Investment Banking Analyst Interview Experiences

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.

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.

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.

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.

Manager interview was mostly scenario based behavioural stuff and projects. easy dubs.

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.

Superday yesterday. Two behavioral and one technical, had to pitch a Canadian stock. Waiting on decision fingers crossed

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.

Q&A destroyed me. Assessment centre had light technical on EV and EBITDA, then a case study.

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.

PLUM test then hireVue. Technical on capitalizing vs expensing. Final panel grilled me on mining sector deals

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.

Short behavioral first round. Superday was three sessions, comps analysis and fit. Accepted same day.

Know your DCF!!! HireVue then superday with associates and VPs. Last interviewer poked holes in everything i said lost all confidence

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.

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.

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.

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.

Got the offer. They had me do a DCF walkthrough and pick a company to value after the behavioral round.