Guggenheim Securities 2028 superday guide

For
2028 summer analysts
Sources
11 cited

Invited to a Guggenheim Securities superday? Here is how the day runs in New York and Chicago, the deal presentation, the questions interviewers ask and when you hear back.

A student in a charcoal suit walking two bankers through a short stack of printed slides at a long table in a high-floor meeting room, a city skyline at midday through the windows.
Chicago superdays at Guggenheim Securities have included a deal presentation, after a two-hour reception with the team the night before.

Key facts

  • Interviews: Three to five back-to-back 30-minute interviews, each one-on-one. A New York Generalist superday ran three rounds (May 2024, summer 2025); a Chicago superday ran five (Jan 2025).5,6,7
  • The mix: Most interviews are behavioral, with some technical questions. Chicago's five interviews were behavioral rounds, a deal presentation and some easy technicals.5,7
  • Chicago: Chicago has held a two-hour reception with the team the night before, then an in-person superday of three behavioral interviews, one technical interview and a deal presentation.7,5
  • Who you meet: In the New York Generalist program, superday interviewers can come from any team; group postings put you in front of that group.6,5
  • Before it: A phone screen or a 30-minute first round in most offices; in Chicago, a 45-minute emailed written exercise has led straight to the superday. Restructuring has run second and third rounds first.5,9,10,8
  • Hearing back: In Chicago private equity advisory (PEAG), offers came the night of the superday in the summer 2026 cycle, with candidates brought in by the batch.9

Sophomore FOCUS participants get a guaranteed in-person interview on Jan 14 (2027) for the 2028 Summer Analyst Program.2

What the Guggenheim Securities superday looks like

  1. The rounds before it

    Most offices start with a phone screen of 10 to 30 minutes with a recruiter, associate or managing director, or a 30-minute first round on Zoom. In Chicago, a 45-minute emailed written exercise, an email to a fictional client, has been the first round, with the superday next. Restructuring has run a second and sometimes a third round before the superday.5,9,8,10

  2. The invite

    After the Chicago written exercise, the superday invite has come within about a week. In New York, a superday in the office followed a first round within about a week (summer 2026 cycle). Chicago private equity advisory (PEAG) brought candidates in by the batch, about 25 a week.5,9

  3. The night before (Chicago)

    Chicago has held a two-hour reception with the team the night before the superday. Treat it as part of the process.7,5

  4. The day

    Expect three to five back-to-back 30-minute one-on-ones, most of them behavioral. In New York Generalist, the interviewers can come from any team; in Chicago, the day has combined three behavioral interviews, one technical interview and a deal presentation.5,6,7

  5. The deal presentation

    The Chicago superday includes a deal presentation. Prepare one deal you can defend under questioning: the buyer's rationale, the price paid and the alternatives the seller had. Guggenheim's own recent M&A mandates are a good place to start.5,7

  6. After the day

    Chicago private equity advisory (PEAG) offers have come the night of the superday. Elsewhere, superdays ran from January into March in the summer 2026 cycle: New York M&A later in February, and some Atlanta and New York superdays in March.9

The rounds, by office

Generalist, New York (May 2024, summer 2025) Rounds, then 3-round superday
Multiple interviews with a superday at the end; interviewers from any team.
New York (summer 2026 cycle) 30-min first round, then superday
A basic behavioral first round on Zoom, then a superday in the New York office.
Investment banking, Chicago (Jan 2025) Email test, reception, 5 x 1v1
A written scenario test, a reception the night before and a five-interview superday with a deal presentation.
Industrials, Chicago (Jan 2026) Phone screen
A phone screen with an associate in the group.
Atlanta (summer 2026 cycle) Phone, then a 2-on-1 Zoom
A phone call with an analyst, then a two-on-one Zoom before the superday.

Each row is one office or group's process, with the month or cycle it ran. Format, interviewer mix and difficulty vary by office and group.4,6,9,7,8,5

Before your superday

  • One deal you know well enough to defend past the slides: the buyer's rationale, the price and the seller's alternatives.
  • For Chicago: one deal ready to present and defend, and a few questions ready for the reception.
  • Levering and unlevering beta, and the three statements and how they connect.
  • EBITDA to net income, and free cash flow from cash flow from operations.
  • A reason for Guggenheim, your group and your city, told the same way to every interviewer.
  • A prioritization story you can tell two ways, plus stories on teamwork and a setback.
  • Answers timed to about 90 seconds.
  • Questions for each interviewer about the group's recent mandates.

