Interview Guide for

Investment Banking Analyst

This comprehensive interview guide for an Investment Banking Analyst role provides a structured framework to identify the most qualified candidates who possess the analytical skills, attention to detail, and collaborative abilities needed to thrive in this demanding field. By following this detailed roadmap, you'll conduct consistent, fair, and effective interviews that reveal candidates' potential for success beyond their resumés.

How to Use This Guide

The Yardstick interview guide offers a proven methodology to elevate your hiring process for Investment Banking Analysts. Here's how to maximize its effectiveness:

Customize for Your Needs: Adapt this template to your firm's specific culture, values, and requirements while maintaining the structured approach.
Collaborate with Your Team: Share this guide with everyone involved in the hiring process to ensure consistency and alignment on evaluation criteria.
Follow the Sequence: Use the structured interview process to build a comprehensive view of each candidate through different assessment methods.
Ask Follow-Up Questions: Dig deeper when needed to gain fuller context around candidates' answers and experiences.
Score Independently: Have interviewers complete scorecards individually before discussing candidates to prevent groupthink.

For more insights on conducting effective interviews, check out our guide on how to conduct a job interview. You can also find additional behavioral interview questions for Investment Banking Analyst candidates in our question library.

Job Description

Investment Banking Analyst

About [Company]

At [Company], we are a leading investment banking firm specializing in the [Industry] sector. We are committed to providing exceptional service to our clients and fostering a collaborative and innovative work environment. We value integrity, excellence, and teamwork in all that we do.

The Role

We are seeking highly motivated and analytical individuals to join our team as Investment Banking Analysts. You will play a crucial role in supporting our senior bankers in providing financial advisory services to our clients. This challenging but rewarding opportunity offers valuable experience in all aspects of the deal process and will build a strong foundation for your career in investment banking.

Key Responsibilities

Build and maintain complex financial models, conduct valuation analyses (e.g., DCF, precedent transactions, trading comps), and analyze financial statements
Assist in the preparation of pitch books, offering memoranda, and other client presentations
Support the execution of M&A transactions, debt offerings, and equity offerings
Conduct industry research, perform company-specific due diligence, and analyze market trends
Participate in client meetings and calls, contributing to a positive client experience
Prepare and review a variety of transaction-related documents
Work effectively as part of a deal team, contributing to a collaborative environment
Stay current on market developments, industry trends, and regulatory changes

What We're Looking For

Bachelor's degree in Finance, Accounting, Economics, or a related field
Strong academic record with a minimum GPA of [GPA requirement]
Exceptional analytical and quantitative skills
Proficiency in Microsoft Excel, PowerPoint, and Word
Excellent written and verbal communication skills
Strong attention to detail and ability to manage multiple projects
Ability to work effectively under pressure and meet deadlines
Demonstrated interest in finance and investment banking
Strong work ethic, intellectual curiosity, and a team-oriented attitude
Previous internship experience in investment banking or finance is a plus but not required

Why Join [Company]

At [Company], you'll have the opportunity to work on high-profile transactions, learn from experienced professionals, and build a strong foundation for your career in investment banking. We foster a supportive and collaborative environment where your contributions will be valued and your professional growth will be nurtured.

Competitive salary: [Salary range]
Comprehensive benefits package including medical, dental, and vision insurance
Performance-based bonus potential
Professional development opportunities and mentorship
[Other perks, e.g., Commuting assistance, company events, etc.]

Hiring Process

We've designed our hiring process to be thorough yet efficient, helping us identify top talent while respecting your time. Here's what you can expect:

Initial Screening: A 30-minute conversation with our recruiting team to discuss your background, experience, and interest in investment banking.
Technical Assessment: A structured exercise where you'll complete financial modeling and valuation tasks similar to what you would encounter on the job.
Competency Interview: A more in-depth conversation focusing on your analytical abilities, communication skills, and how you've handled challenges in the past.

Ideal Candidate Profile (Internal)

Role Overview

The Investment Banking Analyst role is a critical position that supports the execution of financial transactions and advisory services. This individual will work directly with senior bankers to conduct financial analyses, prepare client materials, and contribute to deal execution. Success in this role requires exceptional analytical abilities, attention to detail, strong communication skills, and the ability to thrive in a fast-paced environment while managing multiple priorities.

