Finance Interview Guide

While no interview process is identical, they can be somewhat similar. This guide is intended to be used as a
resource for finance students to use when prepping for interviews. Continue to prep specific, technical concepts,
terminology, trends, etc. to be well prepared for an interview.

Corporate Finance Interview Process and Example Questions:

First Round Interview – Roughly 30 minutes
Usually given by younger member of the team or an HR professional.

Tell me about yourself – Always asked in some variation

• Tell me about yourself/walk me through your resume (always starts with this)
• Likely to follow up on specific experiences on your resume

Fit Questions – Usually at least 1 of these will be asked, often 2-3

• Why are you interested in finance?
• Why this company?
• Why this location?
• Why did you pick the University of Wisconsin?
• Why this team? Or what team would most interest you?

Behaviorals – Common focus in 1st round so be prepared for many!

• Tell me about a time...
o You were on a team
o You led a project
o You managed multiple assignments or deadlines
o You had a conflict with someone
o You failed at something
• Your strengths and weaknesses
• What differentiates you as a candidate?

Time for you to ask questions – Can usually ask 1 – 3

It is extremely important to ask thoughtful, relevant questions!
• Ask a question about the company
o Use a specific piece of info from a networking call, info session, or website
o Ex. I heard your company has a mentorship program? Can you talk a little more
about how you’ve appreciated this and how its impacted you?
• Ask a question about the interviewer
o Interviewers may give an intro about themselves at the start of the interview, use
this as a resource to ask a question (nothing personal or about another company)
o Ex. You mentioned you’ve worked here for 5 years, what have you appreciated
most about the company? What has kept you here?
 • Ask a question about the position
o What does the day to day of an intern look like?
o What type of projects would I be able to work on?
o Make sure to follow up after their response affirming your interest in that specific
task or project, explaining that you would find that interesting or exciting
• Ask about anything else you’re interested in about the person, bank, etc.
o Just make sure it is nothing too personal or anything negative about the company

Final Round – Can be anywhere from 30 – 90 minutes

Usually 1-4 back-to-back 20-30 min interviews with different members of the team (1-2
interviewers at once). Usually more senior members of the team leading (Sr. Analyst or Director).

Example 30-minute interview with a younger member of the team:

• Tell me about yourself
• May ask a few specific questions about experiences on your resume
• Why are you interested in Finance?
• Why are you interested in this location?
• Tell me about a time you had to manage multiple deadlines
• Tell me about a time you disagreed with a team member
• Walk me through a time you had to deliver bad news
• Walk me through the three financial statements
• Which one of these financial statements would be most important to view the financial
health of the company?
• What are two ways to increase the net income of a company?
• Do you have any questions for me? Always ask at least one question

Example 30-minute interview with an experienced team member:

• Tell me about yourself
• What are you going to do this summer?
• Why are you interested in this company?
• What team would you be most interested in?
• Walk me through three of your strengths, and one of your weaknesses
• Tell me about a time you struggled with something
• Is debt or equity cheaper? Why?
• Can you discuss a key trend that our industry has faced over the past year or two?
• We have many applicants here today, why should we pick you?

*In many cases, questions can be repeated throughout interviews. While this may be tiring or
annoying, it is important to remain focused and enthusiastic in each interview.
Investment Banking Interview Process and Example Questions
First Round Interview – Roughly 30-45 minutes
Usually given by younger member of the team; analyst or associate.

Tell me about yourself – Always asked in some variation

• Tell me about yourself/walk me through your resume (always starts with this)
• May follow up on specific experiences on your resume

Fit Questions – At least 1 of these will be asked, often 2-3

• Why are you interested in investment banking?
• Why this bank?
• Why this location?
• Why did you pick the University of Wisconsin?
• What group would you be interested in?

Behaviorals – Anywhere from 0 – 3 may be asked

• Tell me about a time...
o You were on a team
o You led a project
o You managed multiple assignments
o You had a conflict with someone
o Your strengths and weaknesses

Technicals – Common focus in first round, 3 – 5 likely asked

Completely depends on the firm and person asking the question, potential examples:
• Calculate Enterprise Value with Debt, Cash, Market Cap, and Accounts Receivable
• Walk through the main ways to value a company
• Rank these methods from highest to lowest expected value
• Walk through the three financial statements and how they’re connected
• Is debt or equity cheaper? Why?
• Walk through how to go from Revenue to Unlevered Free Cash Flow

Time for you to ask questions – Can usually ask 1 – 3

It is extremely important to ask thoughtful, relevant questions!
• Ask a question about the bank
o Use a specific piece of info from a networking call, info session, or website
o Ex. I heard your bank had the ability to work on lean deal teams? Can you talk a
little more about how you’ve appreciated this and how its impacted you?
• Ask a question about the interviewer
o Interviewers will usually give an intro to themselves at the start of the interview,
use this as a resource to ask a question (nothing personal or about another bank)
o Ex. You mentioned you’ve worked here for 5 years, what have you appreciated
most about the bank that has kept you here?
• Ask about anything else you’re interested in about the person, bank, etc.
Superday – Can be anywhere from 2-5 hours
Several back-to-back 20-30 min interviews with members of the team (1-3 interviewers at once)
Younger analysts and associates focus on technicals, experienced VPs and MDs focus on fit.

