Invited to a Jefferies superday? Here is how the short 2-on-1 interviews run, how it differs by group, the questions interviewers have asked and how to answer "why Jefferies".
Key facts
- Before it: Most candidates have a first round first, and some processes run two rounds. For summer 2027, diversity program candidates went straight to final rounds in mid-January 2026, Insight Day attendees were invited straight to superdays, and an alumni-referral route at one school skipped the first round.4,5,6
- Interviews: Two 20-minute interviews back to back in New York (Jan 2025, summer 2026). A New York full-time analyst superday ran quick 15-minute rounds (Sep 2025).6
- Who you meet: Both New York summer analyst superday interviews were 2-on-1, mixing behavioral and technical questions (Jan 2025, summer 2026); the full-time superday put two people from each vertical of the group in each round.6
- Format: For summer 2027, superdays on the diversity and Insight route were over Zoom (Jan 2026), while San Francisco Technology held its superday in person (Feb 2026) and an alumni-referral route led to in-person superdays.4,5,6
- How technical: New York superday technicals were very straightforward (Jan 2025, summer 2026). San Francisco Technology put its hard technicals in the first round and made the superday more about fit (Feb 2026, summer 2027).6
- After it: A New York summer analyst offer in January 2025 came with one week to accept.6
Jefferies looks for people who can multitask, show professionalism and client management, communicate well and work under pressure, both alone and in a team. "Why Jefferies" gets more weight here than at most banks, so have a specific answer.1,4
What the Jefferies superday looks like
What comes first
Most applicants have a first round before the superday, some groups add a phone screen before it, and some processes run two rounds. For summer 2027, the diversity program's final rounds ran in mid-January 2026, with regular first rounds expected a couple of weeks later; Insight Day attendees and some applicants referred by alumni were invited straight to a superday.4,5,6
The format
Expect short interviews back to back, each with two bankers. In New York (Jan 2025, summer 2026) the superday was two 20-minute interviews, both 2-on-1. Whether it is on Zoom or in person depends on the route and the group: diversity and Insight superdays for summer 2027 were on Zoom, while San Francisco Technology met in person.6,5,4
What they ask
A mix of behavioral and technical questions in each interview. The technicals are mostly standard: a New York superday's hardest question was what moves the EV/EBITDA multiple, and first rounds have asked which valuation method fits a company and about balance sheet line items. Behavioral questions start with you, investment banking and Jefferies.6
Why Jefferies, again
Jefferies pushes "why Jefferies" harder than most banks. Its own posting gives you the material: a global, full-service bank with an entrepreneurial culture, lean deal teams and summer analysts working with senior bankers on pitches and live deals.4,1
By group
Groups run their own processes. San Francisco Technology ran a phone call on fit, a very technical first round full of stock option and technology questions, then a superday in person that was more about fit (Feb 2026, summer 2027). Charlotte groups such as Aerospace, Defense & Government held their own superdays in early 2026.6,4
The rounds, by group
- Investment Banking, New York (Jan 2025, summer 2026) 2 x 20 min
- Both 2-on-1, mixing technicals and behaviorals; one week to accept the offer.
- TMT, San Francisco (Feb 2026, summer 2027) Phone, R1, superday
- Fit call, very technical first round, then an in-person superday focused on fit.
- Healthcare M&A, Chicago (Mar 2026) 2 rounds planned
- A first round of light technicals and behaviorals.
- Full-time analyst, New York (Sep 2025) R1, R2, 15-min rounds
- Two 1:1 rounds, then quick superday rounds with two people from each vertical of the group. For shape only: a full-time process.
Each row is one group's process, with the month it ran; the Chicago review gives no role level. Ask your recruiter how many interviews to expect and whether yours is on Zoom.6
Before your superday
- A "why Jefferies" answer that names your group and a reason only Jefferies gives you.
- A one-minute "tell me about yourself" that ends at the group you applied to.
- The three statements and how they connect, and how one change moves through all three.
- Multiples: what moves EV/EBITDA and P/E, and when to use a DCF instead.
- For technology groups: stock options, dilution and how tech companies are valued.
- One or two market trends you can talk about for two minutes.
- Short answers: with 15 to 20 minutes per interview, aim for a minute each.
- Two questions for each pair of interviewers.
