Evercore 2028 superday guide

For
2028 summer analysts
Sources
22 cited

Invited to an Evercore superday? Here is the format, the technical and fit questions by group, the topics Evercore tells you to know, and when you hear back.

A student in a dark suit seated alone at a small round table with a notepad in a bright Midtown conference room, as a banker in shirtsleeves walks in through a glass door.
An Evercore superday is usually four back-to-back 30-minute interviews, and you may stay in one room while the interviewers rotate in.

Key facts

  • Interviews: Usually four interviews, in New York M&A (2025 and 2026) and Evercore ISI Sales & Trading (2025). A 2022 New York Generalist superday had three.5,7,8,12,11
  • Length: About 30 minutes each, back to back.5,7
  • How technical: Mostly technical. A New York M&A superday in January 2026 had one behavioral round and three technical, including a business-model case.8,9
  • In person or virtual: In person at the office: New York M&A (2025), Houston (2024) and Evercore ISI in New York (2025). In New York M&A you may stay in one room while interviewers cycle in.7,10,12
  • Who you meet: Bankers from analyst up to managing director, one at a time.20
  • When it happens: Usually the week after your first round. Some groups add a second round first.6,15,14
  • Hearing back: Superday decisions have come within about a day.6

Questions follow the group. M&A leans on accounting, valuation and deal rationale; Restructuring on waterfalls and recoveries; Real Estate on cap rates and preferred stock through the statements; the Private Funds Group runs a case study on a private equity firm in an earlier round.7,18,15,13

What the Evercore superday looks like

  1. The invite

    The superday follows one or two first-round interviews, usually the next week. Some groups add a round in between: Strategic, Defense & Shareholder Advisory has run a round 2 before the superday, and the Private Funds Group a case study on a private equity firm after a phone screen.6,14,13

  2. The format

    Expect four back-to-back interviews of about 30 minutes each, in person at the office. In New York M&A, you may stay in one room while the interviewers cycle in.5,7

  3. What they ask

    Most of the day is technical. One New York M&A superday had one behavioral round and three technical ones: the standard guide questions with longer accounting follow-ups, and a full business case comparing two business models. Interviewers push past definitions to the reasoning, and Evercore tends to repeat questions from past years, so work through past questions.8,9,7,5

  4. The technical topics Evercore names

    Evercore's interview preparation page lists the topics it expects you to brush up on: financial accounting, three-statement modeling, investment banking and M&A including the merger model, financial statement analysis, capital efficiency, working capital, capital structure and restructuring, DCF and WACC, and relative valuation with comps.1

  5. Your story and the firm

    Come informed about Evercore's history, core values and how it is organized, and be ready to talk about the markets: Evercore points to the Wall Street Journal, Bloomberg, Morning Brew and its own podcast, The Edge. Be ready to answer questions on your resume and past work, and to tell your story with a short personal pitch.1,2

  6. One location

    If you applied to two programs and reach a final round, you choose one location or position to interview for and be considered for. Make that choice before the superday, and have a reason for it.3

The rounds, by group

M&A, New York (Jan 2026) 4 x 30 min
One behavioral round, three technical, including a business-model case.
M&A, New York (Feb 2025) 4 x 30 min
In person, back to back, in one room while interviewers cycled in.
Generalist, New York (Nov 2022) 3 x 30 min
In the New York office; behavioral and technical, mostly valuation.
Houston (Feb 2024) A morning
In person at the office, after a 30-minute first round with two analysts.
Evercore ISI Sales & Trading (Apr 2025) 4 interviews
In the office, back to back, after three first-round video interviews.
Real Estate, New York (Jan 2026) The week after round 1
Two one-on-one first rounds, one very technical and one mostly behavioral, then the superday.

Each row is one group's superday with the month it ran. Across them, expect about four interviews of about 30 minutes, in person.8,7,11,10,12,15

Before your superday

  • Every topic on Evercore's interview preparation page: the three statements, modeling, the merger model and accretion and dilution, capital structure, DCF and WACC, and comps.
  • Accounting questions answered in steps, out loud, with no spreadsheet in front of you.
  • Two companies you could compare on business model, growth drivers and the right multiple.
  • One recent Evercore deal you can explain: the rationale, the price and whether it made sense.
  • Your story in about a minute, plus why Evercore, why investment banking and why this group.
  • One of Evercore's core values you can tie to a real example, not a list.
  • A view on the markets this week, from the news sources Evercore names.
  • Two or three questions for each interviewer, different for an analyst and a managing director.

