How to Answer

Why This Question Matters More Than You Think

"Why this bank specifically?" tests something different than "Why investment banking?" While the broader question assesses your understanding of and interest in the industry, the firm-specific question evaluates whether you have genuine, researched interest in this particular organization versus a generic desire to work anywhere that offers you a position.

Every interviewer has heard candidates give identical answers across competing firms. They know you are likely interviewing at multiple banks. What separates strong candidates is the ability to articulate specific, credible reasons why their firm stands out from alternatives. This demonstrates not only preparation but also the judgment to evaluate options thoughtfully and the communication skills to explain your reasoning persuasively.

The firm-specific question also serves as a proxy for your future performance. Banking requires extensive research on companies and deals. If you cannot thoroughly research a potential employer, interviewers question whether you will research clients, industries, and transactions with the rigor the job demands. Your answer reveals work ethic, attention to detail, and genuine intellectual curiosity before you ever touch a live deal.

Getting this question right significantly impacts your candidacy because it comes at a high-stakes moment. Interviewers often ask it toward the end of conversations when impressions are crystallizing, or early as a screening question that determines how much effort they invest in evaluating you further.

How This Differs from "Why Investment Banking?"

Understanding the distinction between these questions helps you structure answers appropriately.

"Why investment banking?" addresses your motivation for the industry and career path:

What attracts you to transaction advisory work
Why IB over consulting, corporate finance, or other alternatives
What skills you want to develop
How your background led to this interest

"Why this bank specifically?" addresses your choice of this particular firm:

What differentiates this bank from competitors
Why you would choose this firm if you had multiple offers
What specific aspects of their platform, culture, or opportunities appeal to you
Evidence that you have researched them specifically

A strong answer to "why investment banking" explains your interest in the profession. A strong answer to "why this bank" explains why this firm is the right place for you to pursue that profession. You need both prepared, and they should connect logically without overlapping.

For guidance on the broader question, see our complete guide on why investment banking, then use this article to craft your firm-specific responses.

What Interviewers Actually Evaluate

When assessing your answer, interviewers evaluate several dimensions simultaneously.

Genuine Research and Preparation

Interviewers want evidence that you invested meaningful time learning about their firm specifically. This means going beyond information everyone knows (their ranking, major deals, basic facts) to demonstrate deeper understanding of what makes them distinctive.

Signs of genuine research include:

Referencing specific deals and explaining why they interested you
Mentioning conversations with current employees and what you learned
Understanding their competitive positioning in specific sectors or products
Knowing details about training programs, culture, or recent developments

Signs of superficial research include:

Vague statements about being a "top firm" or having "great deals"
Mentioning only the most famous transactions everyone knows
Generic culture descriptions that could apply to any bank
Inability to answer follow-up questions about points you raised

Logical Fit with Your Interests

Your firm-specific reasons should connect to your broader narrative about why you want banking and what you want to learn. If you have expressed interest in healthcare M&A, explaining that this firm has a strong healthcare practice creates logical coherence. If your interests do not align with the firm's strengths, interviewers question whether you have really thought through your choices.

Strong answers demonstrate you have evaluated multiple options and determined this firm offers the best fit for your goals. This is not about flattery; it is about articulating a reasoned choice based on your priorities.

Authenticity Over Flattery

Experienced interviewers detect empty flattery immediately. Saying "I want to work here because it's the best bank" or "everyone knows your firm is the most prestigious" signals you have not done real research and are defaulting to generic compliments.

Authentic answers acknowledge tradeoffs and demonstrate genuine evaluation. Every firm has strengths and weaknesses relative to alternatives. Showing you understand this and have reasons for preferring this firm's particular profile demonstrates maturity and judgment.

Ability to Articulate Clearly

How you deliver your answer matters as much as the content. Interviewers evaluate your communication skills through this question. A rambling, unfocused answer suggests you will produce rambling, unfocused client materials. A clear, structured response demonstrates the communication abilities banking demands.

Aim for 60 to 90 seconds on this question, organized around two to three specific reasons with supporting evidence. This length allows you to provide substance without losing the interviewer's attention.

