Evercore 2028 first-round interview guide

For
2028 summer analysts
Sources
22 cited

Got an Evercore first round? Here is the format, who you speak to, the technicals each group asks, how to prepare and how fast the superday follows.

A student in a dark blazer on a video interview at a wooden desk in a quiet off-campus apartment on a January evening, a calculator and a yellow notepad beside the laptop, frost on the window behind, seen from behind the laptop so its screen faces away.
Evercore's first round is one or two live calls of about 30 minutes, with a couple of behavioral questions and then mostly technicals.

Key facts

  • Format: Live video calls. New York M&A ran two virtual first rounds with alumni from the candidate's school (Feb 2025), and New York M&A first rounds were 30-minute Zoom calls (Jan 2026). Some groups open with a phone screen.8,5,18,11
  • How many: One or two first-round interviews, depending on your school.6,18
  • Length: About 30 minutes each. Houston ran one 30-minute video call with two analysts (Feb 2024).18,9,5
  • Who: An analyst and an associate, or alumni from your school. In Houston, two analysts on one call.18,8,9
  • Content: One or two behavioral questions, such as tell me about yourself and why Evercore, then technicals for most of the time, harder than the standard 400-question guide.6,5
  • Questions: Evercore tends to repeat questions from earlier years, sometimes word for word, so past Evercore questions are the best prep.5,6,18
  • Next step: From the first round it goes straight to the superday, usually the following week. Some groups add a round 2 first.6,18,12
  • When: For summer 2027, first rounds went out from early January 2026, by school and in batches, through the end of the month. For summer 2028, expect January 2027, after applications close on Nov 15, 2026.5,4,19

Groups run their own first rounds. Restructuring first rounds were out within days of the Jan 1, 2026 opening; Strategic, Defense & Shareholder Advisory and Real Estate have added a round 2; the Private Funds Group opens with a phone screen and then a case study; New York Sales and Trading ran three first-round video interviews (Apr 2025).5,12,13,11,10

What the Evercore interview looks like

  1. Before the invite

    Networking comes first: Evercore tells you to stay in touch with the people you meet and to do mock interviews with peers and alumni. For summer 2028 the window runs from Sep 9 to Nov 15, 2026, with no rolling review, and a recruiter-sourced note put interviews in January. Evercore says it will tell you if you are selected for an interview.1,4,19,3

  2. The invite

    Invites go out by school and in batches. For summer 2027, Restructuring and Strategic, Defense & Shareholder Advisory first rounds were out within days of the Jan 1, 2026 opening, and M&A ran by school and in batches through the end of January, with core schools first. For summer 2026, the recruiter put the diversity deadline at Jan 19, 2025, with first rounds before it.5,18,6

  3. On the call

    Expect one or two live virtual interviews of about 30 minutes, with an analyst and an associate or with alumni from your school. In Houston it was one 30-minute video call with two analysts, and a New York M&A first round has been a 30-minute Zoom.18,6,8,9,5

  4. Behavioral first, then the technicals

    One or two behavioral questions open the call, such as tell me about yourself, why Evercore and why IB, and the technicals take the rest. Expect mental math in most questions, and follow-ups that test whether you understand the concept rather than a memorized answer.6,8

  5. Questions follow the group

    Restructuring has opened with two behaviorals and follow-ups on your experience before technicals that go from easy to hard. Private Capital Markets applicants were told to expect a leveraged finance question, bond math and why credit. Real Estate depends on the interviewer: one call very technical, the other mostly behavioral. Private Funds Group opens with a phone screen on your interest in the space.7,5,13,11

  6. After the first round

    If you pass, the superday usually follows the next week. Some groups add a second round first: Strategic, Defense & Shareholder Advisory, Real Estate and the Private Funds Group case study. If you stop at the first round, the rejection comes once recruiting is done.6,12,13,11

Before your first round

  • Your story in about a minute, plus why Evercore, why investment banking and why this group.
  • Every topic on Evercore's interview preparation page: accounting, the three statements, the merger model, DCF and comps.
  • Paper and a pen for mental math: returns, hold periods and back-solved ratios, said out loud step by step.
  • Past Evercore questions, worked through until you can explain the why, not just the answer.
  • One recent Evercore deal in your group you can explain in two sentences.
  • For a video call: camera at eye level, laptop plugged in, a quiet room; for a phone call, a printed resume in front of you.
  • Two questions for each interviewer about their own work.