The questions

Evercore's superday is mostly technical, built on the topics on its own interview preparation page, with one or two rounds on fit and your resume. Questions depend on the group.1,8,7

  • Accounting: The three statements and how a single change flows through them, often in several steps.
  • Valuation: DCF and WACC, comps and the right multiple for the business in front of you.
  • Deals and M&A: Merger math, accretion and dilution, and the rationale for a real deal.
  • Business case: Compare two companies: business model, growth drivers and how you would value each.
  • Behavioral and fit: Tell me about yourself, why Evercore, why banking and why this group.

Which division question you get

M&A, New York
Jan 2026: compare the business models of OpenAI and Microsoft, which multiple to use, how to value it and where to look for growth. Feb 2025: accounting, valuation and deal rationale, with follow-ups.8,9,7
Restructuring, New York
Waterfalls, the three statements and drop-down and double-dip structures (full-time analyst, Aug 2026); recoveries in liquidation across a holding company and its subsidiaries (analyst, Dec 2025).18,17,9
Real Estate Strategic Advisory, New York
Jan 2026 first round: how a land purchase paid for with preferred stock flows through the three statements, with cap-rate comparisons across asset classes as a typical light technical. Superday the following week.15
Private Funds Group, New York
Dec 2025: a phone screen on your interest in the space, then a case study on a private equity firm, telling a story around it.13
Strategic, Defense & Shareholder Advisory
Jan 2026: a round 2 before the superday.14
Houston
Feb 2024: a 30-minute first round with two analysts, then an in-person superday that took the whole morning.10
Menlo Park
Analyst hire, Feb 2025: hard accretion and dilution math, why tech, why banking and a recent Evercore deal.19,9
Evercore ISI, Sales & Trading
Apr 2025: three first-round video interviews, then four back-to-back interviews in the office.12
Equity Capital MarketsBest guess
Expect the IPO process, a recent IPO or follow-on you can discuss, and how equity markets look this week, beside the core accounting and valuation. Evercore lists IPOs, follow-on offerings and convertibles among the group's products.4

The Equity Capital Markets line is our best guess from the group's products on Evercore's US page and the core topics above. The Restructuring and Menlo Park lines come from analyst hires, which run the same kind of technicals.

Using Evercore's values in your answers

Evercore names seven core values and says its culture is shaped by them. Its interview advice tells candidates to learn its history, core values and how it is organized.2,1

Clients First

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

Why Evercore and why advisory. Use it to explain why independent advice matters to you.

Integrity

“Adhere to the principle of doing the ethical thing at all times and in all circumstances”2

Judgment questions. Say what you would do clearly, and when you would raise it.

Excellence

“Strive to achieve the highest standards of quality”2

A mistake or a time you checked work twice. Show the standard you held and what you changed.

Partnership and Collaboration

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

Teamwork stories. Show what you owned and how you kept the team 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

Business case"Compare the business models of OpenAI and Microsoft. Which multiple would you use, and where would you look for growth?"8,9
  1. 1Describe each business in one line: what it sells, to whom and how it makes money.
  2. 2Profitability: a mature, very profitable company against one spending heavily to grow.
  3. 3Pick the multiple that fits: EV/EBITDA or P/E for stable earnings, EV/revenue for a company without stable profits yet.
  4. 4Growth drivers: name two for each and where you would check them, such as cloud revenue or paid users.
  5. 5Close with the risk that would change your view.

Tip: Asked in a New York M&A superday in January 2026, in one of three technical rounds. Say your structure first, then fill it in.

