Why Your Questions Matter
"Do you have any questions for me?" appears at the end of virtually every investment banking interview. Most candidates treat this as a formality, asking generic questions about "culture" or "typical day" without genuine curiosity. This is a missed opportunity.
Your questions reveal as much about you as your answers. Thoughtful questions demonstrate genuine interest in the role, research into the firm and interviewer, and intellectual curiosity about banking. Weak questions suggest you're going through the motions without real engagement.
Strong questions serve multiple purposes: they show you've done homework on the firm and interviewer, demonstrate you're thinking critically about fit, gather intelligence to help evaluate offers, and leave positive final impressions that differentiate you from other candidates. This guide provides specific questions to ask different interviewer levels, explains what makes questions effective, and helps you avoid common mistakes that undermine otherwise strong interviews.
The Framework: Tailoring Questions by Interviewer Level
Different interviewers can answer different questions effectively. Tailor your questions based on who's sitting across from you.
Questions for Analysts and Associates
Analysts and associates (1-3 years out of school) provide honest perspectives on day-to-day reality since they recently experienced what you're about to go through. They're usually more candid about hours, team dynamics, and work quality than senior bankers.
About their experience:
"What's been the most challenging aspect of the role for you, and how did you navigate it?" This question invites honest reflection rather than rehearsed positives. You learn about real difficulties and how people handle them.
"Can you walk me through what a typical week looked like for you recently?" More specific than "what's a typical day"—you get concrete details about workload variability, meeting patterns, and how weeks actually flow.
"What's been your favorite project or deal to work on, and what made it stand out?" Reveals what makes work engaging in this group—deal complexity, client interaction, learning opportunities, team dynamics.
"How would you describe the team dynamic within the group?" Analysts can speak candidly about whether people are collaborative or competitive, supportive or sink-or-swim.
About learning and development:
"What skills have you developed most since starting, and which were you not expecting to need?" Uncovers gaps between expectations and reality, helping you understand what the role actually teaches.
"How much mentorship and guidance do you typically receive from senior bankers?" Tests whether the group genuinely develops junior talent or expects you to figure things out independently.
"What resources or training have been most valuable for your development?" Helps you understand whether learning comes from formal programs, peer teaching, or trial-and-error.
About the specific opportunity:
"What types of transactions is the group most active in right now?" Gets current intel on deal flow beyond what's publicly visible.
"How are analysts typically staffed—by specific partners, on deal teams, or more flexibly?" Understanding staffing helps you anticipate workload predictability and relationship dynamics.
"What do you wish you had known before joining this group?" Opens door to honest insights they've gained through experience.
Questions for Vice Presidents
VPs (typically 5-8 years into banking) bridge junior and senior bankers. They manage deal execution daily while having perspective on career progression and group strategy.
About the group and deals:
"What differentiates this group's approach from other banks you're aware of in this space?" VPs understand competitive positioning and can articulate what makes their team distinctive.
"What types of deals are you most excited about working on in the coming year?" Reveals where the group sees opportunities and what strategic priorities drive their pipeline.
"How do you think about developing analysts and associates on your teams?" Tests whether they're thoughtful about talent development—important since you'll likely work closely with VPs.
"Can you describe a recent transaction that was particularly complex or interesting?" Invites them to discuss real work they're proud of, giving you insight into deal sophistication and their approach to challenges.
About career development:
"What made you stay in banking versus pursuing other opportunities?" VPs have considered alternatives and chosen to continue—understanding their reasoning reveals what makes banking worthwhile long-term.
"How has the role evolved as you've progressed from analyst to VP?" Helps you understand career trajectory and what changes at different levels.
"What skills or attributes do you see in analysts who succeed and get promoted?" Provides clear guidance on what actually matters for advancement beyond generic advice.
About the bank and industry:
"How do you see [specific sector/product] evolving over the next few years?" VPs track industry trends and have informed perspectives on where opportunities are emerging.
