Through the first round at Perella Weinberg? Here is how the final round works, what the case study and technical rooms ask, how fast it moves after the Dartmouth Partners call and when you hear back.
Key facts
- Before it: PWP describes a one-hour first round on motivations and technical skills. In the US it has been run by Dartmouth Partners, an outside recruiting firm: 40 to 45 minutes of behaviorals, markets, technicals and mental math.1,3,5,7,12
- Format: A final-round interview with the PWP team. A New York summer analyst superday in January 2026 (summer 2027) was in the New York office.1,3
- Interviews: Expect three or four one-on-one interviews plus a case study, with interviewers from associates to partners. A January 2026 MBA superday in New York (summer 2026 associates) had four: fit, technicals and two conceptual or behavioral.6,9
- Case study: Expect a case study at the superday. A New York summer analyst process that went from first round to superday in January 2026 (summer 2027) listed a case study analysis among its questions. Ask how long you get to prepare and present when your invite comes.4,13,6
- Timing: A quick turnaround from the first round, usually a few days to a week. Prep Program candidates who pass their interview are fast-tracked for superday consideration.4,6,10
- Hearing back: Superday decisions come from the same day to the end of that week, and the whole US process averages under a month.6
The route ends in a final round. PWP's process is events, application, resume review, a first round, a final round and offers.1
What the Perella Weinberg Partners superday looks like
The first round first
Before the superday comes one first round. PWP describes a one-hour interview on motivations and technical skills; in the US it has been a call of 40 to 45 minutes with Dartmouth Partners, starting with resume behaviorals, then markets and deals, then DCF, LBO and three-statement questions, and ending with mental math. Some candidates also take an online test before it.1,5,7,12
The invite
Turnaround is quick: a few days to a week from the first round, and many candidates go straight from the Dartmouth call to the superday. Prep Program candidates who pass their interview are fast-tracked for superday consideration; in the summer 2026 cycle those superdays ran from the end of January into the first week of February.4,6,10,11
On the day
Expect three or four one-on-one interviews in the New York office plus a case study, with associates up to executive directors and partners. A common split is the case, a technical interview with an associate, a markets interview with an executive director and a fit interview with a partner.3,6
The case study
The superday adds a case study, and a New York process that reached a superday in January 2026 (summer 2027) listed a case study analysis among its questions. Ask how long you get to prepare and present when your invite comes, and practice valuing a company from a short brief, stating your assumptions out loud.6,4,13
The technical rooms
PWP technicals ask why a mechanism gives the result it does, not only what it is. Superday accounting has covered write-downs and how a single adjustment moves all three statements, and merger math recurs.6
Fit and markets
A January 2026 MBA superday in New York (summer 2026 associates) had one interview purely on fit and why PWP. A Houston first round in January 2025 (summer 2026) asked about the current M&A market, why Houston and why energy.9,8,13
The rounds, process by process
- Generalist, New York (Jan 2026) Dartmouth call, then superday
- A behavioral-leaning first round; superday in the New York office.
- Investment Banking, New York (Jan 2026) First round, superday
- A quick turnaround; a case study analysis among the questions.
- Generalist, New York (Jan 2026) 40-minute first round
- About 25 questions mixing technicals and behaviorals, run by a third-party firm.
- Investment Banking, Chicago (Jan 2026) SHL test, 45-minute call
- An online skills test before the Dartmouth Partners interview.
- FIG summer associate (MBA), New York (Jan 2026) 4-part superday
- Fit, technicals and two conceptual or behavioral interviews. An MBA process, for shape only.
Each row is one process, with the month it ran (January 2026 is the summer 2027 cycle for summer analysts). PWP describes a first round on motivations and technical skills, then a final round with its team.1,3,4,7,9,12,13
Before your superday
- Every line of your resume, told in about two minutes and linked to banking.
- Working capital through to free cash flow: what a change in payables or receivables does.
- How leverage enters a DCF, through the discount rate and the capital structure.
- A valuation framework you can run when the case leaves inputs out.
- Accretion and dilution and a write-down through all three statements.
- Mental math: dividing a large number by a small one without pen or paper.
