Investment banking interview prep you can actually practise
Reading a guide tells you what a paper LBO is. Doing twenty of them against a clock is what gets you through the interview. This is the practice: technical questions, maths and online tests, built on the same models the terminal uses.
Free plan. No card required.
What does an investment banking interview actually test?
Usually four things, in roughly this order. Online tests first: numerical reasoning, situational judgement and sometimes mental maths, used to cut the field before anyone speaks to you. Then technicals: accounting, the three statements, valuation, DCF, M&A and LBO mechanics, often worked on paper. Then fit: why this firm, why this role, and stories that show it. Some processes add a case study, a stock pitch or a recorded video round. Each is a separate skill, and each improves with repetition more than with reading.
- interview questions across 15 categories
- 285
- situational judgement scenarios
- 33
- critical thinking items
- 30
- practice tools, with a free account
- Free
Two questions from the academy
Both run in your browser. Nothing is sent anywhere until you choose to sign up.
As many as you can in 60 seconds
The format many trading and banking tests use: addition, subtraction, multiplication and division, and the next one appears the moment you get it right.
A sponsor buys this business and exits after five years. Roughly what IRR does it earn?
- Entry EBITDA
- $50m
- EBITDA growth
- 3% a year
- Entry / exit multiple
- 7x / 7x
- Debt
- 4x EBITDA at 8%
- Capex
- 20% of EBITDA
- Tax / fees
- 25% / 2% of EV
The specifics
Flashcards that schedule themselves
Every question in the bank, from accounting walks to brain teasers, on spaced repetition: the ones you miss come back sooner, the ones you know move out of the way.
Mental maths in the test formats
A two-minute sprint and the 80-in-8 format, with scores kept so you can see whether you are actually getting faster.
Numerical reasoning on real companies
Tables built from real filed figures for companies in the screener, so the arithmetic matches what a real test sets.
Technical drills worked by the engines
Paper LBOs and accretion or dilution questions generated fresh each time, with the full working from the same LBO and merger models the terminal uses.
A stock pitch that checks your numbers
Write the pitch and the figures you quote are checked against the filed data. Margin, growth and valuation claims that are wrong get flagged before an interviewer does it.
Video rounds, stories and a plan
Recorded-interview practice with timing, a story bank checked for structure and coverage, and a study plan to your interview date that starts with your weakest area.
How the work actually goes
- 01
Set the interview date
The readiness view builds a plan backwards from it and puts your weakest area first.
- 02
Clear the online tests
Numerical reasoning, situational judgement and maths sprints, because they decide whether you get a first round at all.
- 03
Drill the technicals daily
Ten minutes of flashcards and one or two paper LBOs a day does more than a weekend of cramming.
- 04
Write your stories once
Six or seven examples, checked for structure, that cover the competencies interviewers ask about.
- 05
Rehearse out loud
Video practice for recorded rounds, then a full mock interview with feedback on Pro if you want one.
It is practice, not insider information
The questions, model answers and test items were written for this product. They are not leaked from any bank, and nothing here claims to know a particular firm's process or pass mark; the benchmarks shown are community guidance. The maths is computed by the same engines the terminal uses, but the written answers are a starting point to check against your own understanding. The practice tools are free with an account. AI mock interviews and written feedback on your answers are part of Pro.
Frequently asked questions
What technical questions come up in investment banking interviews?
Accounting first: how the three statements link, walking a change like depreciation through all three, and working capital. Then valuation: the main methods, how a DCF is built, enterprise value against equity value, and multiples. Then deals: accretion and dilution in M&A and the mechanics of an LBO, often as a quick paper LBO. Expect a few market questions and a brain teaser at some firms.
How do I prepare for a numerical reasoning test?
Practise reading tables and charts quickly, because the arithmetic is rarely hard and the time pressure is the test. Percentage changes, ratios and currency conversions cover most items. Practising on realistic company figures helps more than abstract puzzles.
What is a paper LBO?
A leveraged buyout worked in your head or on paper in a few minutes: entry price, debt, a few years of cash flow paying the debt down, an exit price, and the return to the sponsor. Interviewers want a sensible IRR range and a clear method, not a precise figure.
Does it cover private equity and sales and trading interviews?
Yes. The bank has dedicated private equity, LBO, markets and trading, equity research, restructuring and consulting categories alongside the banking core, plus sector valuation for banks, insurers, REITs, energy, software and utilities. The online tests apply across roles.
Is it free?
The practice tools are free with an account: flashcards, mental maths, online tests, technical drills, the stock pitch checks, video practice, the story bank and the study plan. AI mock interviews and written feedback on your answers are part of Pro.
Start with the test that decides the first round
Free account, no card. Run a numerical reasoning set on real companies and see where you stand.
What to use when your university does not have Terminal seats.
LBO, accretion and dilution, comparables and the deck at the end of it.
Screen targets, read the data room, size the capital structure.
The finance vocabulary the terminal uses, defined without hand-waving.