"What attracted you to this bank specifically, and has that held true?" Tests whether their initial reasons for joining have been validated by experience.
Understanding the complete interview process helps you prepare questions that demonstrate knowledge of what different rounds test.
Questions for Managing Directors
MDs (senior bankers, often 10+ years experience) focus on client relationships, deal origination, and firm strategy. They're evaluating whether you'd represent the firm well and thinking about long-term fit.
About their career and experience:
"What's been the most rewarding aspect of your career in banking?" Invites personal reflection that reveals what they value most—often illuminating about culture and what the firm rewards.
"Can you share an example of a particularly challenging deal and what made it difficult?" Senior bankers have war stories that teach you about high-stakes decision-making and how they approach tough situations.
"How did you build your career in this industry, and what advice would you give your younger self?" Opens discussion about their path while positioning you as someone thinking long-term about your career.
About the firm and group:
"How has the firm's position in [sector/product] evolved during your time here?" MDs have historical perspective on competitive dynamics and can articulate strategic positioning.
"What makes this group's culture distinctive?" Senior bankers shape culture—their answer reveals what they value and intentionally cultivate.
"What are the biggest opportunities and challenges you see for the group going forward?" Tests their strategic thinking and gives you insight into where the business is headed.
About talent and fit:
"What qualities do you look for when evaluating junior bankers for your team?" Provides direct insight into what matters to them in candidates and team members.
"How do you approach mentoring and developing junior talent?" Reveals whether they're invested in analyst development or see juniors as purely execution resources.
"What would success look like for an analyst joining this group?" Helps you understand expectations and how they measure performance.
About the industry:
"How do you think [recent market development/regulatory change/industry trend] will impact the business?" MDs think strategically about macro trends—this question shows you're engaged with broader market dynamics.
"What trends are you seeing in how clients approach [M&A/capital raising/strategic decisions]?" Demonstrates you're thinking about the client perspective, not just technical execution.
Types of Questions That Work Well
Beyond tailoring by interviewer level, certain question types consistently work across interviews.
Questions About Their Personal Experience
Questions that invite interviewers to reflect on their own journey often generate the most authentic, revealing responses:
- "What surprised you most about investment banking compared to your expectations?"
- "What made you choose [this firm] over other offers you had?"
- "If you were starting over today, would you make the same decisions?"
- "What's been your favorite aspect of working in this group?"
These questions show genuine interest in them as individuals while gathering intel about what makes the role and firm distinctive.
Questions About Recent Deals or Work
Bankers love discussing deals they've worked on. Questions about real transactions demonstrate you understand the business while giving them opportunity to discuss work they're proud of:
- "I saw the group advised on [specific recent deal]—what made that transaction interesting from an advisory perspective?"
- "Can you talk about what types of situations clients typically bring to the group?"
- "What's the most complex deal you've worked on here, and what made it challenging?"
Important: Only reference deals you've actually researched and can discuss intelligently. Don't name-drop transactions you know nothing about.
Questions About Team Dynamics and Culture
Understanding how people actually work together matters more than generic culture statements:
- "How would you describe the working style of the senior bankers in the group?"
- "What does collaboration look like on deal teams here?"
- "How does the group handle very busy periods when everyone is stretched thin?"
- "What's the balance between formal training and learning on the job?"
These questions reveal whether the culture is genuinely collaborative or competitive, supportive or sink-or-swim.
Questions About Professional Development
Showing you're thinking about growth and learning demonstrates maturity and long-term orientation:
- "What opportunities exist to work across different industry groups or product areas?"
- "How does the firm approach analyst development and training?"
- "What's the typical career trajectory for analysts who perform well?"
- "How are performance reviews structured, and how often do you receive feedback?"
These questions show you're thinking beyond just landing the job to how you'll develop once you're there.
Prepare comprehensive interview skills: From answering weakness questions to discussing your background—use our complete guide covering 400+ interview questions.