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

Written by Intervyo as an example. Microsoft is a mature, highly profitable business: software subscriptions, cloud computing and devices, with steady cash flow. OpenAI sells model access and subscriptions, grows fast and spends heavily on computing, so it is not yet steadily profitable. That changes the multiple. For Microsoft I would use EV/EBITDA or P/E, because earnings are stable and comparable with other large software companies. For OpenAI, earnings are not meaningful yet, so I would use EV/revenue against high-growth peers, and check the growth rate and gross margin behind it. For growth, I would look at Microsoft's cloud revenue and how many customers pay for its AI tools, and at OpenAI's paid users and enterprise contracts. The risk for OpenAI is computing cost: if it does not fall as revenue grows, the revenue multiple is too generous.

Technical"Given a P/E of 20x, EV/EBITDA of 10x, $20 of interest at a 5% rate, a $200 market cap and $20 of D&A, what is the tax rate?"16,9
  1. 1Net income: market cap over P/E.
  2. 2Debt: interest over the interest rate, then enterprise value as market cap plus debt (assume no cash).
  3. 3EBITDA: enterprise value over the EV/EBITDA multiple.
  4. 4Walk down the income statement: EBITDA less D&A is EBIT, less interest is pre-tax income.
  5. 5Tax rate: pre-tax income less net income, over pre-tax income.

Tip: Asked in a San Francisco M&A analyst first round in April 2026; the same back-solves come up in summer analyst rounds. Say each step and number out loud.

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

Written by Intervyo as an example. Net income is $200 over 20, so $10. Interest of $20 at 5% means $400 of debt, so enterprise value is $200 plus $400, or $600, assuming no cash. At 10x EV/EBITDA, EBITDA is $60. Less $20 of D&A gives EBIT of $40, and less $20 of interest gives pre-tax income of $20. Net income is $10, so taxes are $10 and the tax rate is 50%. That is high, so I would say I assumed no cash and no other items between EBIT and pre-tax income.

Technical"Land worth 10% more is bought with preferred stock that pays a 6% dividend. Walk it through the three statements."15
  1. 1Purchase: no income statement effect, since buying land is not an expense and land is not depreciated.
  2. 2Balance sheet: land up, preferred stock up by the same amount, so it balances.
  3. 3Cash flow statement: the land is a cash outflow in investing, the preferred issue an inflow in financing, so cash is unchanged.
  4. 4The dividend: it is not an expense and not tax-deductible, so net income does not change, but net income to common shareholders falls.
  5. 5Each year: cash down by the dividend in financing, and retained earnings down by the same amount.

Tip: Asked in a Real Estate first round in New York in January 2026. Confirm the assumptions before you start: what the land costs and whether the preferred is issued for cash.

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

Written by Intervyo as an example. Say the extra land costs $100, paid for by issuing $100 of preferred stock. On the purchase, nothing hits the income statement. On the cash flow statement, $100 goes out in investing and $100 comes in from financing, so cash is flat. On the balance sheet, land is up $100 and preferred stock is up $100. Each year after, the 6% dividend is $6. It is not an expense, so net income is unchanged, but net income available to common shareholders is $6 lower. On the cash flow statement it is a $6 outflow in financing, so cash falls $6, and on the balance sheet retained earnings fall $6 to match.

Restructuring technical"A holding company has its own debt. Its subsidiaries each have debt and an enterprise value. What do the holding company's creditors recover in a liquidation?"17,9
  1. 1Start at each subsidiary: its value goes to its own creditors first.
  2. 2Whatever is left at each subsidiary is equity that belongs to the holding company.
  3. 3Add those residual values up: that is what the holding company has for its own creditors.
  4. 4Recovery is that total over the holding company's debt, capped at 100%.
  5. 5Name the idea: holding company creditors are structurally subordinated to subsidiary creditors.

Tip: Asked in a New York Restructuring analyst interview in December 2025. If you apply to Restructuring, expect it in your rounds too.

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

Written by Intervyo as an example. Say the holding company has $300 of debt and owns three subsidiaries. Subsidiary A is worth $500 with $400 of debt, B is worth $200 with $250 of debt, and C is worth $300 with $100 of debt. A's creditors are paid in full and $100 is left for the holding company. B's creditors recover $200 of $250, 80%, and nothing goes up. C's creditors are paid in full and $200 goes up. The holding company has $300 for $300 of debt, so its creditors recover 100% here. If B had been worth more than its debt, the extra would also flow up. The point is that holding company creditors only get what is left after every subsidiary's creditors.

