Through the first round at Moelis & Company? Here is how the onsite final round works, what the case study and technicals look like, the behavioral questions senior bankers ask and how fast you hear back.
Key facts
- Before it: One or two first-round interviews with investment bankers, technical and behavioral. In New York that has been a 30-minute virtual one-on-one with an associate (2025) or a first round with an executive director (2026).1,8,4
- Format: Second-round candidates attend an onsite final round, meeting several senior bankers who test your knowledge further. New York superdays in 2026 were with MDs and partners.1,4
- Interviews: Three interviews in New York in 2026: one technical and two behavioral in one process, three with MDs and partners in another.5,4
- Case study: A case study has come up: a deck on whether a company should buy another, then valuation questions (2026), or a merger model, paper LBO or statement build (2025).5,6,13
- How technical: One 2026 New York superday was 90% behavioral with no calculations; a 2023 New York process was almost all technical, with multi-step paper LBOs and beta questions.4,7,13
- Timing: In New York for summer 2027, superday invites came out about a week after January first rounds, and whole processes ran in under a month.3,4
Moelis asks you to review its vision and values, follow its recent news and transactions, refresh financial statements and valuation methods, and practice mock interviews. It says above all to be authentic: it values curiosity, drive and enthusiasm.1
What the Moelis & Company superday looks like
The first round first
Moelis runs one or two first-round interviews with investment bankers, technical and behavioral, before the superday. In New York these have been 30-minute virtual one-on-ones with an associate (five technicals in 30 minutes in 2025) or a first round with an executive director (2026).1,8,4
The invite
Superday invites come in a batch. For summer 2027, New York first rounds ran through January 2026 and superday invites went out about a week later, and no word by then usually meant no superday.3
On the day
The final round is onsite, with several senior bankers. Expect about three interviews: in New York in 2026, one technical and two behavioral in one process, and three with MDs and partners in another.1,5,4
The case study
Some superdays include a case. In February 2026 it was a deck and a run of questions on whether a company should acquire another, then valuation and general technicals. In February 2025 the case was typically a merger model, a paper LBO or a statement build, after behavioral conversations with directors.5,6,13
How technical it gets
It depends on who you meet. One 2026 New York superday was 90% behavioral with no calculations, while a 2023 New York process was almost all technical, with multi-step paper LBOs, capital structure and debt questions, and beta. Prepare for both.4,7,13
Your questions
Moelis asks you to know its recent news and transactions and to contribute to market discussions. Bring a question about a recent Moelis deal for each senior banker.1
The rounds, process by process
- Generalist, New York (Feb 2026) First round, 3-round superday
- One technical and two behavioral interviews, with a case study deck.
- Generalist, New York (Jan 2026) Dinner, first round, 3 interviews
- First round with an executive director; superday with MDs and partners, mostly behavioral.
- Generalist, New York (Mar 2025) 30-minute first round
- Virtual one-on-one with an associate: five technicals in 30 minutes.
- Generalist, New York (Feb 2025) First round, superday with a case
- Highly technical first round; behavioral talks with directors and a modeling case.
- Associate (MBA), New York (Jan 2026) Calls, 2-on-1 screen, superday
- Superday at the office with two behavioral interviews and a case study. An MBA process, for shape only.
Each row is one process, with the month it ran. Moelis describes one to two first rounds, then an onsite final round with several senior bankers.1,5,4,8,6,9
Before your superday
- Every line of your resume, told without looking at it.
- A paper LBO you can extend step by step as the interviewer adds facts.
- Accretion and dilution worked in your head, and how you would judge an acquisition from a short deck.
- Beta in one breath: what zero means, and whether it can be negative.
- How leverage changes a company's sensitivity, with a 7x example.
- Two or three recent Moelis transactions you can talk about, and why they mattered.
- A reason for Moelis and for a generalist program that is your own, not the website's.
- Three or four stories that show curiosity, drive and enthusiasm, the traits Moelis names.
The questions
Moelis says its interviews test technical and behavioral skills, and asks you to know financial statements and valuation methods properly, not by rote. Superdays mix those with a case study in some years.1,5,6
- Case study: A deck on a possible acquisition, or a merger model, paper LBO or statement build.
