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Role guide

Investment banker interview preparation

Updated 2 September 2026

Investment banker interviews commonly test how candidates reason about debt and equity, including financing recommendations and the financial knowledge behind them. For Barclays investment-banking applicants, reported questions also cover accounting, valuation, financial-modelling foundations, commercial awareness and interest in global markets and investment banking. This guide sets out the Barclays process as one employer-specific example, then turns those tested areas into a practical preparation plan.

01

How the interview usually works

The visible sequence below is specific to Barclays investment-banking applicants and should not be treated as a universal investment-banking process. Other employers may arrange their interviews differently.

  1. Online application

    Online application

    Depends on the employer

    For Barclays investment-banking applicants, the online application is typically the first of four stages.

    What they assess

    • No stage-specific assessment criteria are established by the supplied evidence.

    How to prepare

    • Review the job description and make sure every statement in your application is accurate.
    • Choose concise examples that you can discuss consistently if they are raised later.

  2. Video interview

    Video interview

    Depends on the employer

    For Barclays investment-banking applicants, a video interview typically follows the online application.

    What they assess

    • No stage-specific assessment criteria are established by the supplied evidence.

    How to prepare

    • Practise concise, structured answers without memorising a script.
    • Test your camera, microphone and connection before the interview.
    • Keep your application and the job description available for reference.

  3. Assessment centre or superday

    Assessment centre or superday

    Depends on the employer

    For Barclays investment-banking applicants, an assessment centre or superday is typically the third stage.

    What they assess

    • No stage-specific assessment criteria are established by the supplied evidence.

    How to prepare

    • Prepare truthful examples that show how you analyse information, solve problems and communicate your reasoning.
    • Revisit the technical and commercial topics named in the job description.
    • Confirm the schedule, location and permitted materials with the named contact.

  4. Offer decision

    Decision stage

    Depends on the employer

    For Barclays investment-banking applicants, the fourth stage is typically an offer decision.

    What they assess

    • No additional assessment criteria are established for this decision stage by the supplied evidence.

    How to prepare

    • Keep a factual note of the interviews, including any information you need to check.
    • Send a brief follow-up that thanks the contact and confirms any requested material.

If an investment-banking candidate is invited to a phone interview

A UK-focused guide describes a 20-minute live phone call. For investment-banking phone-interview candidates, that call may include a markets question, such as discussing a deal that caught their attention or the effect of rising rates on UK banks.

02

Your preparation plan

Build technical answers around a decision

Investment-banker candidates may be asked whether debt or equity costs more. The answer needs to show an understanding of both financing routes, identify which is cheaper and draw on relevant experience with debt and equity financing. Candidates may also be asked to recommend debt or equity issuance; that tests the choice itself, the reasoning behind it and understanding of the two options.

For Barclays investment-banking applicants, revise accounting, valuation and financial-modelling foundations. Prepare to discuss commercial awareness, intellectual curiosity and a genuine interest in global markets and investment banking. Do not memorise a polished monologue. Practise stating an answer, explaining the assumptions behind it and responding when an interviewer changes the scenario.

Choose evidence you can defend

Select examples where you made a reasoned choice, checked numerical work or explained a technical point clearly. Write down the situation, your own action and the result, then cut anything that does not help the interviewer follow your reasoning.

The week before

  • Map the job description to truthful examples from your experience.
  • Practise explaining whether debt or equity costs more, including the reasoning and relevant financing experience.
  • Work through a debt-versus-equity recommendation and state the assumptions that drive your choice.
  • For a Barclays interview, revise accounting, valuation and financial-modelling foundations.
  • For a Barclays interview, prepare concise evidence of commercial awareness and interest in global markets and investment banking.

The day before

  • Review your application and check that dates, figures and responsibilities are accurate.
  • If your interview is remote, test the camera, microphone, connection and interview link.
  • Confirm the time, location or joining instructions and ask the named contact about anything unclear.