The questions

Fit and judgment decide the superday: whether the team would want you on a live deal, how you handle a question you cannot answer cleanly, and whether your story holds up in every room. Technicals stay close to accounting and valuation basics.5,7

  • Fit and motivation: Tell me about yourself, why Guggenheim, why this group, why this city.
  • Behavioral: Prioritizing competing deadlines, teamwork, what you learned in an internship.
  • Technical: Levering and unlevering beta, the three statements, EBITDA to net income, free cash flow.
  • Deals and markets: A recent deal you followed, which companies should merge, the deal you present in Chicago.

Which division question you get

Generalist, New York
May 2024 (summer 2025): multiple rounds, then a superday of three rounds with bankers from any team. Levering and unlevering beta came up.6,4
Investment banking, Chicago
Jan 2025 (summer 2026): an email test on a scenario, a reception the night before, then five one-on-ones: behavioral questions, a deal presentation and some easy technicals.7
Industrials, Chicago
Jan 2026 (summer 2027): a phone screen with an associate. Tell me about yourself, a recent deal, why industrials, why Chicago, EBITDA to net income and free cash flow from cash flow from operations.8
Healthcare, Richmond
Jan 2026 (summer 2027): a 20-minute HR screen with technical and behavioral questions, including how the three financial statements connect.10,4
Private Capital Advisory, New York
Jan 2026 (summer 2027): two online rounds, first with two analysts, then an analyst and a VP. Why Guggenheim, why the group, and conceptual questions about the private capital space, with very few banking technicals.11,4
Capital Structure Advisory (Restructuring), New York
Goes deepest of the groups on capital structure, liability management and recovery analysis, on top of the core technicals. Restructuring has also run a second and sometimes a third round before the superday (summer 2026 cycle).5,9

Example questions and how to answer them

Technical"Walk me through levering and unlevering beta."6
  1. 1Say why: comparable companies have different leverage, so you strip it out to compare business risk.
  2. 2Unlever each peer: asset beta = equity beta / (1 + (1 - tax rate) x debt / equity).
  3. 3Take the median asset beta of the peers.
  4. 4Relever at your company's target debt to equity, and use it in the cost of equity for WACC.

Tip: Asked in a New York Generalist process in May 2024 (summer 2025) that ended in a three-round superday, and on Aced's list of recent superday questions. Give the formula and the reason in one breath.

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

Written by Intervyo as an example. Beta from the market reflects both business risk and financial risk from leverage. To value a company with comparables, I unlever each peer's equity beta to get its asset beta: equity beta divided by one plus one minus the tax rate times debt to equity. I take the median of those asset betas as the business risk for the sector. Then I relever it at my company's target capital structure, multiplying by the same factor using its debt to equity, and plug that beta into CAPM to get the cost of equity for the WACC.

Deal presentation"Present the deal you prepared. Why did the buyer do it, and what else could the seller have done?"7,5
  1. 1Open with the deal in one line: buyer, target, price and multiple.
  2. 2Give the buyer's rationale: growth, synergies, capabilities, or a gap filled.
  3. 3Cover the seller's side: why sell now, and the alternatives such as a sponsor sale, an IPO or staying independent.
  4. 4Close with your view: was it a good deal, and what would you watch next?

Tip: Chicago superdays have included a deal presentation. Pick a deal you can defend under questioning, knowing the buyer's rationale, the price and the seller's alternatives; Guggenheim's own recent mandates are a good place to start.

Behavioral"How would you prioritize multiple deadlines?"5
  1. 1Pick a real week with competing deadlines.
  2. 2Show how you ranked them: what was due first, what mattered most, who was waiting.
  3. 3Show the communication: who you told, and what you asked to move.
  4. 4End with the result and what you do differently now.

Tip: How you sequence competing deadlines is one of the things Guggenheim superday interviewers look for. Have a prioritization example you can tell two ways, because different bankers hear the same story across the day.

