PracticeMaster your investment banking interview

ApexIB is the comprehensive platform for your investment banking recruiting experience. Combining networking, studying, and accountability, we help you track real progress toward interview-ready instead of guessing how prepared you are. Every question, mock interview, and connection counts toward one measurable goal: walking into your interview ready.

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A live preview of mastery in action: walk through a real mock question and three statement accounting puzzle challenge.

ACCOUNTING FUNDAMENTAL
If depreciation is a non-cash expense, how does it affect cash at all?
Tap to start recording
Your words appear below as you speak.
Graded by ApexIB's industry-backed model.
—
What worked
    Gaps
      Model answer
      Gap detected This is exactly the kind of weak spot ApexIB tracks and drills automatically.
      Depreciation, Basic
      The company records $6,000 of depreciation on its delivery vehicles this quarter.
      Assume a 20% tax rate
      Income Statement
      RevenueNo change
      COGSNo change
      Gross ProfitNo change
      Operating Expenses (SG&A)No change
      D&A Expense?
      Other Operating Income / (Expense)No change
      EBIT?
      Interest ExpenseNo change
      Pre-Tax Income (EBT)?
      Income Tax Expense?
      Net Income?
      Cash Flow Statement
      Net Income?
      D&A Add-back?
      Stock-Based Comp Add-backNo change
      Other Non-Cash Add-backNo change
      Change in Accounts ReceivableNo change
      Change in InventoryNo change
      Change in Prepaid ExpensesNo change
      Change in Accounts PayableNo change
      Change in Accrued LiabilitiesNo change
      Change in Deferred RevenueNo change
      Deferred Tax Add-back / (Reduction)No change
      Cash Flow from Operations?
      CapExNo change
      Other InvestingNo change
      Cash Flow from InvestingNo change
      Debt Issuance / (Repayment)No change
      Stock Issuance / (Buyback)No change
      Dividends PaidNo change
      Cash Flow from FinancingNo change
      Net Change in Cash?
      Balance Sheet
      Cash?
      Accounts ReceivableNo change
      InventoryNo change
      Prepaid ExpensesNo change
      Short-Term InvestmentsNo change
      PP&E, net?
      Intangible Assets, netNo change
      Deferred Tax AssetsNo change
      Total Assets?
      Accounts PayableNo change
      Accrued LiabilitiesNo change
      Deferred RevenueNo change
      Deferred Tax LiabilitiesNo change
      Notes PayableNo change
      DebtNo change
      Total LiabilitiesNo change
      Common StockNo change
      Retained Earnings?
      Total Equity?
      Drag a chip onto the line item it belongs to — or tap the chip, then tap the slot.
      14 slots to fill. Values can repeat.
      The difference

      PDFs force memorization.
      ApexIB kills the robotic candidate.

      There's no reason for you to be cramming decades-old, hundreds-of-pages-long PDFs in hope of studying the right questions for your interview.

      GRADING_PREVIEW.LIVE
      Q: Walk me through how you'd build a DCF.
      What you did well
      • Led with a clear, logical starting point instead of jumping into a random step.
      • Used WACC correctly to discount the projected cash flows.
      What you missed
      • Terminal value needs a stated assumption — a growth rate or exit multiple, not just "add a terminal value."
      • Hedging language ("I mean," "pretty much") undercuts confidence — cut it.
      FOLLOW-UP
      What long-term growth rate would you actually assume for the terminal value, and why?
      81 / 100 — Partial mastery. Next review in 3 days.
      PUZZLE_PREVIEW.THREE_STATEMENT
      "The company pays $5,000 cash for this month's office rent."
      Income Statement
      RevenueNo change
      COGSNo change
      Gross ProfitNo change
      Operating Expenses (SG&A)—
      D&A ExpenseNo change
      EBIT—
      Interest ExpenseNo change
      Net Income—
      Cash Flow Statement
      Net Income—
      D&A Add-backNo change
      Change in Accounts ReceivableNo change
      Change in Accounts PayableNo change
      Cash Flow from Operations—
      CapExNo change
      Cash Flow from InvestingNo change
      Net Change in Cash—
      Balance Sheet
      Cash—
      Accounts ReceivableNo change
      PP&E, netNo change
      Total Assets—
      Accounts PayableNo change
      Total LiabilitiesNo change
      Retained Earnings—
      Total Equity—
      TRAY
      Correct — rent is a cash expense, so the same $5,000 flows straight through with no add-back needed.
      Our approach
      • Speak or type your own answers through active recall, then receive feedback until they're interview-ready.
      • Your weakest topics get prioritized and trained, studying is responsive.
      • Mock interviews, study parties practice your interview skills in a realistic environment.
      • Receive instant, personalized feedback on every answer.
      Coverage

      All six IB topics, infinite questions.

      Model-generated drilling your weakest subject so you never run out. Curated to match what actually gets asked at top banks — first round through superday.

      Accounting
      Three statements, working capital, depreciation
      Enterprise Value
      EV vs equity value, bridge calculations
      Valuation
      Comps, precedents, football fields
      Discounted Cash Flow
      UFCF, WACC, terminal value
      Mergers & Acquisitions
      Accretion/dilution, sources & uses
      Leveraged Buyouts
      Returns drivers, debt structure, IRR
      A closer look

      This is what interview-ready looks like.

      Real feedback, real competition, real practice.

