Investment Banking Interview Guides
Comprehensive interview preparation guides for every major investment bank. Learn about interview processes, culture, common questions, and Superday formats.
Bulge Bracket Banks
The largest global investment banks with full-service capabilities across M&A, capital markets, and trading.
Goldman Sachs
Goldman Sachs is a Bulge Bracket investment bank founded in 1869 and headquartered in New York, NY. Its analyst recruiting runs a HireVue, First Round, and Superday process, with a firm-wide acceptance rate under 1% (CEO David Solomon disclosed roughly 360,000 applicants for about 2,600 intern seats in the 2025 summer cycle) and an investment banking analyst class of roughly 400-500. The firm consistently ranks among the top advisors on the largest and most complex M&A, capital markets, and restructuring transactions.
Morgan Stanley
Morgan Stanley is a Bulge Bracket investment bank founded in 1935 and headquartered in New York, NY. Its analyst recruiting runs a HireVue, First Round, and Superday process, with an estimated acceptance rate of ~3-4% and an analyst class of roughly 350-450. The firm has a strong presence in technology and healthcare M&A and consistently ranks among the top advisors globally.
J.P. Morgan
J.P. Morgan is a Bulge Bracket investment bank founded in 1871 and headquartered in New York, NY. Its analyst recruiting runs a Video Interview, First Round, and Superday process, with an estimated acceptance rate of ~3-4% and an analyst class of roughly 500-600. J.P. Morgan is the largest investment bank in the world by revenue and advises on the largest and most complex transactions across all industries and geographies.
Bank of America
Bank of America is a Bulge Bracket investment bank founded in 1904 and headquartered in Charlotte, NC. Its analyst recruiting runs a HireVue, First Round, and Superday process, with an estimated acceptance rate of ~4-5% and an analyst class of roughly 350-450. The firm has strong capabilities across M&A, capital markets, and leveraged finance and consistently ranks among the top advisors on major transactions.
Citi
Citi is a Bulge Bracket investment bank founded in 1812 and headquartered in New York, NY. Its analyst recruiting runs a Video Interview, First Round, and Superday process, with an estimated acceptance rate of ~5-6% and an analyst class of roughly 300-400. Citi has a strong presence in debt capital markets, restructuring, and emerging markets, and offers exposure to international transactions and complex financing structures.
Barclays
Barclays is a Bulge Bracket investment bank founded in 1690 and headquartered in London, UK. Its analyst recruiting runs a Video Interview, an Assessment Center/First Round, and a Superday, with an estimated acceptance rate of ~5-6% and an analyst class of roughly 200-300. The firm has a significant presence in both the US and European markets, offering cross-border transaction exposure across M&A, capital markets, and leveraged finance.
UBS
UBS is a Bulge Bracket investment bank founded in 1862 and headquartered in Zurich, Switzerland. Its analyst recruiting runs a Video Interview, First Round, and Superday process, with an estimated acceptance rate of ~5-6% and an analyst class of roughly 150-250. Following its March 2023 emergency acquisition of Credit Suisse, UBS has spent 2024-2026 integrating the combined business and consolidating its global investment banking footprint.
Deutsche Bank
Deutsche Bank is a Bulge Bracket investment bank founded in 1870 and headquartered in Frankfurt, Germany. Its analyst recruiting runs a Video Interview, First Round, and Superday process, with an estimated acceptance rate of ~6-7% and an analyst class of roughly 150-200. Deutsche Bank is Germany's largest bank, with a strong presence in European M&A, leveraged finance, and fixed income and exposure to German corporate clients.
Elite Boutique Banks
Prestigious independent advisory firms known for advising on the most complex transactions.
Evercore
Evercore is an Elite Boutique investment bank founded in 1995 and headquartered in New York, NY. Its analyst recruiting runs a First Round and Superday process, with an estimated acceptance rate of ~1-2% and an analyst class of roughly 80-100. Evercore is the largest independent investment bank by revenue and advises on highly complex, high-profile M&A and restructuring transactions.
Lazard
Lazard is an Elite Boutique investment bank founded in 1848 and headquartered in New York, NY. Its analyst recruiting runs a First Round and Superday process, with an estimated acceptance rate of ~2-3% and an analyst class of roughly 70-90. Lazard is the world's largest independent financial advisory firm by revenue, with a history spanning over 175 years and exposure to significant M&A transactions and restructurings.
Centerview Partners
Centerview Partners is an Elite Boutique investment bank founded in 2006 and headquartered in New York, NY. Its analyst recruiting runs a First Round and Superday process, with an estimated acceptance rate of ~1-2% and an analyst class of roughly 30-40. Despite its relatively young age, Centerview consistently ranks among the top M&A advisors globally, focused on the largest and most complex transactions.
