First Round Banking Interview Drill
This conversation was generated using Cook'd AI's career assistant and reviewed by Fallon Han from our editorial team for accuracy.
I want a realistic first-round style interview where my technical answers and motivation for banking are tested under pressure. I'm a U.S. sophomore economics major at a non-target school, and I'm trying to see if I can make a credible pivot into bulge-bracket investment banking. Can you run a basic mock with fit and technicals?
Absolutely. I will keep this close to a first-round screen for investment banking. I will press on your story, basic accounting, and a few market concepts, and I will stop you when an answer is vague or uses the wrong terminology.
First question: walk me through your resume and tell me why you want investment banking, specifically from your current background.
I am studying economics and have been interested in finance because I like analyzing companies and markets. Since I go to a non-target, I know I need to work harder to break in, and I think banking is a good place to build a strong foundation. I like the fast pace and the chance to learn from smart people on deals.
Good structure, but that answer is too generic. You said you like analyzing companies and markets, but that could apply to half the roles in finance. Also, be careful with the phrase build a foundation. Interviewers want a specific reason why banking fits your path.
Let me push you: what does an investment banker actually do, and why would a client hire a bank instead of just raising money themselves?
An investment banker helps companies raise capital, advise on mergers and acquisitions, and support strategic transactions. A client hires a bank for access to expertise, market knowledge, and relationships, plus the bank can help with valuation and getting the deal done efficiently.
Better. Now I want a technical check.
If a company buys a machine for 100 and depreciates it over five years, what happens on the three core financial statements in year one?
On the income statement, depreciation expense lowers EBIT. On the cash flow statement, depreciation is added back because it is non-cash. On the balance sheet, PP and E decreases by the amount of depreciation, and retained earnings also goes down through lower net income.
Good overall, but I want more precision. Say PP and E net of accumulated depreciation, and retained earnings increases more slowly, not necessarily goes down. Also, you should mention that cash itself does not change from depreciation alone.
Last technical: what is the difference between enterprise value and equity value, and when would each be used?
Equity value is the value of the common shareholders' stake, while enterprise value includes debt and excludes cash, so it reflects the value of the whole operating business. Equity value is used for things like share price and market cap, and enterprise value is used for valuation multiples like EV over EBITDA.
Solid. Final fit question: why should I believe you can handle the pace and repetition of an analyst role at a bulge-bracket bank given your school background and limited direct experience?
After your answer, I will give you a scorecard across technicals, market terminology, communication, and overall banking readiness.