Got a call from Guggenheim Securities? Here is who you speak to, how long it runs, the accounting and motivation questions each group has asked, how to prepare and how fast the superday follows.
Key facts
- Format: A phone screen of 10 to 30 minutes is the usual first call. Some groups run a first round on video instead: a basic 30-minute behavioral Zoom in New York (summer 2026 cycle), and two online rounds in New York Private Capital Advisory (Jan 2026, summer 2027).5,7,6
- Who: A recruiter, an associate or a managing director. A Chicago Industrials phone screen was with an associate in the group, and Richmond Healthcare opened with a 20-minute HR screen (both Jan 2026, summer 2027).5,6
- Content: Your motivation for the group and the office, one recent deal, and two or three accounting questions: the three statements, EBITDA to net income, free cash flow.5,6
- Chicago: Chicago groups often open with an emailed written exercise of about 45 minutes, an email to a fictional client, and some add a phone screen before the superday. In Chicago private equity advisory the email case was the first round and the superday came next (summer 2026 cycle).5,7
- Sophomore FOCUS: Sophomore FOCUS participants get a guaranteed in-person interview on Jan 14, 2027 for the 2028 Summer Analyst Program. FOCUS applications for summer 2028 closed at 10:00am ET on Nov 9, 2026.2,1,5
- When: For summer 2027, the postings went up in early January 2026 and review began as early as Jan 11, with interviews through January and February. Expect the summer 2028 calls from mid-January 2027.4,3,5
- Next step: Often the superday. Some groups add rounds: Restructuring ran a second and some a third round, and Atlanta followed an analyst phone call with a 2-on-1 Zoom (summer 2026 cycle).7
Guggenheim Securities recruits summer analysts group by group and office by office, so the first call in Chicago Industrials can look little like the one in New York Restructuring. Difficulty varies by group too: New York leveraged finance runs the hardest first round, and capital structure advisory goes deepest on distressed mechanics.5
What the Guggenheim Securities interview looks like
Who gets a call
Guggenheim posts each group and office separately and reviews applications on a rolling basis, so each process moves on its own clock. Atlanta and Richmond open with a phone screen. Chicago groups often send a written exercise first, and in Chicago private equity advisory that exercise was the first round (summer 2026 cycle). Sophomore FOCUS participants skip the queue: they have a guaranteed in-person interview on Jan 14, 2027 for the 2028 program.5,7,2
The format
A phone screen runs 10 to 30 minutes with a recruiter, an associate or a managing director. Richmond Healthcare opened with a 20-minute HR screen that mixed technicals and behaviorals, and Chicago Industrials with a call from an associate in the group (both Jan 2026, summer 2027). Some groups use video: a New York process ran a basic 30-minute behavioral Zoom (summer 2026 cycle), and New York Private Capital Advisory two online rounds, the first with two analysts and the second with an analyst and a VP (Jan 2026, summer 2027).5,6,7
What they ask
Expect your motivation for this group and this office, one recent deal, and a few accounting questions. Chicago Industrials (Jan 2026, summer 2027) asked tell me about yourself, a recent deal, why industrials (with real focus), why Chicago, then EBITDA to net income and free cash flow from cash flow from operations. Richmond asked for the three statements and how they connect. Atlanta asked for the three valuation methods and unlevered free cash flow, then tell me about yourself and why Atlanta (summer 2026 cycle).5,6,7
By group
Private Capital Advisory asked conceptual questions about the space, why Guggenheim and why the group, with very few banking technicals (Jan 2026, summer 2027). A New York Debt Capital Markets process opened with three interviewers on basic questions, then a second round on deeper technicals such as betas in a DCF (Feb 2026, summer 2027). New York leveraged finance runs the hardest first round, and capital structure advisory goes deepest on capital structure, liability management and recovery.6,5
After it
Some groups go straight to the superday; others add rounds. In the summer 2026 cycle, Restructuring ran a second and some a third round, Atlanta followed an analyst phone call with a 2-on-1 Zoom, and superdays ran from January into March. After a Chicago written exercise, the superday invite has come within about a week.7,5
Before your phone screen
- A quiet room and your phone charged; for a Zoom first round, test your camera, audio and background.
