously long hours, with the typical work week filling in 60-80 hours per week, and the occasional high-intensity work week that can push a banker to 100+ hours.
Does Goldman Sachs look at GPA? ›
Your cumulative grade / GPA as recognized by the university in which you are currently enrolled. Your motivation for applying in 300 words or less. Information regarding your proficiency of other languages. A current CV / resume in one of the following formats, Microsoft Word, Rich Text Format, Text or PDF.
What GPA do I need for Goldman? ›
What GPA do you need to work at Goldman Sachs? A minimum of 6.5 GPA is needed to sit for this Company. But Students with higher GPA are selected at an higher rate than lower ones.
Do investment banks only hire Ivy League? ›
Most of the investment banking target schools are Ivy League schools and top liberal arts colleges. However, you may be surprised to know senior bankers at investment banks tend to recruit candidates from the schools that they attended!
Is there a high demand for investment bankers? ›
According to the Bureau of Labour Statistics, jobs in the investment banking and securities dealing industry are expected to grow faster than the average occupation meaning that competition is tense due to increased demand and decreased skilled labor.
Is investment banker high demand? ›
According to the Bureau of Labor Statistics (BLS), employment prospects for investment bankers – as well as securities, commodities, and financial services sales agents in general – are expected to grow by 10 percent through 2031.
Is investment banking interview hard? ›
The questions can seem daunting, but remember: you are not expected to be an expert already. The interviewer wants to see that you have some core investment banking skills and can handle a bit of a challenge, so these questions are common for entry- and junior-level roles.