Behavioral and fit"Why Evercore?"6,2
  1. 1One reason about the model: independent advice, with no lending or trading to sell.
  2. 2One reason about the group: something it did that you can describe.
  3. 3One reason about the people, from a conversation you had during recruiting.
  4. 4Tie it to a core value you can back with your own example.

Tip: Why Evercore and why investment banking open many first rounds and come back at the superday. Keep it under a minute and specific.

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

Written by Intervyo as an example. Three reasons. First, the model: Evercore gives independent advice, so the job is judgment about what a client should do, which is the part of banking I want to learn. Second, the group: the analysts I spoke to in M&A described working on small teams with senior bankers in the room, which is how I learn best. Third, the culture: one of your values is investing in long-term client relationships through independent advice, and in my student consulting work the client came back a second year because we told them a deal did not make sense. I want to be somewhere that treats that as the job.

More Evercore superday questions

Technical

  • “Given price to book, total assets and the debt to equity ratio, calculate the market cap.”16,9

    M&A analyst, San Francisco, Apr 2026, first round

  • “Accretion and dilution math, worked out in your head.”19,9

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

  • “What makes a company distressed?”17,9

    Restructuring analyst, New York, Dec 2025

  • “What are the different vehicles used for a drop-down or double-dip?”18,9

    Full-time Restructuring analyst, New York, Aug 2026

  • “Which asset class has the higher cap rate, all else equal: industrial, hospitality or multifamily?”15

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

Behavioral and fit

  • “Tell me about yourself. Why Evercore? Why investment banking?”6

    The usual opening behaviorals in first rounds, Jan 2025

  • “Why tech? Why banking? Walk me through your resume.”19,9

    Analyst, Menlo Park, Feb 2025

  • “Why Restructuring? Do you understand what we do?”17,9

    Restructuring analyst, New York, Dec 2025

  • “What is an underrated skill in investment banking?”9

    Summer associate (MBA), New York, Jan 2026

  • “Tell me about a time you had to explain something technical to someone who was not following.”

    Best guess

    Our wording for the one behavioral round in a mostly technical day

Deals and the firm

  • “Walk me through a recent Evercore deal.”19,9

    Analyst, Menlo Park, Feb 2025

  • “What was the rationale for this deal?”7

    M&A, New York, Feb 2025; a theme, not exact wording

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How long to hear back after the superday

The superday usually comes the week after the first round, and decisions after it have come within about a day. Applicants who stop at the first round hear once recruiting is done.6

  1. Jan 2025 (summer 2026)

    All groups, US

    A recruiter put superdays from the week of Jan 20. Superday decisions came within a day.6

  2. Feb 2025 (summer 2026)

    M&A, New York

    Two virtual rounds, then the in-person superday and an accepted offer. The whole process took one to two months.7

  3. Jan 2026 (summer 2027)

    M&A, New York

    Superdays started in mid-January, while first rounds were still going out by school.5

  4. Jan 2026 (summer 2027)

    Real Estate, New York

    First round in the second week of January, superday the following week, then an offer.15

  5. Jan 2026 (summer 2027)

    Strategic, Defense & Shareholder Advisory

    A round 2, then more than a week before superday news.14

  6. Feb 2024 (summer 2025)

    Houston

    First round and an in-person superday, all in less than a month.10

Best guessExpect a decision within a day or two of the superday. If three business days pass, send your recruiting contact one short, polite email, and keep preparing for other firms.

What happens after the superday

  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, 2026.3,21

  2. First round

    One or two live interviews of about 30 minutes, by phone or video, mostly technical after a few behavioral questions.6,7

  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.14,13

  4. SuperdayYou are here

    This page. Usually four back-to-back 30-minute interviews in person, mostly technical.5,7,8

  5. Offer

    Superday decisions have come within about a day.6

M&A vs specialist groups

The superday itself looks alike across groups: about four interviews of 30 minutes, in person. What changes is the path to it and the technicals.