Example 30-minute interview with Analyst or Associate:

• Tell me about yourself
• May ask a few specific questions about experiences on your resume
• Why Investment Banking?
• Why this location?
• Walk me through how $10 of depreciation with a 20% tax rate affects the 3 statements
• Walk me through a DCF
• Walk me through an LBO with numbers given for EBITDA, EDBITDA multiple, Debt/Equity %, Capex. Find Exit
Equity Value
• How would you value an apple tree (or some other obscure item)

Example 30-minute interview with VP or MD:

• Tell me about yourself
• What are you going to do this summer?
• Why this bank?
• What group would you want to be in?
• Walk me through three of your strengths and three of your weaknesses
• Walk me through what a pitchbook would look like
• Case study type question:
o Gives you a specific company with some information and you would walk through how you see their
role in the industry, how their industry looks right now, and how you would apply this analysis to a
valuation of the company.
• We have many applicants here today, why should we pick you?

*In many cases, questions can be repeated throughout the super day. While this may be tiring or
annoying, it is important to remain focused and enthusiastic in each interview.
Sales and Trading Interview Process and Example Questions
First Round Interview – Roughly 30-60 minutes
Usually given by younger member of the team, an HR professional, or virtual interview platform

Tell Me About Yourself – Always asked in some variation

• Tell me about yourself/walk me through your resume (always starts with this)
• May follow up on specific experiences on your resume

Fit Questions – Usually 1 of these will be asked, often 2+

• Why are you interested in sales and trading?
• Why this bank/company/fund?
• Why did you pick the University of Wisconsin?
• What group/topic would you be interested in (Equities, Fixed Income, etc.)?

Behaviorals – Anywhere from 1 – 3 may be asked

S&T will likely focus on handling stress, tight time constraints, and communication
• Tell me about a time...
o You were on a team
o You led a project
o You managed multiple deadlines
o You had to explain a complicated topic to someone without much knowledge
• Your strengths and weaknesses

Technicals and Market-Based – Anywhere from 1 – 5 may be asked

Completely depends on the firm and person asking the question, potential examples:
• What are three significant things that have affected the markets this year
• How do interest rates affect bond prices? Equity prices?
• Tell me about an industry you’ve been following
• What is the Federal Reserve doing right now?
• What is a derivative security?
• Tell me about a stock in your portfolio

Time for you to ask questions – Can usually ask 1 – 3

It is extremely important to ask thoughtful, relevant questions!
• Ask a question about the bank/firm
o Use a specific piece of info from a networking call, info session, or website
o Ex. I heard you have a mentorship program? Can you talk a little more about how you’ve
appreciated this and how it has impacted you?
• Ask a question about the interviewer
o Interviewers will usually give an intro to themselves at the start of the interview,
use this as a resource to ask a question (nothing personal or about another firm)
o Ex. You mentioned you’ve worked here for 5 years, what have you appreciated most about the
firm? What has kept you here?
• Ask about the role: What is a common task or project given to an intern?
Superday – Can be anywhere from 1-3 hours
Several back-to-back 20-30 min interviews with members of the team (1-3 interviewers at once)
Younger members focusing on technical/market questions while VP or director focus on fit.

Example 30-minute interview with Analyst or Associate:

• Tell me about yourself
• May ask a few specific questions about experiences on your resume
• Why Sales and Trading?
• Why this location?
• What is the Federal Funds Rate right now?
• When should a company buy back stock?
• Tell me about a stock you’ve been following
• Is debt or equity more expensive? Why?

Example 30-minute interview with VP or Director:

• Tell me about yourself
• What are you going to do this summer?
• Why are you interested in this firm?
• What group/focus would you like to be a part of (Equities, Fixed Income, etc.)?
• Walk me through three of your strengths and three of your weaknesses
• If I gave you a million dollars, how would you invest it?
• What do you think the most important trend right now is affecting the markets?
• Case study type question:
o Gives you a specific company with some information and you would walk through how you see their
role in the industry, how their industry looks right now, and how you would apply this analysis to
whether you would want to invest.
• We have many applicants here today, why should we pick you?

*In many cases, questions can be repeated throughout the super day. While this may be tiring or
annoying, it is important to remain focused and enthusiastic in each interview.
Interviewing Resources:

Behavioral Practice Questions (do not overlook):

https://www.themuse.com/advice/behavioral-interview-questions-answers-examples
https://www.apollotechnical.com/behavioral-interview-questions/

Corporate Finance Specific Questions:

https://corporatefinanceinstitute.com/resources/career/finance-interview-questions/

Investment Banking Specific Interview Process Explanation:

https://www.wallstreetprep.com/knowledge/the-investment-banking-interview-process-and-superday/
https://mergersandinquisitions.com/investment-banking/recruitment/interviews/

M&I 400 Technical Guide:

https://middsic.weebly.com/uploads/1/0/6/8/106836377/technicals.pdf

Sales and Trading Specific:

https://bankingprep.com/sale-and-trading-internship/
https://mergersandinquisitions.com/sales-and-trading-interview-questions/
https://salesandtrading.org/blogs/st/sales-and-trading-internship-interview-questions

General Finance Interview Tips:

https://www.investopedia.com/articles/financialcareers/08/beat-tough-interviews.asp

Final Recommendations:

*Do not memorize every question - memorizing will not help when you get asked a question that is slightly
different than the ones provided.

*Have a bank of stories and experiences you can use for behavioral interview questions.

*Have a basic understanding of the company along with the industry it is in.

*Have multiple (and back-up!) questions prepared to ask in every interview.

*Use this as a guide for what you still need to prepare for and if you truly understand the underlying concepts.