Essential Behavioral Competencies

Analytical Thinking: Demonstrates strong quantitative abilities and structured problem-solving skills; can break down complex financial problems into component parts and develop logical solutions; shows capacity to identify patterns and draw insights from financial data.

Attention to Detail: Maintains meticulous accuracy in financial models and presentation materials; identifies inconsistencies and errors before they reach clients; consistently produces high-quality work products under tight deadlines.

Communication Skills: Articulates complex financial concepts clearly and concisely, both verbally and in writing; creates compelling presentation materials; communicates effectively with team members and clients at all levels.

Teamwork & Collaboration: Works effectively as part of deal teams; willingly shares information and resources; supports colleagues during high-pressure situations; contributes to a positive team environment.

Drive & Work Ethic: Demonstrates persistent dedication to completing tasks on time and meeting client needs; shows willingness to work extended hours when necessary; maintains high performance standards even under pressure.

Desired Outcomes

Produce accurate and insightful financial models and valuation analyses that support client recommendations and deal execution
Create professional, error-free client presentations and materials that effectively communicate key insights and recommendations
Develop strong relationships with colleagues and gain positive feedback from senior bankers regarding work quality and reliability
Demonstrate progressive mastery of core investment banking skills and increasing independence in executing assigned tasks
Contribute meaningfully to successful transaction closings through high-quality analytical support and attention to detail

Ideal Candidate Traits

The ideal Investment Banking Analyst candidate will combine intellectual horsepower with exceptional work ethic. They should have a foundation in finance through academic coursework or internship experience, but more importantly, they should demonstrate capacity to learn quickly and adapt to changing priorities. They should be able to produce high-quality work under tight deadlines, show meticulous attention to detail, and maintain composure in stressful situations.

We're looking for candidates who are intellectually curious, eager to understand the "why" behind financial analyses, and motivated to dig deeper than surface-level information. The best analysts bring a growth mindset, welcoming feedback and consistently seeking to improve. They should be team players who support colleagues during intense deal periods and maintain a positive attitude even during challenging times.

While technical skills are important, equally valuable are strong communication abilities, both written and verbal, and professional presence that builds credibility with clients and colleagues. The right candidate will bring a combination of humility and confidence, understanding they have much to learn while also being willing to contribute ideas and perspectives.

Screening Interview

Directions for the Interviewer

This initial screening interview aims to efficiently identify candidates who have the foundational skills, experience, and motivation to succeed as an Investment Banking Analyst. Your goal is to assess the candidate's academic background, relevant experience, analytical capabilities, and genuine interest in investment banking. This conversation should help determine whether the candidate has the baseline qualifications and potential cultural fit to proceed to the next round.

Begin by briefly introducing yourself and providing a high-level overview of the role and the firm. Keep your questions consistent across all candidates to ensure fair evaluation. Focus on the candidate's resume, academic performance, and any previous internship or work experience. Listen for articulation of concepts, level of preparation, and alignment with the role's requirements. Be mindful of red flags such as lack of basic financial knowledge, inability to explain past experiences clearly, or misalignment with the role's demands.

Remember to leave 5-10 minutes at the end for the candidate to ask questions. Their questions can be revealing about their level of interest, preparation, and priorities.

Directions to Share with Candidate

"Today's conversation will be an opportunity for us to learn more about your background, experience, and interest in investment banking. I'll ask you questions about your education, relevant coursework, any previous experience you have, and why you're interested in this role. I'll also share more information about the position and our firm. We'll have time at the end for any questions you might have."

Interview Questions

Tell me about your academic background and why you chose your field of study.

Areas to Cover

Educational history and academic performance
Selection rationale for major and relevant coursework
How their studies relate to investment banking
Academic accomplishments and challenges overcome
Key skills developed through their education

Possible Follow-up Questions

What finance or accounting courses have you found most valuable?
How has your education prepared you for a career in investment banking?
What relevant projects or case studies have you completed?
How did you balance academics with extracurricular activities?

Walk me through your understanding of the investment banking industry and the role of an analyst.

Areas to Cover

Understanding of core investment banking functions (M&A, capital raising, etc.)
Knowledge of analyst responsibilities and day-to-day tasks
Realistic expectations about hours and work intensity
Awareness of industry trends and current market conditions
Career progression understanding

Possible Follow-up Questions

What do you think will be the most challenging aspect of this role?
How do you see investment banking evolving in the next few years?
Why are you specifically interested in our firm compared to others?
What aspects of the analyst role are you most excited about?