- A view on the current M&A market, and for Houston, on energy.
- A reason for PWP, your office and your group, since you interview for one program only.
The questions
PWP says its first round explores your motivations and technical skill set; the final round goes further with the PWP team. Questions ask why a mechanism works, and a case study analysis can come up at the superday.1,6,13
- Technical: Free cash flow, leverage in a DCF, LBOs, three statements, write-downs and merger math.
- Case study: A case study analysis at the superday; practice valuing a company from a short brief.
- Markets: The current M&A market, specific deals and your sector.
- Fit and motivation: Why PWP, why this office and group, why investment banking.
- Mental math: Large-number division and quick arithmetic without pen or paper.
Which division question you get
- Generalist, New York (Jan 2026)
- Summer 2027: a Dartmouth Partners first round that was more behavioral than technical, then a superday in the New York office. If accounts payable increase, what happens to unlevered free cash flow?3,13
- Investment Banking, New York (Jan 2026)
- Summer 2027: a quick turnaround from first round to superday, ending in an offer; the questions listed a case study analysis.4,13
- Investment Banking, Chicago (Jan 2026)
- Summer 2027: an SHL online skills test, then a 45-minute Dartmouth Partners interview. Explain how an increase in accounts payable affects free cash flow.7,13
- Energy, Houston (Jan 2025)
- Summer 2026: a Dartmouth Partners first round through the women's program: the current M&A market, tell me about yourself, why Houston, why energy and a few technicals.8,13
- FIG summer associate (MBA), New York (Jan 2026)
- Summer 2026 associates: a four-part superday: one purely fit and why PWP, one straight technicals and two conceptual or behavioral. How would you value an insurance brokerage in a country that has just had a coup?9,13
- Restructuring, New YorkBest guess
- Expect the generalist set plus restructuring: liquidity, the capital structure and recoveries in a waterfall.
The Restructuring line is our best guess: New York Generalist covers M&A and Restructuring, and Restructuring direct placement has its own posting and asks for a focus on restructuring.
Example questions and how to answer them
Technical"If accounts payable increase, what happens to unlevered free cash flow?"3,7,13
- 1Say the direction first: free cash flow goes up.
- 2Explain why: payables are a liability, so a rise means cash you have not paid out yet.
- 3Show where it sits: in the change in net working capital, inside cash flow from operations.
- 4Add the caveat: it is a timing benefit, not a lasting one.
Tip: Asked in New York and Chicago processes in January 2026 (summer 2027). PWP wants the why, so explain the mechanism in a sentence after the answer.
Example answer, written by Intervyo (not a real candidate)
Written by Intervyo as an example. It goes up. Accounts payable is money the company owes suppliers but has not paid yet, so when it rises, the company has received goods or services without spending the cash. In unlevered free cash flow that shows up as a decrease in net working capital, which adds to cash flow. The catch is that it is a timing benefit: the company will have to pay those suppliers eventually, so a big rise in payables can flatter one year's cash flow.
Technical"How does leverage affect a DCF?"12,13
- 1Unlevered DCF: leverage does not change the cash flows, which are before interest.
- 2It works through WACC: more cheap, tax-deductible debt lowers it at first.
- 3But it raises the cost of equity through a higher levered beta.
- 4Past a point, distress risk pushes both up, so WACC rises again.
Tip: Asked in a New York generalist process in January 2026 (summer 2027), whose first round ran about 25 questions in 40 minutes. Expect a follow-up on what happens at very high leverage.
Example answer, written by Intervyo (not a real candidate)
Written by Intervyo as an example. In an unlevered DCF, leverage does not touch the free cash flows, since they are before interest. It comes in through the discount rate. Adding debt, which is cheaper than equity and tax-deductible, lowers the weighted average cost of capital at first. But more debt also makes equity riskier, so the levered beta and the cost of equity go up. Up to a point the cheaper debt wins and value rises; past it, the risk of distress pushes up both the cost of debt and of equity, WACC rises and value falls.
Case study"How would you value a company from a short case brief?"4,13
- 1Say what you would use and why: comps, precedents and a DCF if the inputs allow.