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Research Strategies for Building Your Answer

Thorough research distinguishes outstanding answers from generic ones. Invest time in these sources before every interview.

Recent Deals and Transactions

Review the firm's recent transaction announcements through their website, press releases, and deal databases. Focus on understanding:

Deal types: What kinds of transactions do they advise on most frequently? Are they known for large-cap M&A, middle-market deals, restructuring, or specific products like leveraged finance?

Industry focus: Which sectors appear repeatedly in their deal flow? Do they have particular strength in technology, healthcare, industrials, or other industries?

Notable transactions: Identify two to three deals you can discuss intelligently. Read the press releases, understand the strategic rationale, and consider why those deals were interesting from an advisory perspective.

When referencing deals, demonstrate you understand the substance rather than just the headline. Instead of "I saw you advised on Company X's acquisition," try "I followed your advisory work on Company X's acquisition of Company Y, particularly how the deal addressed Company X's expansion into the European market. The cross-border complexity seemed like exactly the kind of transaction where your international platform would add significant value."

Conversations with Current Employees

Networking conversations provide insights unavailable through public research. When speaking with current analysts, associates, or more senior bankers, ask about:

What they find distinctive about working at this firm versus alternatives
How the culture and team dynamics actually feel day-to-day
What types of deals they work on most frequently
What they wish they had known before joining

Reference these conversations in your interview answer: "In my conversation with [Name] from your [Group], she mentioned that the team has a particularly collaborative approach to staffing analysts across different deal types. That breadth of exposure early in my career is exactly what I'm looking for."

This demonstrates you have invested time networking and have firsthand intelligence beyond public information.

Firm Strategy and Positioning

Understand how the firm positions itself competitively. Each bank has a different profile:

Bulge brackets emphasize global reach, full-service capabilities, and ability to handle the largest, most complex transactions. They offer brand recognition and extensive resources but may have more structured, less entrepreneurial cultures.

Elite boutiques emphasize conflict-free advice, senior banker attention, and focus on pure advisory without capital markets distractions. They may offer more responsibility earlier but with smaller deal teams and less institutional infrastructure.

Middle-market firms emphasize access to a different segment of clients, potentially more client contact earlier in your career, and expertise in growth-stage companies or specific niches.

Articulate why this firm's particular positioning appeals to you given your goals. If you want the broadest possible training across products and geographies, explain why a global bank's platform serves that goal. If you prefer senior banker mentorship and conflict-free advice, explain why a boutique's model appeals to you.

For context on different bank types, see our comparison of bulge bracket, boutique, and middle-market banks.

Training Programs and Culture

Research the firm's approach to developing junior talent:

Formal training: How long is the training program? What does it cover? Do they have ongoing education or just initial onboarding?

Mentorship structure: Do analysts have formal mentors? How are juniors staffed and developed? What do current employees say about support and guidance?

Culture characteristics: Is the environment described as collaborative or competitive? Entrepreneurial or structured? What is the reputation for work-life considerations within banking norms?

These factors legitimately influence your experience as an analyst. If genuine differences exist that matter to you, reference them specifically.

Framework for Structuring Your Answer

Organize your response around two to three specific, substantiated reasons rather than a laundry list of generic points. Each reason should include evidence demonstrating you have done genuine research.

Structure Template

Opening: Brief acknowledgment that you are interviewing at multiple firms and have thought carefully about what differentiates them.

Reason 1: First specific aspect of the firm that appeals to you, with evidence.

Reason 2: Second specific aspect, with evidence from a different category (deals, culture, people, positioning).

Reason 3 (optional): Third aspect if time permits and you have genuinely distinct points.

Closing: Brief statement connecting these reasons to your goals and confirming this is your top choice (if true).

Example Answer Structure

"I've been fortunate to interview at several strong firms, so I've thought carefully about what differentiates each one. Three things specifically draw me to [Bank Name].

