30 min with a VP and associate, brought up recent Scotiabank news and I mentioned their expansion into US wealth management then behavioral about working under pressure.
Questions Asked
1.“What's happening in the markets or deal flow right now that you've been following?”
2.“Tell me about a recent financial news story that caught your attention and why.”
TD Securities
Investment Banking Analyst
Toronto, ON
Summer 2025Accepted
Wilfrid Laurier University · Business Administration
3rd year · 3.7+ GPA · 2 past internships
Hard Interview
Multiple roundsBehavioralTechnicalStressfulFast process
Group case was 4 of us in a breakout room with about 30 minutes to solve some government consulting scenario about budget allocation or something. One guy immediately tried to take over and wouldn't let anyone else talk which made it really awkward. Pretty sure the observers noticed but who knows. The one on one interviews before that were normal behavioral stuff
Questions Asked
1.“What is goodwill and when does it arise on the balance sheet?”
2.“Whats a break-up fee in M&A?”
BMO Capital Markets
Investment Banking Analyst
Toronto, ON
Summer 2026Accepted
University of Waterloo · Accounting and Financial Management
3rd year · 3.7+ GPA · 1 past internship
Hard Interview
Multiple roundsTechnicalBehavioralVirtual
Know your sector going in, they asked about a recent deal in the mining space. Two rounds on Teams, first mostly behavioral (why IB, why BMO, teamwork stuff), second was technical with a VP who covered valuation multiples and how you'd think about synergies in an acquisition. Process opened 14 months before start date which felt strange but that's their cycle
Questions Asked
1.“Walk me through a DCF valuation step by step”
2.“Tell me about a time you had to push back on a deadline or deliverable”
TD Securities
Investment Banking Analyst
Toronto, ON
Winter 2026No Offer
University of Toronto · Rotman Commerce
3rd year · 3.3-3.6 GPA · 1 past internship
Hard Interview
Multiple roundsTechnicalBehavioralStressful
VP asked about an energy deal I didn't know and that pretty much killed it. Two rounds then a superday, DCF and three statements stuff
Questions Asked
1.“Explain the difference between senior secured debt and subordinated debt”
Scotiabank
Investment Banking Analyst
Toronto, ON
Winter 2025No Offer
Queen's University · Commerce
3rd year · 3.7+ GPA · 2 past internships
Easy Interview
Multiple roundsTechnicalStressfulIn-Person
Manager interview was mostly scenario based behavioural stuff and projects. easy dubs
Questions Asked
1.“Whats the difference between equity value and book value?”
CIBC Capital Markets
Investment Banking Analyst
Toronto, ON
Summer 2026Accepted
Wilfrid Laurier University · Business Administration
3rd year · 3.3-3.6 GPA · 2 past internships
Average Interview
Multiple roundsBehavioralTechnicalVirtual
Less technically demanding than USstuff ive experienced. Quick 15 minute HR screening to start quite casual, just eligibility and background. Then two 30 minute sessions with team members the same week. First was behavioral and they covered why IB more than once in different ways. Second was a mix, accretion dilution briefly and a conceptual merger model walkthrough
Questions Asked
1.“Whats a fairness opinion and when is one required?”
2.“Describe a time you had to get up to speed on an unfamiliar industry fast”
JPMorgan Chase
Investment Banking Analyst
New York, NY
Summer 2026Accepted
University of Michigan · Finance
4th year · 2.9-3.2 GPA · 2 past internships
Hard Interview
Multiple roundsTechnicalBehavioralVirtual
Know your DCF and financial statement linking very strong. Three rounds before HR. First two were technical, third was a case on equity vs debt issuance for a tech company. Fit questions in every round
Questions Asked
1.“What's the difference between enterprise value and equity value?”
BMO Capital Markets
Investment Banking Analyst
Toronto, ON
Summer 2026Pending Outcome
University of Waterloo · Accounting and Financial Management
3rd year · 3.3-3.6 GPA · 1 past internship
Hard Interview
Multiple roundsTechnicalBehavioralVirtual
Superday yesterday. Two behavioral and one technical, had to pitch a Canadian stock. Waiting on decision fingers crossed
Questions Asked
1.“Walk me through the three financial statements and how they link together”
2.“Describe a time you worked on something highly detail-oriented with no room for error”
Citi
Investment Banking Analyst
New York, NY
Summer 2025No Offer
University of Toronto · Rotman Commerce
4th year · 3.3-3.6 GPA · 2 past internships
Hard Interview
Case studyMultiple roundsBehavioralTechnical
Q&A destroyed me. Assessment centre had light technical on EV and EBITDA, then a case study
Questions Asked
1.“Tell me about a deal or transaction in the news you've been following.”
2.“How does a leveraged buyout create value for a PE firm?”
TD Securities
Investment Banking Analyst
Toronto, ON
Summer 2026Accepted
Queen's University · Commerce
4th year · 3.7+ GPA · 3 past internships
Hard Interview
Multiple roundsTechnicalFast processIn-Person
Networked with two analysts at the school info session, definitely helped. First round was fairly standard fit and basics, why IB, why choose TD over the US banks, explain a DCF. Final panel with an MD and two directors was intense but I'd prepped the accounting stuff cold. One of them went into how rising rates affect an LBO model and I had a solid answer. Whole process was under three weeks.
Questions Asked
1.“How do you calculate enterprise value from equity value?”