Describe your experience with financial modeling, valuation, or financial analysis.

Areas to Cover

Specific examples of financial models they've built
Understanding of key valuation methodologies (DCF, comps, etc.)
Technical skills (Excel, PowerPoint, financial software)
How they've applied their skills in real or academic settings
Steps taken to develop skills independently if limited formal experience

Possible Follow-up Questions

Can you walk me through a DCF model you've built?
What valuation techniques do you find most reliable and why?
How comfortable are you with Excel? What advanced functions do you use regularly?
How do you ensure accuracy in your financial models?

Tell me about a time when you had to work under tight deadlines with high attention to detail.

Areas to Cover

Specific example with context, actions taken, and results
Time management and prioritization strategies
Quality control process they implemented
How they handle pressure and maintain accuracy
Lessons learned from the experience

Possible Follow-up Questions

How did you balance speed with accuracy?
What systems did you put in place to catch potential errors?
How did you communicate with others if you were at risk of missing a deadline?
How would you apply this experience to the analyst role?

Why are you interested in investment banking, and specifically in our firm?

Areas to Cover

Motivations beyond compensation
Understanding of firm's culture, specialization, and market position
Long-term career aspirations
Research done on the company and industry
Alignment of their values with the firm's values

Possible Follow-up Questions

What recent deals by our firm have you found interesting and why?
How does this role fit into your long-term career goals?
What other roles or industries are you considering?
What aspects of our culture do you find most appealing?

How do you stay current on market trends, financial news, and industry developments?

Areas to Cover

Specific news sources, publications, or resources they follow
Depth of knowledge about recent market events
Proactive learning and self-development approaches
Genuine interest in financial markets
Application of market knowledge to analysis

Possible Follow-up Questions

What recent market trend or deal do you find most interesting and why?
How might current economic conditions impact M&A activity in our focus industries?
How do you filter signal from noise in financial news?
What books or resources have shaped your understanding of finance?

Interview Scorecard

Analytical Capability

0: Not Enough Information Gathered to Evaluate
1: Shows limited understanding of financial concepts; struggles with basic analytical questions
2: Demonstrates basic analytical skills but lacks depth in financial knowledge
3: Shows solid understanding of financial concepts and analytical frameworks
4: Demonstrates exceptional analytical thinking; shows sophisticated understanding of financial concepts beyond their experience level

Technical Knowledge

0: Not Enough Information Gathered to Evaluate
1: Limited knowledge of financial modeling, valuation techniques, or relevant technical skills
2: Basic understanding of financial modeling and valuation but lacks hands-on experience
3: Strong grasp of core financial modeling concepts with relevant practical experience
4: Advanced understanding of multiple valuation methodologies; has built complex models independently

Communication Skills

0: Not Enough Information Gathered to Evaluate
1: Struggles to articulate thoughts clearly; poor structure to responses
2: Communicates adequately but sometimes lacks clarity or precision
3: Communicates ideas clearly and structures responses well
4: Exceptional communicator; articulates complex concepts with clarity, precision, and confidence

Motivation & Interest

0: Not Enough Information Gathered to Evaluate
1: Shows limited understanding of the industry or role; generic interests
2: Demonstrates basic understanding but lacks compelling motivation
3: Shows clear understanding of the role and genuine interest in investment banking
4: Demonstrates deep knowledge of the industry, firm, and role; highly compelling motivation

Produce accurate and insightful financial models and valuation analyses

0: Not Enough Information Gathered to Evaluate
1: Unlikely to Produce Reliable Financial Models
2: Likely to Produce Basic Models with Supervision
3: Likely to Produce Solid, Accurate Models
4: Likely to Excel at Building Sophisticated, Insightful Models

Create professional, error-free client presentations

0: Not Enough Information Gathered to Evaluate
1: Unlikely to Meet Quality Standards for Client Materials
2: Likely to Produce Adequate Materials with Significant Review
3: Likely to Create High-Quality Materials with Minimal Oversight
4: Likely to Exceed Expectations in Creating Exceptional Client Materials

Hiring Recommendation

1: Strong No Hire
2: No Hire
3: Hire
4: Strong Hire

Technical Assessment (Work Sample)

Directions for the Interviewer

This technical assessment is designed to evaluate the candidate's hands-on abilities with financial modeling, valuation, and analysis—skills that are essential for success as an Investment Banking Analyst. The exercise simulates typical tasks analysts perform, allowing you to assess their technical proficiency, attention to detail, analytical thinking, and ability to communicate financial insights.

