Got a Jefferies first round? Here is who gets one, how the call runs, the questions each group has asked, how to answer "why Jefferies" and what comes after it.
Key facts
- Who gets one: Most applicants have a first round before the superday. For summer 2027, diversity program candidates went to final rounds in mid-January 2026, Insight Day attendees were invited straight to superdays, and some applicants at one school skipped the first round.3,4
- Format: A New York Generalist first round was planned as a 2-on-1, one interviewer on behaviorals and one on technicals, though only the behavioral interviewer came (Feb 2025, summer 2026). New York ECM ran a 2-on-1 with an analyst and an associate (Jan 2026, summer 2027), and a Chicago M&A first round was one on one (Mar 2026, summer 2027).5,7
- Before it: San Francisco Technology opened with a phone call on fit and background, then the first round (Feb 2026, summer 2027).5
- How technical: It depends on the group. Chicago M&A asked light technicals after the behaviorals (Mar 2026, summer 2027). New York ECM was 90% technical, on offering types (Jan 2026, summer 2027), and San Francisco Technology extremely technical, on stock options and technology (Feb 2026, summer 2027).5,7
- What weighs most: Jefferies pushes "why Jefferies" harder than most banks, and a strong answer is incredibly important to it. Know your technicals as well.3
- When: For summer 2027, San Francisco Technology first rounds were out by Jan 8, 2026, with regular New York first rounds expected from late January. The summer 2028 postings went up on Nov 1 and 2, 2026, so expect first rounds from December 2026 or January 2027.4,3,2
- Next step: Usually the superday. Some groups add a second round first: New York Generalist ran one with a VP on fit only (Mar 2024, summer 2025), and Chicago M&A planned two rounds (Mar 2026, summer 2027).6,5
Each group and office runs its own process, so the first round in one group can look little like another's. Jefferies says it looks for strong technical, written and verbal communication skills, professionalism and the ability to work under pressure, alone and in a team.1,5
What the Jefferies interview looks like
Where it sits
You get one application per recruiting cycle, so you apply to one group posting or the New York Generalist program. Most applicants then have a first round before the superday. Some groups put a short phone call on fit first, as San Francisco Technology did, and some add a second round after it.1,3,5,6
Who skips it
For summer 2027, the diversity program's final rounds ran in mid-January 2026, Insight Day attendees were invited straight to superdays, and some applicants at one school went straight to a superday too. If you came through one of those routes, check whether your invite is for a first round or a superday.3,4
The format
Expect one or two bankers from the group. A New York Generalist first round was planned as a 2-on-1, one interviewer on behaviorals and one on technicals, though only the behavioral interviewer came (Feb 2025, summer 2026). New York ECM paired an analyst and an associate (Jan 2026, summer 2027), a Chicago M&A first round was one on one (Mar 2026, summer 2027), and a referred New York Generalist applicant had a phone call with an associate (Feb 2024, summer 2025).5,7,8
What they ask
It usually opens on you: tell me about yourself, why investment banking, why Jefferies, why this sector. Then come technicals, from light (which valuation method fits a company, how the three methods connect, balance sheet line items, simple P/E math in Chicago M&A) to heavy (offering types in New York ECM, stock options and technology in San Francisco Technology). The ECM round went straight into the details with little about the candidate. The New York Generalist round asked candidates to rank four qualities and say how confident they were in their technicals.5,7
How to answer
Jefferies looks for strong technical, written and verbal communication, professionalism and the ability to work under pressure. Keep answers short and structured, and build "why Jefferies" from the firm's own pitch: a full-service bank with an entrepreneurial culture and lean deal teams, where summer analysts work with senior bankers on pitches and live deals. Know every line of your resume.1,3
After it
Next is the superday, or a second round in some groups: New York Generalist added a second round with a VP on fit only (Mar 2024, summer 2025), and Chicago M&A planned two rounds (Mar 2026, summer 2027). The superday is short 2-on-1 interviews, two of 20 minutes in New York (Jan 2025, summer 2026).6,5
Before your first round
- A "why Jefferies" answer that names your group and office, and a reason only Jefferies gives you.
- A one-minute "tell me about yourself" that ends at the group you applied to.
- A straight answer to "how confident are you in your technicals", and the technicals to back it.
