Perella Weinberg Partners 2028 first-round interview guide

For
2028 summer analysts
Sources
13 cited

Got a first-round invite from Perella Weinberg? Here is who runs the call, how long it lasts, the order the questions come in, the mental math to expect, how to prepare and how fast the superday follows.

A student standing by a dorm room window on a snowy morning with a phone to her ear, eyes closed in thought, a closed notebook and a desk lamp on the desk beside her and a made bed soft in the background.
Perella Weinberg first rounds in the US have often been a 40 to 45 minute call with Dartmouth Partners, an outside recruiting firm.

Key facts

  • Who runs it: In the US the first round has often been run by Dartmouth Partners, an outside recruiting firm, rather than a PWP banker: in New York, Chicago and Houston. Dartmouth also ran the Prep Program's selection interviews for summer 2026.5,7,8,10,11,4
  • Length: About 25 questions in 40 minutes in New York, and 45 minutes in Chicago (Jan 2026, summer 2027). PWP describes its first round as a one-hour interview on your motivations and technical skill set.6,8,1
  • What it covers: A New York first round in January 2026 (summer 2027) went from resume-focused behaviorals to markets and specific deals, then DCF, LBO and three-statement technicals, and ended with dividing large numbers with no calculator, pen or paper.7
  • How technical: Some rounds lean behavioral (New York, Jan 2026, summer 2027); others mix the two or add a few technicals to why Houston and why energy (Houston, Jan 2025, summer 2026). The Prep Program's selection call was all behaviorals (Dec 2024, summer 2026).5,11,6,10
  • Before it: Some candidates sit an online skills test first: in Chicago for summer 2027, an SHL test came before the first round, and the invite arrived about a month after applying.8,4
  • Next step: A quick turnaround to the superday, usually a few days to a week, in the New York office. Prep Program candidates who pass their interview are fast-tracked for superday consideration.9,4,5,3

You are only invited to interview for one program, so the first round is for the office and group you chose on the posting. Be ready to explain that choice.2

What the Perella Weinberg Partners interview looks like

  1. Where it sits

    PWP's US process runs from events and the application to a resume review, a first-round interview, a final round with the PWP team and offers. The first round explores your motivations and technical skill set. Some candidates take an online skills test before it.1,8

  2. Who gets one, and when

    PWP finalizes selections and interviews over the winter: for summer 2027, first rounds ran in January 2026. For summer 2028 the main US Advisory deadline is Jan 5, 2027, and the posting asks you to apply early. Prep Program workshop participants are invited to interview for the 2028 Summer Analyst program ahead of that.2,5,8,3

  3. The format

    Expect a call of about 40 to 45 minutes with a Dartmouth Partners interviewer, by phone or video. A prep site describes the screen as 15 to 45 minutes, sometimes followed by a longer banker interview, and many candidates go from it straight to the superday. Scheduling can be tight: Prep Program slots have opened for a single day, and a New York process saw scheduled calls missed.6,8,4,11

  4. What they ask

    A common order is resume-focused behaviorals, then markets and specific deals, then core technicals (DCF, LBO, three statements, working capital), then mental math with no pen or paper. Houston adds why Houston and why energy. The Prep Program's own selection call (summer 2026) was behavioral: why PWP, M&A trends, a time you were resilient and an estimation question.7,10,11,4

  5. How to answer

    Recruiters often work from a set list, so keep each answer short enough to let them reach the next. Give the result first and the mechanism second on technicals, and say your arithmetic steps out loud. On markets, name a real recent deal: general M&A trends came up even in the behavioral Prep Program selection call.4,6,11

  6. After it

    The superday follows within days: a quick turnaround to a final round in the New York office, where a case study analysis can come up. Prep Program candidates who pass are fast-tracked for superday consideration.9,5,4,3

Before your first round

  • Your slot confirmed in writing, with the call link or number, since a third party runs the calendar.
  • A quiet room, your phone charged, and for video: Wi-Fi, lighting and audio tested.
  • A one-minute walk through your resume, and a reason for PWP, your office and your group.
  • A view on the current M&A market and two or three recent deals you can discuss.
  • Working capital through free cash flow, leverage in a DCF, a paper LBO and the three statements.
  • Mental math with no pen or paper: dividing a four-digit number by a single digit.
  • One or two stories about resilience and teamwork, each under 90 seconds.