- 2Where the brief is thin, make stated, reasonable assumptions, and say which ones matter most.
- 3Triangulate to a range, not a point.
- 4Close with a view and what would change it.
Tip: A New York process that reached a superday in January 2026 (summer 2027) listed a case study analysis among its questions. State your assumptions out loud before you calculate.
Example answer, written by Intervyo (not a real candidate)
Written by Intervyo as an example. I would start with what the case gives me and pick the methods that fit: trading comps and precedents if I have peers and recent deals, and a simple DCF if I can project cash flows. Where an input is not given, I would make an explicit assumption, such as a margin in line with the peer median or a capex level as a share of revenue, and flag which assumptions drive the answer. Then I would triangulate to a range, say 8x to 10x EBITDA, explain where in the range I land and why, and say what new information would move me.
Case study"How would you value an insurance brokerage that operates in one country that has just had a coup?"9,13
- 1Start with the business: fee-based, recurring commissions, light on capital.
- 2Value it the normal way first: EV/EBITDA on broker peers and a DCF.
- 3Then add the country risk: a higher discount rate or country risk premium, a currency view, scenario weights.
- 4Finish on what you would need to know: concentration, contracts, how the coup changes demand.
Tip: Asked in a New York FIG summer associate process in January 2026 (summer 2026 associates): an MBA question, but the same kind of judgment a valuation case looks for.
Example answer, written by Intervyo (not a real candidate)
Written by Intervyo as an example. A broker earns commissions on premiums, so it is capital-light with recurring revenue, and I would start with EV/EBITDA against listed brokers and a DCF. The coup changes the risk, not the method. I would add a country risk premium to the discount rate, run scenarios, from a quick return to stability to a prolonged crisis with capital controls, and weight them. I would also check how much revenue depends on government or a few big clients, and whether profits can be taken out of the country. The output is a range with a big discount to peers until the outlook is clearer.
Fit and motivation"Why Perella Weinberg?"9,2
- 1Start with the model: an independent advisory firm with a small summer class.
- 2Name your office and group and why: you interview for one program only.
- 3Use something specific: a deal, a conversation, an event.
- 4Close on what you want to learn, in under a minute.
Tip: A purely fit and why-PWP interview was one of four rooms at a January 2026 New York MBA superday. PWP's posting stresses responsibility from day one and a goal of full-time offers for interns.
Example answer, written by Intervyo (not a real candidate)
Written by Intervyo as an example. I want to start my career in pure advisory, where the work is the advice itself, and PWP's size means summer analysts take a meaningful role on projects with senior bankers. I applied to the Chicago industrials team because my internship last summer was at an industrial distributor, and I want to see the sector from the deal side. When I met two PWP bankers at a campus event, both talked about owning parts of live deals early, and that is the experience I am looking for.
More Perella Weinberg Partners superday questions
Technical
“Walk me through a DCF, an LBO and the three statements.”5
New York Dartmouth Partners first round, Jan 2026 (summer 2027); topics
“Divide a very large number, such as 4,574, by a small one, with no calculator, pen or paper.”5
New York first round, Jan 2026 (summer 2027)
“How does a write-down affect all three statements?”6
Superday accounting; a type
Markets and fit
“What is the current M&A landscape?”8,13
Houston first round, Jan 2025 (summer 2026)
“Why Houston, and why energy?”8
Houston first round, Jan 2025 (summer 2026)
“Tell me about a time you had to be resilient.”11
Prep Program interview, Dec 2024 (summer 2026)
“Which recent deal in your group's sector would you have advised on, and how?”
