Investment Banking Interview Guides

    Go beyond standard IB prep. Master the industry-specific knowledge your interviewers actually expect.

    Interview-ready versions

    Every guide below also comes as a condensed track: a short sequence of focused reads, each with MCQ checkpoints to lock the concepts in, covering exactly what you need to be ready in the room. Part of Premium, except Valuation, which is free for everyone.

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    Core topics

    The technicals every interview tests, taken to the depth interviewers probe.

    The Ultimate Guide to Valuation in Investment Banking

    The Ultimate Guide to Valuation in Investment Banking

    A complete guide to valuation in investment banking, covering DCF, comps, precedent transactions, LBO analysis, and M&A merger consequences. Sector-specific methods, advanced techniques, and interview preparation with the depth needed for technical interviews.

    132
    15h 34m
    229
    01Master DCF analysis from free cash flow projections through WACC and terminal value to implied share price
    02Build and interpret comparable company and precedent transaction analyses with professional-grade judgment
    03Understand LBO mechanics, debt structures, and returns analysis from a financial buyer perspective
    04Analyze M&A merger consequences including accretion/dilution, synergy valuation, and fairness opinions
    05Apply sector-specific valuation frameworks across technology, financial institutions, energy, healthcare, and more
    06Prepare for valuation interview questions with verbal frameworks, paper LBOs, and modeling test strategies
    The Ultimate Guide to Accounting for Investment Banking

    The Ultimate Guide to Accounting for Investment Banking

    A complete guide to accounting from the banker's seat, from the three financial statements to deal accounting. Covers how the statements link, how transactions flow through them, taxes, leases, consolidation, M&A accounting, earnings quality, and the accounting interview.

    171
    22h 49m
    157
    01Understand the three financial statements, the accounting equation and how they link
    02Trace any transaction through all three statements and confirm the balance sheet balances
    03Evaluate key line items: revenue, working capital, fixed assets, leases, debt and equity
    04Master deferred taxes, net operating losses and the deal accounting behind M&A and goodwill
    05Analyze earnings quality, IFRS differences and industry accounting for banks and REITs
    06Prepare for accounting interviews, from the statement walkthrough to advanced questions

    Sector guides

    How each coverage group works, the deals it runs, and what its interviews ask.

    Breaking Into TMT Investment Banking: The Complete Guide

    Breaking Into TMT Investment Banking: The Complete Guide

    A comprehensive guide to TMT investment banking covering software/SaaS, internet platforms, semiconductors, IT services, media, and telecom. Sub-sector business models, valuation methods, M&A dynamics, and interview preparation.

    94
    11h 17m
    156
    01Understand how TMT coverage groups are organized and how they differ across banks and sub-sectors
    02Master the business models, unit economics, and key metrics for each TMT sub-sector
    03Apply sub-sector-specific valuation frameworks from revenue multiples to cyclical adjustments
    04Analyze TMT M&A deal dynamics including tech antitrust, IP diligence, earnouts, acqui-hires, and PE take-privates in software
    05Navigate current market themes from AI infrastructure to streaming consolidation
    06Prepare for TMT IB interviews with sector-specific technicals, deal discussions, and stock pitches
    Breaking Into FIG Investment Banking: The Complete Guide

    Breaking Into FIG Investment Banking: The Complete Guide

    A complete guide to FIG investment banking, covering banks, insurance, asset management, specialty finance, fintech, and exchanges. Sector-specific valuation, regulatory capital, M&A deal structures, and interview prep with the depth needed for FIG group interviews.

    153
    18h 29m
    159
    01Understand how FIG groups work and why debt is raw material
    02Master bank, insurance, and asset manager accounting and metrics
    03Apply DDM, P/TBV, Embedded Value, and Excess Return valuation
    04Analyze regulatory capital impact on FIG M&A deal structures
    05Navigate fintech disruption, bank consolidation, and market trends
    06Prepare for FIG interviews with sector-specific technical questions
    Breaking Into Healthcare Investment Banking: The Ultimate Guide

    Breaking Into Healthcare Investment Banking: The Ultimate Guide

    A comprehensive guide to healthcare investment banking, covering pharma, biotech, medtech, healthcare services, and life sciences tools. Covers sub-sector fundamentals, valuation methods, M&A deal structures, and interview preparation with the depth needed for healthcare group interviews.