PJT Partners
PJT Partners is an Elite Boutique investment bank founded in 2015 and headquartered in New York, NY. Its analyst recruiting runs a First Round and Superday process, with an estimated acceptance rate of ~2-3% and an analyst class of roughly 50-70. PJT Partners was spun off from Blackstone and is known for its restructuring practice and growing M&A advisory business for complex situations.
Moelis & Company
Moelis & Company is an elite boutique investment bank founded in 2007 and headquartered in New York, NY. Its analyst recruiting runs a first round followed by a Superday, with an acceptance rate around 2-3% and an analyst class of roughly 70-90. The firm is an independent advisory franchise operating across M&A, restructuring, and capital markets advisory.
Guggenheim Partners
Guggenheim Partners is an elite boutique investment bank founded in 1999 and headquartered in New York, NY. The analyst process consists of a first round and a Superday, with an acceptance rate near 3-4% and an analyst class of about 40-60. Its advisory work centers on M&A, restructuring, and capital markets across multiple industries.
Perella Weinberg Partners
Perella Weinberg Partners is an elite boutique investment bank founded in 2006 and headquartered in New York, NY. Recruiting moves through a first round and a Superday, with an acceptance rate around 3-4% and an analyst class of roughly 40-50. The firm runs an M&A advisory practice with depth in complex transactions and special situations.
Greenhill & Co.
Greenhill & Co. is an elite boutique investment bank founded in 1996 and headquartered in New York, NY. The analyst process runs a first round and a Superday, with an acceptance rate near 3-4% and an analyst class of about 30-40. Greenhill is the M&A and restructuring advisory franchise of Mizuho, operating as 'Mizuho | Greenhill' since Mizuho closed its roughly $550 million acquisition in December 2023.
Rothschild & Co
Rothschild & Co is an elite boutique investment bank founded in 1811 and headquartered in Paris, France. Its analyst process consists of a first round and a Superday, with an acceptance rate around 3-4% and an analyst class of roughly 60-80. In 2023, the Rothschild family's Concordia holding company led a €3.7 billion going-private transaction that removed the firm from Euronext Paris and consolidated family ownership.
Qatalyst Partners
Qatalyst Partners is an elite boutique investment bank founded in 2008 and headquartered in San Francisco, CA. The analyst process consists of a first round and a Superday, with an acceptance rate around 1-2% and a small analyst class of roughly 15-20. The firm focuses exclusively on technology M&A and advises on many of the largest tech transactions.
LionTree
LionTree is an elite boutique investment bank founded in 2012 and headquartered in New York, NY. Recruiting moves through a first round and a Superday, with an acceptance rate near 2-3% and an analyst class of about 15-25. The firm advises on media, technology, and telecommunications transactions.
Allen & Company
Allen & Company is an elite boutique investment bank founded in 1922 and headquartered in New York, NY. Its analyst process runs a first round and a Superday, with an acceptance rate around 1-2% and a small analyst class of roughly 10-15. The firm focuses on media and technology advisory and hosts the annual Sun Valley Conference.
Raine Group
Raine Group is an elite boutique investment bank founded in 2009 and headquartered in New York, NY. The analyst process consists of a first round and a Superday, with an acceptance rate near 2-3% and an analyst class of about 15-20. The firm is a merchant bank that combines technology, media, and telecommunications advisory with principal investing.
M. Klein & Company
M. Klein & Company is an elite boutique investment bank founded in 2012 and headquartered in New York, NY. Recruiting runs a first round and a Superday, with an acceptance rate around 2-3% and a small analyst class of roughly 10-15. The firm was founded by Michael Klein, a former Citi executive, and focuses on strategic advisory for transformative transactions.
Ducera Partners
Ducera Partners is an Elite Boutique investment bank founded in 2015 and headquartered in New York, NY. It was founded by Michael Kramer and other former Perella Weinberg Partners restructuring bankers, and specializes in restructuring, special situations, and complex M&A. Recruiting runs through a First Round and a Superday, with an analyst class of roughly 10-15 and an acceptance rate near 3-5%.
FT Partners
FT Partners is an Elite Boutique investment bank founded in 2002 and headquartered in San Francisco, CA. It focuses exclusively on the financial technology sector, advising on M&A, capital raising, and strategic advisory for fintech companies globally. The interview process consists of a First Round and a Superday, with an analyst class of 15-25 and an acceptance rate near 3-5%.
Gordon Dyal & Co.
