1. Tell a story, not a resume
“Walk me through your resume” is a chance to explain why you made each choice and why banking is the logical next step. Keep it under two minutes, connect the dots, and end with why you're in this room. Practice it out loud until it sounds natural rather than memorized.
2. Make “why us?” impossible to copy-paste
Generic answers (“great culture, strong deal flow”) are forgettable. Strong answers are specific:
- Name people you spoke with and what you learned from them.
- Reference the firm's recent deals or sector strengths, and why they interest you.
- Connect the firm's structure, such as group size or the generalist pool, to how you want to learn.
3. Nail the fundamentals, calmly
Interviewers forgive not knowing an obscure concept; they don't forgive fumbling the basics. Be rock-solid on the three statements, how they link, enterprise value vs. equity value, the main valuation methods and a simple LBO. If you don't know something, say how you'd reason through it instead of guessing. Composure under pressure is part of what's being tested.
4. Know one deal really well
Pick a recent, real transaction and know it cold: the buyer, the seller, the price and multiple, how it was financed, the strategic rationale, and your own opinion of it. Being able to say “I think they overpaid, because…” and back it up shows commercial judgment, which is rare in undergraduate candidates.
5. Show you understand the job
Analysts build models, make slides, check numbers and support deal teams under tight deadlines. Show you understand that reality and that you're excited by it. Examples of attention to detail, teamwork and resilience from your own experience carry real weight.
6. Ask questions that show you listened
Skip questions you could answer from the website. Better options:
- “What separates analysts who do well in their first year from those who struggle?”
- “You mentioned the group has been busy with sponsor sell-sides. How has that changed the work analysts do?”
- “What's a deal you worked on that you learned the most from?”
7. Handle the small things perfectly
- Be early, on video or in person, with a clean background and a working setup.
- Have a printed or open copy of your resume, and know every line on it.
- Send a short, specific thank-you note within a day.
Common mistakes to avoid
- Over-rehearsed answers that sound like a script
- Bluffing on technicals instead of reasoning out loud
- Talking only about exit opportunities instead of the analyst job
- Not knowing basic facts about the firm or the markets
Be the candidate who's actually built a model
Hands-on LBO practice makes technical answers come naturally.