Breaking Into Wall Street Investment Banking Interview Guide Pdf ((new)) Jun 2026
Dedicate time each day to working through valuation scenarios without looking at the answers first. Alternatives and Complementary Resources
The PDF allows you to instantly search for key terms (e.g., "WACC," "Deferred Revenue," or "LBO") to find answers quickly.
Breaking into investment banking requires mastering technical finance, accounting, and behavioral storytelling. This comprehensive guide outlines the exact preparation strategy needed to ace your interviews and secure a coveted bulge bracket or elite boutique offer. 1. The Core Structure of Investment Banking Interviews
EBIT × (1 - Tax Rate) + D&A - CapEx - Change in Working Capital Measures the cash available to all investors in the firm.
Your university choices, internships, and leadership roles. Dedicate time each day to working through valuation
Share a genuine professional or academic failure, take full responsibility, and explain the concrete steps you took to ensure it never happened again. 4. Technical Interview Concepts
Calculate the Terminal Value to capture the value of the company beyond the projection window, using either the Gordon Growth Method or the Exit Multiple Method.
However, the . Whether you use the official BIWS course, the WSO (Wall Street Oasis) guide, or the free resources listed below, the answers to "Walk me through a DCF" do not change.
Investment bankers value companies using three primary methodologies. You must know them in order from highest to lowest typical valuation and understand why they differ. Your university choices, internships, and leadership roles
Explain the for your desired role.
Tracks the actual cash inflows and outflows across Operating, Investing, and Financing activities.
Master basic accounting rules and the links between financial statements.
This is where the PDFs are most helpful. Cash has a cost (~5% pre-tax)
A grueling series of 4 to 6 back-to-back interviews lasting 30 minutes each.
Filter out candidates who lack basic financial literacy or communication skills.
Unlike generic career advice, the BIWS guide focuses strictly on investment banking-specific logic. It is designed to move you beyond rote memorization to a conceptual understanding that allows you to handle "advanced" questions that require actual thinking. Key Pillars of Your Interview Prep
“Company A (P/E 20x) buys Company B (P/E 10x) with 100% cash. Accretive or dilutive?” → Accretive. Cash has a cost (~5% pre-tax), but B’s earnings yield = 10%, so cash yield < B’s yield → accretive.
To fully leverage such a guide, here is a month-by-month breakdown to ensure you cover both technical and non-technical requirements.