The questions
Each short interview mixes technical and behavioral questions. Jefferies looks for strong technical, written and verbal communication skills, professionalism and the ability to work under pressure and in a team.6,1
- Technical: Multiples, valuation methods, the three statements and simple P/E math.
- Fit and motivation: Tell me about yourself, why investment banking, why Jefferies, why this group.
- Behavioral: Teamwork, strengths and weaknesses, and ranking qualities.
- Markets: Recent market trends and, for technology groups, sector questions.
Which division question you get
- Investment Banking, New York
- Jan 2025 (summer 2026), through a diversity program: two 20-minute 2-on-1 interviews, straightforward technicals. What happens to the EV/EBITDA multiple when EBITDA increases?6
- Investment Banking, New York Generalist
- Feb 2025 (summer 2026), first round: tell me about yourself, why investment banking, why Jefferies, rank four qualities, how confident are you in your technicals, a time you worked in a team.6
- Technology, Media & Telecom, San Francisco
- Feb 2026 (summer 2027): a phone fit call, then an extremely technical first round on stock options and technology, then an in-person superday that was more fit-based. Valuation and LBO questions were expected in the first round.6,5
- Healthcare M&A, Chicago
- Mar 2026 (role level not given): two rounds planned. The first covered why healthcare and why investment banking, which valuation method to use (a DCF), the three methods and how they connect, balance sheet line items and simple P/E math.6
- Aerospace, Defense & Government, Charlotte
- Early 2026 (summer 2027): the group ran its own superdays, with offers following.4
- Energy, HoustonBest guess
- Expect energy questions on top of the standard technicals: commodity prices, how energy companies are valued and a recent deal in the sector.
The Houston Energy line is our best guess from the other groups' processes and the group's focus.
Using Jefferies's values in your answers
Jefferies' 2028 summer analyst posting says it expects everyone, summer analysts included, to work with excellence, a collaborative spirit and the highest integrity, and it names what it looks for in a candidate.1
- Excellence
“pursue their projects with excellence”1
Technical rounds and any story about a piece of work you were proud of. Precision over speed.
- Collaboration
“a collaborative spirit”1
Teamwork questions, especially in a 2-on-1 where you can show you listen to both interviewers.
- Integrity
“the highest levels of integrity”1
Judgment questions about a mistake you owned or a rule you followed under pressure.
- Impact
“eager to make an impact by doing real, hands-on work”1
Why Jefferies and why this group: the lean deal teams and early responsibility.
- Pressure and pace
“work under pressure and tight deadlines”1
Stories with a deadline, and the "rank these qualities" question.
The quotes are Jefferies' own, from its posting. Matching them to questions is Intervyo's advice: let one trait carry each story rather than reciting the list.
Example questions and how to answer them
Technical"What happens to the EV/EBITDA multiple when EBITDA increases?"6
- 1Hold enterprise value constant first: the multiple falls, since EBITDA is the denominator.
- 2Then ask why EBITDA rose: a lasting improvement usually lifts enterprise value too.
- 3Note the market reaction: if growth is expected to continue, the multiple may hold.
- 4Close with the one-line answer.
Tip: The most complex question in a New York summer analyst superday in January 2025. Give the mechanical answer first, then the nuance.
Example answer, written by Intervyo (not a real candidate)
Written by Intervyo as an example. Mechanically, if enterprise value stays the same, the multiple goes down, because EBITDA is the denominator. In practice it depends on why EBITDA rose. If it is a one-off, like a cost cut that will not repeat, the market may not move enterprise value much, so the multiple drops. If it is a lasting improvement, enterprise value should rise too, and the multiple may stay about where it was, or even rise if the market expects more growth.
Technical"Which valuation method would you use for this company?"6
- 1Name the three methods: comparable companies, precedent transactions and a DCF.
- 2Pick one for the case and say why: stable cash flows point to a DCF, a deep peer set to comps.
- 3Say what you would check it against.
- 4Name the limit of the method you chose.
Tip: Asked in a Chicago Healthcare M&A first round in March 2026 for a company in the interviewer's group; the answer was a DCF. Expect the same at a superday, with a follow-up on how the methods connect.
Example answer, written by Intervyo (not a real candidate)
Written by Intervyo as an example. For a mature medical device company with steady, predictable cash flows, I would lead with a DCF, because its value comes from those long-run cash flows and I can model them with some confidence. I would check it against trading comps of other device makers and against precedent transactions, since this sector sees a lot of M&A. The weakness of the DCF is how much rests on the terminal value and the discount rate, so I would show a range rather than a single number.