The questions

Evercore's first round is short on behaviorals and long on technicals. Evercore itself points you to accounting, modeling, the merger model and valuation, and expects you to tell your story and answer questions on your resume.6,5,1

  • Behavioral and fit: Tell me about yourself, why Evercore, why IB, and questions on your resume.
  • Accounting: The three statements and how a change moves through them.
  • Returns and mental math: Hold periods, multiples of money and back-solved ratios, without a calculator.
  • Merger math: A long merger model prompt, accretion and dilution, and the effect on the statements.
  • Group technicals: Restructuring recoveries, real estate cap rates, credit and bond math.

Which division question you get

M&A, New York
Jan 2025: one or two first rounds by school, mostly technical; a hold-period LBO question came up in the summer 2026 process. Feb 2025: two virtual rounds with alumni, standard technicals tested for understanding.6,8
M&A, New York (summer 2024)
Mar 2023: a long merger model prompt, read out over 1.5 to 3 minutes, then how it affects the three statements.7
Restructuring, New York
Mar 2023: two behaviorals and follow-ups on experience, then technicals from easy to hard. Dec 2025 analyst hire: an HR call, then a Zoom of an introduction and about 10 technicals.7,15,17
Real Estate Strategic Advisory
Jan 2026: two one-on-ones, one very technical and one mostly behavioral; a land purchase paid for with preferred stock through the three statements.13
Private Capital Markets
Jan 2026: applicants were told, from networking calls, to expect a leveraged finance question, bond math and why credit.5
Private Funds Group
Dec 2025: a phone screen on your interest in the space, then a case study on a private equity firm.11
Houston
Feb 2024: one 30-minute video call with two analysts, technicals and behaviorals.9
San Francisco and Menlo Park
Analyst hires: two very technical first rounds with a tax-rate back-solve (San Francisco, Apr 2026); a screening call two weeks before a first round of hard accretion and dilution math (Menlo Park, Feb 2025).14,16,17
Equity Capital MarketsBest guess
Expect the core accounting and valuation questions plus the IPO process and a recent equity offering you can discuss.

The Equity Capital Markets line is our best guess from the core topics and the group's products. The San Francisco, Menlo Park and December 2025 Restructuring lines come from analyst hires, which run the same kind of technicals.

Using Evercore's values in your answers

Evercore names its core values on its own site, and its interview advice tells you to learn its history, core values and how it is organized before you interview.2,1

Clients First

“Invest in long-term relationships with our clients through independent and trusted advice”2

Why Evercore. Explain why independent advice is the part of banking you want.

Excellence

“Strive to achieve the highest standards of quality”2

Technical misses. If you slip on a number, correct it out loud and show the standard you hold.

Partnership and Collaboration

“Promote a culture of openness, teamwork and accountability”2

Resume follow-ups on team projects. Say what you owned and how you kept others informed.

The quotes are Evercore's own. Matching them to questions is Intervyo's advice: use one value as the reason your story matters, rather than reciting the list.

Example questions and how to answer them

Returns and mental math"You buy a company with $100M of EBITDA at 10x, with a 40% equity check. It generates $150M of levered free cash flow a year, EBITDA does not grow, and you sell at 10x for a 3x return. How many years did you hold it?"6
  1. 1Entry: price is $1,000M, so equity is $400M and debt $600M.
  2. 2Target: 3x on $400M means $1,200M of equity at exit.
  3. 3Exit: still $1,000M of enterprise value, since EBITDA and the multiple do not change. Equity is enterprise value minus net debt.
  4. 4Solve: net debt has to fall from $600M to minus $200M, a swing of $800M, at $150M a year.
  5. 5Answer, then the sense check: say why equity can be worth more than enterprise value.