      Performance overview
      Interview Readiness
      76/100
      ↑ 6 pts this week
      Progress to interview-ready 85% target
      0 ~9 days away 100
      By topic
      Accounting
      88
      Valuation
      81
      DCF
      74
      M&A
      67
      LBO
      58
      Insight
      Gap concentrated in DCF terminal value — mixed up Gordon Growth and exit multiple in 4 of last 6 misses.
      Score trend — last 14 days
      Conference · NESCAC
      School rankings
      Live
      ApexIB users
      2,140
      Avg score
      81/100
      Total answers
      184,600
      Active this week
      1,380
      #1 Amherst (You)
      Avg score 89 · 214 users
      #2 Williams
      Avg score 86 · 198 users
      #3 Middlebury
      Avg score 82 · 176 users
      #4 Hamilton
      Avg score 79 · 151 users
      Live ranking
      Amherst just took #1 in the NESCAC — 6 pts ahead of Williams, with 2,140 students competing across 11 schools.
      DCF · Terminal Value
      Graded answer
      88/100
      Question
      Walk me through how you'd calculate terminal value using the Gordon Growth Method.
      Your answer
      "TV equals next year's free cash flow divided by WACC minus the growth rate. So it's FCF times one plus g, over WACC minus g — this captures all cash flows beyond the forecast period..."
      Correct formula and clean logic on the growth assumption
      Correctly framed it as capturing cash flows beyond the forecast window
      Never stated the WACC > g constraint required for the formula to hold
      Didn't mention exit multiple as a sanity check against the growth method
      Drill this weak spot next
      DCF · Terminal Value
      "What growth rate would you use for a mature industrial business, and why..."
      Study party · 3 members
      Valuation
      ● Live
      1
      CA
      You ✓ Submitted
      84
      2
      RH
      Roan H. typing…
      —
      3
      JG
      Jeff G. ✓ Submitted
      71
      Current question
      What is the formula for cost of equity?
      Your grade
      84/100
      Technical
      86
      Completeness
      80
      Clarity
      88
      Correctly cited CAPM — missed that beta reflects systematic risk only.
      CA
      is on a 12-day streak 🔥
      RH
      mastered Valuation
      What's inside

      Built around how you actually learn.

      A system that adapts as you do.

      AI grading, not flashcards
      Type or speak your answer. Get a 0–100 score with specific feedback on what's strong, what's missing, and the concept gap to drill next.
      Adaptive review queue
      Spaced repetition surfaces missed questions before you forget them. Mastered questions wait. The session is built for you, not picked at random.
      Mock interview mode
      Timed First Round (8 questions, 30 min), Superday (12 questions, 60 min), or custom. No grading until you submit — then a single end-of-session report card.
      Plain-English insights
      Every number on your dashboard is followed by a sentence explaining what it means and what to do. "DCF terminal value: you've mixed up Gordon Growth and exit multiple in 4 of 6 misses."
      Drag-and-drop puzzles
      Place the right dollar delta on the right line item, drag your own calculated WACC into the formula, unlever and relever a Beta by hand. Built for the technicals flashcards can't test — three-statement flow, EV/Equity Value, and full DCF builds.
      Pricing

      Start free. Upgrade when you're serious.

      No card required to start. Cancel anytime.

      Free
      Try the product, no commitment.
      $0
      forever
      • 5 graded answers per day
      • Full question bank, no limits
      • 1 mock interview (lifetime)
      Start Free
      Pro
      For active prep — unlimited grading and 1 mock per day.
      $30/mo 33% OFF
      $19.99
      / month — cancel anytime
      • Unlimited graded answers
      • AI drill questions for weak spots
      • Voice answer mode
      • 1 mock interview per 24hrs
      Get Pro
      Recruiting Pass
      Power users: unlimited mocks plus voice mode for live-feel practice.
      $39.99
      / month — cancel anytime
      • Everything in Pro
      • Unlimited mock interviews
      • Unlimited study party hosting
      • Early access to new question packs
      Get the Recruiting Pass
      FAQ

      Questions before you start

      How is the grading actually accurate?
      Each question has a rubric — what bankers actually look for in the answer. ApexIB sends your answer alongside the rubric and a banker-style grading prompt to a frontier AI model, which returns a 0–100 score plus specific feedback. It's calibrated against the same standard senior bankers use mentally when evaluating you across the desk.
      Do I need an account to try it?
      No — try one question right now, no signup or card required. Guests get 5 graded answers per day. Creating an account is free and adds progress tracking, saved questions, and the time-to-ready estimate.
      Is this an alternative to the 400 guide or WSP?
      The 400 guide gives you the model answers. WSP teaches you the concepts. Neither tells you if you can deliver the answers in the room. ApexIB is the missing piece — the active practice and objective feedback that converts knowledge into reps.
      Does voice mode work?
      Yes — voice mode is available in mock interviews and supported in Chrome and Edge. Your voice is transcribed in-browser and graded the same way as typed answers. Useful for getting the rhythm of speaking your answers out loud, the way you will in the actual interview.
      Who built this?
      a team of students who've been through IB recruiting firsthand. ApexIB was built out of that experience — the tool we wished existed when we were prepping. Questions and features ship regularly because we remember exactly what the process demands.
      What's the difference between Pro and the Recruiting Pass?
      Pro is $19.99/month — unlimited graded answers and 1 mock interview per 24 hours. The Recruiting Pass is $39.99/month — everything in Pro plus unlimited mock interviews, voice mode (speak your answers), and early access to new question packs as they ship. Both are monthly with cancel-anytime. Pick Pro if you're easing into prep; pick the Pass if you're in active recruiting and doing multiple mocks per day.

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