Technical"Here is a set of financials with one wrong number. Find it."6
- 1Start where the statements must tie: the balance sheet balances.
- 2Check the links: net income to retained earnings, ending cash on the cash flow statement to the balance sheet.
- 3Check the arithmetic: gross profit, operating income and the subtotals.
- 4Say the error out loud and what it should be.
Tip: Asked in a New York full-time analyst process in September 2025 that ended in a superday of quick rounds; the review does not say which round. Talk through your checks in order; the method matters as much as finding it.
Example answer, written by Intervyo (not a real candidate)
Written by Intervyo as an example. First I would check that assets equal liabilities plus equity; here they are off by 20. Then I would check the links. Net income on the income statement is 120, and retained earnings went up by 100 with no dividends shown, so either net income or retained earnings is wrong. The cash flow statement starts from net income of 100, which matches retained earnings, so the income statement figure looks like the error, probably a subtraction mistake in operating expenses. Correcting it to 100 also fixes the balance sheet gap.
Behavioral"Rank these qualities: smartness, hard work, attention to detail, reliability."6
- 1Give the ranking straight away.
- 2Justify the top one with the job: what an analyst is trusted to do.
- 3Say why the last one is last without dismissing it.
- 4Tie it to a short example of your own.
Tip: Asked in a New York Generalist first round in February 2025, beside "how confident are you in your technicals". There is no right order; a reason tied to analyst work is what counts.
Example answer, written by Intervyo (not a real candidate)
Written by Intervyo as an example. Reliability, attention to detail, hard work, then smartness. An analyst's work goes to clients, so a team has to be able to count on it being done and being right; that puts reliability and detail first. Hard work is what makes both possible on a tight deadline. Smartness matters, but it is the easiest of the four to find in a pool of candidates. In my internship, the feedback I valued most was that my manager stopped checking my numbers after the first month.
Fit and motivation"Why Jefferies?"4,1
- 1Start with the platform: a global, full-service bank that runs like an independent.
- 2Add the experience: lean deal teams and real work with senior bankers.
- 3Make it yours: the group, a deal or a banker you spoke with.
- 4Link it to your resume.
Tip: Jefferies pushes this harder than most banks. Use the firm's own description of lean deal teams and early responsibility, then make the last two steps specific to you.
Example answer, written by Intervyo (not a real candidate)
Written by Intervyo as an example. I want a full-service bank where a summer analyst does real work, and Jefferies is both: it covers advisory, capital markets and financing, but its deal teams are lean, so analysts work directly with senior bankers on pitches and live deals. I applied to the Industrials group in Chicago because I spent last summer at a manufacturer and saw how much of its strategy came down to M&A. When I spoke with an associate in the group, she described pitching a company in her first month, and that is the kind of start I want.
More Jefferies superday questions
Technical
“What are the three methods, and how do they connect?”6
Healthcare M&A, Chicago, Mar 2026, first round
“What are specific line items on the balance sheet?”6
Healthcare M&A, Chicago, Mar 2026, first round
“Simple P/E calculations.”6
Healthcare M&A, Chicago, Mar 2026, first round; a topic
“Valuation and LBO questions.”5
Expected in the San Francisco Technology first round, Jan 2026 (summer 2027); a topic
“Stock option and technology-specific questions.”6
TMT, San Francisco, Feb 2026 (summer 2027), first round; a topic
Fit and motivation
“Tell me about yourself.”6
New York Generalist, Feb 2025 (summer 2026), first round
“Why investment banking?”6
New York Generalist, Feb 2025 (summer 2026), first round
“How confident are you in your technicals?”6
New York Generalist, Feb 2025 (summer 2026), first round
“Why this group, out of every posting you could have picked?”