Gordon Dyal & Co. is an Elite Boutique investment bank founded in 2016 and headquartered in New York, NY. It was founded by former Goldman Sachs Co-Chairman of Investment Banking Gordon Dyal and runs a generalist mega-cap M&A practice, advising on multi-billion dollar M&A, divestitures, activist defense, and special committee assignments across healthcare, energy, and mining. Recruiting runs through a Phone Screen, First Round, and Superday, with 1-2 analysts hired per year and an acceptance rate below 1%.
Ardea Partners
Ardea Partners is an Elite Boutique investment bank founded in 2017 and headquartered in New York, NY. It was founded by four former Goldman Sachs partners with deep strength in financial services, advising CEOs, founders, and boards on transformational M&A, capital raising, and strategic advisory. The interview process spans a Skills Assessment, First Round, Case Study, and Superday, with an analyst class of 8-15 and an acceptance rate near 2-3%; since inception Ardea has completed over 180 transactions representing $315 billion in aggregate deal value across offices in New York and London.
Middle Market Banks
Strong regional and sector-focused banks offering excellent training and deal exposure.
Houlihan Lokey
Houlihan Lokey is a middle market investment bank founded in 1972 and headquartered in Los Angeles, CA. Recruiting runs a first round followed by a Superday, with an acceptance rate near 3-4% and an analyst class of about 100-120. The firm is the world's largest restructuring advisory practice and a leading middle market M&A advisor with expertise in valuation and special situations.
Jefferies
Jefferies is a middle market investment bank founded in 1962 and headquartered in New York, NY. Its analyst process runs a HireVue, a first round, and a Superday, with an acceptance rate near 5-6% and an analyst class of about 150-200. The firm offers M&A, capital markets, and leveraged finance capabilities positioned between bulge brackets and boutiques.
RBC Capital Markets
RBC Capital Markets is a Middle Market investment bank founded in 1901 and headquartered in Toronto, Canada. It is the global investment banking arm of Royal Bank of Canada, with a North American hiring process running HireVue, a first round, and a Superday; analyst classes total 80-100 with an acceptance rate near 6-8%. The platform covers M&A advisory, ECM, DCM, and Canadian transactions across TMT, healthcare, FIG, industrials, energy, and mining.
Wells Fargo Securities
Wells Fargo Securities is a Middle Market investment bank founded in 1852 and headquartered in San Francisco, CA. Recruiting runs a video interview, a first round, and a Superday, with analyst classes of 80-100 and an acceptance rate around 7-9%. Since 2024 the firm has executed an aggressive build-out under Co-CEO Fernando Rivas, hired from JPMorgan in May 2024, adding more than 125 managing directors and climbing into the global M&A league-table top 10 for the first time, with capabilities spanning leveraged finance, debt capital markets, real estate, and sponsor coverage.
Piper Sandler
Piper Sandler is a Middle Market investment bank founded in 1895 and headquartered in Minneapolis, MN. Candidates progress through a video interview, a first round, and a Superday, with analyst classes of 60-80 and an acceptance rate near 7-9%. The firm concentrates on healthcare M&A, FIG advisory, and technology M&A, built through focused sector franchises across healthcare, FIG, TMT, industrials, and consumer.
William Blair
William Blair is a Middle Market investment bank founded in 1935 and headquartered in Chicago, IL. The interview process includes a video interview, a first round, and a Superday, with analyst classes of 50-70 and an acceptance rate around 7-9%. Its franchise centers on growth-oriented M&A and equity capital markets, with sector depth across healthcare, TMT, consumer, industrials, and business services.
Robert W. Baird
Robert W. Baird & Co. is a Middle Market investment bank founded in 1919 and headquartered in Milwaukee, WI. Recruiting runs a video interview, a first round, and a Superday, with analyst classes of 50-70 and an acceptance rate near 8-10%. The firm is employee-owned with a strong Midwest presence and deep expertise across industrials, healthcare, and technology.
Raymond James
Raymond James is a Middle Market investment bank founded in 1962 and headquartered in St. Petersburg, FL. The hiring process runs a video interview, a first round, and a Superday, with analyst classes of 40-60 and an acceptance rate around 8-10%. It operates as a diversified financial services firm with middle market M&A capabilities concentrated in healthcare, FIG, industrials, consumer, and energy.
Stifel
Stifel is a Middle Market investment bank founded in 1890 and headquartered in St. Louis, MO. Candidates complete a video interview, a first round, and a Superday, with analyst classes of 40-60 and an acceptance rate near 8-10%. The firm has built its middle market presence through strategic acquisitions and organic growth across healthcare, TMT, industrials, consumer, and FIG.
Lincoln International
Lincoln International is a Middle Market investment bank founded in 1996 and headquartered in Chicago, IL. The interview process includes a video interview, a first round, and a Superday, with analyst classes of 50-70 and an acceptance rate around 7-9%. The firm focuses on middle market M&A, private equity sponsor coverage, and complex cross-border transactions across business services, healthcare, industrials, consumer, and TMT.
