Centerview Partners 2028 first-round interview guide

For
2028 summer analysts
Sources
17 cited

Got a Centerview phone screen or first round? Here is the format, who you speak to, the conceptual technicals and brain teasers it asks, and how early the calls come.

A student in a camel sweater on a video interview at a desk in a sunlit off-campus apartment living room with exposed brick, earbuds in, the laptop screen angled away, a printed resume and a pencil beside it.
Centerview's first round is usually two 30-minute interviews by phone or Zoom, often ending on a brain teaser.

Key facts

  • Interviews: Usually two 30-minute interviews, often back to back, one more technical and one more behavioral.5,13,16
  • Phone screen: Some candidates have a 30-minute phone or Zoom screen with an analyst before the first round; others go straight to the first round.16,12,11,5,6
  • Who: Usually analysts. Some first rounds pair an associate with an analyst (New York, March 2025), and in Menlo Park in January 2026 (summer 2027) a principal and an associate took one interview each.5,6,11
  • Format: Phone calls or Zoom. The superday is usually the in-person stage.6,9,13,10,16
  • Technicals: Technical from the start, and built on what happens when one assumption changes, often outside the standard 400-question guide.16,8,13
  • Brain teasers: A brain teaser often closes the call, such as a clock angle or a calendar puzzle.5,9,10,13
  • The bar: Expect technicals to need to be close to perfect to advance, with plenty of numbers and mental math.12
  • When: First rounds start early: for summer 2027, some invites went out by mid-September 2025, months before the target-school posting around Jan 7, 2026.15,14,16

Expect nothing online or written before the first round: every stage is a live call, with no online assessment, modeling test or written case. Menlo Park covers technology and screens for interest in the sector; San Francisco covers healthcare and biotech.16,11

What the Centerview Partners interview looks like

  1. How you get the call

    Centerview recruits formally on some campuses and informally from a broad range of schools, and reviews an application for one office only. First rounds often follow a contact: in New York, a single alumni coffee chat has led to a first round a few months later; in Menlo Park, an email to an analyst after an info session led to a phone screener.1,5,11

  2. When the calls come

    Early. For summer 2027, first-round invites had gone out to some applicants by mid-September 2025, and the target-school Handshake posting followed around Jan 7, 2026. In Menlo Park, a Handshake application has brought a first-round request about two weeks later (January 2025, summer 2026).15,14,10

  3. The phone screen (sometimes)

    Some candidates get a 30-minute screen with an analyst first, technical from the opening minutes. In New York in January 2026 (summer 2027) it was a 1-on-1 Zoom, with slots sent out before applications opened and booked 2 to 3 weeks ahead, and every question but one was technical. In Menlo Park it was a resume grill and a check on your interest in technology. Other New York candidates in 2025 went straight to the first round.16,12,11,5,6

  4. The first round

    Usually two 30-minute interviews, back to back, one more technical and one more behavioral, by phone or Zoom. In New York in February 2025 (summer 2026) both were with analysts and ended on brain teasers. In Menlo Park in January 2026 (summer 2027) a principal took the behavioral round and an associate the technicals. Some first rounds are a single 30-minute Zoom with two interviewers, and in an earlier cycle (September 2022) a half hour with two associates or analysts from the same university was mostly fit.16,5,11,9,6,7

  5. What they ask

    Technicals built on what happens when one assumption changes, rather than the standard question bank: free cash flow and working capital, IRR, leverage, enterprise value. Behaviorals are mostly about your background, plus deals and M&A trends you follow. A brain teaser often comes at the end.16,10,12,8,5,9

  6. After the first round

    Next is the superday: five back-to-back 30-minute interviews with two interviewers in each, usually in person in New York. In February 2025 (summer 2026) the invite came two weeks after the first round, and that superday ran six rooms.16,5,6

The first round, report by report

New York, phone screen (Jan 2026, summer 2027) 1-on-1 Zoom
One analyst, all technical bar one behavioral question; slots sent before applications opened.
New York (Feb 2025, summer 2026) 2 x 30 min
Two analysts, technical and behavioral, brain teasers at the end.
New York (Mar 2025, summer 2026) 1 x 30 min
Virtual, with an associate and an analyst, after a Handshake application with a cover letter.
New York (Jan 2026, summer 2027) 1 x 30 min
Zoom with two people: technical, behavioral, then a brain teaser.
New York (Feb 2026, summer 2027) 2 calls
Back to back with analysts: questions on the company, case studies and a calendar puzzle.
Menlo Park (Jan 2026, summer 2027) 2 rounds
After a phone screener: a principal on behavioral questions, an associate on technicals.
Menlo Park (Jan 2025, summer 2026) Phone
All technical: free cash flow and working capital.