The questions

PWP says its first round explores your motivations and technical skill set. The dated US calls add markets and deals and a round of mental math.1,7,10

  • Behavioral: Your resume, a time you were resilient, your biggest challenge.
  • Fit and motivation: Why PWP, why your office and group, why Houston and energy for Houston.
  • Markets and deals: The current M&A landscape and specific recent deals.
  • Technical: Working capital and free cash flow, leverage in a DCF, LBOs, the three statements.
  • Mental math: Dividing a large number by a small one, with no calculator, pen or paper.

Which division question you get

Investment Banking, New York (Jan 2026)
Summer 2027: a Dartmouth Partners call: resume behaviorals, markets and specific deals, DCF, LBO and three statements, then dividing large numbers such as 4,574 by 8 with no pen or paper.7,12
Generalist, New York (Jan 2026)
Summer 2027: about 25 questions in 40 minutes, technicals and behaviorals mixed. How does leverage affect a DCF?6,12
Generalist, New York (Jan 2026)
Summer 2027: a Dartmouth Partners first round, more behavioral than technical, then a superday in the New York office. If accounts payable increases, what happens to unlevered free cash flow?5,12
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.8,12
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.10,12
U.S. Advisory Prep Program (Dec 2024)
Summer 2026: the Dartmouth Partners interview for a place on the program, which led to a first round. Conversational: why PWP, general M&A trends, a time you had to be resilient and an estimation question; another applicant had behaviorals only.11
FIG summer associate (MBA), New York (Jan 2026)
Summer 2026 associates: a first round with two people, standard technicals and behaviorals. An MBA process, for shape only.13
Restructuring, New YorkBest guess
Expect the same call with a restructuring angle: why restructuring, liquidity and how debt sits in the capital structure.

The Restructuring line is our best guess: Restructuring (Direct Placement) is its own program on the summer 2028 posting, and no dated account of its first round was readable.

Example questions and how to answer them

Technical"If accounts payable increases, what happens to unlevered free cash flow?"5,8,12
  1. 1Answer first: it goes up.
  2. 2Why: you have received goods or services but not yet paid cash for them.
  3. 3Where: a fall in net working capital, inside cash flow from operations.
  4. 4Caveat: it is timing, not a lasting gain, because the bill still has to be paid.

Tip: Asked in a Chicago first round in January 2026 (summer 2027), and listed in a New York process that month. Two sentences are enough; the interviewer has a list to get through.

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

Written by Intervyo as an example. It increases. Accounts payable is what the company owes suppliers, so if it goes up, the company has kept cash it would otherwise have paid out. In the free cash flow build that is a decrease in net working capital, which adds to cash flow. It is a timing effect, though: those suppliers still have to be paid, so a one-off jump in payables flatters that year rather than changing the business.

Technical"How does leverage affect a DCF?"6,12
  1. 1Unlevered cash flows are before interest, so leverage does not change them.
  2. 2It enters through WACC: more debt, which is cheaper and tax-deductible, lowers it at first.
  3. 3More debt also raises the levered beta and the cost of equity.
  4. 4Past a point, distress risk lifts both costs and WACC rises again.

Tip: Asked in a New York generalist first round in January 2026 (summer 2027) that fit about 25 questions into 40 minutes. Give the short version first and wait for a follow-up.

Mental math"Divide 4,574 by 8 in your head."7
  1. 1Break the number into parts you can divide cleanly: 4,000, 560 and 14.
  2. 2Divide each: 500, 70 and 1.75.
  3. 3Add them: 571.75.
  4. 4Say each step out loud, so a slip can be caught and corrected.

Tip: A New York first round in January 2026 (summer 2027) ended with very large numbers, such as 4,574, divided by something like 8, with no calculator, pen or paper. Practice a few a day the week before.

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

Written by Intervyo as an example. I will split it up. 4,000 divided by 8 is 500. 560 divided by 8 is 70. That leaves 14, and 14 divided by 8 is 1.75. Adding them, 500 plus 70 plus 1.75 is 571.75.

Markets"What is the current M&A landscape?"10,11,12
  1. 1Give one line on the overall picture: volume, valuations and financing.
  2. 2Name what is driving it, such as rates, sponsor activity or regulation.
  3. 3Point to one or two real recent deals that show it.
  4. 4Close with a view on where it goes next, and for your group, what it means there.