Scotiabank
Investment Banking Analyst
Toronto, ON
Summer 2026No Offer
University of British Columbia · Commerce
Alumni · 2.1-2.4 GPA · 4+ past internships
Hard Interview
Multiple roundsTechnicalStressful
PLUM test then hireVue. Technical on capitalizing vs expensing. Final panel grilled me on mining sector deals
Questions Asked
1.“Whats the difference between accretive and dilutive M&A”
RBC Capital Markets
Investment Banking Analyst
Toronto, ON
Winter 2026Accepted
McGill University · Commerce
3rd year · 3.3-3.6 GPA · 3 past internships
Average Interview
Multiple roundsTechnicalFast processVirtual
Short behavioral first round. Superday was three sessions, comps analysis and fit. Accepted same day
Questions Asked
1.“What's a comparable companies analysis and what multiples would you use?”
Scotiabank
Investment Banking Analyst
Toronto, ON
Summer 2025Accepted
University of Calgary · Actuarial Science
3rd year · 3.3-3.6 GPA · 1 past internship
Hard Interview
Fast processBehavioralVirtual
Phone screen then coffee chat with other candidates then panel interview then superday. The coffee chat is supposed to be casual but you can tell they're evaluating you the whole time. Panel was 2 on 1 and got into technical stuff right away, EPS calculation and accretion/dilution. Superday with MDs was intense lots of mental math and they wanted my views on where energy markets are heading. Studied LBOs hard and it paid off because they had me walk through one
Questions Asked
1.“What is a merger model and what synergies would you typically analyze?”
2.“What factors would cause a company's P/E multiple to expand?”
Morgan Stanley
Investment Banking Analyst
New York, NY
Fall 2025No Offer
Concordia University · Business Administration
3rd year · 3.3-3.6 GPA · 1 past internship
Hard Interview
Multiple roundsTechnicalBehavioralIn-Person
Two rejections in a row from Canadian investment banking and I think I need to sharpen the fundamentals more lol. Recruiter call then in person at their Montreal office. Technical round covered the usual, three statements, how depreciation flows through, EBITDA adjustments. Final round was behavioral and fit, walked through my work experience and they asked why credit advisory specifically
Questions Asked
1.“How do you handle working long hours on precise, high-stakes deliverables?”
Goldman Sachs
Investment Banking Analyst
New York, NY
Winter 2025No Offer
University of Michigan · Finance
3rd year · 3.3-3.6 GPA · 1 past internship
Hard Interview
TechnicalMultiple roundsPre-recordedStressful
Know your DCF!!! HireVue then superday with associates and VPs. Last interviewer poked holes in everything i said lost all confidence
Questions Asked
1.“Tell me about a time you produced high-quality work under a very tight deadline”
2.“Explain the concept of a leveraged recapitalization.”
3.“Walk me through how you'd pitch a stock idea.”
RBC
Investment Banking Analyst
Winter 2027Accepted
University of Pennsylvania · Economics and Finance
3rd year · 2.9-3.2 GPA · 1 past internship
Multiple rounds
Really easy questions, don't even bother studying for them. I coffee chatted with the interviewer from before, and we had a great time and got drinks at the bar after.
RBC Capital Markets
Investment Banking Analyst
Toronto, ON
Summer 2026Declined Offer
Queen's University · Commerce
3rd year · 3.7+ GPA · 2 past internships
Hard Interview
Multiple roundsTechnicalFast process
Superday was three 30 minute sessions, all solid. Offer came a week later but I'd already accepted at another Canadian bank. Don't sit on IB offers, they expire fast.
Questions Asked
1.“Whats the debt capacity of a company and how do you estimate it?”
National Bank of Canada
Investment Banking Analyst
Montreal, QC
Summer 2026Accepted
HEC Montréal · Finance
3rd year · 3.3-3.6 GPA · 1 past internship
Hard Interview
Multiple roundsTechnicalBehavioralVirtual
Got the offer. They had me do a DCF walkthrough and pick a company to value after the behavioral round.
Questions Asked
1.“What do you know about National Bank of Canada that made you apply?”
2.“What is beta and how is it used in a DCF?”
RBC Capital Markets
Investment Banking Analyst
Toronto, ON
Summer 2026No Offer
Western University · Ivey HBA
5th year · 2.5-2.8 GPA · 3 past internships
Hard Interview
Multiple roundsTechnicalStressfulIn-Person
Superday was six interviews consecutive at their Bay Street office starting around 8am. First two were fit focused then the middle ones went technical, WACC calculation and enterprise value bridges. Fifth interview was with an MD who wanted a stock pitch in about 10 minutes with no prep time and I gave him something on a CPG company he seemed lukewarm about. Sixth one was basically a formality. Exhausting day
Questions Asked
1.“Whats the difference between MOIC and IRR?”
2.“Walk me through a precedent transactions analysis”
Goldman Sachs
Investment Banking Analyst
New York, NY
Summer 2026No Offer
Queen's University · Commerce
3rd year · 3.7+ GPA · 1 past internship
Hard Interview
Multiple roundsStressfulPre-recorded
Did hireVue was 7 questions, 30 sec prep each, timer pressure still gets you even when you know it's coming. Superday was five interviews same day, questions about why Goldman and what I read to stay current on markets. One covered a valuation problem and I walked through an LBO well, but by interview four the MD threw a capital structure brainteaser I hadn't seen before and didn't have a solid answer for it
Questions Asked
1.“Describe a time you had to manage multiple high-priority tasks simultaneously”
2.“Why investment banking specifically over other finance paths?”
3.“What is working capital and why does it matter in a deal?”