Most first rounds are two 30-minute interviews; some are one 30-minute call with two interviewers. Each row is one process, with the month it ran.5,6,9,10,11,12,13,16

Before your phone screen or first round

  • Enterprise value, EV/EBITDA and leverage ratios you can work out in your head from a few numbers.
  • The three statements for one awkward item, such as deferred revenue, over two years.
  • Free cash flow from EBITDA, unlevered to levered, and how working capital moves it.
  • IRR against multiple of money, and how a change in WACC hits short and long cash flows.
  • Two brain teasers a day out loud for a week: clock angles, calendars, quick estimates.
  • One deal you can walk through end to end, and the M&A trends you are following.
  • For a Menlo Park call, a view on technology; for San Francisco, healthcare and biotech.
  • A quiet room, a charged phone or a tested Zoom link, and paper for the math.

The questions

Expect five kinds of question across the screen and the first round. The technicals test what happens when an input changes, so learn the logic and the mental math, not the script.16,8,12

  • Technical: Enterprise value, free cash flow, working capital, IRR and WACC, often with numbers to work out in your head.
  • Accounting: The three statements for an awkward item, such as deferred revenue, over more than one year.
  • Brain teaser: Puzzles that are hard to find online, such as clock angles or placing dates on a calendar.
  • Behavioral and fit: Your background, plus out-of-the-box questions such as which class you would teach.
  • Deals and markets: A deal you have followed, in depth, and the M&A trends you are watching.

Which division question you get

New York, Generalist (phone screen)
January 2026 (summer 2027): deferred revenue through the three statements over two years, IRR, leverage and Debt/EBITDA, EV/EBITDA, working capital, walk me through a deal, and which class you would choose to teach.12,3
New York, Generalist
February 2025 (summer 2026): two 30-minute interviews with analysts, technical and behavioral, with brain teasers at the end and behavioral questions on your background.5
New York
February 2026 (summer 2027): two back-to-back calls with analysts, with hard questions about the company and case studies, and a puzzle placing dates on a calendar.13,3
New York, Generalist (Zoom)
January 2026 (summer 2027): one 30-minute Zoom with two people, technical and behavioral, then a very hard brain teaser; deal specifics asked in depth.9,3
New York, diversity and non-target
Fall 2024 (summer 2026): a phone first round with an analyst, all technical and mainly accounting, then a superday invite months later.4
Menlo Park
January 2025 (summer 2026): all technical, on free cash flow and working capital, LBO returns and a clock-angle teaser. January 2026 (summer 2027): a principal on behavioral questions and an associate on conceptual technicals.10,11,3,16
San FranciscoBest guess
Expect the same conceptual technicals, pointed at healthcare and biotech: how a rise in WACC hits an early-stage biotech, and how you would value a drug company years from profit.16

The San Francisco line is our best guess from the office's healthcare and biotech focus and the technicals the other offices ask.

Example questions and how to answer them

Technical"Share price $20, 100 shares outstanding, $400 of debt, $300 of cash and $300 of EBITDA. What are enterprise value and EV/EBITDA?"12,3
  1. 1Equity value: share price times shares.
  2. 2Enterprise value: equity value plus debt, minus cash.
  3. 3Divide by EBITDA for the multiple.
  4. 4Say one line on what the multiple means.

Tip: From a January 2026 (summer 2027) New York phone screen. Many Centerview technicals are mental math like this; say each step as you do it.

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

Written by Intervyo as an example. Equity value is $20 x 100 = $2,000. Add $400 of debt and take off $300 of cash: enterprise value is $2,100. Divided by $300 of EBITDA, that is 7.0x. So a buyer would be paying seven years of current EBITDA for the whole business, before any growth.

Technical"Which gives a greater return: an IRR of 25% over 5 years, or an IRR of 30% over 3 years?"12,3
  1. 1Turn each IRR into a multiple of money: 1.25 to the 5th, 1.30 to the 3rd.
  2. 2Compare the multiples, not the rates.
  3. 3Explain the gap: a rate is per year, a multiple is total money back.
  4. 4Finish on what decides it: what you earn on the money in years 4 and 5.