First, your strength in [specific sector/product]. I followed your advisory work on [specific deal], and the complexity of that transaction, particularly [specific aspect], represents exactly the type of work I want to learn early in my career. The volume of [relevant deal type] your team executes would give me significant exposure to [specific skills/experience].

Second, the culture I've heard about from [name] and [name] in your [group]. Both mentioned the collaborative approach to staffing and genuine investment in analyst development. [Specific example or detail they shared]. That environment is exactly where I believe I'll learn the most and contribute effectively.

Third, your firm's positioning as [specific positioning]. I'm drawn to [specific aspect of that positioning] because [reason connected to your goals]. This aligns with what I'm looking for in my first role in banking.

Given these factors, [Bank Name] is genuinely my top choice, and I'm excited about the opportunity to contribute to your team."

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Tailoring Your Answer by Bank Type

Different types of banks require different emphasis in your answer.

Bulge Bracket Banks

For Goldman Sachs, Morgan Stanley, JPMorgan, and similar global banks, emphasize:

Global platform and ability to work on cross-border transactions
Full-service capabilities across M&A, capital markets, and other products
Resources, training infrastructure, and established analyst programs
Brand recognition and breadth of exit opportunities
Specific groups or products where they have particular strength

Sample reason: "Your global platform is particularly appealing because I'm interested in cross-border M&A. The [specific deal] demonstrated how you can coordinate teams across multiple regions to execute complex transactions. That kind of experience would be difficult to replicate at a smaller firm without international offices."

Elite Boutiques

For Lazard, Evercore, Centerview, PJT Partners, Moelis, and similar advisory-focused firms, emphasize:

Pure advisory focus without capital markets conflicts
Senior banker involvement and lean deal teams
Quality of advice over product pushing
Specific sectors or situations where they excel
Entrepreneurial culture and direct responsibility

Sample reason: "I'm drawn to your pure advisory model because I want to develop in an environment where the focus is entirely on providing the best strategic advice to clients, without pressure to cross-sell products. My conversation with [Name] confirmed that junior bankers here get significant direct client exposure earlier than at larger banks, which is exactly what I'm looking for."

Middle-Market Banks

For Baird, Harris Williams, William Blair, Lincoln International, and similar middle-market focused firms, emphasize:

Access to growth companies and entrepreneurial clients
More client contact and responsibility earlier in your career
Expertise in specific sectors or deal types
Collaborative culture often present in smaller teams
Differentiated client base from bulge bracket coverage

Sample reason: "I'm specifically interested in middle-market M&A because that's where I see the most interesting combination of deal complexity and direct client interaction. Your sector focus in [industry] aligns with my background in [relevant experience], and I've heard from [Name] that analysts here have genuine client exposure from the start."

Common Mistakes to Avoid

Being Generic

Weak: "I want to work here because you're a top bank with great deals and smart people."

This could describe any competitive bank. It reveals no specific research and gives the interviewer nothing to remember.

Better: "I'm drawn to your restructuring practice specifically. Your work on [Company's] out-of-court restructuring last year demonstrated creative solutions that maximized recovery for all stakeholders. That type of complex, high-stakes advisory work is exactly what I want to learn."

Focusing Only on Rankings or Prestige

Weak: "You're consistently ranked number one in M&A league tables, so clearly this is where the best bankers work."

League table positions do not differentiate you as a candidate because everyone knows them. Interviewers want to understand your personal reasons, not recitations of public rankings.

Better: "Beyond your strong market position, what specifically appeals to me is [specific factor based on your research]. That's something I couldn't get at every firm, and it aligns with my goals because [reason]."

Contradicting Your Other Answers

If you told a boutique interviewer you value lean teams and senior mentorship, do not tell a bulge bracket interviewer you value extensive resources and large deal teams. Interviewers compare notes with peers, and inconsistency destroys credibility.

Have genuine reasons for interest in each firm you interview with, and ensure your narrative remains coherent even if different aspects appeal to you at different places.

Mentioning Compensation or Exit Opportunities

Never say: "Your firm has the best exit opportunities to private equity" or "I know you pay at the top of the market."

