For investment banking & finance
Investment Banking & Finance Interview Help — AI Copilot for Technical Rounds & Superdays
Free real-time AI for IB, PE, and corporate finance interviews. DCF, M&A accretion/dilution, LBO modeling, 3-statement linkages, fit/behavioral, and the superday format. Permanent free tier, screen-share-safe on Zoom, Teams, Google Meet, and HireVue.
The technical questions every IB interview asks
IB technicals are predictable. The interviewer is testing whether you have done the work to memorize the framework, not testing your reasoning ability. CoPilot Interview surfaces the structure as you talk so you don't drop a step.
"Walk me through a DCF"
The most-asked IB technical. Five steps the interviewer wants in this order: (1) project free cash flows for 5-10 years, (2) calculate terminal value via Gordon Growth or exit multiple, (3) discount everything back to today using WACC, (4) sum to enterprise value, (5) bridge to equity value by subtracting net debt and minority interest. Then back into per-share value by dividing by diluted shares outstanding. Common follow-ups: how do you calculate WACC (cost of equity via CAPM + after-tax cost of debt, weighted), what discount rate would you use, mid-year vs end-of-year convention.
"Walk me through the 3 statements"
Income statement → Balance sheet → Cash flow statement. Net income flows to retained earnings on the balance sheet. Net income is the starting point of the cash flow statement, then you add back depreciation, adjust for working capital changes, subtract capex, get to free cash flow. CFS reconciles to the change in cash on the balance sheet. Common follow-up: "if depreciation goes up by $10, walk me through all three statements" — the answer covers tax shield (income statement), accumulated depreciation (balance sheet), cash flow add-back (CFS).
"Walk me through M&A accretion/dilution"
Pro forma EPS = (acquirer NI + target NI − new interest expense after tax + synergies after tax) divided by (existing shares + new shares issued). Compare pro forma EPS to standalone acquirer EPS. If pro forma is higher, the deal is accretive. The shortcut for all-stock: deal is accretive if acquirer P/E > target P/E (adjusted for premium). All-cash deals are usually accretive in low-interest-rate environments because cost of debt < cost of equity.
"Walk me through an LBO"
Five steps the interviewer wants: (1) determine purchase price and capital structure (typically 30-40% equity, 60-70% debt), (2) project operating cash flows during hold period, (3) calculate debt paydown using free cash flow after interest, (4) project exit value using exit multiple, (5) calculate IRR for sponsor based on entry equity, dividend recap if any, and exit equity proceeds. Target IRR in PE: 20-25%+ over 5-year hold. Common follow-up: "what makes a good LBO candidate" — stable cash flows, low capex needs, asset-heavy balance sheet, low existing leverage.
Bulge brackets, elite boutiques, and PE: what each weights
| Tier | Examples | Round emphasis |
|---|---|---|
| Bulge bracket | Goldman Sachs, Morgan Stanley, JPMorgan, Citi, BofA, Barclays | Technical depth + brand polish. Multiple superdays. Heavy fit weight at Goldman. |
| Elite boutique | Lazard, Evercore, Centerview, Moelis, PJT, Houlihan Lokey | Deal experience matters at senior levels. Cultural fit screens are intense (these are smaller, tighter teams). |
| Middle market | Jefferies, William Blair, Harris Williams, Lincoln | More approachable culturally. Same technicals but less brand pressure. |
| Private equity (post-banking) | KKR, Blackstone, Carlyle, Apollo, Bain Capital, Warburg | LBO modeling case studies (sometimes timed). Deal experience walk-through. Investment thesis screens. |
| Hedge funds (long/short) | Citadel, Millennium, Point72, Bridgewater | Stock pitch + position sizing. Different from IB technicals. |
The fit round — why this is harder than you think
Standard fit questions: why IB?, why this bank?, walk me through your resume, tell me about a deal in the news. The trap: candidates over-prepare technicals and under-prepare fit, then deliver canned answers in the fit round. Interviewers can tell. CoPilot Interview surfaces STAR+ structure and flags when an answer sounds rehearsed (typically by detecting overly-generic framing without specific names, numbers, or dates).
The "deal in the news" question is the highest-leverage prep item. Pick ONE deal from the last 90 days (not the same one everyone else picks). Know the parties, the strategic rationale, the deal value, the multiple, the structure (cash/stock), and have an opinion on whether it's a good deal. The AI helps you structure the talk track but you need to pre-load the deal context.
Why CoPilot Interview fits IB specifically
IB superdays run 4-6 back-to-back interviews. Fatigue kills technical precision by interview 4. Having structure prompts on a second monitor (without anything visible on screen-share) preserves clarity. The free tier is sufficient for first-round technicals because the answers are heavily structured — the AI surfaces the framework, you fill in the substance. For senior associate/VP rounds with deal-walkthrough depth, Claude or GPT (Standard or Pro tier) handles the longer reasoning better.
Permanent free tier vs the 10-minute trial elsewhere
Final Round AI — the largest AI interview tool targeting finance — offers a 10-minute trial of the live Copilot before payment is required. That's less than one technical answer drill. CoPilot Interview's free tier is permanent: no time limit, no credit card. Standard plan adds GPT/Claude at $8.99/mo. For a 4-6 week IB recruiting cycle, that's less than one hour with a typical $200+/hr IB coach.
FAQ
Yes. CoPilot Interview's real-time AI handles IB technical rounds (DCF, comparable companies, precedent transactions, M&A accretion/dilution, LBO modeling), fit/behavioral rounds (why IB, why this bank), and the superday format.
A clean 5-step framework: (1) Project free cash flows for 5-10 years, (2) calculate terminal value via Gordon Growth or exit multiple, (3) discount everything back to today using WACC, (4) sum to enterprise value, (5) bridge to equity value by subtracting net debt.
Bulge bracket (Goldman, MS, JPM, Citi, BofA), elite boutiques (Lazard, Evercore, Centerview, Moelis, PJT, Houlihan), middle market, and private equity. Technical fundamentals are universal; cultural emphasis varies.
For technical rounds (the bulk of IB interviews), the free Llama and Qwen models handle DCF, M&A, LBO, and 3-statement modeling questions adequately. For deal discussion rounds, the premium tier (Claude, GPT) handles long-context analysis better.
IB technicals test memorized frameworks (DCF structure, M&A formula) that are public knowledge. Using a tool to surface framework structure during prep is not deception. Always follow rules the bank has stated. See our manifesto.
Try the free tier on your next IB practice
Permanent free tier, no credit card. Surfaces technical structure during DCF, M&A, and LBO drills without pulling attention from the answer.
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