Tip: From the same New York phone screen. "Step back" is the point: the higher rate is not the bigger return.

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

Written by Intervyo as an example. 1.25 to the 5th is about 3.05x your money, and 1.30 cubed is about 2.20x. So the 25% deal returns more in total, even though the 30% deal has the higher rate, because it compounds for two more years. The 30% deal wins only if you can redeploy the money from year 3 at better than about 18% a year, since that is what it takes to grow 2.20x into 3.05x in two years.

Accounting"A customer pays $100 up front for two years of service. Walk me through the three statements at the end of year 1, then year 2, where gross margin is 80%."12,3
  1. 1State your assumptions: cash collected at the start of year 1, revenue recognized evenly, a 25% tax rate, costs and tax paid in cash.
  2. 2Year 1: half the revenue, the rest stays as deferred revenue.
  3. 3Year 2: the other half, now with cost of goods sold at 20% of revenue.
  4. 4Check the balance sheet balances each year.

Tip: From a January 2026 (summer 2027) New York phone screen; the gross margin in year 2 is the part that catches people. Saying your assumptions first earns credit even if the interviewer changes one.

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

Written by Intervyo as an example, assuming no costs in year 1. Year 1: revenue is $50, so with tax at 25%, net income is $37.50. On the cash flow statement, start with $37.50 and add the $50 rise in deferred revenue ($100 collected, $50 recognized), so cash is up $87.50. On the balance sheet, cash is up $87.50, deferred revenue is a $50 liability, and equity is up $37.50: it balances. Year 2: revenue is $50 and cost of goods sold is $10 at an 80% gross margin, so pre-tax income is $40 and net income $30. Cash flow starts at $30 and takes off the $50 fall in deferred revenue, so cash is down $20. On the balance sheet, cash is down $20, deferred revenue falls $50 to zero, and equity is up $30: it balances.

Technical"You have an early-stage biotech and a late-stage consumer company. If WACC rises by 1%, which valuation falls more?"12,3
  1. 1Say where each company's cash flows sit: the biotech's far in the future, the consumer company's now.
  2. 2The further out a cash flow, the more a higher discount rate cuts it.
  3. 3Show it with one number for each.
  4. 4Add the terminal value: most of the biotech's value is in it.

Tip: From the January 2026 (summer 2027) New York phone screen. It is a conceptual question; one quick number makes the answer stick.

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

Written by Intervyo as an example. The biotech falls more. Its cash flows are years away, and discounting compounds: $1 in 10 years is worth about 38.6 cents at 10% but 35.2 cents at 11%, almost 9% less, while $1 next year only drops from 90.9 to 90.1 cents. The consumer company earns most of its value in the near years, so it moves less. And if most of the biotech's value is in a terminal value growing at 3%, the multiple on it goes from 1/(10% - 3%), about 14.3x, to 1/(11% - 3%), 12.5x, a 12.5% fall on its own.

Brain teaser"What angle do the hands of a clock make at 3:15?"10,3
  1. 1The minute hand at 15 minutes points at the 3: 90 degrees from the 12.
  2. 2The hour hand moves too: 30 degrees an hour, so 0.5 degrees a minute.
  3. 3At 3:15 it has moved a quarter of the way from 3 to 4.
  4. 4Subtract, and say the answer.

Tip: Asked in a January 2025 (summer 2026) Menlo Park first round. The trap is answering zero; say out loud that the hour hand moves.

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

Written by Intervyo as an example. The minute hand is on the 3, which is 90 degrees from 12. The hour hand started at the 3, also 90 degrees, but it moves 0.5 degrees a minute, so after 15 minutes it is at 97.5 degrees. The angle between them is 7.5 degrees.