On the day

  • Bring permitted notes and a copy of the job description.
  • Listen for changes to the scenario before committing to a financing recommendation.
  • Use concise, structured answers and distinguish your own actions from the work of a wider team.
03

What interviewers look for

Analytical and numerical reasoning

Investment bankers need analytical and numerical ability.

Evidence to prepare

  • Choose an example where you interpreted numerical information and reached a clear conclusion.
  • Explain the checks you used and how your analysis affected the decision.

Accuracy and method

Investment bankers need to work accurately, logically and methodically.

Evidence to prepare

  • Prepare an example where a small error could have changed the outcome.
  • Explain how you checked the work, dealt with discrepancies and improved the result.

Problem solving and risk analysis

Investment bankers need problem-solving ability and may carry out risk analysis.

Evidence to prepare

  • Select a situation where the available information was incomplete or conflicting.
  • Show how you defined the problem, compared risks and reached a defensible conclusion.

Communication and relationship building

Investment bankers need communication and relationship-building skills.

Evidence to prepare

  • Choose an example where you adapted a complex message for someone with different knowledge or priorities.
  • Explain how you built trust and checked that the other person understood.

Negotiation

Investment bankers need negotiation skills.

Evidence to prepare

  • Prepare an example involving competing interests or limited resources.
  • Describe your objective, the other party's priorities, the trade-offs and the outcome.

Capital-raising and transaction judgement

Investment bankers advise large organisations on raising capital through financial markets and may work on acquisitions or mergers.

Evidence to prepare

  • Choose an academic, extracurricular or work example where you compared funding or transaction options.
  • Explain your assumptions, alternatives and risks without overstating your responsibility.
04

Questions you should be ready for

Use the answer plans as prompts, not scripts. Your examples should sound like you.

Background and motivation

Investment Banker candidates commonly face questions about their background, motivation for investment banking and reasons for choosing a particular firm.

Tell me about yourself.

What they want to learn: To hear a concise account that connects your experience to investment banking and shows self-awareness.

Answer plan

  • Open with your current position or most relevant experience.
  • Select two or three turning points that explain your interest and preparation.
  • Connect those experiences to the work you now want to do.
  • Finish with a specific reason this opportunity follows logically.

Evidence to use: Which experiences best explain your interest in investment banking and the strengths you would bring?

Avoid

  • Reciting your full CV chronologically.
  • Including details that do not support your application.
  • Giving a polished story with no clear link to investment banking.
Walk me through your resume.

What they want to learn: To understand the choices behind your experience and how they led you towards investment banking.

Answer plan

  • Give a brief starting point for your education or experience.
  • Move through the most relevant choices rather than every entry.
  • Explain what each step taught you or prompted you to pursue next.
  • End by connecting your path to this application.

Evidence to use: Which two or three choices in your background best show how your interest and relevant abilities developed?

Avoid

  • Reading out every line.
  • Describing positions without explaining your decisions.
  • Spending most of the answer on experience unrelated to the role.
Why do you want to work in investment banking?

What they want to learn: To test whether your motivation is informed, specific and supported by your choices.

Answer plan

  • State what attracts you to the work in concrete terms.
  • Link that interest to one or two experiences you have already had.
  • Explain which parts of the work suit your strengths.
  • Close with what you want to learn or contribute next.

Evidence to use: What have you done that shows sustained interest rather than a recent decision to apply?

Avoid

  • Leading with prestige or compensation.
  • Describing finance broadly without explaining why investment banking.
  • Claiming experience or responsibility you did not have.

Firm choice and closing questions

Investment Banker candidates are commonly asked why they want to join the specific firm, and a final invitation to ask questions is reported across firms.

Why do you want to join this firm?

What they want to learn: To see whether you have researched the firm and can explain a genuine fit rather than give a generic answer.

Answer plan

  • Choose two firm-specific reasons that matter to you.
  • Connect each reason to your experience, interests or working preferences.
  • Explain how the opportunity fits your next step.
  • Keep comparisons positive and focused on this application.

Evidence to use: Which details from your research can you connect honestly to your own decisions or experience?