    135
    14h
    152
    01Understand how healthcare IB groups are organized and how they differ from other coverage groups
    02Master the regulatory, reimbursement, and payer dynamics that shape every healthcare deal
    03Apply sub-sector-specific valuation frameworks for pharma, biotech, medtech, services, and life sciences tools
    04Analyze healthcare M&A deal structures including CVRs, earnouts, and regulatory risk allocation
    05Navigate current market dynamics including GLP-1 impact, IRA implications, and patent cliffs
    06Prepare for healthcare IB interviews with sector-specific technical and behavioral questions
    Breaking Into Energy Investment Banking: The Complete Guide

    Breaking Into Energy Investment Banking: The Complete Guide

    A complete guide to energy investment banking covering upstream E&P, midstream, downstream, oilfield services, power and utilities, and the energy transition. Commodity fundamentals, NAV valuation, deal structures, and interview preparation.

    132
    18h 20m
    152
    01Master commodity market fundamentals including oil, gas, and NGL pricing, hedging instruments, and forward curve analysis
    02Build and interpret NAV models, E&P trading comps, and midstream DCFs using energy-specific valuation frameworks
    03Understand the business models, financial statements, and key metrics unique to each energy sub-sector
    04Analyze energy deal structures including reserve-based lending, A&D transactions, DrillCos, and MLP mechanics
    05Navigate the energy transition landscape across solar, wind, storage, hydrogen, nuclear, and carbon capture
    06Prepare for energy IB interviews with sector-specific technical walkthroughs and commodity market discussions
    Breaking Into Industrials Investment Banking: The Complete Guide

    Breaking Into Industrials Investment Banking: The Complete Guide

    A complete guide to industrials investment banking covering aerospace and defense, capital goods, building products, packaging, waste services, and transportation. Cyclical valuation, mid-cycle EBITDA, PE roll-ups, conglomerate SOTP, and interview preparation.

    101
    12h 27m
    118
    01Master cyclical valuation using mid-cycle EBITDA, through-cycle multiples, and replacement cost analysis
    02Understand the business models and financial drivers across A&D, capital goods, building products, packaging, waste, and transport
    03Build industrials financial models with backlog conversion, working capital cycles, and incremental margin analysis
    04Analyze PE roll-up economics including platform and bolt-on strategies, multiple arbitrage, and the services premium
    05Apply SOTP valuation to industrial conglomerates and understand the 2024-2026 breakup wave
    06Prepare for industrials IB interviews with sector-specific technical frameworks and deal discussions
    Breaking Into Real Estate Investment Banking: The Complete Guide

    Breaking Into Real Estate Investment Banking: The Complete Guide

    A complete guide to real estate investment banking covering REITs, the major property types, CMBS and CRE debt, private RE capital, and M&A. Walks through NAV-based valuation, REIT mechanics, take-privates, sale-leaseback advisory, and interview preparation.

    207
    29h 54m
    139
    01Master real estate fundamentals: cap rates, NOI, NAV, AFFO, lease structures, debt metrics
    02Understand REIT mechanics: qualification rules, UPREIT structures, distribution requirements
    03Analyze the major property types, from office and multifamily to data centers and hospitality
    04Navigate REIT capital markets, CMBS, agency multifamily debt, and private credit lending
    05Apply RE-specific deal structures: take-privates, sale-leasebacks, OPCo/PropCo, JV recaps
    06Prepare for RE IB interviews with NAV walkthroughs, modeling tests, and recent deal discussions
    The Complete Consumer and Retail Investment Banking Guide

    The Complete Consumer and Retail Investment Banking Guide

    A complete guide to consumer and retail investment banking covering food and beverage, household and personal care, apparel and luxury, retail, restaurants, and gaming and leisure. Brand and channel economics, same-store sales and unit economics, consumer valuation, deal dynamics, and interview preparation.

    98
    14h 10m
    112
    01Understand how consumer and retail groups are organized and who their main clients are
    02Analyze consumer demand, brand equity, pricing power and channel economics
    03Master business models across staples, discretionary, retail, restaurants and leisure
    04Apply consumer KPIs from same-store sales to four-wall EBITDA and lease-adjusted leverage
    05Value consumer companies and analyze staples breakups, brand deals and financings
    06Prepare for consumer and retail interviews with valuation walkthroughs and stock pitches

    Product guides

    The product and specialist seats: equity, debt, restructuring, private capital and sponsors.

    The Complete Equity Capital Markets (ECM) Guide

    The Complete Equity Capital Markets (ECM) Guide

    A complete guide to equity capital markets in investment banking, covering IPOs, follow-on offerings, convertibles, direct listings, and SPACs. Walks through the full deal lifecycle from S-1 drafting and bookbuilding to underwriting economics, investor targeting, and the ECM interview.

