“Why UBS, and why this division?”
What they test. Specific motivation
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UBS · Live Interview
UBS Interview Questions & Prep
UBS's first-round live interview is where strong written applications become offer pipelines or go nowhere. Below: the real questions UBS asks, what they're testing for, and how to practise live until it feels routine.
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The format
What UBS's live interview actually looks like
The phone screen and first-round interviews sit between the HireVue and the superday.
Format
Usually a 20-30 minute HR or phone screen on fit, then one or two technical interviews of 30-45 minutes.
Interviewers
HR and analysts on the screen; analysts, associates and VPs for the technical rounds.
Structure
Interviewers probe weak answers. The candidates who get through handle follow-ups confidently, not just the headline question.
Duration. 20-30 minutes (phone screen); 30-45 minutes per technical interview.
Rounds at this stage. A phone screen plus one or two technical interviews before the superday.
Format breakdown
How to handle each UBS interview medium
Phone, video, and in-person each have distinct mechanics. The interviewer scoring rubric is the same, but the operational preparation is different.
Phone screen
A 20-30 minute screen on communication, motivation for the division and basic fit.
Video interview
Technical rounds are frequently conducted by video.
In-person
In-person interviews can happen at 11 Madison Avenue, particularly closer to the superday.
Question categories
What UBS actually asks in the live round
Question types cycled through the interview. For each, a real example, what the firm is screening for, plus weak and strong answer signals.
Motivation and fit
“Walk me through your resume.”
What they test. Concise narrative
“Tell me about a time you worked in a team or handled conflict.”
What they test. Collaboration
Technical (accounting and valuation)
“Walk me through a DCF.”
What they test. Core valuation fluency
Strong answer. Project unlevered free cash flow, discount it at WACC, add a terminal value, then bridge to equity value, explaining each assumption.
“What is WACC and how would you calculate it?”
What they test. Discount-rate mechanics
“Explain the relationship between the three financial statements.”
What they test. Accounting links
“What is free cash flow and how is it calculated?”
What they test. Cash-flow fundamentals
Technical (M&A and markets)
Deal structures and current market knowledge feature in the second technical round.
“How would you model accretion / dilution in an M&A deal?”
What they test. Merger mechanics
Strong answer. Compare the combined earnings per share against the standalone, factoring in the consideration mix, financing cost and synergies.
“Walk me through a recent M&A deal you have followed.”
What they test. Commercial awareness
“What kinds of synergies show up in a deal, and how do they affect value?”
What they test. Deal judgment
Technical depth
How deep UBS pushes on the technicals
Expect solid, methodical technicals at the phone screen and first round; depth of understanding matters as much as the final number.
Accounting and valuation
Three-statement links, the three valuation methods, DCF mechanics, free cash flow, WACC and terminal value.
M&A
Deal process, accretion / dilution, synergies (revenue, cost, tax) and deal-pricing considerations.
Markets
Current deals and conditions, sector trends, and the metrics you would use to judge a company.
The rubric
How UBS scores you
The interviewer is checking against a scorecard. Knowing the categories is half the battle.
Evaluation pillars
- Technical precision
- Genuine motivation
- Communication and composure
- Fit with the Three Keys
Aggregation. Interviewers compare notes; consistent technical accuracy and clear fit drive the decision.
How to practise
Live AI mocks tuned to the firm
Conversational mocks that read your Resume, ask UBS-specific questions, push back when answers are weak, and produce a scored report.
- Reads your Resume first. Vyo pulls real lines from your Resume ("walk me through that deal you mentioned") instead of asking the same five questions everyone gets.
- Follows up where answers are weak. Weak on numbers? Vyo digs. Vague on motivation? Vyo digs. No two runs are the same.
- Matches UBS's interview style. Friendly chat, professional grilling, or full-pressure. Calibrated to how UBS actually runs the round.
- Annotated transcript after every run. Strong lines green, wobbles amber, red flags red. Specific notes on what to fix and how to say it next time.
Lazard · IB Analyst
Technical Interview · Resume-aware
Live
Vyo has read your Resume, questions draw on your experience.