Avoid

  • Using reasons that could apply to any firm.
  • Repeating marketing language without explaining its relevance.
  • Relying on reputation alone.
Do you have any questions for me?

What they want to learn: To find out what you still want to understand about the work, team and expectations.

Answer plan

  • Choose questions that cannot be answered easily from public information.
  • Prioritise the points that would help you evaluate the opportunity.
  • Adapt your questions to information already discussed.
  • Ask a brief follow-up where the answer raises something important.

Evidence to use: What do you genuinely need to know to judge whether the work and team suit you?

Avoid

  • Saying that you have no questions.
  • Asking something the interviewer has already answered.
  • Turning the question into another rehearsed sales pitch.
What would you like to know about this firm or team?

What they want to learn: To assess the thought you have given to the opportunity and the quality of the information you seek.

Answer plan

  • Start with the most important gap in your understanding.
  • Ask a focused question about expectations, development or working methods.
  • Listen closely and ask one relevant follow-up.
  • Use the answer to decide whether a second prepared question is still needed.

Evidence to use: Which aspect of the opportunity would materially affect your decision if you received an offer?

Avoid

  • Asking several questions at once.
  • Using a question to make an unsupported claim about yourself.
  • Focusing only on information that has little bearing on the work.

Markets and deals

Investment Banker candidates commonly encounter market-awareness questions about current markets, deals or industry trends, sometimes from senior interviewers.

What is happening in the markets at the moment?

What they want to learn: To assess whether you can select a relevant development, form a view and explain it clearly.

Answer plan

  • Choose one current development rather than attempting a complete market summary.
  • State what has changed and identify the main drivers.
  • Explain the possible consequences for companies, investors or transactions.
  • Give a balanced view and state what evidence could change it.

Evidence to use: Which current development have you followed closely enough to discuss its causes, consequences and uncertainties?

Avoid

  • Listing headlines without analysis.
  • Pretending certainty where the outcome is unclear.
  • Using figures you cannot explain or verify.
Discuss a recent deal that interested you.

What they want to learn: To see whether you can analyse a transaction rather than merely recount an announcement.

Answer plan

  • Identify the parties and transaction briefly.
  • Explain the apparent strategic or financial rationale.
  • Discuss the main risks, assumptions or execution questions.
  • Give your view while acknowledging what further information you would need.

Evidence to use: Which deal can you explain from the perspective of both parties and the market?

Avoid

  • Retelling a news article.
  • Ignoring risks or the other party's perspective.
  • Inventing motives or unsupported facts.
Which industry trend are you following, and why does it matter?

What they want to learn: To assess whether you can connect an industry development to companies, markets or transaction activity.

Answer plan

  • Define the trend and its relevant scope.
  • Explain the evidence or drivers behind it.
  • Trace the likely effects on companies or transactions.
  • Set out the uncertainty and what you would monitor next.

Evidence to use: Which trend have you followed long enough to explain its drivers rather than repeat a headline?

Avoid

  • Choosing a topic solely because it is prominent in the news.
  • Making a sweeping prediction without a causal explanation.
  • Failing to separate facts from your interpretation.

Contextual and technical thinking

Investment Banker candidates may face contextual and technical-skills questions. At named firms, reported technical depth ranges from multi-step calculations under pressure to a stronger focus on thought process or conceptual understanding.

Which political event could affect investment banking, and how?

What they want to learn: To assess whether you can connect a political development to business, markets or transaction activity.

Answer plan

  • Name the event and define the part relevant to your answer.
  • Trace a short causal chain to companies, markets or transactions.
  • Separate observed effects from possible outcomes.
  • Explain what evidence or development you would monitor next.

Evidence to use: Which event have you followed through reliable business news, and what direct commercial link can you explain?

Avoid

  • Giving a political opinion without commercial analysis.
  • Making a sweeping prediction from one event.
  • Presenting speculation as fact.
Which cultural event could affect investment banking, and how?

What they want to learn: To assess whether you can recognise how a cultural development may affect businesses, markets or transactions.