    101
    15h 21m
    156
    01Understand how ECM teams are organized and how they coordinate with industry coverage and syndicate desks
    02Master the IPO process from S-1 drafting through roadshow, bookbuilding, pricing, and aftermarket trading
    03Compare SPACs, direct listings, dual-track processes, and reverse mergers as alternatives to a traditional IPO
    04Apply the post-IPO equity toolkit including follow-ons, block trades, accelerated bookbuilds, ATMs, and convertible bonds
    05Analyze IPO valuation methodologies, the IPO discount, dilution, lockup mechanics, and fee economics
    06Prepare for ECM interviews with sector-specific technicals, current market color, and discussion of recent landmark deals
    The Complete Debt Capital Markets (DCM) Guide

    The Complete Debt Capital Markets (DCM) Guide

    A complete guide to debt capital markets in investment banking, covering investment-grade and high-yield bonds, sovereigns and supranationals, leveraged loans, and private credit. Walks through the full bond issuance lifecycle from documentation and pricing to ratings, healthy-issuer liability management, and the DCM interview.

    88
    15h 17m
    144
    01Understand how DCM teams are organized across corporate, FIG, SSA, and syndicate desks
    02Master the bond issuance lifecycle from mandate through documentation, pricing, and settlement
    03Compare investment grade, high yield, and SSA bonds across mechanics, covenants, and investors
    04Analyze leveraged loans, syndicated TLBs, and the private credit market from the DCM banker's seat
    05Apply bond math, yield curves, credit spreads, duration, and ratings to real pricing decisions
    06Prepare for DCM interviews with technicals, recent issuances, and the iconic bond math questions
    The Complete Restructuring Investment Banking Guide

    The Complete Restructuring Investment Banking Guide

    A complete guide to restructuring investment banking, covering Chapter 11, out-of-court restructurings, liability management transactions, and distressed M&A. Walks through the full lifecycle from DIP financing to recovery waterfalls, the major RX firms, and the restructuring interview.

    87
    17h 43m
    137
    01Understand how restructuring teams are organized, debtor vs creditor mandates, and the major RX firms
    02Diagnose financial distress using the 13-week cash flow and capital structure analysis
    03Apply the out-of-court toolkit from distressed exchanges to LMTs like uptiers and drop-downs
    04Navigate the full Chapter 11 process from first-day motions and DIP financing through plan voting and confirmation
    05Analyze distressed M&A, 363 sales, the recovery waterfall, and how the fulcrum security drives valuations
    06Prepare for restructuring interviews with technicals, recent cases, and walk-throughs
    The Complete Private Capital Advisory and Secondaries Guide

    The Complete Private Capital Advisory and Secondaries Guide

    A complete guide to private capital advisory, the investment banking group that advises funds and their investors on secondaries, continuation vehicles, fundraising, GP stakes, and fund finance. Covers fund economics, LP-led and GP-led secondaries, the buyer universe, the latest market data, and the PCA interview.

    80
    12h 15m
    140
    01Understand what private capital advisory does, how it differs from sponsors coverage, and who the major franchises are
    02Master fund economics: the LPA, fees and carry, waterfalls, DPI and TVPI, and how NAV is set
    03Navigate LP-led secondaries from the portfolio sale process to pricing at a discount to NAV
    04Analyze GP-led secondaries and continuation vehicles, including LP elections, carry economics, and conflicts
    05Evaluate fundraising, GP stakes, NAV loans, and preferred equity as the wider private capital toolkit
    06Prepare for PCA interviews with the continuation vehicle and LP portfolio sale walkthroughs and the latest market data
    The Complete Financial Sponsors Group (FSG) Guide

    The Complete Financial Sponsors Group (FSG) Guide

    A complete guide to financial sponsors coverage, the investment banking group that serves private equity firms and other sponsors as clients. Covers the sponsor universe, the fund model behind sponsor behavior, buyouts and take-privates, acquisition financing, holding-period work, exits, and the FSG interview.

    78
    12h
    78
    01Understand how financial sponsors coverage works, who owns what on a sponsor deal, and how banks organize it
    02Map the sponsor universe from mega funds and sector specialists to sovereign wealth funds and European sponsors
    03Read sponsor behavior through the fund model: fund life, DPI pressure, dry powder, and return hurdles
    04Navigate sponsor buy-side work from auctions and take-privates to carve-outs and deal-certainty terms
    05Analyze acquisition financing from the coverage seat, including underwriting, staple financing, and private credit
    06Prepare for FSG interviews with the sponsor-lens deal walkthrough, recent deals, and the why-sponsors answer
    In Progress

    New Guides Are on the Way

    We are expanding this collection to cover every major IB group and sector. Each guide follows the same rigorous format: expert-written articles, practice questions, and interview-ready frameworks.

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