Provide the candidate with the assessment materials 24 hours in advance, including the case study details and any templates they should use. This advance preparation allows candidates to showcase their best work while still operating under realistic time constraints. During the session, ask the candidate to walk through their analysis, explaining their approach, assumptions, and conclusions.

Evaluate not only the technical accuracy of their work but also their ability to explain their methodology, defend their assumptions, and articulate implications. Look for clean, well-organized models, appropriate use of Excel functions, and thoughtful presentation of findings. Pay attention to how they handle questions or challenges to their analysis, as this reflects how they might respond to feedback from senior bankers.

Directions to Share with Candidate

"This technical assessment will evaluate your financial modeling and analytical skills. You'll receive a case study involving a potential acquisition target. Your task is to build a valuation model (including DCF and comparables analysis), prepare a summary of key findings, and create 2-3 presentation slides with your recommendations.

You'll have 24 hours to prepare your analysis. During our session, you'll have 20 minutes to present your work, followed by 20-25 minutes of questions and discussion. We're looking to assess your technical skills, analytical thinking, attention to detail, and ability to communicate financial insights clearly.

Focus on creating a clean, well-organized model with clearly labeled assumptions. Your presentation should be concise, highlighting key findings and supporting your recommendation. Please come prepared to explain your methodology and rationale."

Assessment Exercise: Acquisition Target Valuation

Scenario: [Company] is advising a strategic buyer interested in acquiring a target company in the [Industry] sector. You've been assigned to conduct a preliminary valuation analysis to help determine an appropriate offer price range.

Tasks:

Build a DCF model for the target company using the provided financial information
Conduct a comparable companies analysis and precedent transactions analysis
Calculate an implied valuation range based on your analyses
Identify key value drivers and risks
Prepare 2-3 presentation slides summarizing your findings and recommendation

Materials to provide:

Historical financial statements for the target company (3-5 years)
Consensus projections for the next 3 years
List of comparable companies with relevant metrics
Information on recent relevant transactions
Excel template with basic structure (optional)

Interview Scorecard

Financial Modeling Skills

0: Not Enough Information Gathered to Evaluate
1: Model contains significant errors or structural issues; demonstrates limited Excel proficiency
2: Model is functional but lacks sophistication; some minor errors or inefficient approaches
3: Clean, well-structured model with appropriate formulas and minimal errors
4: Exceptional model with sophisticated techniques, efficient design, and advanced Excel usage

Valuation Analysis

0: Not Enough Information Gathered to Evaluate
1: Demonstrates limited understanding of valuation methodologies; numerous conceptual errors
2: Basic application of valuation techniques but with some methodological issues
3: Solid application of multiple valuation approaches with appropriate assumptions
4: Sophisticated valuation analysis with insightful adjustments and thoughtful sensitivity analysis

Analytical Thinking

0: Not Enough Information Gathered to Evaluate
1: Analysis lacks depth; unable to identify key drivers or draw meaningful insights
2: Provides basic analysis but misses important factors or implications
3: Demonstrates strong analytical thinking; identifies key value drivers and risks
4: Exceptional analysis with nuanced insights and creative approaches to the valuation problem

Presentation Quality

0: Not Enough Information Gathered to Evaluate
1: Poorly organized slides with unclear messaging or distracting errors
2: Adequate slides that convey basic information but lack polish or impact
3: Well-designed slides that effectively communicate key findings and recommendations
4: Outstanding presentation with compelling visuals, clear storyline, and impactful recommendations

Communication of Financial Concepts

0: Not Enough Information Gathered to Evaluate
1: Struggles to explain methodology or defend assumptions; uses finance terminology incorrectly
2: Explains basic concepts adequately but lacks depth or precision in financial discussions
3: Clearly articulates financial concepts and valuation methodology; defends assumptions well
4: Exceptional ability to communicate complex financial concepts; handles challenging questions with ease

Produce accurate and insightful financial models and valuation analyses

0: Not Enough Information Gathered to Evaluate
1: Unlikely to Produce Reliable Financial Models
2: Likely to Produce Basic Models with Supervision
3: Likely to Produce Solid, Accurate Models
4: Likely to Excel at Building Sophisticated, Insightful Models

