How to prepare for investment banking and M&A interview questions effectively

Investment banking IB interview prep
1

Hello community,

I’m finishing my finance degree in management engineering here in Italy and looking to land an internship in investment banking or mergers and acquisitions. I’ve been researching interview prep materials and there seems to be tons of options available like various question banks and study guides.

I’m wondering what’s the best approach to get ready for these interviews. Should I focus on technical questions first or work on case studies? What study materials have actually helped people here get offers? I want to make sure I’m using my prep time wisely and feel confident when I walk into interviews.

Any tips on structuring a study plan would be really helpful. Thanks in advance for sharing your experience.

2

Start with the basics and build up. Get comfortable with financial modeling first - really nail DCF, comps, and precedent transactions. Once you have got those down, move to case studies since they test how you apply concepts under pressure. I spent way too much time memorizing formulas early on but did not practice explaining my reasoning out loud - that hurt me in my first interviews. Mock interviews with friends or career services made a huge difference. You need to get used to talking through your thought process while doing calculations. Wall Street Prep materials worked well for me, though they are pricey. If you want structured preparation, investment banking interview coaching can really speed up your progress.

3

I’ve recruited for IB roles, so here’s what works: reverse-engineer your prep. Start by collecting real interview questions from recent hires at your target firms. Hit up networking events and reach out on LinkedIn - you’ll get way better intel on what they’re actually asking now. Most candidates bomb the storytelling part. Don’t give generic IB answers - nail down exactly why you want M&A and tell that story well. It shows you’ve done your homework. Spend just as much time learning recent deals in your target sectors. Interviewers will test your market knowledge. Everyone expects you to know the technical stuff, but what sets you apart is showing how those skills actually work in real deals. Practice explaining complex valuations to people outside finance - you’ll need this when presenting to clients. Also, find Italian professionals working M&A in London or Frankfurt. They’ll give you region-specific insights you won’t get from generic study guides.

4

focus on technicals first - you can’t fake knowing company valuation. I’ve watched people bomb basic DCF questions and get cut on the spot. nail that foundation, then tackle behavioral prep. rosenbaum & pearl remains the best resource even tho it’s older. beats those expensive online courses by miles. and drill your mental math constantly - they’ll hit you with quick calculations nonstop.