- Technical: Paper LBOs, accounting, merger math, debt and capital structure, beta and discount rates.
- Behavioral: Resume walkthroughs and situational questions, often in conversation with senior bankers.
- Fit and motivation: Why Moelis, why banking, why a generalist program.
- Markets and deals: Recent Moelis transactions and the market around your interests.
Which division question you get
- Generalist, New York (Feb 2026)
- Summer 2027: a three-round superday (one technical, two behavioral) with a case study deck on a possible acquisition, then valuation questions.5,13
- Generalist, New York (Jan 2026)
- Summer 2027: Suited, a dinner, a first round with an executive director, then three superday interviews with MDs and partners, 90% behavioral.4
- Generalist, New York (Feb 2025)
- Summer 2026: a highly technical first round, then behavioral conversations with directors and a case study, typically a merger model, paper LBO or statement build.6
- Generalist, New York (Mar 2023)
- Summer 2024: almost all technical. A multi-step paper LBO with follow-ups, capital structure and debt, a beta of zero, negative beta and interest rates.7,13
- Leadership Development Program (Oct 2025)
- The sophomore program interview: 11 minutes of behavioral questions, 17 of technicals, including the beta of a lottery ticket and the levers of an LBO.10
- Capital Structure AdvisoryBest guess
- Expect restructuring technicals on top of the generalist set: a debt waterfall, liquidity options and how a distressed balance sheet flows through the three statements.
The Capital Structure Advisory line is our best guess from the distressed debt waterfall asked in a 2025 New York first round and the generalist superdays above.
Using Moelis & Company's values in your answers
Moelis says its people are united by a spirit of collaboration, creativity and entrepreneurialism, and its posting calls the culture one of partnership, creativity, optimism and hard work. Its interview advice starts with reviewing the firm's vision and values.1,2
- Most trusted advisor
“Our vision is to be the most trusted advisor”1,2
Why Moelis, and any story where someone relied on your judgment.
- Collaboration
“We are united by a spirit of collaboration”1,2
Teamwork questions: what you did to make the group work, not what the group did.
- Entrepreneurialism
“a culture that fosters strategic thinking, ownership and continuous development”1,2
Something you started or owned from scratch, with a number for the result.
The quotes are Moelis's own, from its careers page and posting. Matching them to questions is Intervyo's advice: use one as the reason your story matters, rather than reciting the list.
Example questions and how to answer them
Case study"Here is a deck on the company and a target. Should it pursue the acquisition?"5,13
- 1Start with strategy: what the buyer gains, such as growth, scale, a product or a market.
- 2Check the price: what the target is worth on comps and precedents against what the deck implies.
- 3Run the math: is it accretive or dilutive, and how would it be funded?
- 4Close with a call and the one or two risks that could change it.
Tip: This was the case at a New York generalist superday in February 2026, followed by valuation questions and general technicals. Give a recommendation; a balanced list of pros and cons is not an answer.
Example answer, written by Intervyo (not a real candidate)
Written by Intervyo as an example. I would recommend pursuing it, at the right price. Strategically, the target adds a product line the buyer lacks and gives it access to mid-market customers it does not reach today. On value, the target trades at about 11x EBITDA against peers at 9x to 12x, and the deck implies a 25% premium, which is in line with recent precedents. If the buyer pays in cash and debt at a 6% pre-tax cost, and the target's earnings yield at that price is above the after-tax cost of debt, the deal is accretive in year one. The main risks are integration and leverage: I would want to see leverage stay under about 3.5x after the deal and a clear plan for the cost savings before signing off.
Technical"Walk me through a paper LBO."7,13
- 1Set the entry: EBITDA times the purchase multiple, funded with a stated share of debt and equity.
- 2Grow EBITDA over five years and use free cash flow to pay down debt.
- 3Set the exit at the same multiple unless told otherwise, then subtract the remaining debt.
- 4Compare exit equity to entry equity for the multiple of money, then estimate the IRR.
Tip: A 2023 New York process asked a multi-step paper LBO with several follow-ups that built it out further. Write the numbers down cleanly so you can extend them when the interviewer adds a fact.