Create professional, error-free client presentations

0: Not Enough Information Gathered to Evaluate
1: Unlikely to Meet Quality Standards for Client Materials
2: Likely to Produce Adequate Materials with Significant Review
3: Likely to Create High-Quality Materials with Minimal Oversight
4: Likely to Exceed Expectations in Creating Exceptional Client Materials

Competency Interview

Directions for the Interviewer

This interview focuses on assessing the candidate's fit with the Essential Behavioral Competencies required for success as an Investment Banking Analyst. Through structured behavioral questions, you'll evaluate the candidate's analytical thinking, attention to detail, communication skills, teamwork abilities, and drive/work ethic. These competencies are crucial predictors of success in the demanding environment of investment banking.

Begin by establishing rapport, then explain the format of the interview. Use the behavioral questions provided to explore past experiences that demonstrate the competencies. For each question, listen for the situation the candidate faced, the specific actions they took, and the results they achieved. Probe deeper with follow-up questions to understand their thought process, challenges faced, and lessons learned.

Pay attention to how candidates structure their responses, their ability to articulate complex situations clearly, and evidence of the competencies in action. Look for specific examples rather than hypothetical responses or generalizations. Take detailed notes to support your evaluation and prepare for the debrief discussion.

Remember to leave 5-10 minutes at the end for the candidate to ask questions. Their questions often reveal their priorities, level of interest, and alignment with the role and firm culture.

Directions to Share with Candidate

"In this interview, I'll be asking questions about your past experiences to understand how you've handled various situations related to the key competencies for this role. For each question, please share specific examples, describing the situation you faced, the actions you took, and the results you achieved. I'm interested in understanding not just what happened, but your thought process and what you learned from these experiences. We'll have time at the end for you to ask any questions you might have."

Interview Questions

Tell me about a time when you had to analyze complex financial or quantitative information to solve a problem or make a recommendation. (Analytical Thinking)

Areas to Cover

The complexity of the problem and information involved
Their process for breaking down and analyzing the information
Specific analytical tools or methodologies they applied
How they organized and synthesized their findings
The quality of their recommendation and its impact
Challenges they faced and how they overcame them

Possible Follow-up Questions

What analytical frameworks or techniques did you use?
How did you validate your analysis or check for errors?
What assumptions did you make, and how did you determine they were reasonable?
If you had to do this analysis again, what would you do differently?

Describe a situation where you caught an error or inconsistency that others had missed. What was the impact of finding this issue? (Attention to Detail)

Areas to Cover

The context and complexity of the situation
How they identified the error when others missed it
Their process for double-checking work
Actions taken after discovering the issue
Impact of finding the error
Systems or approaches they use to maintain accuracy

Possible Follow-up Questions

What was your process for reviewing the information?
How did you address the error once you found it?
What would have happened if the error hadn't been caught?
What systems have you developed to prevent similar errors?

Give me an example of a time when you had to explain a complex financial concept or analysis to someone with limited financial background. (Communication Skills)

Areas to Cover

The complexity of the concept they needed to communicate
Their approach to simplifying without oversimplifying
Techniques used to make the information relatable or understandable
How they confirmed understanding
Adjustments made based on audience feedback
Ultimate outcome of the communication

Possible Follow-up Questions

How did you prepare for this explanation?
How did you know whether your explanation was effective?
What visual aids or analogies did you use to enhance understanding?
How would you approach this differently in the future?

Tell me about a challenging team project you worked on. What was your role, and how did you contribute to the team's success? (Teamwork & Collaboration)

Areas to Cover

The nature and scope of the project
Their specific role and responsibilities
How they collaborated with team members
Challenges the team faced and how they were addressed
Their contribution to the team's success
Lessons learned about effective teamwork

Possible Follow-up Questions

How were responsibilities divided among team members?
How did you handle disagreements or conflicts within the team?
What did you learn about your personal working style from this experience?
How did you support other team members during challenging periods?

Describe a time when you had to work exceptionally hard to meet a deadline or goal. What was the situation, and how did you manage it? (Drive & Work Ethic)

Areas to Cover

The challenge and importance of the deadline or goal
Steps taken to plan and organize their work
How they prioritized tasks and managed their time
Sacrifices or extra efforts made to meet the objective
How they maintained quality while under pressure
The outcome and what they learned from the experience

Possible Follow-up Questions

How did you prioritize competing demands on your time?
How did you maintain your motivation and energy during this period?
What strategies did you use to manage stress?
What would you do differently if faced with a similar situation?