Tip: Asked in the summer 2026 process (Jan 2025), in a reply on M&A first-round prep. The trap is stopping at "equity cannot exceed $1,000M": it can, once the company holds more cash than debt.

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

Written by Intervyo as an example. We pay 10 times $100M, so $1,000M, with $400M of equity and $600M of debt. A 3x return means we need $1,200M of equity at exit. EBITDA does not grow and we sell at the same 10x, so enterprise value at exit is still $1,000M. Equity value is enterprise value minus net debt, so net debt has to be minus $200M: the company has to pay off the $600M of debt and build $200M of cash on top. That is $800M of cash flow at $150M a year, so about 5.3 years, or five years and four months. It works because once the cash pile is bigger than the debt, the equity is worth more than the enterprise.

Accounting"Given the price-to-book ratio, total assets and the debt-to-equity ratio, calculate the market cap."14,17
  1. 1Write down what each number links: P/B ties market cap to book equity, D/E ties debt to book equity.
  2. 2State your assumption: liabilities are all debt, so assets equal debt plus equity.
  3. 3Book equity: total assets divided by 1 plus D/E.
  4. 4Market cap: book equity times P/B.
  5. 5Say what would change if there were other liabilities, such as payables.

Tip: Asked in a San Francisco M&A analyst first round in April 2026, beside a tax-rate back-solve. Say your assumption before you start the math.

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

Written by Intervyo as an example, with round numbers. Say total assets are $500, debt to equity is 1.5x and price to book is 2x. If liabilities are all debt, assets equal debt plus equity, which is 1.5 times equity plus equity, so 2.5 times equity. Book equity is $500 divided by 2.5, which is $200, and debt is $300. Market cap is 2 times $200, so $400. If the company also had $50 of payables, book equity would be lower, so I would ask whether the ratio counts only debt.

Merger math"A buyer acquires a target in an all-stock deal. Is it accretive or dilutive, and what happens to the three statements?"7,16,17
  1. 1Set the numbers: buyer net income, share count and share price; target net income and the price paid.
  2. 2New shares: price paid divided by the buyer's share price.
  3. 3Pro forma EPS: combined net income over the new share count, against the buyer's EPS.
  4. 4Shortcut: in an all-stock deal, paying a lower P/E than your own is accretive.
  5. 5Statements: the balance sheet adds the target's assets, goodwill and new equity; the income statement adds the target's earnings and any new amortization.

Tip: In the summer 2024 cycle (Mar 2023), New York M&A first rounds read out a merger prompt of 1.5 to 3 minutes and then asked about the statements. Take notes while it is read, and repeat the numbers back before you answer.

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

Written by Intervyo as an example. The buyer earns $100 of net income on 50 shares, so EPS is $2.00, and trades at 20 times earnings, a $40 share price. It pays $300 for a target earning $20, which is 15 times earnings, all in stock, so it issues 300 divided by 40, or 7.5 new shares. Combined net income is $120 on 57.5 shares, so EPS is about $2.09, up about 4%: accretive, as you would expect when you pay a lower P/E than your own. On the balance sheet, the buyer adds the target's assets and liabilities, records goodwill for the price paid above the fair value of net assets, and adds $300 of new equity. On the income statement, the target's earnings come in, less any amortization of new intangibles, which would trim the accretion.

Behavioral and fit"Tell me about yourself."6,1
  1. 1Start where you are now: school, major and year, in one line.
  2. 2Two or three steps that led you to banking, one sentence each on what you did.
  3. 3Link them: why each step led to the next.
  4. 4Close on why Evercore and why the group you applied to.

Tip: The usual opener before the technicals start. Keep it to about a minute: Evercore asks you to craft a personal pitch, and the clock is better spent on the technicals.

