Stop hoarding files. Start a system.
The #1 Question: Walk me through the three financial statements.
Must-Know Change Scenarios (Memorize these):
| Transaction | Net Income | Cash Flow | Debt | | --- | --- | --- | --- | | +$10 Depreciation | ↓ (tax shield effect) | ↑ (non-cash add-back) | No direct change | | Customer pays A/R | No change | ↑ | No change | | Issue $100 debt | No change | ↑ (financing inflow) | ↑ |
Key formula:
This is the "make or break" technical section.
Usually reserved for second-round or Superday interviews.
Most candidates skip the “Advanced Brainteasers” and “Industry Nuances” chapters. That is a mistake. In 2025, elite boutiques (Evercore, Centerview, Lazard) have revived “strange questions” to filter for raw intellect.
Key formula – WACC: [ WACC = \fracEV \times Re + \fracDV \times Rd \times (1 - Tc) ] Stop hoarding files
Typical interview question:
“What happens to WACC if debt increases?”
→ Initially ↓ (tax shield), then ↑ (financial distress risk) → U-shaped curve.
If you cannot afford the $200-$500 price tag for the official course, here are your options:
A. The "Grey" Market (Forums)
The Breaking Into Wall Street (BIWS) Investment Banking Interview Guide is a comprehensive preparation resource designed to help candidates navigate both qualitative "fit" and highly technical interview questions. Unlike generic guides, it focuses on the specific requirements of top-tier investment banks, providing over 578 pages of technical instruction and practical templates. Core Components of the Guide Must-Know Change Scenarios (Memorize these): | Transaction |
The guide is structured into four primary modules, each targeting a critical phase of the recruitment process:
Investment Banking Interview Guide - Breaking Into Wall Street
This is a comprehensive outline and content template for creating a “Breaking Into Wall Street Investment Banking Interview Guide” PDF. You can copy this text into a Word/Google Doc, format it, and save as a PDF.
For the uninitiated, the BIWS guide is famous for three sections: This is the "make or break" technical section
If you memorize this PDF cold, you will pass the technical grilling at a superday. Full stop.