Best guessOur expectation from the markets and deals questions in the first round
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How long to hear back after the superday
PWP moves quickly: a few days to a week from first round to superday, and a decision from the same day to the end of that week. The full US process averages under a month.4,6
Dec 2024 to Feb 2025 (summer 2026)
U.S. Advisory Prep Program
Interviews in December with decisions the next week; a full-time PWP banker put superdays at the end of January and the first week of February for those who passed the first round.11
Jan 2026 (summer 2027)
Investment Banking, New York
A quick turnaround between the first round and the superday, ending in an offer.4
Jan 2026 (summer 2027)
Generalist, New York
A Dartmouth Partners first round, then a superday in the New York office.3
Jan 2026 (summer 2027)
Generalist, New York
The third-party firm sometimes missed scheduled interviews, which made timing hard to follow.12
Jan 2026 (summer 2027)
Investment Banking, Chicago
A first-round invite about a month after applying; the process took two to three months.7
PWP's goal is to offer interns full-time Analyst positions, and the internship includes a one-week training program and an ongoing curriculum.2
Best guessFor summer 2028, expect superdays in January 2027 for the main US Advisory posting, earlier for Houston Energy and Prep Program candidates. If a week passes after your superday, send one short note to the recruiter.
What happens after the superday
Online application
Done. A resume on the PWP portal for one program, reviewed by PWP's recruiting team.1,2
Online test (some candidates)
Done, if you had one: an online skills test before the first round, named as SHL in Chicago in January 2026 (summer 2027).7
First round (often Dartmouth Partners)
Done. A call on motivations and technical skills, often 40 to 45 minutes with Dartmouth Partners.1,3,7,12
SuperdayYou are here
This page. The final round with the PWP team in the New York office, where a case study analysis can come up.1,3,4,13
Offer
A 10-week internship with a one-week training program; PWP aims to offer interns full-time Analyst positions.2
First round vs superday
At PWP the first round is a screening call, often run outside the firm; the superday is with PWP bankers and adds a case.
Who runs it
Format
Content
Resume behaviorals, markets and deals, core technicals, mental math.5
FAQ
How many interviews are in a Perella Weinberg superday?
Expect three or four one-on-ones plus a case study. A January 2026 MBA superday in New York (summer 2026 associates) had four: fit, technicals and two conceptual or behavioral interviews.6,9
Is the Perella Weinberg superday in person?
A New York superday in January 2026 (summer 2027) was in the New York office. Earlier stages run by phone and video.3,6
Is there a case study at the Perella Weinberg superday?
Expect one. A New York process that reached a superday in January 2026 (summer 2027) listed a case study analysis among its questions. Ask how long you get to prepare and present when your invite comes.6,4,13
Who is Dartmouth Partners, and do they run the superday?
Dartmouth Partners is an outside recruiting firm that has run PWP's first-round calls in the US. The superday is with the PWP team.3,5,1
How fast do you hear back after a Perella Weinberg superday?
From the same day to the end of that week. The superday itself usually comes a few days to a week after the first round.6,4
Does the Prep Program skip the first round?
No. Prep Program workshop participants are invited to interview for the 2028 Summer Analyst program, and those who pass are fast-tracked for superday consideration.10
Superday at other firms
Sources
Firm pages first, then dated candidate reports. Last checked Nov 4, 2026.
- 1Perella Weinberg Partners: Intern & Graduate Recruitment
- 2Perella Weinberg Partners (PWP portal): 2028 US Advisory Summer Analyst - NY, CHI, FL, LA, SF
- 3Candidate report on a public forum: Summer Analyst interview, Generalist, New York (Jan 2026, posted Jan 22)
- 4Candidate report on a public forum: Investment Banking Summer Analyst interview, New York (Jan 2026, posted Jan 28)
- 5Candidate report on a public forum: Investment Banking Summer Analyst interview, New York (Jan 2026, posted Jun 27)
- 6Aced: Perella Weinberg Partners Investment Banking Summer Analyst Interview Guide · prep site
- 7Candidate report on a public forum: Investment Banking Summer Analyst interview, Chicago (Jan 2026)
- 8Candidate report on a public forum: Summer Analyst interview, Houston (Jan 2025)
- 9Candidate report on a public forum: Summer Associate interview, FIG, New York (Jan 2026)
- 10Perella Weinberg Partners (PWP portal): U.S. Advisory Prep Program
- 11Candidate discussion on a public forum: 2025 PWP Advisory Prep Program (from Dec 2024)
- 12Candidate report on a public forum: Summer Analyst interview, Generalist, New York (Jan 2026, posted Jan 27)
- 13Candidate reports on a public forum: Perella Weinberg Partners Interview Questions (2026)
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