Best guessOur expectation from the one-application rule
Behavioral
Markets
“Tell me about some recent market trends that have caught your eye.”6
Capital Markets analyst, New York, Sep 2026; not a summer analyst process
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How long to hear back after the superday
Interviews run in waves, route by route and group by group, from early January. Offers can come with a short window to accept.4,5,6
Jan 2025 (summer 2026)
Investment banking, New York
A diversity-program superday of two 20-minute interviews, then an offer with one week to accept.6
Feb 2025 (summer 2026)
Investment banking, New York Generalist
A first-round invite on a Saturday morning for the following Monday; no superday followed.6
Jan 2026 (summer 2027)
Investment banking, US
On Jan 9, the diversity program's final rounds were set for the following week, over Zoom, with regular first rounds expected a couple of weeks later. On Jan 25, an Insight Day attendee had a virtual superday for the New York Generalist program.5,4
Jan to Feb 2026 (summer 2027)
Investment banking, Charlotte
Aerospace, Defense & Government ran its own superdays, and offers followed.4
Feb 2026 (summer 2027)
TMT, San Francisco
Phone fit call, technical first round, then an in-person superday.6
Interns are considered for a full-time offer based on their performance and potential during the 10 weeks.3
Best guessExpect to hear within a week of the superday. If you hold another offer with a deadline, tell your recruiter early.
What happens after the superday
Online application
One application per recruiting cycle, to one group posting or the New York Generalist program; summer 2028 postings went up on Nov 1 and 2, 2026.1,2
Online assessment
Two SHL tests that Jefferies sends after you apply, recommended within 3 days: an untimed situational judgment test, then a 36-minute interactive ability test.7
Phone screen (some groups)
Some groups open with a short call on fit and background, as San Francisco Technology did (Feb 2026, summer 2027).6
First round (most candidates)
Done. A first round with one or two bankers; some processes run two rounds, and some routes skip it.6,4,5
SuperdayYou are here
This page. Short back-to-back interviews, often 2-on-1, on Zoom or in person by group.6,5
Offer
One week to accept in New York (Jan 2025, summer 2026), and a 10-week summer with consideration for a full-time offer.6,3
First round vs superday
The first round is where the hard technicals have come in some groups; the superday is short, paired and heavier on fit.
Format
A phone screen or a first round, planned as a 2-on-1 in New York (Feb 2025, summer 2026).6
Short back-to-back interviews, 2-on-1: two of 20 minutes in New York (Jan 2025, summer 2026).6
How technical
Light in Chicago Healthcare M&A (Mar 2026); extremely technical in San Francisco TMT (Feb 2026, summer 2027).6
Straightforward technicals in New York; more fit-based in San Francisco TMT.6
Where
A phone call on fit, then the first round, in San Francisco TMT (Feb 2026, summer 2027).6
FAQ
How many interviews are in a Jefferies superday?
Expect two or more short ones, back to back. A New York summer analyst superday in January 2025 was two 20-minute interviews, both 2-on-1; a New York full-time analyst superday ran quick 15-minute rounds.6
Is there a first round before the Jefferies superday?
For most candidates, yes, and some groups add a phone screen before it. Diversity program candidates have gone straight to final rounds, and for summer 2027 Insight Day attendees and an alumni-referral route at one school skipped the first round.4,5,6
How technical is the Jefferies superday?
The technicals have been straightforward: the hardest question in a New York superday was what moves the EV/EBITDA multiple, and first rounds have asked which valuation method to use. In San Francisco TMT the hard technicals came in the first round and the superday was more about fit.6
Is the Jefferies superday virtual or in person?
It depends on the route and the group. For summer 2027, diversity and Insight-route superdays were on Zoom, San Francisco Technology met in person, and an alumni-referral route led to in-person superdays. Ask your recruiter when the invite comes.5,4,6
How important is "why Jefferies"?
Very. Jefferies pushes it harder than most banks. Build your answer from the firm's own pitch, lean deal teams and work with senior bankers on pitches and live deals, then make it specific to your group.4,1
How long do you have to accept a Jefferies offer?
A New York summer analyst offer in January 2025 came with one week to accept. Tell your recruiter early if you are waiting on another firm.6
Superday at other firms
Sources
Firm pages first, then dated candidate reports. Last checked Nov 4, 2026.
- 1Jefferies (job board): 2028 Investment Banking Summer Analyst Program - New York, Generalist
- 2Jefferies (job board): Campus Opportunities (job board feed)
- 3Jefferies: Students & Graduates
- 4Candidate discussion on a public forum: Jeffries SA27 Thread (from Dec 2025)
- 5Candidate discussion on a public forum: Jefferies SA '27 (from Jan 2026)
- 6Candidate reports on a public forum: Jefferies Interview Questions (2026)
- 7Screens of a Jefferies SHL online assessment: invite email, candidate hub and both tests (collected Sep 2026)
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