The

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Q: What is investment banking?

Investment banks advise companies on mergers, acquisitions, and capital raises (IPOs, debt offerings, restructurings). Analysts and associates build financial models, prepare pitch books, and support deal execution. The major players include Goldman Sachs, J.P. Morgan, Morgan Stanley, and elite boutiques like Evercore, Centerview, and Lazard.

Q: Can you break into investment banking from a non-target school?

Yes, but the path is different. Without on-campus recruiting, you need aggressive networking (cold emails, LinkedIn, alumni outreach), steppingstone roles (boutique banks, Big 4 advisory, corporate banking), and airtight technicals to stand out. A top MBA is the most reliable reset if lateral recruiting does not work.

Q: What is the investment banking recruiting process?

Recruiting typically starts 12-18 months before the role begins. The pipeline is: networking and applications, then a HireVue or first-round phone screen (mostly technicals and fit), then a superday with 4-6 back-to-back interviews mixing behavioral and technical questions. Summer analyst offers often convert to full-time.

Q: What topics are tested in investment banking interviews?

Technical interviews cover accounting (three financial statements, how they link), valuation (DCF, comparable companies, precedent transactions), M&A (accretion/dilution, merger mechanics), and LBO modeling. Behavioral questions focus on your story, why banking, why this firm, and deal/market awareness. Most first rounds are 70% technical.

Q: How should I prepare for investment banking interviews?

Drill 200-400 technical questions across accounting, valuation, M&A, and LBO until answers are automatic. Practice your story and "why banking" pitch until they feel natural, not rehearsed. Study 2-3 recent deals in your target sector. Start 8-12 weeks before interviews and increase intensity as superdays approach.

Q: What do investment banking analysts actually do day-to-day?

Analysts build financial models (DCFs, LBOs, merger models), create pitch books and client presentations, run comparable company analyses, prepare CIMs for sell-side processes, and coordinate due diligence. Hours are typically 80-100 per week during live deals, with lighter stretches between transactions.

Q: What firms does OFFERGOBLIN cover?

35 firms spanning bulge brackets (Goldman Sachs, J.P. Morgan, Morgan Stanley, Bank of America), elite boutiques (Evercore, Centerview Partners, Lazard, Moelis, PJT Partners), and middle market banks (Houlihan Lokey, William Blair, Piper Sandler). Questions are sourced from real recruiting cycles across analyst and summer analyst interviews.

Q: What's included in the free tier?

10 questions per day from the full 3,500+ question bank, the complete articles library, and sample flashcard decks. Premium unlocks adaptive drilling, bank and round-specific filters, and 40 questions per day.

Q: Can I cancel my subscription anytime?

Yes. Cancel from your account settings at any time with no fees and no long-term commitment. Your premium access stays active through the end of your current billing period.

Real questions. Smart practice.From coffee chat to superday.

GOBLINMODE

Qatalyst

Annual interest of $20, equity value $1,000, EV/EBITDA 12x, P/E of 25x, interest of 10%, annual D&A of $30.

What is EV?

EV is $1,200. Back into Net Income ($1,000 ÷ 25 = $40), gross up for 20% taxes to get EBT of $50, add back interest ($20) to get EBIT of $70, add back D&A ($30) to get EBITDA of $100, then multiply by 12x. Cross-check: Equity ($1,000) + Debt ($200) = $1,200.

Intuition

Enterprise Value bridges from equity value to the total value of the firm by adding debt claims. The key here is that you cannot simply add interest and D&A to Net Income to get EBITDA — you must first gross up for taxes, since taxes sit between Net Income and EBT on the income statement. The balance sheet approach (Equity + Debt) serves as a clean cross-check.

Watch

The #1 trap is skipping the tax gross-up when backing from Net Income to EBITDA. If no tax rate is given, assume 20% and state it. You can verify your answer via the balance sheet: Equity Value ($1,000) + Debt ($200) = $1,200, which matches the income statement approach — always cross-check both ways.

Deep Dive

Determine Enterprise Value (EV) by working backwards through the income statement from Net Income to EBITDA, applying the EV/EBITDA multiple, and cross-checking via the balance sheet.

Assumption: No tax rate is provided, so we assume a 20% tax rate.

Step 1: Calculate Debt

Debt = \frac{Annual Interest}{Interest Rate} = \frac{20}{0.10} = $ 200

Step 2: Calculate Net Income from P/E

Net Income = \frac{Equity Value}{P/E} = \frac{1 , 000}{25} = $ 40

Step 3: Gross up for taxes to get EBT

EBT = \frac{Net Income}{1 - Tax Rate} = \frac{40}{1 - 0.20} = \frac{40}{0.80} = $ 50

Step 4: Back into EBIT and EBITDA

EBIT = EBT + Interest = 50 + 20 = $ 70

EBITDA = EBIT + D&A = 70 + 30 = $ 100

Step 5: Apply EV/EBITDA multiple

EV = EBITDA \times 12 = 100 \times 12 = $ 1, 200

Cross-check via balance sheet:

EV = Equity Value + Debt = 1, 000 + 200 = $ 1, 200 ✓

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FAQ

What is investment banking?

Can you break into investment banking from a non-target school?

What is the investment banking recruiting process?

What topics are tested in investment banking interviews?

How should I prepare for investment banking interviews?

What do investment banking analysts actually do day-to-day?

What firms does OFFERGOBLIN cover?

What's included in the free tier?

Can I cancel my subscription anytime?

FAQ