The Investment Banking Superday: What to Expect and How to Prepare

You passed the first round. Now comes the superday.

Five interviews. Six hours. Back-to-back conversations with analysts, associates, VPs, and MDs. Technical questions. Behavioral probes. Stress tests. By the end, they'll know if you're getting an offer.

The superday is the final hurdle. Everything before it—networking, applications, phone screens—was qualification. This is the decision.

Most candidates go in underprepared. They know the technicals but fumble the fit questions. They practice answers but can't handle curveballs. They survive the morning and fade by afternoon.

This guide covers exactly what happens during a superday and how to convert yours into an offer.

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What Is a Superday?

The Format

A superday is a full day of interviews at the bank's office. The format varies slightly by firm, but the structure is consistent:

Duration: 4-8 hours, typically starting at 8 or 9 AM.

Interviews: 4-6 back-to-back interviews, each 30-45 minutes.

Interviewers: Mix of levels—analysts, associates, VPs, directors, and sometimes MDs.

Content: Technical questions, behavioral questions, deal discussions, and market awareness.

Setting: Conference rooms at the bank's office. You rotate between rooms while interviewers stay put.

The Stakes

The superday is the final interview stage. Pass, and you get an offer. Fail, and the process ends.

There's no second chance. No "we'll bring you back for another round." The decision happens that day or shortly after.

The Timeline

For summer internships:

• Superdays typically occur January-February
• Offers extend within 24-72 hours
• Decisions often due within 1-2 weeks

For full-time roles:

• Timing varies by firm
• Similar offer timeline

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The Day's Structure

Before You Arrive

The night before:

• Get 7-8 hours of sleep (not negotiable)
• Lay out your clothes
• Review your notes one final time
• Eat a proper dinner

Morning of:

• Eat breakfast (you need fuel)
• Arrive 15-20 minutes early
• Bring copies of your resume (5-6 copies)
• Bring a notepad and pen
• Phone on silent, in your bag

The Typical Schedule

Time	Activity
8:30 AM	Arrive, check in with HR
8:45 AM	Brief orientation, logistics
9:00 AM	Interview 1 (Associate)
9:45 AM	Interview 2 (VP)
10:30 AM	Interview 3 (Analyst)
11:15 AM	Interview 4 (Director)
12:00 PM	Lunch (with analysts/associates)
1:00 PM	Interview 5 (MD or Group Head)
1:45 PM	Wrap-up, depart

The exact schedule varies. Some superdays have more interviews. Some skip lunch. Some include group activities or presentations.

Between Interviews

You'll have 5-10 minutes between interviews. Use this time to:

• Reset mentally
• Review notes on the next interviewer (if you have them)
• Drink water
• Visit the restroom if needed

Don't use breaks to frantically study. You're either prepared or you're not.

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The Interview Types

Technical Interviews

Technical interviews test your finance knowledge. Expect questions on:

Valuation:

• Walk me through a DCF
• How do you value a company?
• What's the difference between enterprise value and equity value?
• Which valuation method gives the highest value?

Accounting:

• Walk me through the three financial statements
• What happens when depreciation increases by $10?
• How does inventory write-down affect the statements?
• Explain deferred revenue

M&A:

• Walk me through an M&A deal
• What are synergies?
• Accretion/dilution—when is a deal accretive?
• Why would a company acquire another company?

LBO (for some firms):

• Walk me through an LBO
• What makes a good LBO candidate?
• What are the key drivers of LBO returns?

Prepare for 3-5 technical questions per technical interview. Have clear, structured answers.

Behavioral Interviews

Behavioral interviews assess fit and personality. Common questions:

Your story:

• Walk me through your resume
• Why investment banking?
• Why this firm?
• Why this group?

Leadership and teamwork:

• Tell me about a time you led a team
• Describe a conflict and how you resolved it
• Give an example of working under pressure

Self-awareness:

• What's your greatest weakness?
• What would your teammates say about you?
• Where do you see yourself in five years?

Have 4-5 polished stories ready. Each should demonstrate different competencies.

Market and Deal Discussions

Senior interviewers often discuss markets and deals:

Current events:

• What's happening in the economy?
• What do you think about interest rates?
• How are markets affecting M&A?

Recent deals:

• Tell me about a deal you've been following
• What did you think of [recent major transaction]?
• If you were advising [company], what would you recommend?

Your sector interest:

• Why are you interested in [healthcare/tech/etc.]?
• What trends do you see in the industry?