Before the superday

M&A (New York, Houston)

One or two first rounds, depending on your school; the superday usually follows the next week.6,10

Specialist groups

Strategic, Defense & Shareholder Advisory adds a round 2. Private Funds Group: a phone screen, then a case study.14,13

Technical focus

M&A (New York, Houston)

Accounting, valuation and deal rationale; a business-model case in New York (2026).7,8,9

Specialist groups

Restructuring: waterfalls and recoveries. Real Estate: cap rates and preferred stock through the statements.18,17,15

Rounds

M&A (New York, Houston)

Four 30-minute interviews in New York (2025, 2026); a morning in Houston (2024).7,8,10

Specialist groups

Evercore ISI Sales & Trading: four back-to-back interviews in the office (2025).12

Behavioral share

M&A (New York, Houston)

One round of four in New York M&A (2026).8

Specialist groups

Real Estate first rounds split one very technical and one mostly behavioral (2026).15

2028 summer analyst status

For summer 2028, expect first rounds and superdays from January 2027, after the application window closes on Nov 15, 2026.21,22

FAQ

How many interviews are in an Evercore superday?

Usually four, each about 30 minutes, back to back. That held in New York M&A in 2025 and 2026 and in Evercore ISI Sales & Trading in 2025. A 2022 New York Generalist superday had three.5,7,8,12,11

How technical is the Evercore superday?

Very. One New York M&A superday in January 2026 had one behavioral round and three technical, with longer accounting questions and a case comparing the business models of OpenAI and Microsoft. Evercore's own interview preparation page lists the topics: accounting, modeling, M&A, capital structure, DCF and comps.8,9,1

Is the Evercore superday in person?

Yes, in recent US cycles: New York M&A (2025), Houston (2024) and Evercore ISI in New York (2025) were all in the office. First rounds are the virtual or phone part.7,10,12

Does Evercore repeat interview questions?

Often. Evercore tends to repeat questions from earlier years, so past questions are worth working through. The examples on this page are a start.5

When do you hear back after an Evercore superday?

Usually within about a day. If you only had a first round, you hear once recruiting finishes.6

Can I interview for two Evercore groups at the superday?

No. You can apply to two programs, but if you reach a final round you choose one location or position to interview for and be considered for.3

When are Evercore superdays for summer 2028?

Expect January 2027. Applications close on Nov 15, 2026 and are not reviewed on a rolling basis, and a recruiter-sourced note put interviews in January. In the last cycle, superdays started in mid-January.21,22,5

Superday 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: Students & Graduates, U.S.
  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 report on a public forum: Summer Analyst interview, M&A, New York (Feb 2025)
  8. 8Candidate report on a public forum: Summer Analyst interview, M&A, New York (Jan 2026)
  9. 9Candidate reports on a public forum: Evercore Interview Questions (2026)
  10. 10Candidate report on a public forum: Investment Banking Summer Analyst interview, Houston (Feb 2024)
  11. 11Candidate report on a public forum: Intern interview, Generalist, New York (Nov 2022)
  12. 12Candidate report on a public forum: Summer Analyst interview, Sales and Trading, New York (Apr 2025)
  13. 13Candidate report on a public forum: Summer Analyst interview, Private Funds Group, New York (Dec 2025)
  14. 14Candidate discussion on a public forum: Evercore SDSA SA27 (Jan 2026)
  15. 15Candidate report on a public forum: PLEASE HELP - R1 Interview with Evercore Real Estate Strategic Advisory coming up (Jan 2026)
  16. 16Candidate report on a public forum: Analyst interview, M&A, San Francisco (Apr 2026)
  17. 17Candidate report on a public forum: Analyst interview, Restructuring, New York (Dec 2025)
  18. 18Candidate report on a public forum: Full-time analyst interview, Restructuring, New York (Aug 2026)
  19. 19Candidate report on a public forum: Analyst interview, Investment Banking, Menlo Park (Feb 2025)
  20. 20Aced: Evercore Investment Banking Summer Analyst Interview Guide · prep site
  21. 21Evercore (evercore.tal.net): 2028 Strategic Advisory: Mergers & Acquisitions Summer Analyst Program, New York Generalist
  22. 22Candidate discussion on a public forum: Evercore Dropping 2028 SA Apps in September?? (Aug 2026)

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