Example answer, written by Intervyo (not a real candidate)
Written by Intervyo as an example. Say a company has $100 million of EBITDA and we buy it at 10x, so $1 billion, funded with $600 million of debt and $400 million of equity. EBITDA grows to about $150 million over five years, and the business generates enough free cash flow to pay down $300 million of debt, leaving $300 million. At a 10x exit, enterprise value is $1.5 billion, minus $300 million of debt, so equity is worth $1.2 billion: three times the $400 million we put in, which is roughly a 25% IRR over five years.
Technical"What does a beta of zero mean, and can beta be negative?"7,10,13
- 1Define beta: how much an asset's returns move with the market's.
- 2Zero means no relationship with the market, not no risk.
- 3Negative means it tends to move against the market.
- 4Give an example of each and say what it does to the cost of equity.
Tip: Asked in a 2023 New York process, and the beta of a lottery ticket came up in the 2025 Leadership Development Program interview. Separate market risk from total risk in your first sentence.
Example answer, written by Intervyo (not a real candidate)
Written by Intervyo as an example. Beta measures how an asset's returns move relative to the market. A beta of zero means its returns are unrelated to the market's, though it can still be very risky on its own: a lottery ticket is the classic example, since its payoff does not depend on the market. So in CAPM its cost of equity is just the risk-free rate. Beta can be negative when an asset tends to rise as the market falls, as gold or some put options have at times. A negative beta pushes the CAPM cost of equity below the risk-free rate, because the asset hedges the rest of a portfolio.
Technical"A tech company runs at 7x leverage. What does that tell you about its sensitivity?"11,13,1
- 1Translate it: debt is seven times EBITDA, which is high for any sector.
- 2Equity is thin, so small changes in enterprise value swing equity value a lot.
- 3Interest takes a big share of cash flow, so a revenue miss can hit coverage fast.
- 4Say what you would check: recurring revenue, maturities and covenants.
Tip: Asked in a New York full-time analyst first round in May 2026; it fits a Moelis superday because the firm also runs a Capital Structure Advisory group.
Example answer, written by Intervyo (not a real candidate)
Written by Intervyo as an example. At 7x, debt is seven times EBITDA, so the equity is a thin slice on top of a large debt stack. That makes equity value very sensitive: if the enterprise value falls 10%, equity could fall by half or more. Interest also uses a large share of cash flow, so a small revenue or margin miss can push interest coverage toward covenant levels. For a software company with sticky recurring revenue that may be survivable; for a cyclical hardware business it is a warning sign. I would look at the maturity schedule, the covenants and how much of revenue is recurring.
Fit and motivation"Why Moelis?"1,2
- 1Start with the model: an independent firm with a generalist summer program.
- 2Name something specific: a recent Moelis deal, a person you met or a group.
- 3Tie it to you: what you want to learn and why a generalist start suits that.
- 4Keep it to a minute and end on the role, not the brand.
Tip: Moelis tells candidates to review its vision and values and its recent news and transactions, and to be authentic. Use one real transaction, not a ranking.
Example answer, written by Intervyo (not a real candidate)
Written by Intervyo as an example. Three things. First, the generalist program: I want to see M&A, capital markets and restructuring work before I pick a lane, and as a summer analyst I would work across industries rather than in one group. Second, the people: when I spoke with two analysts last fall, both described being on live deals with senior bankers from early on, which matches what the firm says about early responsibility. Third, the deals: I followed a recent Moelis sell-side process in my sector, and I liked that the firm was advising on the whole outcome, not selling a product alongside it. That combination is why Moelis is my first choice.
More Moelis & Company superday questions
Technical
“How do minority interests show up on the three statements?”8,13
New York generalist first round, Mar 2025
“Walk me through a debt waterfall in a distressed case.”8,13
New York generalist first round, Mar 2025
“What are the levers of an LBO?”10
Leadership Development Program interview, Oct 2025
“How does an increase in the tax rate affect a DCF?”10
Leadership Development Program interview, Oct 2025
“Sales of $100 million: which moves profit most, a 20% volume rise, a 20% price rise or a 15% cost cut?”10
Leadership Development Program interview, Oct 2025
Behavioral
Fit and motivation
“Why banking, and why an independent firm?”1
Moelis asks you to know its vision and values; a type, not exact wording
“Which Moelis transaction from the past year would you talk a client through?”