- A one-minute "tell me about yourself" that ends at this group and this office.
- A separate reason for the sector and for the city, as Chicago Industrials asks both.
- One recent deal you can explain: the buyer, the price and why it happened. One of Guggenheim's own is a good choice.
- The three statements and how they connect, EBITDA to net income, and free cash flow from cash flow from operations.
- The three valuation methods and unlevered free cash flow.
- For Restructuring or leveraged finance: capital structure and recovery basics.
- Answers that land in about 90 seconds, practiced out loud.
The questions
A short call with three parts: why this group and this city, one deal you followed, and accounting basics. Guggenheim phone screens open on accounting more often than on anything else.5,6
- Fit and motivation: Tell me about yourself, why Guggenheim, why this group, why this city.
- Deals: A recent deal you followed and why it happened.
- Technical: The three statements, EBITDA to net income, free cash flow, the three valuation methods.
- Group-specific: Capital structure and recovery for Restructuring; the private capital space for PCA; debt markets for DCM.
Which division question you get
- Industrials, Chicago
- Jan 2026 (summer 2027): a phone screen with an associate. Tell me about yourself, a recent deal you followed, why industrials, why Chicago, then EBITDA to net income and free cash flow from cash flow from operations.6
- Healthcare, Richmond
- Jan 2026 (summer 2027): a 20-minute HR screen with technicals and behaviorals, such as walking through the three statements and how they connect.6
- Private Capital Advisory, New York
- Jan 2026 (summer 2027): two online rounds, two analysts then an analyst and a VP. Why Guggenheim, why PCA, tell me about yourself, and conceptual questions about the space; no deal and very few banking technicals.6
- Private equity advisory, Atlanta
- Summer 2026 cycle: a phone call with an analyst on the three valuation methods, unlevered free cash flow, tell me about yourself and why Atlanta, then a 2-on-1 Zoom before the superday.7
- Investment banking, New York
- Summer 2026 cycle: a very basic 30-minute behavioral first round on Zoom, then a superday in the New York office.7
- Debt Capital Markets, New York
- Feb 2026 (summer 2027; a student applicant, role not named): a first round with three interviewers on basic questions, including how to value an apple tree; a second round on deeper technicals such as betas in a DCF; why Guggenheim and why DCM throughout.6
Example questions and how to answer them
Fit and motivation"Why industrials, and why Chicago?"6,5
- 1Answer the two parts separately: the sector first, then the office.
- 2Sector: a real tie, such as an internship, a course or a company you follow, and what draws you to its deals.
- 3Office: a personal link to the city, and why a smaller group there suits you.
- 4Close by linking both to the work an analyst does in the group.
Tip: Asked in a Chicago Industrials phone screen in January 2026 (summer 2027), with real focus on why industrials. A general interest in advisory work will not hold up; give the sector and the city their own reasons.
Example answer, written by Intervyo (not a real candidate)
Written by Intervyo as an example. Industrials first: I spent last summer at a mid-sized maker of packaging equipment, and most of the big questions I saw, which product lines to keep and which competitor to buy, were M&A questions. I like that industrials deals turn on real operations, plants, capacity and cost, which you can see in the numbers. Chicago second: I grew up in the suburbs and want to build a career here, and the Midwest is full of the family-owned and sponsor-backed manufacturers that this group advises. In a small group I would also see more of each deal.
Technical"Walk me through the three financial statements and how they connect."6,5
- 1Income statement: revenue down to net income over a period.
- 2Balance sheet: assets equal liabilities plus equity at a point in time.
- 3Cash flow statement: starts from net income, adjusts for non-cash items and working capital, then investing and financing.
- 4The links: net income flows to the cash flow statement and to retained earnings; ending cash goes to the balance sheet.
Tip: Asked in a 20-minute Richmond Healthcare HR screen in January 2026 (summer 2027). Keep it to about a minute and stop.
Example answer, written by Intervyo (not a real candidate)
Written by Intervyo as an example. The income statement shows revenue, expenses and net income over a period. The balance sheet shows what the company owns and owes at one date, with assets equal to liabilities plus equity. The cash flow statement starts with net income, adds back non-cash items like depreciation, adjusts for changes in working capital, and then adds investing and financing flows to get the change in cash. They connect in two main places: net income feeds the top of the cash flow statement and retained earnings on the balance sheet, and the ending cash from the cash flow statement becomes the cash line on the balance sheet.