Even if true, these reasons suggest you are focused on leaving rather than contributing. Interviewers want candidates who want to be there, not candidates treating banking as a means to an end.

Failing to Prepare for Follow-Ups

Interviewers probe answers that seem rehearsed or superficial:

"Tell me more about that deal you mentioned."
"What specifically did [Name] say about our culture?"
"What makes that aspect more important to you than alternatives?"
"How did you develop that interest in our [specific group]?"

If you cannot answer follow-ups credibly, your initial answer loses impact. Only reference deals, conversations, or specifics you can discuss in depth.

Handling Follow-Up Questions

Prepare for common follow-up probes that test whether your answer reflects genuine research.

"What specifically about that deal interested you?"

Be ready to discuss any deal you mention beyond the headline. Know the buyer, seller, strategic rationale, approximate size, and why it was notable from an advisory perspective.

"What did [Name] tell you about working here?"

If you reference networking conversations, remember specifics. What did they say about the culture, deals, development, or experience? Generic recollections ("they said it was great") undermine your credibility.

"How does that compare to other firms you're interviewing with?"

Tread carefully here. You can acknowledge considering alternatives without disparaging competitors: "Other firms have their strengths, but [specific factor] particularly appeals to me here because [reason connected to your goals]."

"Is this your top choice?"

Answer honestly. If it is genuinely your top choice, say so confidently. If it is one of several strong options you are evaluating, you can say: "This is definitely one of my top choices. I'm fortunate to be speaking with several strong firms, but [Bank Name] stands out because [genuine reason]."

Never claim a firm is your top choice if you would decline an offer for a competitor, as recruiters sometimes test this.

Connecting to Your Broader Narrative

Your firm-specific answer should fit seamlessly with your other interview responses.

Alignment with "Why Investment Banking?"

If your "why banking" answer emphasizes M&A advisory and learning valuation, your firm-specific answer should connect: "Your strength in [M&A area] directly aligns with what I'm most excited to learn."

Alignment with Your Resume Walkthrough

If your background emphasizes certain industries or experiences, reference relevant firm capabilities: "Given my experience in [industry], your [industry group] is particularly appealing."

Alignment with Your Goals

If you discuss long-term interest in staying in banking or transitioning to specific opportunities, your firm choice should support that trajectory.

Preparing how to connect these elements creates a coherent narrative that feels authentic rather than fragmented answers that do not relate to each other. For guidance on presenting your background cohesively, see our guide on walking through your resume.

Key Takeaways

This question tests firm-specific research, not generic interest in banking; generic answers signal insufficient preparation
Invest meaningful time researching deals, talking to employees, and understanding competitive positioning
Structure answers around two to three specific reasons with evidence for each, not laundry lists of generic points
Reference specific deals you can discuss in depth, not just headlines you have seen
Mention networking conversations and what you learned from current employees
Tailor your answer by bank type: global platform for bulge brackets, advisory focus for boutiques, client access for middle-market
Avoid generic statements about prestige, rankings, or "great people and deals" that apply to any firm
Prepare for follow-up questions that probe whether your research is genuine
Connect to your broader narrative so firm-specific reasons align with your "why banking" answer and background

Conclusion

"Why this bank specifically?" appears in nearly every investment banking interview because it efficiently distinguishes candidates who have done genuine research from those applying indiscriminately. The question tests multiple competencies simultaneously: research ability, judgment in evaluating options, communication skills, and authentic interest in the specific opportunity.

Strong answers require real preparation. You cannot craft a compelling firm-specific response the night before an interview. Start researching target firms early in your recruiting process. Network with current employees to gather insights unavailable through public sources. Follow their deals and understand their competitive positioning. Develop genuine opinions about what makes each firm distinctive and why those distinctions matter to you.

When you can articulate specific, credible reasons for choosing this particular firm, supported by evidence from your research and conversations, you demonstrate exactly the qualities that make successful investment banking analysts: thorough preparation, clear thinking, and persuasive communication. Those qualities set you apart from candidates giving the same generic answers at every interview and significantly improve your chances of converting interviews into offers.