Best guessOur expectation from the firm's advice to know its recent news and transactions
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How long to hear back after the superday
Invites go out in batches about a week after first rounds, and Moelis processes often run in under a month from first round to decision. A prep site puts offers within 24 to 48 hours of the superday.3,4,12
Dec 2025 to Jan 2026 (summer 2027)
Houston
Houston interviewed early and had extended offers before most New York first rounds were out.3
Jan 2026 (summer 2027)
New York, Generalist
Generalist interviews were still running on Friday, Jan 23; superday invites came out about a week after first rounds.3
Jan 2026 (summer 2027)
New York, Generalist
First round to a three-interview superday, the whole process in under a month.4
Feb 2026 (summer 2027)
New York, Generalist
First round, then a three-round superday and an offer; one to two months in all after heavy networking.5
Feb 2025 (summer 2026)
New York, Generalist
First round, then a superday with a case; under a month in all. Target-school candidates went first, then the rest.6
Moelis describes one to two first-round interviews, so a second interview before the superday is normal for some candidates; Private Capital Advisory candidates for summer 2027 asked about a round 2 in the thread.1,3
Best guessExpect a decision within a few days of the superday. If a week passes, send your recruiter one short note and keep your other processes moving.
What happens after the superday
Online application
Done. A one-page resume on the student application website, one location per posting.1,2
Suited assessment
Done. A behavioral and cognitive assessment of about 30 minutes, required before Moelis considers your application.1,2
First round (one or two)
Done. One or two technical and behavioral interviews with investment bankers.1,8
SuperdayYou are here
This page. An onsite final round with several senior bankers, about three interviews, sometimes with a case.1,5,4
Offer
A 10-week generalist internship that starts with a one-week training program in modeling and valuation.2
First round vs superday
At Moelis the first round is usually the more technical filter; the superday adds senior bankers, behavioral depth and sometimes a case.
Format
Who
Content
FAQ
How many interviews are in a Moelis superday?
About three. In New York in 2026 one superday had one technical and two behavioral interviews, and another had three with MDs and partners. Moelis describes an onsite final round with several senior bankers.5,4,1
Is the Moelis superday in person?
Yes. Moelis calls it an onsite final round interview process, meeting with multiple senior bankers.1
Is there a case study at the Moelis superday?
Sometimes. In February 2026 a New York superday gave a deck and asked whether the company should acquire another, then valuation questions. In 2025 the case was typically a merger model, a paper LBO or a statement build.5,6,13
How technical is the Moelis superday?
It depends on the interviewer. One 2026 New York superday was 90% behavioral with no calculations, while a 2023 process was almost all technical, with multi-step paper LBOs and beta questions. The first round is usually the more technical step.4,7,8,13
Superday at other firms
Sources
Firm pages first, then dated candidate reports. Last checked Nov 4, 2026.
- 1Moelis & Company: Explore Opportunities (recruitment process and FAQ)
- 2Moelis & Company (student application website): 2028 Summer Analyst, Investment Banking - Houston
- 3Candidate discussion on a public forum: Moelis SA 2027 (from Dec 2025)
- 4Candidate report on a public forum: Summer Analyst interview, Generalist, New York (Jan 2026)
- 5Candidate report on a public forum: Summer Analyst interview, Generalist, New York (Feb 2026)
- 6Candidate report on a public forum: Summer Analyst interview, Generalist, New York (Feb 2025)
- 7Candidate report on a public forum: Summer Analyst interview, Generalist, New York (Mar 2023)
- 8Candidate report on a public forum: Summer Analyst interview, Generalist, New York (Mar 2025)
- 9Candidate report on a public forum: Associate interview, Investment Banking, New York (Jan 2026)
- 10Candidate report on a public forum: LDP interview, New York (Oct 2025)
- 11Candidate report on a public forum: FT analyst interview, Generalist, New York (May 2026)
- 12Extern: Moelis Internship 2027-2028: Programs, Deadlines & How to Apply · prep site
- 13Candidate reports on a public forum: Moelis & Company Interview Questions (2026)
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