What NOT to Ask
Certain questions damage your candidacy by revealing poor judgment, lack of preparation, or misaligned priorities.
Generic, Lazy Questions
These reveal you haven't prepared thoughtfully:
- ❌ "What's the culture like?" (Too vague—culture means different things to different people)
- ❌ "What do you do here?" (Shows you haven't researched their role)
- ❌ "Can you tell me about the firm?" (Publicly available information you should already know)
- ❌ "Why should I work here?" (Comes across as entitled—you should be selling yourself, not the reverse)
Compensation and Benefits Questions
Save these for recruiter conversations or after receiving offers:
- ❌ "What's the bonus structure?" (Comes across as purely money-motivated)
- ❌ "How much do analysts make?" (Inappropriate for interviewer conversations)
- ❌ "What benefits do you offer?" (Wrong venue for this discussion)
Exception: Once you have an offer, these questions are completely appropriate for the recruiter.
Hours and Lifestyle Questions
While hours matter, asking about them in interviews signals you're not serious about banking:
- ❌ "What are the hours like?" (Shows you don't understand banking demands)
- ❌ "Do you work weekends?" (Banking involves weekend work—this is known)
- ❌ "What's the work-life balance?" (There isn't one in banking, and asking suggests unrealistic expectations)
Better approach: Ask analysts you network with outside of formal interviews about hours and lifestyle—they'll be more candid anyway.
Overly Aggressive or Inappropriate Questions
Don't put interviewers in uncomfortable positions:
- ❌ "Why did [senior banker] leave recently?" (Gossip territory)
- ❌ "I heard the group has high turnover—is that true?" (Confrontational framing)
- ❌ "How does this bank compare to [competitor]?" (Puts them in awkward position)
- ❌ "Do you like working here?" (Yes/no questions are awkward—make them explain)
Questions You Should Already Know
Don't ask about information that's easily researchable:
- ❌ "What industries does this group cover?" (On the website)
- ❌ "How many offices does the firm have?" (Publicly available)
- ❌ "What recent deals has the bank done?" (You should already know this)
How to Ask Questions Naturally
The delivery matters as much as the content of your questions.
Show You've Done Research
Reference specific information that demonstrates preparation:
Instead of: "What types of deals does the group work on?" Try: "I saw the group advised on [Company X]'s acquisition of [Company Y]. Are strategic acquisitions like that typical for your client base, or was that unique?"
This approach shows you've researched their work while still asking a genuine question that advances your understanding.
Ask Follow-Up Questions
Don't just run through your prepared list mechanically. Listen to answers and ask natural follow-ups:
Interviewer: "We focus primarily on middle-market technology M&A." Good follow-up: "What size range is typical for those deals? And how do middle-market tech deals differ from advising larger-cap technology companies?"
This creates genuine dialogue rather than interrogation, showing you're engaged with their responses.
Connect to Your Experience
Bridge questions to your background when relevant:
"In my internship at [Company], I saw how [relevant experience]. How does that compare to how things work here?"
This demonstrates you're not asking in a vacuum but connecting their world to your experience.
Read the Room
If your interviewer seems rushed or you've already used most of your time, be respectful of constraints:
"I know we're close on time, but I have one quick question about [topic]. Would that be okay?"
Shows social awareness and respect for their schedule.
Preparing Your Question Strategy
Don't improvise your questions on the spot. Prepare strategically before interviews.
Research Each Interviewer
Use LinkedIn and the firm's website to learn about each interviewer before your interview:
- What's their role? (Analyst, VP, MD determines which questions are appropriate)
- How long have they been at the firm? (Tenure affects what they can speak to credibly)
- What deals have they worked on? (Allows you to reference specific transactions)
- What's their background? (Shared schools, hometowns, or interests create natural connection points)
This research allows you to personalize questions rather than asking generic ones everyone asks.
