Why This Question Matters
In investment banking, M&A, or private equity interviews, you’ll often hear some variation of: “Are you applying to other firms? Are you considering opportunities in other sectors?”
At first glance, this might feel like a trap. Should you admit you’re interviewing elsewhere? Should you downplay other opportunities?
The reality is that this question serves a clear purpose: interviewers want to gauge your commitment to the industry, your sincerity in pursuing their firm, and your overall market competitiveness.
Handled well, your response demonstrates enthusiasm, maturity, and professionalism. Handled poorly, it can raise doubts about your motivations.
Understanding the Interviewer’s Perspective
When an interviewer asks this, they are trying to understand three things:
1. Commitment to investment banking: Are you serious about this career path, or are you hedging with other industries?
2. Firm-specific interest: Are you genuinely excited about their team, or is this just another stop in a wide net of applications?
3. Competitiveness in the market: If you are interviewing broadly at strong firms, it signals that other employers value you too—something that can increase urgency to make you an offer.
Crafting a Strong Response
1. Emphasize Commitment to Banking
The first rule is to show clear commitment to investment banking. If you admit you’re also applying to consulting, asset management, or corporate finance, it undermines your narrative. You’ve spent much of the interview convincing them that you’re passionate about IB—don’t contradict yourself here.
Instead, keep the focus tight:
- “Yes, I am pursuing investment banking roles exclusively.”
- “I’ve been interested in investment banking since [specific experience], so that’s where I’m focusing my applications.”
This reassures the interviewer that you’re not considering entirely different paths.
2. Balance Honesty and Strategy
Honesty is important, but so is positioning. It’s fine to acknowledge that you’re interviewing at other banks:
- It signals that you’re a strong candidate in demand.
- It reflects reality—banks assume you’re not interviewing at only one place.
The key is to frame it strategically. You want to show that you’re competitive in the process without implying their firm is a backup.
A good approach:
- “I am speaking with a few other firms, but your platform is my top choice because of [specific reason].”
- “Yes, I’m in the process with other banks, but what excites me most here is [specific team/industry focus/culture].”
This balances credibility and enthusiasm.
3. Transition Quickly to Why Their Firm
After briefly acknowledging other applications, pivot the discussion back to why you’re most excited about their firm.
Examples of good transitions:
- “What stands out to me about your team is the strong deal flow in [sector].”
- “I’ve spoken with several alumni here, and the mentorship culture is exactly what I’m looking for.”
- “Of all the firms I’m considering, I believe this group offers the best combination of client exposure and responsibility at the junior level.”
The point is not to dwell on other firms but to reinforce that this firm is your priority.
Mistakes to Avoid
1. Overemphasis on Other Opportunities
It’s okay to admit you’re in other processes, but avoid listing every bank and bragging about how many interviews you have. This can come across as arrogant or insincere.
Instead, keep it brief: acknowledge other interviews, then pivot.
2. Mentioning Non-IB Opportunities
Never say: “I’m also looking at consulting roles” or “I might do corporate development.” This signals indecision and weakens your story. You want to appear laser-focused on IB.
3. Fabricating
Don’t make up interviews you don’t have. Banking is a small, interconnected industry—interviewers may cross-check. If caught, dishonesty will destroy your credibility.
4. Sounding Noncommittal
Avoid answers like: “I’ll see what works out” or “I’m exploring different options.” These raise red flags. You want to project decisiveness and genuine enthusiasm for IB.
Adapting to Career Stage
For Students and Interns
Emphasize your learning mindset and eagerness to break into banking:
- “I am interviewing with other banks, but my focus is entirely on investment banking because I want to build a strong technical foundation early in my career.”
For Analysts Applying to PE
Show how you’re deliberate about your next step:
- “I’m speaking with several PE firms, but I’m targeting opportunities that focus on [sector/strategy], and your firm’s track record in that area stands out.”
For Associates or Experienced Hires
Highlight long-term alignment:
- “I’m in conversations with other banks, but what attracts me here is the opportunity to work on complex cross-border deals, which aligns with my background and interests.”
Sample Responses
Example 1 – Student Applying for IB Internship
“Yes, I am in the process with a few other banks, but my focus is entirely on investment banking. I’m particularly excited about your firm because of the strong reputation of your M&A group and the responsibility juniors get early on. From my conversations with alumni, I know this is where I’d thrive.”
Example 2 – Analyst Recruiting for PE
“I’ve had conversations with a couple of other private equity firms, but what excites me most about your platform is the ability to work across both growth equity and buyouts. That range is exactly what I’m looking for in my next role.”
Example 3 – Associate Role
“I am considering other banks, but your firm is my top choice. I’m particularly interested in the cross-border deal flow and the mentorship structure I’ve heard about from your team. That combination makes this opportunity stand out above the rest.”
Interview Strategy
When answering this question:
1. Acknowledge reality—yes, you’re likely interviewing elsewhere.
2. Stay within IB/PE/M&A—don’t mention other industries.
3. Keep it brief—don’t overshare or brag.
4. Pivot back to them—end by emphasizing their firm as your top choice.
Key Takeaways
- This question tests commitment, sincerity, and competitiveness.
- Always express exclusive interest in investment banking (or PE/M&A if that’s the context).
- Acknowledge other firms if true, but don’t overemphasize.
- Never mention other industries or fabricate.
- End by emphasizing why their firm is your priority.
Conclusion
When interviewers ask if you’re applying to other firms or sectors, they’re really asking: “How serious are you about us, and how do we compare?”
Your best response strikes the right balance: acknowledge that you’re a competitive candidate exploring banking opportunities, but clearly communicate that this firm is your top choice.
Handled with honesty and enthusiasm, this answer reassures interviewers of your commitment and strengthens your position as a desirable hire.
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