More Evercore interview questions

Behavioral and fit

  • “Why Evercore? Why investment banking?”6

    The usual first-round behaviorals, Jan 2025

  • “Why tech? Why banking? Walk me through your resume.”16,17

    Analyst, Menlo Park, Feb 2025

  • “Why Restructuring? Do you understand what we do?”15,17

    Restructuring analyst, New York, Dec 2025

  • “What is an underrated skill needed in investment banking?”17

    Summer associate, New York, Jan 2026

  • “Why credit?”5

    Private Capital Markets, Jan 2026; what to expect, from networking calls

Technical

  • “What makes a company distressed?”15,17

    Restructuring analyst, New York, Dec 2025

  • “A leveraged finance question, plus bond math.”5

    Private Capital Markets, Jan 2026; what to expect, from networking calls

  • “How does a 10% increase in land, paid for with preferred stock that requires a 6% return, flow through the three statements?”13

    Real Estate, Jan 2026

  • “Which asset class would generally have a higher cap rate, all else equal: industrial, hospitality or multifamily?”13

    Real Estate, Jan 2026; a typical light first-round technical

  • “Calculate the tax rate from a 20x P/E, 10x EV/EBITDA, $20 of interest at 5%, a $200 market cap and $20 of depreciation.”14,17

    M&A analyst, San Francisco, Apr 2026

  • “Accretion and dilution math, worked out in your head.”16,17

    Analyst, Menlo Park, Feb 2025; a topic, not exact wording

Deals and the firm

  • “Walk me through a recent Evercore deal.”16,17

    Analyst, Menlo Park, Feb 2025

  • “What does this group do, and why do you want it?”

    Best guess

    Our wording for the group motivation every first round touches

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How long to hear back after the interview

Evercore says it will tell you if you are selected for an interview and aims to reply within a few weeks of your application. After the first round, the superday usually follows the next week; if you stop at the first round, you hear once recruiting is done.3,6

  1. Mar 2023 (summer 2024)

    Restructuring and Menlo Park

    Restructuring first rounds were out by early March; Menlo Park first rounds were set for Mar 13 and expected to finish within about a week.7

  2. Feb 2024 (summer 2025)

    Houston

    A 30-minute video first round with two analysts, then an in-person superday, all in less than a month.9

  3. Jan 2025 (summer 2026)

    All groups, US

    The recruiter put the diversity deadline at Jan 19, with first rounds before it and superdays from the week of Jan 20. One applicant who applied on day one had an interview three days later.6

  4. Jan 2026 (summer 2027)

    Restructuring and SDSA

    First rounds were out within days of the Jan 1 opening.5

  5. Jan 2026 (summer 2027)

    M&A, New York

    First rounds by school and in batches through the end of January, with superdays from mid-January.5

  6. Jan 2026 (summer 2027)

    Real Estate, New York

    First round in the second week of January, superday in the first week of February.13

  7. Jan 2026 (summer 2027)

    Strategic, Defense & Shareholder Advisory

    A round 2, then more than a week without news.12

Evercore runs diversity candidates and core schools first, so a quiet week while classmates interview is not a rejection on its own.5,6

Best guessIf a week passes after your first round with no news, wait one more business day, then send your recruiting contact one short, polite email. Superday invites have come within about a week.

What happens after the interview

  1. Online application

    A resume and a required cover letter, with up to two applications a year. For summer 2028 the window runs from Sep 9 to Nov 15, 2026.3,4

  2. First roundYou are here

    This page. One or two live interviews of about 30 minutes, by phone or video, with analysts, associates or alumni.6,8,18

  3. Round 2 (some groups)

    Strategic, Defense & Shareholder Advisory has run a round 2; the Private Funds Group a case study on a private equity firm.12,11

  4. Superday

    Usually four back-to-back 30-minute interviews in person, mostly technical, often the week after the first round.5,6,8

  5. Offer

    Superday decisions have come within about a day.6

First round vs superday

Both rounds are mostly technical. What changes is how many people you meet, where, and how senior they are.

Format

First round

One or two calls of about 30 minutes, by phone or video.18,6

Superday

Usually four back-to-back 30-minute interviews, in person.5,8

Who

First round

An analyst and an associate, or alumni from your school.18,8

Superday

Bankers from analyst up to managing director.18

Behavioral share

First round

One or two questions at the start.6

Superday

One round of four in New York M&A (Jan 2026).21

Technicals

First round

Mental math, accounting and merger prompts, harder than the standard guide.6,7

Superday

Longer accounting questions and a business-model case (Jan 2026).21

Hearing back

First round

A superday invite usually within about a week.6,18

Superday

Decisions within about a day.6

2028 summer analyst status

If you applied to two programs and reach a final round, you choose one location or position to interview for and be considered for, so decide before the superday invite arrives.3

FAQ

How many first-round interviews does Evercore have?

