Behavioral & competency panel
Format. Panel with two professionals, usually an Associate and a VP
Duration. 45 minutes
Panel. Mid-level execution professionals
Assessed on. STAR-structured behaviors, cultural alignment, resilience and resume consistency
Common failure modes. Long unorganized answers, exaggerated individual contribution, or a generic why-Wells-Fargo answer
Tactical advice. Use STAR with roughly 70% on action and result, and quantify outcomes.
Technical interview
Format. One-on-one or two-on-one with a VP or Director
Duration. 45 minutes
Panel. Line managers who run daily execution
Assessed on. Accounting fundamentals, valuation methodologies and analytical reasoning
Common failure modes. Reciting formulas without intuition, guessing when stuck, or freezing on a multi-step scenario
Tactical advice. Talk through your logic out loud and state assumptions; acknowledge gaps honestly.
Modeling exercise (IB)
Format. Verbal walkthrough or timed paper-and-pencil with an Associate or VP
Duration. 30 to 45 minutes
Assessed on. Mental conceptualization of LBO and M&A mechanics, clean mental math and logical flow
Common failure modes. Getting bogged in decimals, confusing enterprise and equity value, or not explaining IRR drivers
Tactical advice. Use clean rounded numbers and a clear framework: entry EV, debt/equity split, exit EV, subtract debt, ending equity.
Case interview (consulting / strategy)
Format. One-on-one with a Director or internal strategy partner
Duration. 45 minutes
Assessed on. Structured problem-solving, framework application, commercial judgment and estimation
Common failure modes. Rigid generic frameworks not adapted to financial services, no upfront hypothesis, or no clear recommendation
Tactical advice. Take 60 seconds to build a custom structure, ask about segments and costs, and conclude with a risk-mitigated recommendation.
MD / senior leader fit round
Format. One-on-one with an MD or line-of-business head
Duration. 30 to 45 minutes
Panel. A senior executive with final hiring authority
Assessed on. Maturity, leadership potential, macro awareness and institutional fit (the airport test)
Common failure modes. Over-rehearsed academic answers, weak knowledge of the market position, or low-level logistical questions
Tactical advice. Be concise, communicate like a peer, and give a clear perspective on a trend and its client implications.
Analyst lunch and coffee chat
Format. Group lunch (3-5 candidates, 2-3 analysts) and an informal one-on-one chat
Duration. 15 to 60 minutes
Panel. First- and second-year analysts
Assessed on. Interpersonal skills, authenticity, humility and everyday cultural fit
Common failure modes. Dropping your guard, monopolizing the conversation, complaining about the day, or arrogance toward juniors
Tactical advice. Treat it as a formal interview in a casual setting; ask thoughtful questions and share floor time evenly.