- The three valuation methods, how they connect, and which one fits a company in your group.
- The three statements and the main balance sheet line items.
- For technology groups: stock options, dilution and how tech companies are valued; for San Francisco, LBO basics too.
- Every deal or pitch on your resume, in enough detail to be pushed on it.
- Two questions about the group for the end of the call.
The questions
Expect behavioral and motivation questions first, then technicals pitched to your group. "Why Jefferies" carries more weight here than at most banks.5,7,3
- Fit and motivation: Tell me about yourself, why investment banking, why Jefferies, why this sector.
- Behavioral: Teamwork, strengths and weaknesses, and ranking qualities.
- Technical: Valuation methods and how they connect, balance sheet line items, simple P/E math.
- Group-specific: Offering types for ECM; stock options and technology for TMT; valuation and LBOs where the group expects them.
Which division question you get
- Investment Banking, New York Generalist
- Feb 2025 (summer 2026): 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, strengths and weaknesses. Planned as a 2-on-1; only the behavioral interviewer came.5
- Technology, Media & Telecom, San Francisco
- Feb 2026 (summer 2027): a phone call on fit and background, then an extremely technical first round on stock options and technology. Valuation and LBO questions were expected.5,4
- Healthcare M&A, Chicago
- Mar 2026 (intern, summer 2027): tell me about yourself, why healthcare, why investment banking, then light technicals: which valuation method fits a company in the interviewer's group (a DCF), the three methods and how they connect, balance sheet line items and simple P/E math. The first of two planned rounds.5
- Equity Capital Markets, New York
- Jan 2026 (summer 2027): a 2-on-1 with an analyst and an associate, about 90% technical: IPOs, at-the-market offerings, follow-ons and convertible bonds, and why a company would pick one offering over another.7
- Investment Banking, New York Generalist (second round)
- Mar 2024 (summer 2025): a second round with a VP that focused on fit, with no technicals.6
- Other New York groupsBest guess
- Expect the Generalist pattern: motivation and behaviorals, then standard technicals, with a product or sector question for your group.
The last line is our best guess, from the Generalist, ECM and Chicago M&A rounds.
Example questions and how to answer them
Fit and motivation"Why Jefferies?"3,1
- 1Start with the platform: a full-service bank that still runs lean and entrepreneurial.
- 2Add the experience: summer analysts working with senior bankers on pitches and live deals.
- 3Make it yours: the group you applied to and a deal or person behind your choice.
- 4Link it to a line on your resume.
Tip: Every bank asks it, but Jefferies pushes it more, and summer 2027 applicants were told it is incredibly important. You applied to one group, so name it.
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 Houston Energy group because I grew up around the industry and spent last summer at an oilfield services company, where I saw how much of the strategy came down to capital raising and M&A. An analyst in the group told me she owned a section of a pitch in her second week, and that is the start I want.
Behavioral"Rank the following qualities: smartness, hard work, attention to detail, reliability."5
- 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.
- 4Back it with a short example of your own.
Tip: Asked in a New York Generalist first round in February 2025 (summer 2026). 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. Attention to detail, reliability, hard work, then smartness. A model or a page that goes to a client has to be right, so detail comes first, and a team has to know you will deliver it on time, which is reliability. Hard work makes both possible on a tight deadline. Smartness matters, but it is the easiest of the four to find among candidates. In my internship, catching a units error in a comps table before it went to the VP did more for me than any analysis I built.
Fit and motivation"How confident are you in your technicals?"5
- 1Give an honest level, not a yes or no.
- 2Name what you know well: accounting, the three statements, valuation.
- 3Name what you are still building and how.
- 4Invite a question, so the answer leads into the technicals.
Tip: Asked in the same February 2025 (summer 2026) New York Generalist round, right before the technical half was meant to start. Only claim what you can defend in the next five minutes.
Example answer, written by Intervyo (not a real candidate)
Written by Intervyo as an example. Fairly confident on the core. I can walk through the three statements and how a change flows through them, the three valuation methods and when each fits, and a DCF from free cash flow to value per share. I am less practiced on LBOs, so I have been building a simple paper LBO each week. Happy to take any question you want to test me on.
Technical"Which valuation method would you use for this company, and why?"5
- 1Name the three methods: comparable companies, precedent transactions and a DCF.