Technical"How do you get from EBITDA to net income?"6
- 1Start with EBITDA.
- 2Subtract depreciation and amortization to get EBIT.
- 3Subtract net interest expense to get pre-tax income.
- 4Subtract taxes to get net income; mention one-off items if there are any.
Tip: Asked in a Chicago Industrials phone screen in January 2026 (summer 2027). It is not word for word in the standard guides, so understand the walk rather than memorize it.
Example answer, written by Intervyo (not a real candidate)
Written by Intervyo as an example. Take EBITDA and subtract depreciation and amortization to get EBIT, or operating income. Then subtract net interest expense to get pre-tax income, and subtract income taxes to get net income. If the company has non-recurring items, such as a restructuring charge or a gain on a sale, those sit between EBIT and pre-tax income and need to come out too.
Technical"How do you calculate free cash flow from cash flow from operations?"6,5
- 1Start with cash flow from operations.
- 2Subtract capital expenditures to get levered free cash flow.
- 3For unlevered free cash flow, add back after-tax interest.
- 4Say which one you would use in a DCF and why.
Tip: Asked right after the EBITDA question in the same Chicago Industrials screen. Expect a follow-up on levered against unlevered.
Example answer, written by Intervyo (not a real candidate)
Written by Intervyo as an example. Free cash flow is cash flow from operations minus capital expenditures. That gives levered free cash flow, the cash left for equity holders after the company has paid its interest. For a DCF I would use unlevered free cash flow, which adds back interest expense after tax, so it shows the cash available to all capital providers before financing.
Deals"What is a recent deal you have followed?"6,5
- 1The deal in one line: buyer, target, price and how it was paid.
- 2Why the buyer did it: growth, synergies, a capability or a gap filled.
- 3Why the seller agreed, and the alternatives it had.
- 4Your view: was it a good deal, and what would you watch next?
Tip: Asked in the Chicago Industrials screen and on the list of recent Guggenheim phone-screen questions. Start with one of Guggenheim's own mandates and know the rationale, the price and the seller's alternatives.
More Guggenheim Securities interview questions
Fit and motivation
Technical
“What are the three valuation methods?”7
Private equity advisory, Atlanta, summer 2026 cycle
“How do you calculate unlevered free cash flow?”7
Private equity advisory, Atlanta, summer 2026 cycle
“Which is more expensive, debt or equity?”5
“Would an LBO be harder now or right before 2020?”5
“How would you value an apple tree?”6
Debt Capital Markets, New York, Feb 2026 (summer 2027); role not named
“Which beta would you use in a DCF, and why?”6
Debt Capital Markets, New York, Feb 2026 (summer 2027), second round; our wording of "different betas for a DCF"
Group-specific
“How do private and public debt issuances differ?”6
Debt Capital Markets, New York, Feb 2026 (summer 2027)
“Walk me through a recovery waterfall for a company in distress.”
Best guessOur expectation for Capital Structure Advisory, which goes deepest on recovery
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How long to hear back after the interview
Review is rolling from the day the postings go up, and each group moves at its own pace. Interviews have run through January and February in the US offices, and into March for some groups.3,5,7
Jan to Feb 2025 (summer 2026)
Investment banking, New York
A basic 30-minute behavioral Zoom first round, then a superday in the New York office early the next week.7
Jan to Feb 2025 (summer 2026)
Private equity advisory, Chicago
The email case was the first round, then the superday, with offers the same night and candidates brought in by the batch.7
Feb to Mar 2025 (summer 2026)
Private equity advisory, Atlanta
A phone call with an analyst, then a 2-on-1 Zoom; superdays in the first week of March.7
Jan 2026 (summer 2027)
Healthcare, Richmond
A 20-minute HR screen with technicals and behaviorals; not passed to the next round. Under a month in all.6
Jan 2026 (summer 2027)
Industrials, Chicago
A phone screen with an associate in the group. Under a month in all.6
Jan 2026 (summer 2027)
Private Capital Advisory, New York
Two online rounds, two analysts and then an analyst and a VP. Under a month in all.6
Sophomore FOCUS participants do not wait on a call: their in-person interview for the 2028 Summer Analyst Program is set for Jan 14, 2027.2,5
Best guessExpect the phone screen within one to three weeks of applying in January, and an answer on the next round within about a week of it. If two weeks pass with nothing, send the recruiter one short, polite email.