Interview Scorecard

Analytical Thinking

0: Not Enough Information Gathered to Evaluate
1: Shows limited analytical abilities; approaches problems unsystematically
2: Demonstrates basic analytical skills but lacks sophistication in approach
3: Shows strong analytical capabilities; structures problems effectively
4: Exceptional analytical thinker; approaches complex problems with sophistication and insight

Attention to Detail

0: Not Enough Information Gathered to Evaluate
1: Often misses important details; work requires significant checking
2: Generally accurate but occasionally overlooks important elements
3: Consistently thorough and precise; rarely misses important details
4: Exceptionally detail-oriented; implements effective systems to ensure accuracy

Communication Skills

0: Not Enough Information Gathered to Evaluate
1: Struggles to articulate ideas clearly; communication lacks structure
2: Communicates adequately but sometimes lacks clarity or precision
3: Communicates clearly and effectively across different audiences
4: Outstanding communicator; exceptional ability to explain complex concepts

Teamwork & Collaboration

0: Not Enough Information Gathered to Evaluate
1: Prefers working independently; limited evidence of successful collaboration
2: Works adequately with others but contributions to team could be stronger
3: Collaborates effectively; makes meaningful contributions to team success
4: Exceptional team player; significantly enhances team performance and dynamics

Drive & Work Ethic

0: Not Enough Information Gathered to Evaluate
1: Shows limited commitment to challenging tasks; gives up easily
2: Demonstrates adequate persistence but may need encouragement
3: Shows strong determination; willingly puts in extra effort when needed
4: Extraordinary dedication; consistently goes above and beyond expectations

Produce accurate and insightful financial models and valuation analyses

0: Not Enough Information Gathered to Evaluate
1: Unlikely to Produce Reliable Financial Models
2: Likely to Produce Basic Models with Supervision
3: Likely to Produce Solid, Accurate Models
4: Likely to Excel at Building Sophisticated, Insightful Models

Create professional, error-free client presentations

0: Not Enough Information Gathered to Evaluate
1: Unlikely to Meet Quality Standards for Client Materials
2: Likely to Produce Adequate Materials with Significant Review
3: Likely to Create High-Quality Materials with Minimal Oversight
4: Likely to Exceed Expectations in Creating Exceptional Client Materials

Develop strong relationships with colleagues

0: Not Enough Information Gathered to Evaluate
1: Likely to Struggle with Team Integration
2: Likely to Develop Adequate Working Relationships
3: Likely to Build Strong Collaborative Relationships
4: Likely to Excel at Building Strong Networks and Partnerships

Demonstrate progressive mastery of core investment banking skills

0: Not Enough Information Gathered to Evaluate
1: Likely to Struggle with Skill Development
2: Likely to Make Steady but Slow Progress
3: Likely to Master Core Skills at Expected Pace
4: Likely to Rapidly Master Skills Beyond Expectations

Debrief Meeting

Directions for Conducting the Debrief Meeting

The Debrief Meeting is an open discussion for the hiring team members to share the information learned during the candidate interviews. Use the questions below to guide the discussion.

Start the meeting by reviewing the requirements for the role and the key competencies and goals needed to succeed as an Investment Banking Analyst. These include analytical thinking, attention to detail, communication skills, teamwork, and drive/work ethic.

The meeting leader should strive to create an environment where it is okay to express opinions about the candidate that differ from the consensus or from leadership's opinions. This is essential for making the best possible hiring decision.

Scores and interview notes are important data points but should not be the sole factor in making the final decision. Consider the candidate holistically, including their potential for growth and cultural fit.

Any hiring team member should feel free to change their recommendation as they learn new information and reflect on what they've learned during the debrief discussion.

Questions to Guide the Debrief Meeting

Does anyone have any questions for the other interviewers about the candidate?

Guidance: The meeting facilitator should initially present themselves as neutral and try not to sway the conversation before others have a chance to speak up.

Are there any additional comments about the Candidate?

Guidance: This is an opportunity for all the interviewers to share anything they learned that is important for the other interviewers to know.

Is there anything further we need to investigate before making a decision?

Guidance: Based on this discussion, you may decide to probe further on certain issues with the candidate or explore specific issues in the reference calls.

