In 2023, Goldman Sachs received over 20,000 applications for approximately 500 investment banking analyst positions—a 2.5% acceptance rate more selective than Harvard. With most candidates possessing similar technical qualifications, the deciding factor often comes down to one critical element: likeability.
Why Likeability Is the Real Differentiator in IB Interviews
When Morgan Stanley, Goldman Sachs, or JPMorgan managing directors choose between equally qualified candidates, the decision rarely hinges on technical skills. Instead, it comes down to:
- The 100-Hour Week Reality: When an MD needs to staff a team for a critical IPO requiring consecutive all-nighters, they select people they can actually tolerate being confined with in a conference room until 3 AM.
- The Client Revenue Factor: Bulge bracket banks track revenue attribution meticulously. Bankers who can establish rapport with client teams bring in more deals. Period. Your likeability in an interview signals your potential effectiveness with clients.
- The Burnout Prevention Mechanism: With first-year analyst attrition rates hovering around 30-40%, banks increasingly select candidates who demonstrate interpersonal skills that indicate resilience and team compatibility—reducing costly turnover.
- The Pitch Book Test: Can you accept harsh feedback on a pitch book you spent all night creating without becoming defensive? Likeability includes how gracefully you handle criticism—a daily occurrence in investment banking.
Here are six specific techniques used by candidates who consistently secure offers at top-tier investment banks:
1. Demonstrate Deal Fluency With Personal Interest
Instead of generic preparation, show specific interest in the bank’s recent transactions:
Weak approach: “I’m interested in your healthcare group because I’m passionate about healthcare.”
Strong approach: “I noticed your team advised on the $4.2 billion Pfizer-Seagen oncology asset acquisition last quarter. I’ve been analyzing how that valuation compared to the broader biotech M&A market, particularly the 30% premium which seems to reflect Pfizer’s strategic shift after COVID vaccine revenues declined.”
Before your interview, research:
- The bank’s 3 most recent deals in your target group
- Key transaction metrics (deal size, multiples paid, premium)
- How the transaction aligned with broader industry trends
This level of specificity demonstrates genuine interest while giving your interviewer an opening to share insider perspective on deals they likely worked on personally.
2. Master the “Banker Energy” Balance
Investment banking requires a specific energy calibration:
Too low-energy: Signals you’ll struggle with the industry’s demands and high-pressure client meetings.
Too high-energy: Suggests potential difficulty with the methodical precision needed for financial modeling and diligence.
Banking-appropriate energy means:
- Demonstrating alertness and engagement without seeming manic
- Speaking with conviction but maintaining composure
- Showing enthusiasm for market activity without appearing overexcited
- Maintaining consistent energy throughout a 5-6 hour Super Day interview slate
Practice your video interviews with current bankers before the real thing. The “banker energy” sweet spot is difficult to describe but immediately recognizable to insiders.
3. Navigate Technical Questions With Context Awareness
When faced with technical questions, demonstrate both competence and likeability:
Standard approach: Correctly explaining how to calculate WACC.
Likeable approach: “I’d calculate WACC by weighting the after-tax cost of debt and cost of equity by their respective proportions in the capital structure. However, I recognize that in practice, the assumptions behind beta and market risk premium can vary by bank. May I ask how your team typically approaches these inputs for middle-market industrials clients?”
This approach:
- Demonstrates technical knowledge
- Shows awareness of real-world application nuances
- Creates dialogue rather than a one-way technical answer
- Signals intellectual curiosity without challenging the interviewer’s expertise
For common technical questions (DCF components, accretion/dilution, LBO drivers), prepare responses that showcase both technical accuracy and thoughtful application.
4. Mirror the Bank-Specific Culture
The cultural differences between banks are substantial:
Goldman Sachs: Emphasize intellectual rigor, client service, and meritocracy in your examples.
Morgan Stanley: Highlight collaborative approaches and relationship-building skills.
Boutiques like Evercore or Lazard: Demonstrate deeper industry knowledge and lean into your analytical specialization.
Elite Middle Market (William Blair, Baird): Emphasize versatility and hands-on deal execution experience.
Research specific cultural markers:
- Review the bank’s stated values on their careers page
- Connect with current analysts via LinkedIn to understand unwritten cultural norms
- Ask second-round interviewers about what distinguishes their bank’s culture
- Adapt your “why this bank” answer to reflect these specific cultural elements
5. Convert Mistakes Into Relationship-Building Moments
Banking interviews often include deliberate stress-testing:
When presented with a case study DCF and you make a calculation error:
Weak response: Becoming flustered or defensive.
Strong response: “I see I’ve double-counted the capital expenditure in year three. That would artificially depress free cash flow. Let me recalculate that… The corrected valuation range would be $38-42 per share, suggesting the current acquisition offer at $44 represents a strategic premium beyond pure financial value.”
This response:
- Acknowledges the error specifically
- Demonstrates understanding of the error’s implications
- Shows ability to recalibrate quickly
- Returns to the strategic discussion rather than dwelling on the mistake
Many banking interview questions have deliberate “traps” designed to test how you handle correction. Your response to being wrong often matters more than getting everything right initially.
6. Ask Strategic Questions That Showcase Due Diligence
Investment banking interviews typically end with “Do you have any questions for me?”
Generic questions about work-life balance or basic training programs signal lack of research.
Strategic questions might include:
- “I read about your bank’s recent expansion of the restructuring practice. Given rising interest rates, how is your group positioning to capitalize on the anticipated increase in distressed opportunities?”
- “Your bank advised on 15 software transactions last year compared to 8 the year before. Is this sector focus a deliberate strategic shift or more opportunity-driven?”
- “I noticed your healthcare team has been particularly active in the biotech space while some of your competitors are more focused on healthcare services. What drives that specialization?”
These questions demonstrate:
- You’ve done substantive research on the bank’s deal activity
- You’re thinking like a banker about strategy and market positioning
- You’re intellectually curious about the business beyond just securing an offer
The Bottom Line: Banking Is a Relationship Business
Despite the technical nature of the work, investment banking remains fundamentally a relationship business. Your ability to build rapport with interviewers directly correlates with their assessment of your potential with clients and colleagues.
The candidates who receive multiple bulge bracket offers are rarely those with the absolute highest technical scores. They’re the ones who combine solid technical foundations with exceptional interpersonal capabilities—demonstrated through specific, thoughtful interactions throughout the interview process.
By implementing these six strategies with specificity and authenticity, you significantly increase your odds of standing out among the thousands of technically-qualified candidates vying for these coveted positions.
Did these specific strategies help you land an investment banking role? Which technique proved most effective in your experience? Share your insights in the comments below!