Answer plan

  • Define the event and the groups or businesses it affects.
  • Explain the plausible commercial mechanism.
  • Distinguish current evidence from possible future consequences.
  • Identify what you would watch to test your view.

Evidence to use: Which cultural development can you discuss using specific business consequences rather than a broad social observation?

Avoid

  • Forcing a weak connection to investment banking.
  • Relying on stereotypes or unsupported generalisations.
  • Ignoring evidence that could challenge your view.
How would you approach a multi-step calculation under pressure?

What they want to learn: To assess calculation discipline or, in some named firms, the clarity of your thought process and conceptual understanding.

Answer plan

  • Restate the task and define the required output.
  • Lay out the calculation in small, visible steps.
  • State assumptions and perform reasonableness checks as you work.
  • Correct errors openly and explain the result in plain language.

Evidence to use: When have you completed a numerical task under time pressure while preserving accuracy?

Avoid

  • Starting before clarifying the task.
  • Doing silent arithmetic that the interviewer cannot follow.
  • Defending an error instead of correcting it.
05

Questions to ask them

“What would strong performance look like during the first six months?”

This gives you concrete expectations against which to judge the role.

“How does the team help new joiners learn its working methods?”

The answer can show how much structure and guidance you would receive.

“How is feedback usually given within the team?”

This helps you judge whether the feedback culture suits how you learn and work.

“Which parts of the role tend to take new joiners longest to learn?”

This may reveal practical demands that are not clear from the job description.

“How do responsibilities change as someone gains experience?”

The answer can help you assess the likely progression and breadth of the role.

“What distinguishes people who perform well in this team?”

This invites a candid account of the team's expectations.

06

On the day

In person

  • Recheck the time, location and named contact before leaving.
  • Bring permitted notes, a copy of your CV and the questions you plan to ask.
  • Listen to the whole question before answering. If a technical question is unclear, state your interpretation before working through it.
  • For experience questions, describe the situation, your own action, the result and what you learnt.
  • Leave enough time to ask the questions that matter most to your decision.

Remote

  • If your interview is remote, test the camera, microphone, connection and meeting link beforehand.
  • Join from a quiet, well-lit space and switch off notifications.
  • Keep permitted notes brief and beside the screen so you do not keep looking away.
  • Have the named contact's details ready in case the connection fails.
  • Pause after the interviewer finishes speaking to avoid talking over them.
07

Common mistakes

Investment banking interview candidates may arrive without enough knowledge of the investment-banking industry.

Research the industry and prepare a short, specific explanation of what you understand about the field and why you want to enter it.

People pursuing an investment-banking career may not clearly understand investment banking, the roles within it or the skills and qualifications involved.

Read the job description closely, distinguish the position from adjacent roles and connect each stated requirement to truthful evidence from your background.

People pursuing an investment-banking career may gather too little information or prepare too lightly for a competitive process.

Set aside focused time for role research, technical revision and spoken practice instead of relying on last-minute reading.

Investment banking interview candidates may show such a strong emotional attachment to one organisation that it appears desperate or biased.

Give specific, measured reasons for applying and show that you have assessed the position and organisation thoughtfully.

Investment banking interview candidates may become frustrated when discussing complex issues or adversity.

Choose a relevant past example that shows how you stayed composed, worked through the difficulty and learnt from the outcome.

Investment banking interview candidates discussing their investment portfolio may describe frequent turnover without a clear rationale, raising questions about strategy, risk management and the quality of their choices.

Explain the reasoning behind each decision, the risks you considered and what would cause you to hold, change or exit a position.

08

After the interview

Send a brief message thanking the interviewer for their time. Refer to one specific point from the conversation, correct any small factual ambiguity if needed and restate your interest without adding another interview answer.

Write down the questions you found difficult while they are fresh. If the employer gave a response date, wait until it has passed before sending a concise enquiry to the named contact.

09

Frequently asked questions

From guide to application

Make your CV and your answers tell the same story.

Use cvlift to tailor your CV to the role and bring the most relevant experience forward. Then use this guide to practise the examples behind it.

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