Has anyone changed their hire/no-hire recommendation?

Guidance: This is an opportunity for the interviewers to change their recommendation based on the new information they learned in this meeting.

If the consensus is no hire, should the candidate be considered for other roles? If so, what roles?

Guidance: Discuss whether engaging with the candidate about a different role would be worthwhile.

What are the next steps?

Guidance: If there is no consensus, follow the process for that situation (e.g., it is the hiring manager's decision). Further investigation may be needed before making the decision. If there is a consensus on hiring, reference checks could be the next step.

Reference Checks

Directions for Conducting Reference Checks

Reference checks are a critical final step in the Investment Banking Analyst hiring process. They provide valuable third-party perspectives on the candidate's past performance, work style, and potential cultural fit. Approach these conversations as information-gathering opportunities rather than mere box-checking exercises.

When arranging reference calls, ask the candidate to make the initial introduction to their references. This approach typically leads to more candid and detailed feedback. Aim to speak with former supervisors or mentors who have directly observed the candidate's work, particularly in finance-related roles or situations requiring similar competencies.

During the calls, begin with broad questions before moving to specific behavioral areas aligned with the Essential Behavioral Competencies for this role. Listen carefully for not just what is said, but also hesitations, enthusiasm levels, and areas where the reference may be vague or evasive. Follow up on these areas tactfully to gather complete information.

Take detailed notes during the conversation to share with the hiring team. Pay special attention to specific examples that validate or contradict impressions formed during the interview process. Remember that the goal is to gather objective information to make the best possible hiring decision.

Questions for Reference Checks

In what capacity did you work with [Candidate], and for how long?

Guidance: Establish the reference's relationship with the candidate and the relevance of their perspective. Understand the context in which they observed the candidate's work.

What were [Candidate]'s primary responsibilities in their role?

Guidance: Verify that the candidate's description of their role aligns with the reference's account. Listen for specifics about the complexity and scope of their work.

On a scale of 1-10, how would you rate [Candidate]'s analytical abilities? Can you provide an example that demonstrates these abilities?

Guidance: This directly addresses the analytical thinking competency. Listen for evidence of the candidate's approach to problem-solving, quantitative analysis, and structured thinking.

How would you describe [Candidate]'s attention to detail? Can you share a specific instance that illustrates this?

Guidance: Look for confirmation of the candidate's thoroughness and accuracy, especially in financial work. Note any concerns about errors or oversight.

How effectively did [Candidate] communicate complex information or analyses? Who was their audience, and how did they adapt their communication style?

Guidance: This addresses the communication skills competency. Look for evidence of clear articulation of complex concepts and ability to tailor communication to different audiences.

Can you describe how [Candidate] worked as part of a team? How did they contribute to team success?

Guidance: This addresses the teamwork competency. Listen for specific examples of collaboration, support of colleagues, and contribution to team dynamics.

Investment banking often requires working under pressure with tight deadlines. How did [Candidate] perform in these situations?

Guidance: This addresses the drive/work ethic competency. Look for examples of resilience, commitment, and ability to maintain quality under pressure.

What areas would you identify as development opportunities for [Candidate]?

Guidance: Listen carefully here, as references often hesitate to share negatives. Note the significance of any weaknesses mentioned and whether they would impact success in the analyst role.

If you had the opportunity, would you hire or work with [Candidate] again? Why or why not?

Guidance: This is often the most revealing question. Pay attention to both the answer and the enthusiasm (or lack thereof) behind it.

Is there anything else you think would be helpful for us to know about [Candidate] as we consider them for an Investment Banking Analyst role?

Guidance: This open-ended question often yields unexpected insights. Give the reference space to share anything they feel is relevant.

Reference Check Scorecard

Analytical Abilities

0: Not Enough Information Gathered to Evaluate
1: Reference indicates significant concerns about analytical capabilities
2: Reference suggests adequate but not exceptional analytical skills
3: Reference confirms strong analytical abilities with supporting examples
4: Reference provides compelling evidence of exceptional analytical capabilities

Attention to Detail

0: Not Enough Information Gathered to Evaluate
1: Reference raises concerns about accuracy or thoroughness
2: Reference indicates acceptable but inconsistent attention to detail
3: Reference confirms consistent thoroughness and precision
4: Reference provides examples of exceptional meticulousness and error prevention