- 2Pick one for the company 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 weakness of the method you chose.
Tip: The first technical in a Chicago Healthcare M&A first round in March 2026 (summer 2027), about a company in the interviewer's group; the answer was a DCF.
Example answer, written by Intervyo (not a real candidate)
Written by Intervyo as an example. For a mature medical device maker with steady, predictable cash flows, I would lead with a DCF, because its value comes from those long-run cash flows and I can project them with some confidence. I would check it against trading comps of other device makers and against precedent transactions, since the sector sees a lot of M&A. The DCF leans heavily on the terminal value and the discount rate, so I would show a range rather than one number.
Technical"What are the three valuation methods, and how do they connect?"5
- 1Comparable companies: what similar public companies trade at, as multiples.
- 2Precedent transactions: what buyers paid for similar companies, which includes a control premium.
- 3DCF: the present value of future cash flows.
- 4Connect them: all three estimate enterprise value, and you compare the ranges, usually on a football field.
Tip: Asked in the same Chicago round, beside balance sheet line items and simple P/E math. Expect a follow-up on why precedents tend to come out highest.
Example answer, written by Intervyo (not a real candidate)
Written by Intervyo as an example. Comparable companies values a business on what similar public companies trade at, using multiples like EV/EBITDA. Precedent transactions uses what acquirers have paid for similar companies, so it includes a control premium and usually comes out highest. A DCF values the business on its own projected cash flows, discounted at WACC. All three give an enterprise value, so I would lay the ranges side by side and see where they overlap. The DCF also links back to the others, because its terminal value is often set with an exit multiple taken from the comps.
More Jefferies interview questions
Fit and motivation
Behavioral
Technical
“What are specific line items on the balance sheet?”5
Healthcare M&A, Chicago, Mar 2026 (summer 2027)
“Simple P/E calculations.”5
Healthcare M&A, Chicago, Mar 2026 (summer 2027); a topic
“IPOs, at-the-market offerings, follow-ons and convertible bonds; why a company would pick one offering.”7
Equity Capital Markets, New York, Jan 2026 (summer 2027); topics
“Stock option and technology-specific questions.”5
TMT, San Francisco, Feb 2026 (summer 2027); a topic
“Valuation and LBO questions.”4
Expected in San Francisco Technology first rounds, Jan 2026 (summer 2027); a topic
“Here is a set of financials with one wrong number. Find it.”5
New York full-time analyst process, Sep 2025; the review does not say which round
Markets
“Tell me about some recent market trends that have caught your eye.”5
Capital Markets analyst, New York, Sep 2026; not a summer analyst process
Practice for Jefferies with Intervyo
Start free to practice Jefferies questions and track when it opens. Go deeper on Jefferies with the pack, or cover every firm you apply to with the Season Pass.
Free
Try it and track Jefferies
$0no card
Sign up free- 2 HireVue-style questions, scored
- A resume review and a cover letter
- An online assessment in the real format
- The tracker, with alerts for 5 companies
Season Pass
Save 63%Every company you apply to
$16.58a month
Get the Season Pass- 20 live AI mock interviews a month
- 130 HireVue-style questions a month, every company
- 150 online assessment runs a month
- 5 superday simulations a month
- 30 resume reviews and 90 cover letters a month
$199 a year, or $44.99 monthly. Cancel any time.
How long to hear back after the interview
First rounds go out in waves, route by route and group by group, from early January. Invites can come with little notice, and the superday or a second round follows within weeks.3,4,5,7
Feb 2024 (summer 2025)
Investment banking, New York Generalist
After a referral from an MD, a purely behavioral first round by phone with an associate, then a superday a few weeks later and an offer.8
Mar 2024 (summer 2025)
Investment banking, New York Generalist
On Mar 5, a second round with a VP that focused on fit, with no technicals. On Mar 13, another applicant had a superday invite after two rounds.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. Under a month in all.5
Dec 2025 (summer 2027)
Investment banking, New York
On Dec 18, Insight program interviews were set for mid-January, with regular New York first rounds expected from late January.3
Jan 2026 (summer 2027)
Equity Capital Markets, New York
First-round times came by email at very short notice; superday news was promised early the next week but took two weeks.7
Jan 2026 (summer 2027)
Investment banking, San Francisco Technology
First-round invites were out by Jan 8, with valuation and LBO questions expected. On Jan 9, the diversity program's final rounds were set for the following week, with regular first rounds a couple of weeks later.4
Feb 2026 (summer 2027)
Investment banking, San Francisco Technology
A phone call on fit, an extremely technical first round, then an in-person superday. Under a month in all.5
Mar 2026 (intern, summer 2027)
Healthcare M&A, Chicago
The first of two planned rounds; no second round followed. One to two months in all.5
Best guessIf two weeks pass after your first round with nothing, assume your group has moved on, and put your time into other firms. Invites can arrive at the weekend, so keep your phone and email close in January.