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

Written by Intervyo as an example. In my junior fall I had a midterm, a stock pitch for our investment club and a case competition deliverable due in the same three days. I listed each task with its deadline and who depended on it. The case team needed my model first, so I finished it two days early, then told the club president I would send the pitch a day late but with a full valuation, and he agreed. I studied for the midterm in the gaps. All three went in, and we placed second in the case. Now I map deadlines at the start of each week and flag a conflict as soon as I see it.

Fit and motivation"Why industrials, and why Chicago?"8
  1. 1Answer the sector and the city separately.
  2. 2Sector: one thing in your background, and one trend in the sector you follow.
  3. 3City: a real tie, such as family, school or where you want to build a career.
  4. 4Close on the group: one recent deal it worked on and what drew you to it.

Tip: A Chicago Industrials phone screen in January 2026 pressed hard on why industrials. Expect the same question again at the superday, and keep the answer the same in every room.

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

Written by Intervyo as an example. Industrials, because I grew up around my family's machine shop and saw how much a single customer contract or a supply chain shift moved the business; I now follow how reshoring and automation are changing what buyers pay for manufacturers. Chicago, because I am from the Midwest and want to build my career here, and so many industrial companies and the sponsors who buy them are within a few hours of the office. A small group also means I would work directly with senior bankers on those deals.

Technical"How do you get from EBITDA to net income?"8
  1. 1Start at EBITDA.
  2. 2Subtract depreciation and amortization to reach EBIT.
  3. 3Subtract net interest expense to reach pre-tax income.
  4. 4Subtract taxes to reach net income; mention any unusual items in between.

Tip: Asked in a Chicago Industrials phone screen in January 2026, next to free cash flow from cash flow from operations. Superday technicals stay close to these basics, so have them cold.

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

Written by Intervyo as an example. From EBITDA, subtract depreciation and amortization to get EBIT, or operating income. Subtract net interest expense to get pre-tax income, then subtract income taxes to get net income. If there are one-off items such as impairments or gains on asset sales, they sit between EBIT and pre-tax income, so I would call them out.

More Guggenheim Securities superday questions

Behavioral

  • “Tell me about a trend or event you learned about in an internship and still follow.”5

    From Aced's list of recent Guggenheim superday questions

  • “Tell me about yourself.”8

    Industrials, Chicago, Jan 2026, phone screen

Deals and markets

  • “What companies do you think should merge?”5

    From Aced's list of recent Guggenheim superday questions

  • “What is a recent deal you followed?”8

    Industrials, Chicago, Jan 2026, phone screen

Technical

  • “How do you calculate free cash flow from cash flow from operations?”8

    Industrials, Chicago, Jan 2026, phone screen

  • “Walk me through the three financial statements and how they are connected.”10,4

    Healthcare, Richmond, Jan 2026, HR screen

Fit and motivation

  • “Why Guggenheim, and why Private Capital Advisory?”11,4

    New York, Jan 2026, online rounds

  • “Why the Generalist program over a specific group?”

    Best guess

    Our expectation for New York Generalist, where interviewers come from any team

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How long to hear back after the superday

Chicago private equity advisory (PEAG) has made offers the same night as the superday. Elsewhere, superdays ran from January into March in the summer 2026 cycle.9

  1. Jan 2025 (summer 2026)

    Investment banking, Chicago

    Email test, then an in-person superday with a reception the night before.7

  2. Jan to Feb 2025 (summer 2026)

    Private equity advisory (PEAG), Chicago

    The email case was the first round and the superday the second; about 25 candidates were flown in a week, and offers came the night of the superday.9

  3. Jan to Feb 2025 (summer 2026)

    New York

    A 30-minute behavioral Zoom first round, then a superday in the New York office about a week later; New York M&A ran later in February.9

  4. Jan 2026 (summer 2027)

    Healthcare, Richmond

    A 20-minute HR screen; the whole process took under a month.10

For summer 2027, review started as early as Jan 11, 2026. For summer 2026, superdays ran from January into March.3,9

Best guessExpect a decision within a day or two of the superday. If a week passes, send your recruiter one short, polite note.