Communication Skills

0: Not Enough Information Gathered to Evaluate
1: Reference identifies communication as a weakness
2: Reference suggests adequate but not outstanding communication abilities
3: Reference confirms strong communication skills with specific examples
4: Reference describes exceptional ability to communicate complex information

Teamwork & Collaboration

0: Not Enough Information Gathered to Evaluate
1: Reference indicates challenges with teamwork or collaboration
2: Reference suggests adequate but not exceptional team contributions
3: Reference confirms positive team contributions with specific examples
4: Reference provides compelling evidence of exceptional team impact

Drive & Work Ethic

0: Not Enough Information Gathered to Evaluate
1: Reference expresses concerns about commitment or persistence
2: Reference indicates acceptable but not exceptional work ethic
3: Reference confirms strong drive with supporting examples
4: Reference provides examples of extraordinary dedication and resilience

Produce accurate and insightful financial models and valuation analyses

0: Not Enough Information Gathered to Evaluate
1: Reference suggests candidate would struggle with this outcome
2: Reference indicates candidate would partially achieve this outcome
3: Reference suggests candidate would likely achieve this outcome
4: Reference provides evidence candidate would exceed expectations on this outcome

Create professional, error-free client presentations

0: Not Enough Information Gathered to Evaluate
1: Reference suggests candidate would struggle with this outcome
2: Reference indicates candidate would partially achieve this outcome
3: Reference suggests candidate would likely achieve this outcome
4: Reference provides evidence candidate would exceed expectations on this outcome

Develop strong relationships with colleagues

0: Not Enough Information Gathered to Evaluate
1: Reference suggests candidate would struggle with this outcome
2: Reference indicates candidate would partially achieve this outcome
3: Reference suggests candidate would likely achieve this outcome
4: Reference provides evidence candidate would exceed expectations on this outcome

Demonstrate progressive mastery of core investment banking skills

0: Not Enough Information Gathered to Evaluate
1: Reference suggests candidate would struggle with this outcome
2: Reference indicates candidate would partially achieve this outcome
3: Reference suggests candidate would likely achieve this outcome
4: Reference provides evidence candidate would exceed expectations on this outcome

Frequently Asked Questions

How should I prepare to use this interview guide for Investment Banking Analyst candidates?

Thoroughly review the job description, essential competencies, and desired outcomes for the role. Familiarize yourself with the technical assessment materials and evaluation criteria. Practice asking the behavioral questions and prepare to listen for specific examples rather than generalizations. Consider conducting mock interviews to refine your approach. For additional guidance, review our article on how to conduct a job interview.

How much weight should we give to the technical assessment versus the behavioral interviews?

Both components are crucial for evaluating Investment Banking Analyst candidates. The technical assessment directly evaluates the hard skills needed for the role, while behavioral interviews assess competencies that determine long-term success. A candidate with strong technical skills but significant weaknesses in critical competencies like attention to detail or drive may struggle in the role. Similarly, a candidate with great soft skills but inadequate technical abilities will require extensive training. The ideal approach is to establish minimum thresholds for both areas.

What if a candidate has limited finance experience but demonstrates strong analytical skills?

For entry-level analyst positions, demonstrated analytical ability, attention to detail, and willingness to learn can sometimes outweigh specific finance experience. The technical assessment is particularly valuable in these cases as it directly tests the candidate's ability to apply analytical skills to financial problems. Consider the candidate's academic background, internships, and how they performed in the work sample. If they show strong potential and coachability, they may be worth considering, especially if they demonstrate exceptional drive and learning agility.

How can we ensure we're evaluating candidates consistently across our interview team?

Ensure all interviewers thoroughly review this guide before conducting interviews. Hold a pre-interview alignment meeting to discuss the essential competencies and evaluation criteria. Use the structured questions and scorecards consistently for all candidates. Have interviewers complete their evaluations independently before the debrief meeting to prevent groupthink. During the debrief, focus on specific behaviors and examples rather than general impressions.

Should we adjust our expectations for candidates from non-traditional backgrounds?

Focus on the core competencies and skills rather than specific credentials or background. The technical assessment helps level the playing field by directly evaluating capabilities regardless of background. Candidates from non-traditional backgrounds may bring valuable diverse perspectives and transferable skills. Ensure your evaluation process recognizes different ways candidates might demonstrate the essential competencies, while maintaining consistent standards for the technical skills required for success.