More Centerview Partners interview questions

Technical

  • “Walk me from EBITDA to unlevered free cash flow, then bridge that to levered free cash flow.”10,3

    Menlo Park first round, Jan 2025 (summer 2026)

  • “How do you drive returns in an LBO?”10,3

    Menlo Park first round, Jan 2025 (summer 2026)

  • “What are the different valuation methods, with pros and cons?”11,3

    Menlo Park, phone screen or first round, Jan 2026 (summer 2027)

  • “What are the different ways a company can use excess cash?”11,3

    Menlo Park, phone screen or first round, Jan 2026 (summer 2027)

  • “Why would one company have lower EBITDA than another? How does working capital come in?”12

    New York phone screen, Jan 2026 (summer 2027); wording ours

  • “A company with $1B of cash and $500M of debt pays a $1B special dividend funded by new debt. What happens to WACC, and did shareholder value change?”8,3

    New York, Feb 2026 (summer 2027); stage not stated

  • “You are valuing a business that will not be profitable for 7 years and terminal value is 95% of the DCF. What do you do?”8,3

    New York, Feb 2026 (summer 2027); stage not stated

Brain teasers and market sizing

  • “A puzzle placing dates on a calendar from a complex set of clues.”13,3

    New York first round, Feb 2026 (summer 2027); wording ours

  • “How many windows are there in the US?”3

    An analyst process, New York, Jan 2025; stage not stated

  • “How many times a day do the minute and hour hands of a clock overlap?”17

    Stage not stated

Behavioral and fit

  • “If you could teach any class, which would you choose?”12

    New York phone screen, Jan 2026 (summer 2027); wording ours

  • “Questions on your background.”5

    New York first round, Feb 2025 (summer 2026)

  • “Tell me about yourself.”17

    Stage not stated

  • “Why investment banking?”17

    Stage not stated

  • “Why Centerview, over a bank that also lends and trades?”

    Best guess

    Our wording

Deals and markets

  • “What is a deal you have been following?”11,3

    Menlo Park, Jan 2026 (summer 2027)

  • “Walk me through a deal.”12

    New York phone screen, Jan 2026 (summer 2027)

  • “Deal specifics, in depth.”9,3

    New York first round on Zoom, Jan 2026 (summer 2027)

  • “Which M&A trends are you following?”8,3

    New York, Feb 2026 (summer 2027); stage not stated

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How long to hear back after the interview

Centerview's calendar runs early and unevenly: first rounds have started in September for the summer after next and were still running in February. Once you pass, the superday can be two weeks away.15,14,5

  1. Fall 2024 to Jan 2025 (summer 2026)

    Generalist, New York (diversity and non-target)

    A phone first round with an analyst in the fall, all technical, then nothing for a few months until a superday invite in January.4

  2. Jan 2025 (summer 2026)

    Menlo Park

    Applied through Handshake with a cover letter; a first-round request about two weeks later.10

  3. Feb 2025 (summer 2026)

    Generalist, New York

    First round a few months after a single alumni coffee chat; superday two weeks after that.5

  4. Sep 2025 (summer 2027)

    US

    In a thread opened on Sep 16, 2025, a reply said round 1 invites had already gone out; another said the application was open for non-target applicants.15

  5. Jan 2026 (summer 2027)

    Generalist, New York

    Phone screen slots sent out before applications opened, booked with 2 to 3 weeks notice.12

  6. Jan 2026 (summer 2027)

    Menlo Park

    A phone screener after an info session, then a first round the next week.11

  7. Jan to Mar 2026 (summer 2027)

    All offices

    In the thread on the January posting, one comment said the New York process was done, while another said first rounds were still running the week before.14

Best guessAfter a first round, expect an answer within about two weeks. If none comes, one short email to the analyst or recruiter who set it up is reasonable.

What happens after the interview

  1. Online application

    A resume through Centerview's form or a target-school Handshake posting, for one office only.1,14

  2. Phone screen (sometimes)

    Covered on this page. A 30-minute call with an analyst before the first round, for some candidates: all technical in New York, a resume grill and your interest in technology in Menlo Park.16,12,11

  3. First roundYou are here

    This page. Two 30-minute interviews, one more technical and one more behavioral, by phone or Zoom.16,5

  4. Superday

    Five or six 30-minute interviews, mostly with two interviewers, usually in person in New York.5,6,16

  5. Offer

    Decisions have come the day after the superday.5

Phone screen vs first round

Not everyone gets a phone screen, but when it comes it is a technical filter in its own right. The first round adds a second interviewer and the behavioral side.