What happens after the superday

  1. Online application

    Done. One posting per group and office on Workday, ranked if you apply to several.1,5

  2. Written assessment (Chicago, some groups)

    Done, if you applied in Chicago: a 45-minute email to a fictional client.5,9

  3. Phone screen or first round

    Done. A short phone screen or a 30-minute Zoom on fit and basic accounting.5,8,9

  4. Second round (some groups)

    Done, in Restructuring and some other groups: a second, sometimes a third round.9

  5. SuperdayYou are here

    This page. Three to five one-on-ones, mostly behavioral; a deal presentation in Chicago.5,7

  6. Offer

    The same night in Chicago private equity advisory (PEAG); in batches elsewhere. The program runs 10 weeks, at a salary of an annual rate of $110,000 (summer 2027).9,3,5

First round vs superday

The first contact checks your motivation and the basics; the superday tests fit across several bankers.

Format

Phone screen or first round

A 10- to 30-minute phone screen or a 30-minute Zoom; a 45-minute written exercise in Chicago.5,9,8

Superday

Three to five back-to-back 30-minute one-on-ones, in the office.5,7,9

Who

Phone screen or first round

A recruiter, an associate, an analyst or a managing director.5,8,9,10

Superday

Bankers from the group, or from any team in New York Generalist.6,5

What it tests

Phone screen or first round

Why the group and the office, a recent deal, and basic accounting.8,10

Superday

Mostly behavioral fit, some technicals, and a deal presentation in Chicago.5,7

What comes next

Phone screen or first round

A superday invite within about a week, or a second round in some groups.5,9

Superday

An offer, the same night in Chicago private equity advisory (PEAG).9

FAQ

How many interviews are in a Guggenheim Securities superday?

Three to five back-to-back 30-minute one-on-ones. A New York Generalist superday had three rounds (May 2024, summer 2025) and a Chicago superday had five (Jan 2025).5,6,7

What is the Guggenheim deal presentation?

In Chicago, the superday includes a deal presentation alongside three behavioral interviews and one technical interview. Have one deal you can defend under questioning: the buyer's rationale, the price paid and the seller's alternatives.5,7

Is there a reception before the Guggenheim superday?

In Chicago, yes: a two-hour reception with the team the night before the superday. Treat it as part of the process.7,5

Is the Guggenheim superday technical?

Mostly not. Most interviews are behavioral, with some technical questions on accounting and valuation basics, such as levering and unlevering beta. Fit and judgment carry the day.5,6,7

Is the Guggenheim superday in person?

Expect it to be. Chicago held an in-person superday (Jan 2025), New York held superdays in its office (summer 2026 cycle), and Sophomore FOCUS participants get a guaranteed in-person interview on Jan 14 (2027).7,5,9,2

When do you hear back after a Guggenheim superday?

Fast. Chicago private equity advisory (PEAG) made offers the night of the superday in the summer 2026 cycle. Elsewhere, superdays ran from January into March in that cycle.9

Superday at other firms

Sources

Firm pages first, then dated candidate reports. Last checked Nov 5, 2026.

  1. 1Guggenheim Securities: Careers
  2. 2Guggenheim Partners (Workday): Guggenheim Securities Investment Banking Sophomore FOCUS Program
  3. 3Handshake: Applications will be reviewed on a rolling basis and as early as 1/11: 2027 Guggenheim Securities IB Summer Analyst, New York: CSA
  4. 4Candidate reports on a public forum: Guggenheim Partners Interview Questions (2026)
  5. 5Aced: Guggenheim Securities Investment Banking Summer Analyst Interview Guide · prep site
  6. 6Candidate report on a public forum: Summer Analyst interview, Generalist, New York (May 2024)
  7. 7Candidate report on a public forum: Summer Analyst interview, Investment Banking, Chicago (Jan 2025)
  8. 8Candidate report on a public forum: Summer Analyst interview, Investment Banking, Chicago (Jan 2026)
  9. 9Candidate discussion on a public forum: Guggenheim SA 2026 (from Jan 2025)
  10. 10Candidate report on a public forum: Investment Banking Summer Analyst interview, Healthcare, Glen Allen (Jan 2026)
  11. 11Candidate report on a public forum: PCA interview, Investment Banking, New York (Jan 2026)

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