Investment Banking – Second Round Interviews

For those of you currently interviewing for full time investment banking jobs, second round internships are right around the corner. To help you prep, I thought I would give you the low down on what you should expect. Happy prepping!

Format

Typically 2nd round interviews consist of at least 2, and typically 3 or more back-to-back 30-minute interviews. This means you need to have stamina! When you’re prepping with the your friends/classmates, make sure you’re session are going on for 45 minutes to an hour. It’s a stressful, nerve-racking process and you need to be on high alert the whole time, so make sure you have the stamina to power through.

Typically, 1 of the multiple interviews you have will be 100% dedicated to technical questions, so make sure you are totally comfortable with the most common technical questions that come up. Beyond, the expected accounting and valuation questions, also make sure that you have a solid read on what’s going on in the markets right now. They expect you to be an avid following of the financial press and general questions about your market opinions are fair game.

The Interviewers

Unlike first round interviews, which are typically conducted by more junior level bankers (i.e. analysts and associates), second round interviews tend to be conducted by the more senior end of the hierarchy. Expect to come across MDs, Directors and VPs as you bounce from room to room for your interviews.

Offers

Once all a bank’s interviews are finished, each candidate gets slotted into 1 of 3 categories:

  • Definite Offer
  • Waiting List
  • No Offer

With many of the best candidates getting multiple offers, it can actually take a decent amount of time for the list of hires to be finalized. This combined with the fact that the banks will only extend a new offer once an existing offer has been turned down, means that if you are on the waiting list, it may be a couple of days before you get the call. Hang in there!

Hopefully that’s enough to get you started! Don’t forget to check out our IncuBanker and Mock Interview services, both of which are great tools to get you ready to crush the competition!

Cheers,

Jay

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