Who

Phone screen

One analyst.12,16

First round

Two interviewers: analysts, or an associate and a principal.5,11

Length

Phone screen

About 30 minutes.16

First round

Two 30-minute interviews, or one 30-minute call with two people.5,9,16

Content

Phone screen

All technical in New York; a resume grill and interest in technology in Menlo Park.12,11

First round

One more technical and one more behavioral interview, often ending on a brain teaser.16,5

Who gets it

Phone screen

Some candidates; others go straight to the first round.12,11,5,6

First round

Everyone on the way to the superday.5,6,16

Next

Phone screen

A first round the next week (Menlo Park, Jan 2026).11

First round

A superday two weeks later (New York, Feb 2025).5

2028 summer analyst status

For summer 2027 the first invites had gone out by mid-September 2025 and the target-school posting came around Jan 7, 2026. On that calendar, expect summer 2028 first rounds from fall 2026 into early 2027.15,14,16

FAQ

What is the Centerview first round?

Usually two 30-minute interviews, back to back, by phone or Zoom: one more technical and one more behavioral, often ending on a brain teaser. Some first rounds are a single 30-minute call with two interviewers.16,5,9,13

Does Centerview have a phone screen?

Sometimes. Some candidates have a 30-minute screen with an analyst first: all technical in New York in January 2026 (summer 2027), a resume grill and a check on your interest in technology in Menlo Park. Others go straight to the first round.16,12,11,5,6

How technical is the Centerview first round?

Very. The questions test what happens when one assumption changes, often outside the standard 400-question guide, with plenty of mental math. Expect the technicals to need to be close to perfect.16,8,13,12

Does Centerview ask brain teasers in the first round?

Often, usually at the end: a clock angle in Menlo Park in January 2025 (summer 2026), a calendar puzzle in New York in February 2026 (summer 2027), and brain teasers after the technical and behavioral questions in New York in 2025.10,13,5,9

Is there an online test or HireVue before the Centerview first round?

Expect neither. The phone screen and the first round are live calls, with no online assessment, modeling test or written case. Two January 2025 (summer 2026) reviews tick a test box without describing a test, so watch your email after you apply.16,4,3

When do Centerview first rounds happen?

Early and unevenly. For summer 2027, some first-round invites had gone out by mid-September 2025, the target-school posting followed around Jan 7, 2026, and first rounds were still running weeks after that.15,14,16

Can I apply to more than one Centerview office?

No. Centerview does not review applications for multiple offices, so pick one before you apply. Its US offices are New York, Menlo Park and San Francisco: Menlo Park focuses on technology, San Francisco on healthcare and biotech, and New York runs the generalist process.1,2,16

Interview at other firms

Sources

Firm pages first, then dated candidate reports. Last checked Nov 4, 2026.

  1. 1Centerview Partners: Careers
  2. 2Centerview Partners: About Us
  3. 3Candidate reports on a public forum: Centerview Partners interview questions, latest 10 reviews (Nov 2026)
  4. 4Candidate report on a public forum: Investment Banking Summer Analyst interview, Generalist, New York (Jan 2025)
  5. 5Candidate report on a public forum: Summer Analyst interview, Generalist, New York (Feb 2025)
  6. 6Candidate report on a public forum: Summer Intern interview, Generalist, New York (Mar 2025)
  7. 7Candidate report on a public forum: Intern interview, Investment Banking, New York (Sep 2022)
  8. 8Candidate report on a public forum: Investment Banking Summer Analyst 2027 interview, New York (Feb 2026)
  9. 9Candidate report on a public forum: Summer Analyst interview, Generalist, New York (Jan 2026), Zoom first round
  10. 10Candidate report on a public forum: Investment Banking Summer Analyst interview, Menlo Park (Jan 2025)
  11. 11Candidate report on a public forum: Summer Analyst interview, Investment Banking, Menlo Park (Jan 2026)
  12. 12Candidate report on a public forum: Summer Analyst Internship interview, Generalist, New York (Jan 2026), phone screen
  13. 13Candidate report on a public forum: Intern interview, Investment Banking, New York (Feb 2026)
  14. 14Candidate discussion on a public forum: Centerview SA27 Open? (Jan 2026)
  15. 15Candidate discussion on a public forum: Centerview recruiting in September 2025 for SA 2027?!? (Sep 2025)
  16. 16Aced: Centerview Partners Investment Banking Summer Analyst Interview Guide · prep site
  17. 17Aced: Centerview Investment Banking Interview Questions · prep site

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