Barclays 2028 phone screen and first-round guide

For
2028 summer analysts
Sources
8 cited

Booked for a Barclays phone screen or first round? Barclays runs a phone screen, then one or two first-round interviews in waves before the superday. Here is the format, the questions each round has asked and how to prepare.

A student seated on a bench in a quiet glass-walled hallway of a campus business school building on a gray December morning, a phone to one ear, an open padfolio of handwritten formulas on their lap and a backpack beside them.
Barclays runs a phone screen, then one or two first-round interviews of 20 to 30 minutes, in waves from mid-December for summer 2027.

Key facts

  • The steps: A phone screen, then one or two first-round interviews before the superday. New York Coverage/M&A had a screen and two back-to-back first rounds; New York M&A had one first round (both summer 2027).3,4,6
  • The phone screen: In Coverage/M&A the screen was framed as a networking call, after a referral through the school's Barclays team. For summer 2027, screening calls ran from mid-December 2025 into January 2026, and one was called "super chill".4,3
  • First rounds: Two back-to-back 20-minute first rounds in New York Coverage/M&A, both technical; a mid-January 2026 technical screen in New York M&A (both summer 2027).4,6
  • Sales and Trading: A one-on-one first round by phone for 30 minutes, casual, with a brainteaser (New York, Mar 2025, summer 2026).5,8
  • Timing: For summer 2027, first rounds ran in waves: New York credit research in mid-December 2025, New York M&A in mid-January 2026, and San Francisco expected January.3,6
  • After it: The superday came a few weeks after the first round in New York M&A; Coverage/M&A waited from late January to late February 2026 for the last March superday (both summer 2027).6,4

Networking carries weight here: each New York account that describes a first round got there after a referral or alumni help. Talk to your school's Barclays team before the screen.4,5,6

What the Barclays interview looks like

  1. Where it sits

    After the SHL test, and for some applicants a HireVue, the portal status has read "Preliminary Conversations". A phone screen comes next, then one or two first-round interviews, then the superday. Barclays told summer 2027 applicants it would run first rounds in several waves.3,7,4,6

  2. The phone screen

    A relaxed call. For summer 2027 screens ran from mid-December 2025 into January 2026; one interviewer did his before the new year while colleagues waited until after it, and one applicant had a screen about a week after the test. In New York Coverage/M&A it was framed as a networking call, after a referral through the school's Barclays team. Equity research applicants had phone screenings too.3,4

  3. The first rounds

    New York Coverage/M&A ran two back-to-back first rounds of 20 minutes each, both technical, before late January 2026 (summer 2027). New York M&A ran one first round in mid-January 2026 that was a technical screen (summer 2027). Sales and Trading in New York ran a 30-minute one-on-one first round by phone (Mar 2025, summer 2026).4,6,5

  4. What they ask

    Investment banking first rounds are technical: valuation methods and their downsides, WACC, enterprise value, working capital and free cash flow, LBOs, MOIC and IRR, and a deal you have followed, plus your internships and projects. Sales and Trading was casual, with a brainteaser.4,6,5,8

  5. How to answer

    Barclays looks for people who communicate and collaborate well, handle pace and pressure, and want to understand what the business does and why. Keep technical answers short and structured, and expect follow-ups that drill into a deal you name.2,4

  6. After it

    The superday came a few weeks after the first round in New York M&A. In Coverage/M&A the wait ran from late January to late February 2026 (summer 2027) for the last March superday; the summer 2027 thread put the last New York Coverage superday on March 4, 2026. If you are studying abroad, Barclays will try to arrange a virtual assessment.6,4,3,1

Before your screen and first round

  • Your portal checked: for summer 2027 it read "Preliminary Conversations" after the test, for applicants with and without a screen booked.
  • A two-minute story of your resume, and how your experience connects to investment banking.
  • WACC and its formula, the three main valuation methods and the downside of each, enterprise value to equity value.
  • Net working capital and what happens to free cash flow when it rises.
  • One M&A deal or IPO you can explain: how it was paid for, the leverage, and the downside.
  • An LBO walk-through, MOIC against IRR, and the levers that raise returns.
  • A clear answer on why Barclays, and on whether Barclays is your first choice.

The questions

The screen is mostly conversation; the first rounds are where the technicals come. Expect valuation, LBO and deal questions in investment banking, and a brainteaser in Sales and Trading.3,4,5,6

  • Valuation: Same EBITDA, different EV; WACC; the main methods, their downsides and their ranking.
  • Accounting: Net working capital and free cash flow; depreciation through the statements.
  • LBO: Walk me through an LBO, MOIC against IRR, the levers on returns, why it sets a floor price.
  • Deals: An M&A deal or IPO you follow: how it was paid for, leverage risk, the downside.
  • Experience: Your internships, a project, and how your background connects to banking.
  • Brainteaser: A short logic puzzle, as in Sales and Trading.