What happens after the interview
Online application
Done. One posting per group and office on Workday, ranked if you apply to several.5,3,1
Written assessment (Chicago, some groups)
In Chicago, often the first step: an emailed exercise of about 45 minutes, writing to a fictional client.5,7
Phone screen or first roundYou are here
This page. A 10- to 30-minute phone screen with a recruiter or banker, or a short Zoom first round: why the group and the city, a recent deal and basic accounting.5,6,7
Second round (some groups)
Restructuring and some other groups have run a second and even a third round; Atlanta ran a phone call and then a 2-on-1 Zoom.7
Superday
Three to five back-to-back 30-minute one-on-ones, mostly behavioral; Chicago adds a deal presentation and a reception the night before.5
Offer
The same night in Chicago private equity advisory (summer 2026 cycle). The program runs 10 weeks, at a salary of an annual rate of $110,000 (summer 2027).7,3,5
Phone screen vs superday
The first call checks your motivation and the basics in under half an hour; the superday tests fit across several bankers in a row.
Format
A 10- to 30-minute phone screen, or a short video round in some groups.5,7,6
Three to five back-to-back 30-minute one-on-ones.5
Who
Bankers from the group; in New York Generalist, from any team.5
Content
Mostly behavioral; in Chicago, three behavioral interviews, one technical interview and a deal presentation.5
FAQ
Does Guggenheim Securities start with a phone screen?
Usually: 10 to 30 minutes with a recruiter, an associate or a managing director. Chicago groups often send an emailed written exercise of about 45 minutes first, and some New York groups have run a short video first round.5,7,6
What does Guggenheim ask in the phone screen?
Why this group and this office, one recent deal and a few accounting questions. Chicago Industrials asked why industrials, why Chicago, a recent deal, EBITDA to net income and free cash flow from cash flow from operations (Jan 2026, summer 2027).5,6
How technical is the Guggenheim first round?
Mostly basic accounting and valuation: the three statements, EBITDA to net income, free cash flow, the three valuation methods. It varies by group: New York leveraged finance runs the hardest first round, and Private Capital Advisory asked very few banking technicals (Jan 2026, summer 2027).5,6,7
Is there a second round at Guggenheim?
In some groups. In the summer 2026 cycle, Restructuring ran a second and some a third round, and Atlanta followed an analyst phone call with a 2-on-1 Zoom. Chicago private equity advisory went from the written case straight to the superday.7
What is the Sophomore FOCUS interview?
FOCUS participants get a guaranteed in-person interview on Jan 14, 2027 for the 2028 Summer Analyst Program. FOCUS applications for summer 2028 closed at 10:00am ET on Nov 9, 2026, so sophomores should look for the next one in early November.2,1,5
Does Guggenheim use HireVue for the first round?
No. Every screening step in the summer analyst process is a live conversation or a written exercise, so prepare by practicing your answers out loud.5
Interview at other firms
Sources
Firm pages first, then dated candidate reports. Last checked Nov 9, 2026.
- 1Guggenheim Securities: Careers
- 2Guggenheim Partners (Workday): Guggenheim Securities Investment Banking Sophomore FOCUS Program
- 3Handshake: Applications will be reviewed on a rolling basis and as early as 1/11: 2027 Guggenheim Securities IB Summer Analyst, New York: CSA
- 4Jobright: 2027 Guggenheim Securities Investment Banking Summer Analyst, Chicago Industrials (posting copy) · prep site
- 5Aced: Guggenheim Securities Investment Banking Summer Analyst Interview Guide · prep site
- 6Candidate reports on a public forum: Guggenheim Partners Interview Questions (2026)
- 7Candidate discussion on a public forum: Guggenheim SA 2026 (from Jan 2025)
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