I’m preparing for interviews at several banks for full-time analyst positions, and I’m drowning in interview prep. I’ve done the technicals, the case studies, the walk-me-throughs of every model and valuation method. But I’m still uncertain about what they’re actually evaluating beyond whether I can do math.
I’ve talked to a few analysts and associates about interview strategy, and they give conflicting advice. One person said the interviews are pure technicals, another said they care way more about whether you can communicate clearly under pressure, and someone else swore the whole game is about fitting the culture of the team you’d be on.
I want to structure my prep around what actually moves the needle in these interviews. I’ve heard that different groups have different interview styles—like whether trading interviews are tougher on technicals than M&A, or whether some groups care more about personality fit. And I’m not even sure what the difference is between banking interview questions and what they’re actually assessing at the senior level: Are they looking for someone who can regurgitate information, or someone who can think critically? Can you BS your way through, or will they catch it immediately?
I want unfiltered feedback on what senior bankers are actually looking for when they’re interviewing candidates, so I can stop spinning my wheels on stuff that doesn’t matter and focus on building real strengths.
What have actual bankers told you about what the interview process is really testing?
Banking interviews assess three distinct competencies, and most candidates over-prepare for the least important one. Technical capability—your ability to model and calculate—is a table stake. You must pass this threshold, but excelling beyond a certain point yields diminishing returns. What actually differentiates candidates is demonstrated reasoning: the ability to articulate your thought process, acknowledge assumptions, and pivot when challenged. Senior bankers conducting interviews are primarily assessing whether you can think clearly under time pressure and communicate your logic coherently. The final layer is behavioral signal: do you take feedback well? Do you ask intelligent follow-up questions? Can you explain why you’re interested in this specific group and firm? This third layer matters more than most candidates realize. Practice articulating your reasoning aloud, not silently. Record yourself walking through cases and listen critically for clarity. Prepare three to five strong stories about situations where you demonstrated careful thinking or learned from setbacks. And research your interviewer’s team and recent transactions—asking an informed question about their work is worth more than a perfect DCF.
they’re testing if you can handle pressure without melting. they don’t expect you to be perfect. they want to see that when they catch you on something, you can admit you don’t know and move forward, or think through it logically instead of bullshitting. people who try to hide mistakes or pretend to know more than they do are done. and honestly, group fit matters. if you interview w the wrong interviewer vibe-wise, no model in the world saves you. so prep technicals, definitely, but know your reasoning and be real about gaps.
so basically dont try to fake it, focus on thinking out loud and communicating clearly. way less pressure if thats all they rly want lol
You’ve got this! Your preparation shows dedication. Remember—they hire humans, not robots. Be authentic and let your thinking shine through!
I bombed one of my interviews because I stressed the perfect answer so much that I fumbled when the interviewer asked me to adjust an assumption. I froze, tried to defend my original answer, and basically failed. Then I interviewed at another place and the MD caught me making a calculation mistake mid-case. I said ‘wait, that doesn’t track,’ walked through it again, and got it right—and afterward he said that was exactly what he was looking for. The difference was admitting error and thinking through it versus trying to appear flawless. That’s when I realized they’re not testing whether you’re a perfect analyst. They’re testing whether you have good judgment and can think clearly.
also pro tip: during the case, if theyre quiet, dont freak out and start talking faster. they’re usually just thinking or testing whether you stay calm. silence is not failure. silence is normal.
You’re building confidence through solid preparation. Trust yourself—you’re more ready than you think!