Tip: Asked in a Houston first round in January 2025 (summer 2026), and general M&A trends came up in Prep Program selection calls. Read the deal news for the week before your call.

Fit and motivation"Why Houston, and why energy?"10,2
  1. 1Start with energy: what about the sector draws you, in one specific line.
  2. 2Then Houston: ties to the city, or why being near the clients matters.
  3. 3Add one piece of proof: a class, a club pitch, an internship.
  4. 4Close on why PWP's energy team, since you interview for one program only.

Tip: Asked with tell me about yourself and the M&A market in a Houston first round in January 2025 (summer 2026). You interview for one program only, so answer as a first choice.

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

Written by Intervyo as an example. I grew up in Midland, so energy was the local economy, and I saw how a price swing changed every business in town. At school I followed that into the deal side: I covered upstream producers for our investment club and built a model on a Permian acquisition with oil price cases. Houston is where those clients and deals are, and I want to start where I can learn the sector from the people closest to it. PWP's energy practice advises on exactly the transactions I have been following, which is why this is the one program I applied to.

More Perella Weinberg Partners interview questions

Technical

  • “Walk me through a DCF, an LBO and the three statements.”7

    New York first round, Jan 2026 (summer 2027); topics

  • “Explain how an increase in accounts payable affects free cash flow.”8,12

    Chicago first round, Jan 2026 (summer 2027)

  • “An estimation question.”11

    Prep Program selection call, Dec 2024 (summer 2026); a type, not exact wording

Behavioral and fit

  • “Tell me about a time you had to be resilient.”11

    Prep Program selection call, Dec 2024 (summer 2026)

  • “Why Perella Weinberg?”11

    Prep Program selection call, Dec 2024 (summer 2026)

  • “Tell me about yourself.”10

    Houston first round, Jan 2025 (summer 2026)

  • “Why this office and group over the others on the posting?”

    Best guess

    Our expectation, since PWP invites you to interview for one program only

Markets and deals

  • “Talk me through a specific recent deal.”7

    New York first round, Jan 2026 (summer 2027); a type

  • “What are the general M&A trends right now?”11

    Prep Program selection call, Dec 2024 (summer 2026)

Practice for Perella Weinberg Partners with Intervyo

Start free to practice Perella Weinberg Partners questions and track when it opens. Go deeper on Perella Weinberg Partners with the pack, or cover every firm you apply to with the Season Pass.

Free

Try it and track Perella Weinberg Partners

$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 contact can take a few days to about a month after you apply, and the superday follows the first round within days. The whole US process has averaged under a month.4,8,9

  1. Dec 2024 (summer 2026)

    U.S. Advisory Prep Program

    Invites to the program's selection interview through December, some with slots on a single day; the call was conversational, with decisions on places 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 that followed.11

  2. Jan 2025 (summer 2026)

    Energy, Houston

    A Dartmouth Partners first round, reached through the women's program; under a month in all.10

  3. Jan 2026 (summer 2027)

    Investment Banking, Chicago

    A first-round invite about a month after applying, after an SHL test; a 45-minute call, and two to three months in all.8

  4. Jan 2026 (summer 2027)

    Generalist, New York

    A 40-minute first round run by a third-party firm that sometimes missed scheduled interviews.6

  5. Jan 2026 (summer 2027)

    Generalist, New York

    A Dartmouth Partners first round, then a superday in the New York office.5

  6. Jan 2026 (summer 2027)

    Investment Banking, New York

    A quick turnaround from first round to superday, ending in an offer, in under a month.9

A prep site puts the recruiter screen to superday invite at a few days to a week, with many candidates skipping any round in between, and the full US process at 26 days on average.4

Best guessFor the main summer 2028 US Advisory posting, expect first-round calls from December 2026 into January 2027, around the Jan 5 deadline. If a week passes after your call with no news, send one short note to the Dartmouth Partners contact who scheduled it.

