Case Interview Guide - Investment Banking

Case study interviews are a critical component of the investment banking assessment process, particularly during final-round interviews and Assessment Centre days. Case studies simulate real-world banking tasks, requiring candidates to think critically, analyse financial scenarios, work in a team and communicate effectively.

This guide covers the common case study formats, key topics assessed, and how to prepare effectively.

📋 Case Study Interview Formats


Investment banking case study interviews generally come in two formats:

Assessment Centre Group Case Study 🎓

Assessment Centres typically involve multiple interview rounds, which may include behavioural interviews, technical interviews, and a final group case study exercise. For the group case study, candidates are generally given a brief, 30 minutes in a team to prepare an answer, and then a presentation to two senior bankers. In most cases, the brief involves a potential M&A scenario, where candidates assess potential acquisition targets and provide an investment recommendation based on qualitative and quantitative data for a theoretical client.

• Expect to work in a team of around five people.

• Assessors will evaluate your ability to analyze information, communicate effectively, and collaborate with others.

• Expected to assess deal rationale, synergies, financing structure, and potential risks.

• Success is about contributing meaningfully without dominating the conversation. Encourage discussion, offer insightful input, and remain engaged throughout.

Individual Financial Modelling Case Study 💻

While most case studies occur in a group setting during the Assessment Centre, sometimes candidates (particularly second-year analysts changing bank) may receive a take-home project instead requiring an extensive model build.

Candidates are given a set of financial data and required to build a model, often a three-statement model or a simplified DCF.

• May include revenue projections, cost assumptions, and valuation output.

• Expect questions on sensitivity analysis and key assumptions.

• Present findings to senior bankers.

🚀 Tips for Success

Be Vocal, Engaged and Memorable

Being memorable in the case study exercise is crucial—try to be vocal, personable, and engage with your team by remembering everyone’s names and fostering collaboration.

Structure your Approach

Clearly outline your methodology before diving into the details of the model or presentation.

Prioritise Key Information

Focus on the most relevant financial metrics and strategic considerations.

Choose What’s Right for You

In a group case study, it's more beneficial to focus on a topic area of the presentation or analysis where you have genuine knowledge. Avoid selecting an area to sound impressive, such as Valuation, if you’re not super familiar with it.

Stay calm under pressure

Interviewers want to see how you handle complex scenarios with limited time.

Practice presenting

Strong verbal and written communication are just as important as technical skills.

📚 How to Prepare

Understand Core Financial Concepts 📖

Ensure you have a strong grasp of accounting, valuation, and financial modeling principles.

Review Sample Case Studies 🔍

Study past case studies and practice structuring responses efficiently. Past case study experiences posted from candidates online (e.g., Reddit, etc.) might also be helpful to read.

Build & Analyse Financial Models 📝

Watch YouTube videos on how to build financial models or work on real-world financial models to improve your valuation skills.

Practice Mock Interviews 🎯

Conduct mock case study interviews with peers or mentors to refine your approach and get comfortable leading cases.

🏁 Final Thoughts

Being invited to an Assessment Centre for a case study means the bank sees you as a high-potential candidate, so approach it with confidence! Case studies can be challenging and may be part of a busy and demanding Assessment Centre Day. Focus on being memorable and communicative. Engage with your team, contribute structured insights, and approach the case study with confidence. With structured preparation and practice, you can excel and leave a lasting impression on the interviewers.