Which division question you get

Investment Banking Coverage/M&A, New York
Jan to Mar 2026 (summer 2027): a screen framed as a networking call, then two back-to-back 20-minute technical first rounds: valuation, WACC, NWC, LBO, MOIC and IRR, a deal you follow.4,8
M&A, New York
Jan 2026 (summer 2027): a mid-January first round that was a technical screen, such as walking through the impact of depreciation.6,8
Sales and Trading, New York
Mar 2025 (summer 2026): a 30-minute one-on-one first round by phone, casual, with a brainteaser about a horse on a rope.5,8
Credit research, New York
Dec 2025 (summer 2027): a first round in mid-December.3
Equity research
Dec 2025 to Jan 2026 (summer 2027): phone screenings, with word on the call that recruiting was backed up and would take a while.3

Example questions and how to answer them

Technical"Two companies have the same revenue and EBITDA, but different implied enterprise values. How can this be?"4,8
  1. 1Growth: the market pays more for faster expected growth.
  2. 2Margins and cash conversion: capex, working capital and taxes turn the same EBITDA into different free cash flow.
  3. 3Risk: a different cost of capital, from leverage, cyclicality or customer concentration.
  4. 4Quality and other factors: recurring revenue, market position, or a sector that trades at a higher multiple.

Tip: Asked in a New York Coverage/M&A first round (summer 2027). Give three reasons, each tied to a DCF input, and stop.

Example answer, written by Intervyo (not a real candidate)

Written by Intervyo as an example. Enterprise value reflects future cash flows and their risk, and EBITDA is only today's snapshot. First, growth: if one company is expected to grow faster, its future cash flows are larger. Second, cash conversion: one may need much more capex or working capital, so the same EBITDA produces less free cash flow. Third, risk: a more cyclical business, or one relying on a few customers, has a higher discount rate. Any of those gives the two companies different multiples on the same EBITDA.

Technical"What is WACC? Give the formula."4,8
  1. 1Define it: the blended return all capital providers require, used to discount unlevered free cash flow.
  2. 2The formula: E/(D+E) times cost of equity, plus D/(D+E) times cost of debt times (1 - tax rate).
  3. 3Cost of equity from CAPM: risk-free rate plus beta times the equity risk premium.
  4. 4Why debt is taxed: interest is deductible, so its cost is after tax.

Tip: Asked in the same Coverage/M&A first round. Say the formula slowly; on a 20-minute call they move quickly to the next question.

Technical"What happens to free cash flow when net working capital goes up?"4,8
  1. 1Define net working capital: current operating assets less current operating liabilities.
  2. 2An increase is a use of cash, such as more inventory or receivables.
  3. 3So free cash flow falls by the amount of the increase.
  4. 4Give one example: a retailer building inventory before the holidays.

Tip: Asked in a New York Coverage/M&A first round (summer 2027), right after "what is net working capital?".

Markets"What is an M&A deal or IPO you have been following?"4,8
  1. 1The deal in one line: who, what, how big, and when.
  2. 2How it was paid for: cash, stock or debt, and whether leverage added risk.
  3. 3Why it makes sense: the strategic or financial logic.
  4. 4The downside: what could make it fail, and how you would judge it a year on.

Tip: Asked in a New York Coverage/M&A first round (summer 2027), followed by the purchase method, the risk from leverage and the downside of the acquisition. Pick a deal you can defend through all three.

Brainteaser"A horse is tied to a 15-foot rope and a bale of hay is 25 feet away, yet the horse can eat from it. How is this possible?"5,8
  1. 1Question the assumptions out loud: the puzzle never says the rope is tied to anything.
  2. 2Answer: the rope is tied only to the horse, so it can walk to the hay.
  3. 3Keep calm and talk through your thinking; the method matters as much as the answer.

Tip: Asked in a 30-minute phone first round for Sales and Trading in New York (Mar 2025, summer 2026).

More Barclays interview questions

Valuation and LBO

  • “What are the three main valuation methods, and the downside of each?”4,8

  • “Rank the four valuation methodologies from highest to lowest value.”4,8

  • “Explain a control premium. Why might comparables come out higher than precedent transactions?”4,8

  • “Walk me through an LBO. Why is an LBO a floor price?”4,8

  • “What are MOIC and IRR, how are they different, and which levers raise them over the holding period?”4,8

  • “How do you get from EBITDA to enterprise value? Why subtract cash?”4,8

  • “Walk me through the impact of depreciation.”6,8

    M&A, New York, Jan 2026 (summer 2027)

Experience and fit

  • “How does your business experience connect to investment banking, and what skills did you gain?”4,8

  • “Tell me about your internships, and a project you worked on.”4,8

  • “Would you accept an offer on the spot?”6,8

    M&A, New York, summer 2027; the account does not say which round asked it

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How long to hear back after the interview

Barclays runs first rounds in waves, so timing depends on your office and group. For summer 2027 the first wave came in mid-December 2025 and later ones ran into January and beyond, with superdays from late January to March 4, 2026.3,6,4