What happens after the interview
Online application
Done. 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.9
Phone screen (some groups)
Some groups open with a short call on fit and background, as San Francisco Technology did (Feb 2026, summer 2027).5
First round (most candidates)You are here
This page. One or two bankers, behavioral then technical; some groups add a second round, and some routes skip it.5,7,6,3
Superday
Short back-to-back interviews, often 2-on-1: two of 20 minutes in New York (Jan 2025, summer 2026). Zoom or in person by route and group.5,3
Offer
One week to accept in New York (Jan 2025, summer 2026).5
First round vs superday
The first round is where the hardest technicals have come in some groups; the superday is short, paired and heavier on fit.
Who
One or two bankers: a planned 2-on-1 in New York Generalist (Feb 2025, summer 2026), an analyst and an associate in New York ECM (Jan 2026, summer 2027), one on one in Chicago M&A (Mar 2026, summer 2027).5,7
Two bankers per interview: two 20-minute 2-on-1s in New York (Jan 2025, summer 2026).5
How technical
Light in Chicago M&A; about 90% technical in New York ECM; extremely technical in San Francisco Technology.5,7
Straightforward technicals in New York; more fit-based in San Francisco Technology.5
FAQ
Is there a first round before the Jefferies superday?
For most candidates, yes. For summer 2027, diversity program candidates went to final rounds in mid-January 2026, Insight Day attendees were invited straight to superdays, and some applicants at one school skipped the first round.3,4
How technical is the Jefferies first round?
It depends on the group. Chicago M&A asked light technicals: which valuation method fits a company, how the three methods connect, balance sheet line items and simple P/E math (Mar 2026, summer 2027). New York ECM's was about 90% technical, on IPOs, follow-ons, at-the-market offerings and convertibles (Jan 2026, summer 2027), and San Francisco Technology's extremely technical, on stock options and technology (Feb 2026, summer 2027).5,7
Who interviews you in a Jefferies first round?
One or two bankers from the group. A New York Generalist first round was planned as a 2-on-1, one on behaviorals and one on technicals (Feb 2025, summer 2026); New York ECM paired an analyst and an associate (Jan 2026, summer 2027); a Chicago M&A first round was one on one (Mar 2026, summer 2027).5,7
How long is a Jefferies first-round interview?
Treat it as a short call. Jefferies' superday interviews in New York ran 20 minutes each (Jan 2025, summer 2026), so keep each answer to about a minute. Leave time for your own questions: the Feb 2025 (summer 2026) New York Generalist first round ended with the candidate's questions.5
Interview at other firms
Sources
Firm pages first, then dated candidate reports. Last checked Nov 9, 2026.
- 1Jefferies (job board): 2028 Investment Banking Summer Analyst Program - New York, Generalist
- 2Jefferies (job board): Campus Opportunities (job board feed)
- 3Candidate discussion on a public forum: Jeffries SA27 Thread (from Dec 2025)
- 4Candidate discussion on a public forum: Jefferies SA '27 (from Jan 2026)
- 5Candidate reports on a public forum: Jefferies Interview Questions (2026)
- 6Candidate discussion on a public forum: Jefferies SA 2025 (from Feb 2024)
- 7Candidate report on a public forum: Summer Analyst interview, Equity Capital Markets, New York (Jan 2026)
- 8Candidate report on a public forum: Summer Analyst interview, Generalist, New York (Feb 2024)
- 9Screens of a Jefferies SHL online assessment: invite email, candidate hub and both tests (collected Sep 2026)
Intervyo isn't affiliated with, endorsed by or sponsored by Jefferies. Formats change between cycles and divisions, so always follow the instructions in your own invite.