What happens after the interview

  1. Online application

    Done. A resume on the PWP portal for one program, reviewed by a member of PWP's team.1,2

  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).8

  3. First round (often Dartmouth Partners)You are here

    This page. A call on your motivations and technical skills, often 40 to 45 minutes with Dartmouth Partners.1,6,8

  4. Superday

    A final round with the PWP team, held in the New York office in January 2026 (summer 2027), where a case study analysis can come up.1,5,9,12

  5. Offer

    PWP hires interns with the goal of converting them to full-time analysts.1

First round vs superday

At PWP the first round is a screening call, often run outside the firm. The superday is with PWP bankers, in the New York office, and can add a case.

Who runs it

First round

Often Dartmouth Partners, an outside recruiting firm.5,7,8

Superday

The PWP team.1

Format

First round

A call of about 40 to 45 minutes, by phone or video.6,8

Superday

In the New York office (Jan 2026, summer 2027).5

Content

First round

Resume behaviorals, markets and deals, core technicals and mental math.7

Superday

A case study analysis came up in one New York process (Jan 2026, summer 2027).9,12

What comes next

First round

A superday invite within days.9,4

Superday

A decision from the same day to the end of that week.4

2028 summer analyst status

For summer 2027 the US deadline was Jan 18, 2026 and first rounds ran that January. For summer 2028 the main US Advisory deadline is Jan 5, 2027, so expect first rounds from December 2026 into January 2027.4,5,8,2

FAQ

Who is Dartmouth Partners?

An outside recruiting firm that has run PWP's first-round calls in the US, in New York, Chicago and Houston, and the Prep Program's selection calls. The superday is with the PWP team.5,7,8,10,11,1

How long is the Perella Weinberg first round?

About 40 to 45 minutes in the January 2026 accounts (summer 2027): 25 questions in 40 minutes in New York, and 45 minutes in Chicago. PWP describes it as a one-hour interview, so keep the hour free.6,8,1

Is the Perella Weinberg first round technical?

Partly. A New York call covered DCF, LBO and three-statement questions and mental math after the behaviorals, and Chicago asked about accounts payable and free cash flow. Other calls were mostly behavioral. Prepare for both.7,8,5,11

Do I need to do mental math in the PWP first round?

Expect it. A New York first round in January 2026 (summer 2027) ended with dividing very large numbers by small ones, with no calculator, pen or paper.7

When do you hear back after the Perella Weinberg first round?

Within days. New York candidates in January 2026 (summer 2027) had a quick turnaround to the superday, and Prep Program decisions came the week after the call.9,11,4

Does the Prep Program skip the first round?

No. Workshop participants are invited to interview for the 2028 Summer Analyst program, and those who pass are invited to an Insight Day and fast-tracked for superday consideration.3

Interview at other firms

Sources

Firm pages first, then dated candidate reports. Last checked Nov 9, 2026.

  1. 1Perella Weinberg Partners: Intern & Graduate Recruitment
  2. 2Perella Weinberg Partners (PWP portal): 2028 US Advisory Summer Analyst - NY, CHI, FL, LA, SF
  3. 3Perella Weinberg Partners (PWP portal): U.S. Advisory Prep Program
  4. 4Aced: Perella Weinberg Partners Investment Banking Summer Analyst Interview Guide · prep site
  5. 5Candidate report on a public forum: Summer Analyst interview, Generalist, New York (Jan 2026, posted Jan 22)
  6. 6Candidate report on a public forum: Summer Analyst interview, Generalist, New York (Jan 2026, posted Jan 27)
  7. 7Candidate report on a public forum: Investment Banking Summer Analyst interview, New York (Jan 2026, posted Jun 27)
  8. 8Candidate report on a public forum: Investment Banking Summer Analyst interview, Chicago (Jan 2026)
  9. 9Candidate report on a public forum: Investment Banking Summer Analyst interview, New York (Jan 2026, posted Jan 28)
  10. 10Candidate report on a public forum: Summer Analyst interview, Houston (Jan 2025)
  11. 11Candidate discussion on a public forum: 2025 PWP Advisory Prep Program (from Dec 2024)
  12. 12Candidate reports on a public forum: Perella Weinberg Partners Interview Questions (2026)
  13. 13Candidate report on a public forum: Summer Associate interview, FIG, New York (Jan 2026)

Intervyo isn't affiliated with, endorsed by or sponsored by Perella Weinberg Partners. Formats change between cycles and divisions, so always follow the instructions in your own invite.