  1. Mar 2025 (summer 2026)

    Sales and Trading, New York

    Online tests, alumni networking, then a 30-minute phone first round; no superday. Three to four months in all.5

  2. Spring 2025 (summer 2026)

    US thread, looking back

    Some first rounds ran as late as March.3

  3. Dec 2025 (summer 2027)

    US thread

    Portal status read "Preliminary Conversations" after the test; first rounds out for some schools by Dec 18; a New York credit research first round in mid-December; equity research phone screens by Dec 24.3

  4. Dec 2025 to Jan 2026 (summer 2027)

    San Francisco banking

    On Dec 23 a San Francisco banker said no first rounds had gone out from the office yet and expected January; a San Francisco phone screen followed in mid-January.3

  5. Jan 2026 (summer 2027)

    M&A, New York

    A technical first round in mid-January, then a two-interview superday a few weeks later.6

  6. Jan to Mar 2026 (summer 2027)

    Coverage/M&A, New York

    A networking-style screen and two 20-minute first rounds, then a wait from late January to late February before the last March superday.4

Best guessIf a few weeks pass after your first round with no news, keep networking and send one short note to your contact; later waves have reached superdays as late as March.

What happens after the interview

  1. Online application

    One internship or graduate application a year, worldwide.1

  2. SHL online assessment

    Done. Sent within minutes to a few days of applying: timed numerical and logical reasoning plus judgment questions.3,7

  3. Video interview (some candidates)

    Done, if you had one: about 30 seconds to prepare and one to two minutes to answer, mostly behavioral.7

  4. Phone screen and first roundYou are here

    This page. A phone screen, then one or two first rounds of 20 to 30 minutes, often technical, run in waves.3,4,5,6

  5. Superday

    Back-to-back interviews of about 30 minutes with analysts, associates and senior bankers.7,4

  6. Offer

    A decision within a short time of the superday in New York investment banking (Feb 2026, summer 2027).7

First round vs superday

The first rounds are short and technical and decide who reaches the superday. The superday is longer interviews with senior bankers, weighted more to fit.

Format

First round

One or two calls; two back to back in Coverage/M&A, by phone in Sales and Trading.4,5

Superday

Two or more back-to-back interviews, in person in New York.4,6,7

Length

First round

20 minutes each in Coverage/M&A; 30 minutes in Sales and Trading.4,5

Superday

About 30 minutes each.4,7

Who

First round

One interviewer, one on one, in Sales and Trading.5

Superday

Analysts, associates and senior bankers, up to an MD.7,6

Content

First round

Mostly technical: valuation, LBO, working capital and a deal.4,6

Superday

More behavioral, with light technicals and sometimes a brainteaser.4,7

FAQ

What is the Barclays phone screen like?

A call before the first rounds. For summer 2027 they ran from mid-December 2025 into January 2026. It has been relaxed, and in New York Coverage/M&A it was framed as a networking call. Prepare your story and why Barclays anyway.3,4

Are Barclays first rounds technical?

In investment banking, yes. New York Coverage/M&A ran two back-to-back 20-minute rounds on valuation, WACC, working capital, LBOs and a deal you follow, and New York M&A ran a technical screen in mid-January. Sales and Trading was a casual 30-minute phone call with a brainteaser.4,6,5

What does "Preliminary Conversations" mean on the Barclays portal?

For summer 2027 applicants it was the status shown after the online test, both for applicants who went on to a phone screen and for some still waiting. Treat it as a sign your application is under review, not as a booked call.3

When do Barclays first rounds happen?

In waves. For summer 2027, New York credit research had a first round in mid-December 2025, New York M&A in mid-January 2026, and San Francisco expected January. In the summer 2026 cycle some first rounds ran as late as March.3,6

Does networking matter for the Barclays first round?

It has. New York Coverage/M&A reached the screen through a referral from the school's Barclays team, and New York M&A and Sales and Trading applicants networked with bankers and alumni before their first rounds.4,6,5

How long after the first round is the Barclays superday?

A few weeks in New York M&A (summer 2027). In Coverage/M&A the wait ran from late January to late February 2026 before the last March superday.6,4

Interview at other firms

Sources

Firm pages first, then dated candidate reports. Last checked Nov 9, 2026.

  1. 1Barclays: FAQs
  2. 2Barclays: Internships - Investment Banking
  3. 3Candidate discussion on a public forum: Barclays 2027 Summer Analyst Program (from Dec 2025)
  4. 4Candidate report on a public forum: Investment Banking Coverage/M&A summer internship interview, New York (Mar 2026)
  5. 5Candidate report on a public forum: Sales and Trading intern interview, New York (Mar 2025)
  6. 6Candidate report on a public forum: M&A intern interview, New York (Feb 2026)
  7. 7Candidate report on a public forum: Summer Analyst interview, Investment Banking, New York (Feb 2026)
  8. 8Candidate reports on a public forum: Barclays interview questions (company database)

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