Prepare 8-10 Questions Total
Have more questions prepared than you'll likely need:
- 3-4 questions about their personal experience and background
- 2-3 questions about the group and recent deals
- 2-3 questions about culture and team dynamics
- 1-2 questions about professional development
This variety ensures you can adapt based on what gets covered during the interview itself and who you're speaking with.
Prioritize Your Questions
Identify which questions matter most to you and ask those first. If time runs short, you'll have covered your priorities. Don't save your most important question for last and risk running out of time.
Write Questions Down
Bring a professional portfolio with your questions written down. It's completely acceptable to reference notes when asking questions—it shows you prepared thoughtfully rather than improvising.
Understanding common interview mistakes helps you avoid pitfalls during the questions portion and throughout conversations.
Handling Different Scenarios
When They Say They've Covered Everything
Sometimes interviewers preemptively address topics, saying "I think we've covered most of the basics—what questions do you have?"
Don't panic or say you have no questions. Instead:
"You've definitely covered a lot, but I'm curious about [specific aspect you haven't discussed in depth]. Can you tell me more about that?"
Or reference something they mentioned earlier:
"You mentioned earlier that [topic]—I'd love to hear more about your experience with that specifically."
When Time is Limited
If the interview is running long or they seem rushed:
"I know we're short on time, but could I quickly ask about [one specific question]?"
Shows respect for their time while ensuring you still ask something meaningful.
When You Interview with Multiple People
Avoid asking identical questions to multiple interviewers from the same firm. Vary your questions by:
- Tailoring to each person's level and role
- Asking some interviewers about deals/work, others about culture/development
- Following up on interesting points from previous conversations
If interviewers compare notes (they often do), asking thoughtful, varied questions across conversations demonstrates depth.
When You Genuinely Don't Have Questions
If you've had multiple conversations with the firm and genuinely feel informed, you can say:
"I've had the opportunity to speak with several people from the team already, and they've been incredibly generous with their time and insights. I feel like I have a strong sense of the group at this point."
Then add: "But I'm curious about [one thing]..."
Never end without asking at least one question unless absolutely no time remains.
Key Takeaways
- Your questions reveal genuine interest and preparation—treat this portion as seriously as answering their questions
- Tailor questions by interviewer level: analysts for day-to-day reality, VPs for group dynamics and career progression, MDs for strategy and long-term vision
- Ask about their personal experience: questions inviting reflection generate the most authentic, revealing responses
- Reference specific research: mention deals they've worked on or things you've learned about the group
- Avoid generic questions about culture, hours, or basic firm information available on the website
- Prepare 8-10 questions so you can adapt based on what gets covered and who you're speaking with
- Ask natural follow-ups rather than mechanically running through a list—create genuine dialogue
- Never say you have no questions unless truly out of time—always ask something meaningful
Conclusion
The questions you ask at the end of interviews significantly impact how interviewers perceive you. Thoughtful questions demonstrate genuine interest, research into the firm and role, and intellectual engagement with banking. Generic or poorly chosen questions suggest you're going through the motions without real commitment.
Prepare strategically by researching each interviewer, developing questions tailored to their level and experience, and thinking about what you genuinely want to know about the role and firm. Ask about their personal experiences and perspectives rather than information you could find on the website. Listen actively and ask natural follow-ups that create dialogue rather than interrogation.
Strong questions accomplish multiple goals simultaneously—they gather intelligence that helps you evaluate opportunities, demonstrate your engagement and preparation, and leave positive final impressions that differentiate you from other candidates. Invest time in developing thoughtful questions for each interview, and you'll stand out as someone who takes the process seriously and thinks critically about fit.
The candidates who succeed in banking recruiting aren't just those who answer questions well—they're those who ask excellent questions that reveal curiosity, preparation, and genuine interest in building a career at the firm. Master both sides of the interview conversation, and you'll dramatically improve your odds of converting interviews into offers.
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