Interviewer
I see from your Resume you completed Insight Program at Lazard. Walk me through a deal you observed during that placement.I observed a $900M sell-side M&A in industrials. I assisted on the CIM financial pages, reviewed trading comps across 14 peers, and helped prepare management for the buyer meetings.
Interviewer
You mentioned trading comps. Walk me through how the peer set was selected, what criteria were used, and were there any borderline cases?Q3 of 5·14:23 elapsed
Full report when you end
Why candidates fail
How candidates lose the UBS live round
Specific failure patterns documented across past applicants. Most are avoidable with focused preparation.
- 1
Shaky mechanics
Hesitating on a DCF or WACC, or confusing the three financial statements.
- 2
No view on a deal
Failing to discuss a recent M&A situation credibly signals weak commercial interest.
- 3
Vague motivation
A generic why-UBS that does not reflect the division or the firm values.
What works
What separates candidates who pass
Concrete moves drilled by candidates who clear the cut, drawn from applicant accounts and recruiter feedback.
Know the mechanics cold
Walk through a DCF, WACC, the three statements and accretion / dilution fluently, out loud.
Bring a deal view
Prepare one recent M&A deal you can discuss with a clear point of view.
Admit gaps gracefully
If you do not know something, reason toward it calmly rather than bluffing.
From past applicants
How recent UBS candidates approached the live round
Anonymised candidate accounts of how recent UBS applicants handled the live round. Each covers prep, the experience, and the outcome.
Global Banking, Summer Analyst (NY)
Prep. Drilled DCF, WACC, the three statements and accretion / dilution out loud, and prepared one deal to discuss.
Experience. A short HR screen on motivation, then a technical round that moved from a DCF walk-through into WACC and a question on the three statements. Reasoning out loud and staying composed mattered as much as the final answers.
Outcome. Advanced to the superday.
What gets you through
Five moves that decide the interview
- 01Have a CV walkthrough rehearsed. Two-minute version of your CV that connects every role to why this firm. Most interviews open with "walk me through your CV". Knowing yours cold is the foundation.
- 02Three anchor stories. Prepare three behavioural stories that demonstrate multiple competencies each. Reuse them, reframe them. You will get further than candidates with one story per question.
- 03Plant follow-ups in your answers. End answers with a hook the interviewer can dig into. "Happy to walk through the modelling if useful" turns one question into a longer conversation on your terms.
- 04Reference UBS concretely. Specific deal, division, recent news, a person you spoke to at an event. "I admire the brand" loses to "I followed your work on the X transaction".
- 05Have two smart questions ready. For the "any questions for me?" close. Not generic ("what is the culture like"), specific ("what is the typical analyst staffing model on a cross-border M&A deal here").
FAQ
UBS interview questions, answered
What is the UBS first-round process?
After the HireVue, there is usually a 20-30 minute HR or phone screen on motivation and fit, followed by one or two technical interviews of 30-45 minutes. The technical rounds cover accounting, valuation, DCF and WACC mechanics, deal structures, industry analysis and markets. Know your resume cold and rehearse the core walk-throughs out loud.
How deep do the technicals go?
Solid and methodical rather than exotic. Expect the three valuation methods, a DCF including free cash flow, WACC and terminal value, the links between the three financial statements, and M&A mechanics such as accretion / dilution and synergies. You should also be able to discuss a recent deal with a point of view. Show your reasoning and admit any gaps gracefully.
How should I prepare for the technicals?
Drill the core walk-throughs (DCF, WACC, the three statements, the three valuation methods, accretion / dilution) out loud until automatic, and prepare one recent M&A deal to discuss. Intervyo runs realistic, firm-specific mock interviews with conversational follow-ups and instant feedback on accuracy and delivery.
The other rounds
The rest of the UBS process
Live interview is one of four rounds. Practise each one free on Intervyo.
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Intervyo is not affiliated with or endorsed by UBS. Interview questions are sourced from past applicants and the firm's published guidance; verify on the firm's careers site. Sector: Investment Banking.
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