How your university choices or early internships built upon that interest.
The "Breaking Into Wall Street" (BIWS) Investment Banking Interview Guide is a widely recognized resource designed to help candidates master both the "fit" and technical aspects of banking interviews. It is often referred to in the industry as the "400 Questions" guide. Core Content of the BIWS Interview Guide
Filter out candidates who lack basic financial literacy or communication skills.
| Advanced Topic | Description | Relevance to Interviews | | :--- | :--- | :--- | | | Determines if a deal will increase (accretive) or decrease (dilutive) a buyer's EPS | Standard question for M&A-focused roles or bulge bracket banks. | | Leveraged Buyouts (LBOs) | Acquisition using significant borrowed money, with cash flows used to pay down debt | Essential for private equity recruiting and common in later-round IB interviews. | How your university choices or early internships built
High interest expense on new debt, printing a high volume of new stock, or excessive intangible asset amortization.
Landing an investment banking analyst or associate role on Wall Street is one of the most competitive career pursuits in the world. With acceptance rates at top-tier firms like Goldman Sachs, Morgan Sachs, and J.P. Morgan hovering below 2%, preparation cannot be left to chance.
Networking intensifies. Applications for summer analyst positions open up to 18 months before the internship begins. Core Content of the BIWS Interview Guide Filter
Breaking into Wall Street is a marathon, not a sprint. The technicals get you the interview, but your "fit" and "hunger" get you the job.
Enterprise Value-to-EBITDA (EV/EBITDA), Price-to-Earnings (P/E), EV/Revenue.
For the uninitiated, the BIWS guide is famous for three sections: | High interest expense on new debt, printing
Share a genuine professional or academic failure, take full responsibility, and explain the concrete steps you took to ensure it never happened again. 4. Technical Interview Concepts
If I ask, “How does a $10 depreciation increase affect net income?” and you recite a script rather than walking me through the waterfall (EBITDA -> EBIT -> Pretax Income -> Net Income), I know you’re a parrot, not a banker.
Senior professionals including Vice Presidents (VPs), Managing Directors (MDs), and Partners.