One or two, depending on your school, each about 30 minutes. Some groups add a round 2 before the superday.6,18,12

Is the Evercore first round technical?

Very. One or two behavioral questions open the call and technicals take most of the time, harder than the standard 400-question guide, with mental math in most questions.6,5

Who interviews you in the Evercore first round?

An analyst and an associate, or alumni from your school. Houston has used two analysts on one 30-minute call.18,8,9

Is the Evercore first round on video or the phone?

Either. New York M&A ran two virtual first rounds with alumni (Feb 2025) and a 30-minute Zoom (Jan 2026); Houston used a video call; other groups have opened with a phone screen.8,5,9,11

Does Evercore use a HireVue in the US?

Expect live calls: US first rounds in the 2024 to 2026 cycles have been live. Earlier New York processes did open with a video first round: a HireVue before the superday in Restructuring (Jun 2022), and five short behavioral questions on video in the Generalist process (Nov 2022). So read your invite.18,8,5,22,20

Does Evercore repeat interview questions?

Often, sometimes word for word from the year before. Work through past Evercore questions until you can explain each answer, not just recite it.5,6,18

When are Evercore first rounds for summer 2028?

Expect January 2027. Applications close on Nov 15, 2026 with no rolling review, a recruiter-sourced note put interviews in January, and for summer 2027 first rounds ran through January 2026.4,19,5

How soon after the first round is the superday?

Usually the following week. Groups vary: in 2026, Real Estate's superday came in the first week of February, after a first round in the second week of January.6,18,13

Interview at other firms

Sources

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

  1. 1Evercore: Interview Preparation
  2. 2Evercore: Core Values
  3. 3Evercore: FAQs
  4. 4Evercore (evercore.tal.net): 2028 Strategic Advisory: Mergers & Acquisitions Summer Analyst Program, New York Generalist
  5. 5Candidate report on a public forum: Evercore SA2027 (Jan 2026)
  6. 6Candidate discussion on a public forum: Evercore SA26 MegaThread (Jan 2025)
  7. 7Candidate discussion on a public forum: Evercore SA 2024 (Mar 2023)
  8. 8Candidate report on a public forum: Summer Analyst interview, M&A, New York (Feb 2025)
  9. 9Candidate report on a public forum: Investment Banking Summer Analyst interview, Houston (Feb 2024)
  10. 10Candidate report on a public forum: Summer Analyst interview, Sales and Trading, New York (Apr 2025)
  11. 11Candidate report on a public forum: Summer Analyst interview, Private Funds Group, New York (Dec 2025)
  12. 12Candidate discussion on a public forum: Evercore SDSA SA27 (Jan 2026)
  13. 13Candidate report on a public forum: PLEASE HELP - R1 Interview with Evercore Real Estate Strategic Advisory coming up (Jan 2026)
  14. 14Candidate report on a public forum: Analyst interview, M&A, San Francisco (Apr 2026)
  15. 15Candidate report on a public forum: Analyst interview, Restructuring, New York (Dec 2025)
  16. 16Candidate report on a public forum: Analyst interview, Investment Banking, Menlo Park (Feb 2025)
  17. 17Candidate reports on a public forum: Evercore Interview Questions (2026)
  18. 18Aced: Evercore Investment Banking Summer Analyst Interview Guide · prep site
  19. 19Candidate discussion on a public forum: Evercore Dropping 2028 SA Apps in September?? (Aug 2026)
  20. 20Candidate report on a public forum: Intern interview, Generalist, New York (Nov 2022)
  21. 21Candidate report on a public forum: Summer Analyst interview, M&A, New York (Jan 2026)
  22. 22Candidate report on a public forum: Intern interview, Restructuring, New York (Jun 2022)

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