Harris Williams
Harris Williams is a Middle Market M&A advisory firm founded in 1991 and headquartered in Richmond, VA, now part of PNC. Recruiting runs a video interview, a first round, and a Superday, with analyst classes of 50-70 and an acceptance rate near 7-9%. The firm has consistently ranked among the most active middle market advisors, with deep sector expertise and strong private equity sponsor relationships across healthcare, technology, business services, consumer, and industrials.
Solomon Partners
Solomon Partners is a Middle Market investment bank founded in 1989 and headquartered in New York, NY, formerly PJ Solomon before its 2021 rebrand. The hiring process runs a first round and a Superday with no HireVue, drawing analyst classes of 20-30 at an acceptance rate around 8-10%. Natixis, part of Groupe BPCE, has held a 51% controlling stake since 2016, and the firm advises consumer, retail, and healthcare companies on M&A and strategic transactions.
HSBC
HSBC is a Middle Market investment bank founded in 1865 and headquartered in London, UK. The interview process consists of a first round and a Superday with no HireVue, with analyst classes of 150-200 and an acceptance rate near 5-7%. One of the world's largest banking organizations, it has a dominant presence in Asia-Pacific and EMEA and is particularly well-regarded for Asia-linked M&A and capital markets across TMT, healthcare, industrials, FIG, natural resources, and real estate.
BNP Paribas
BNP Paribas is a Middle Market investment bank founded in 1848 and headquartered in Paris, France. Recruiting runs a first round and a Superday with no HireVue, with analyst classes of 100-150 and an acceptance rate around 5-7%. It is the largest European bank by assets, with a strong franchise in leveraged finance, equity capital markets, and European M&A and a growing presence in the Americas.
BMO Capital Markets
BMO Capital Markets is the investment banking arm of Bank of Montreal, a Middle Market platform founded in 1817 and headquartered in Toronto, Canada. Recruiting runs through a First Round and a Superday, with an analyst class of 60-80 and an acceptance rate near 8-10%. The firm holds a strong North American franchise with particular expertise in energy, mining, and middle-market M&A, alongside a growing US presence.
TD Securities
TD Securities is the investment banking arm of Toronto-Dominion Bank, a Middle Market platform founded in 1855 and headquartered in Toronto, Canada. The interview process consists of a First Round and a Superday, with an analyst class of 50-70 and an acceptance rate near 8-10%. Its M&A advisory and leveraged finance capabilities were bolstered by the acquisition of Cowen in 2023.
Truist Securities
Truist Securities is the investment banking division of Truist Financial Corporation, a Middle Market platform founded in 2019 and headquartered in Charlotte, NC. It was formed from the merger of BB&T and SunTrust, and recruiting runs through a First Round and a Superday, with an analyst class of 40-60 and an acceptance rate near 10-12%. The firm has a strong middle-market franchise with particular expertise in healthcare, technology, and financial services advisory.
Oppenheimer & Co.
Oppenheimer & Co. is a Middle Market investment bank and full-service financial services firm founded in 1881 and headquartered in New York, NY. The interview process consists of a First Round and a Superday, with an analyst class of 20-30 and an acceptance rate near 10-12%. It provides M&A advisory, capital markets, and equity research services with particular strength in healthcare, technology, and industrials.
Mizuho Securities
Mizuho Securities is the investment banking arm of Mizuho Financial Group, a Middle Market platform founded in 2000 and headquartered in Tokyo, Japan. Recruiting runs through a First Round and a Superday, with an analyst class of 30-40 and an acceptance rate near 8-10%. The firm closed its approximately $550 million acquisition of Greenhill & Co. in December 2023, and now operates M&A advisory and restructuring under the 'Mizuho | Greenhill' brand with strength in leveraged finance, debt capital markets, and cross-border advisory.
Nomura
Nomura is Japan's largest investment bank and securities firm, a Middle Market platform founded in 1925 and headquartered in Tokyo, Japan. The interview process consists of a First Round and a Superday, with an analyst class of 40-50 and an acceptance rate near 8-10%. It built a significant global presence following its acquisition of Lehman Brothers' Asia-Pacific and European operations, with particular strength in Asia-linked transactions.
Macquarie Capital
Macquarie Capital is the advisory and capital markets division of Macquarie Group, a Middle Market platform founded in 1969 and headquartered in Sydney, Australia. Recruiting runs through a First Round and a Superday, with an analyst class of 50-70 and an acceptance rate near 5-8%. The firm is a global leader in infrastructure and energy advisory, with a strong M&A franchise across technology, industrials, and real assets.
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