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Firm-Specific Prep
Real Investment Banking Interview Questions
Every question below was actually asked in a recent investment banking interview and reported by the candidate afterward — not recycled from a generic prep guide. We tag each one by the firm that asked it, because the same core concepts (three-statement mechanics, valuation, accretion/dilution) get tested very differently depending on where you're interviewing.
Why "generic" question banks fall short
Most IB prep resources pull from the same recycled 400-question list everyone else is also studying. That's useful for building baseline knowledge, but it doesn't prepare you for how a specific firm actually interviews — PJT's dense multi-part numeric problems look very different from Centerview's mix of mental math, brain teasers, and open-ended case reasoning. Real, firm-tagged questions close that gap.
Sample real questions, by firm
Qatalyst Partners: "What is stock-based compensation? A company plans to pay an employee in cash, but switches to stock-based compensation halfway through the year — walk through the impact on the three statements."
Full breakdown + more Qatalyst Partners questions →
PJT Partners: "Company A has a P/E of 5x and acquires Company B, which has a P/E of 8x, using 50% stock, 25% debt, and 25% cash. The cost of debt is 5%, the foregone interest on cash is 2%, and the tax rate is 50%. Is this accretive or dilutive? (No calculator.)"
Full breakdown + more PJT Partners questions →
Evercore: "If a company adds debt until it makes up 90% of its capital structure, what happens to WACC? What happens to the cost of debt and the cost of equity individually, and why?"
Full breakdown + more Evercore questions →
Every firm we cover
How to actually use real interview questions in your prep
Reading through a list of real questions is a start, but it isn't practice. The more useful approach: attempt each question cold, out loud, before reading the answer — then check your reasoning against a full explanation, not just a final number. Pay attention to why a mistake is wrong, not just that it was wrong, since interviewers almost always ask a follow-up that tests whether you actually understood the concept or just got lucky on the arithmetic.
Frequently asked questions
Are these actually real interview questions, or a generic list?
Real — every question on this page and linked from it was reported by a candidate directly after their actual interview, tagged with the firm that asked it.
Do investment banks ask the same questions every cycle?
Core concepts (three-statement mechanics, valuation methodologies, accretion/dilution) repeat every cycle, but the specific framing and follow-ups vary by firm and even by interviewer — which is why firm-specific practice matters more than a single generic question bank.
Where can I practice these questions with feedback?
ApexIB grades your answers against a rubric and tracks which concepts you're actually weak on, rather than just handing you a static PDF of questions.
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