Investment banking summer analyst interviews combine technical finance questions, such as accounting, valuation and deals, with fit questions about why banking, why this bank and how you work under pressure. This page covers the rounds to expect, the questions that come up with what a strong answer contains, two sample answers, what interviewers expect from an intern, the mistakes that cost offers, and a two-week prep plan.
What the investment banking summer analyst interview looks like
| Round | What happens | How to prepare |
|---|---|---|
| First round or video interview | Fit questions and basic technicals | Prepare your story and why banking |
| Superday | Back-to-back interviews with bankers at several levels | Practice technicals until they are automatic |
| Case or modeling test (some banks) | A short case or modeling exercise | Review a basic model structure |
Questions that come up, and what strong answers contain
- Walk me through the three financial statements. How the income statement, balance sheet and cash flow statement link.
- If depreciation increases by 10, walk me through the statements. The effect on each statement, step by step, with taxes.
- How do you value a company? Comparable companies, precedent transactions and discounted cash flow, with when each fits.
- What is enterprise value and how does it differ from equity value? Definitions and the bridge between them.
- Tell me about a recent deal you followed. The parties, rationale, valuation and your view.
- Why investment banking? Specific reasons tied to your experience, not just pay.
- Tell me about a time you worked under a tight deadline. What you did, how you kept quality and the result.
Two sample answers
Walk me through the three financial statements.
The income statement shows revenue, expenses and net income over a period. Net income flows to the top of the cash flow statement, which adjusts for non-cash items and working capital, then adds investing and financing flows to give the change in cash. That ending cash and net income, through retained earnings, flow to the balance sheet, which must still balance.
Why investment banking?
I've enjoyed every part of finance where analysis leads to a real decision. In my investment club I built a valuation of a mid-sized software company, and following its acquisition later that year showed me how much work goes into a deal. I want to learn that process up close, on a team where the pace and the standard are high.
What interviewers expect from an intern
- Technical fluency without hesitation.
- A clear, genuine story about why banking.
- Attention to detail and composure under pressure.
For the full-time version of these questions, see financial analyst interview questions.
Mistakes that cost offers
- Memorized answers that fall apart on follow-ups.
- Not following any recent deals.
- Vague answers to 'why this bank'.
- Arithmetic slips in technical questions.
A two-week prep plan
- Days 1 to 4: accounting and the three statements.
- Days 5 to 7: valuation methods and enterprise value.
- Days 8 to 10: two recent deals you can discuss in depth.
- Days 11 to 14: fit stories, mock Superday interviews and networking follow-ups.
Timing matters as much as preparation: see our internship recruiting timeline, and once you are in, turning an internship into a return offer. Engineering candidates should also read software engineer intern interview questions.
Where CoPilot Interview fits
Intern interviews reward clear explanations of your own projects and coursework, and that takes practice out loud. CoPilot Interview is an AI interview assistant; its free AI mock interview builds investment banking summer analyst questions from your résumé and the job description, reads them aloud, scores each spoken answer out of ten and shows a model answer to compare. The free plan gives 15 minutes a day of live help in sessions of up to 15 minutes, with AI mock interviews included, with no card, which suits a student budget. For real interviews and online assessments, follow your employer's rules.
Disclosure: CoPilot Interview is our product, so weigh what we say about it accordingly.
Frequently asked questions
What technical questions do summer analyst interviews ask?
Accounting and the three statements, valuation methods, enterprise versus equity value and questions about recent deals.
How should I prepare for a Superday?
Practice technicals until they are automatic, prepare several fit stories and research the bank and its recent deals.
Do I need to know financial modeling?
Basic understanding helps; some banks give a short modeling or case test.
Can I use AI tools during an internship interview?
Only where the instructions allow it. Online assessments and many live rounds forbid outside help. Use AI to practice beforehand, and follow your employer's rules.
Practice this interview before the real one
The AI mock interview builds questions from your resume and the job description, reads them aloud and scores each spoken answer out of 10. Included on the free plan.
Start a mock interview