Have 2-3 deals you can discuss in depth. Know the strategic rationale, valuation, and your opinion.

Stress Interviews

Some interviewers will test how you handle pressure:

Aggressive questioning:

• "That answer was wrong."
• "I don't think you understand the concept."
• "Are you sure about that?"

Rapid-fire questions:

• Quick succession of technical questions
• No time to think deeply
• Testing your composure under pressure

Curveballs:

• "What's 17 times 24?"
• "How many golf balls fit in a school bus?"
• "Sell me this pen."

Stay calm. If you don't know an answer, say so. Composure matters more than getting every question right.

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Preparing for the Superday

Technical Preparation

Two weeks before:

• Review all core technical concepts
• Practice DCF walk-through until automatic
• Drill accounting questions
• Review M&A mechanics

One week before:

• Practice with a partner
• Time yourself on technical walk-throughs
• Identify weak areas and address them
• Review any firm-specific technical focus

Day before:

• Light review only
• No cramming
• Trust your preparation

Behavioral Preparation

Develop your stories:

• 4-5 stories covering leadership, teamwork, conflict, achievement, failure
• Each story: Situation, Action, Result (30-60 seconds)
• Practice delivery until natural

Perfect your "story":

• Walk me through your resume (2 minutes)
• Why banking? (30 seconds)
• Why this firm? (30 seconds)
• Why this group? (30 seconds)

These four answers should be polished, genuine, and consistent.

Firm-Specific Preparation

Know the firm:

• Recent deals and league table position
• Key groups and areas of strength
• Culture and reputation
• Recent news and developments

Know your interviewers:

• LinkedIn background on likely interviewers
• Their deals and expertise
• Connection points (same school, shared interests)

Have specific questions:

• Prepare 3-4 thoughtful questions per interview
• Avoid generic questions (hours, compensation)
• Show genuine interest in their experience

Physical Preparation

The week before:

• Sleep well every night
• Exercise to manage stress
• Eat properly
• Limit alcohol

The night before:

• 7-8 hours of sleep
• No late-night cramming
• Relaxing evening

Morning of:

• Eat breakfast (protein helps focus)
• Arrive early
• Calm, confident mindset

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During the Superday

The First Interview

The first interview sets the tone. You're fresh, nervous, and being evaluated from the first handshake.

Key tips:

• Strong handshake, eye contact
• Confident but not arrogant
• Start with energy (you'll need it later)
• First impressions stick

Nail the first one, and confidence builds for the rest.

Managing Energy

Six hours of interviews is exhausting. Energy management matters.

Between interviews:

• Drink water
• Take deep breaths
• Reset mentally—don't dwell on previous interviews

During interviews:

• Maintain engagement even when tired
• Vary your vocal energy
• Stay present

If you're fading:

• The afternoon is hardest
• Drink water or coffee at lunch
• Remember: they're evaluating endurance too

Handling Different Levels

Each interviewer level brings different dynamics:

Analysts:

• Closer to your age
• Often ask technical questions
• Assessing if you'd be a good peer
• Can be more informal

Associates:

• Slightly more senior perspective
• Mix of technical and behavioral
• Evaluating if you'd be reliable on their teams

VPs:

• More deal experience
• Often ask about deals and markets
• Testing your business judgment

MDs:

• Senior perspective
• Often behavioral and market-focused
• Evaluating long-term fit and potential
• Their opinion carries most weight

Adapt your style slightly for each level. More formal with seniors. More collegial with analysts.

Lunch

Lunch is part of the interview. You're still being evaluated.

Do:

• Engage in conversation
• Ask genuine questions about their experience
• Be friendly and personable
• Eat something (but not messy)

Don't:

• Think you can relax because it's "casual"
• Discuss sensitive topics (politics, compensation)
• Order alcohol (even if offered)
• Complain about the process

Lunch is often with junior employees. They'll share feedback with senior interviewers.

Handling Mistakes

You will make mistakes. Everyone does. The key is recovery.

If you don't know an answer:

• "I'm not certain, but my thought process would be..."
• Show how you'd approach finding the answer
• Don't make something up

If you give a wrong answer:

• If you catch it, correct yourself
• Don't dwell or apologize excessively
• Move on confidently

If an interview goes poorly:

• Reset before the next one
• Don't let one bad interview affect the rest
• Maintain energy and confidence

One weak interview won't sink you. Consistent poor performance will.

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Common Mistakes

Technical Mistakes

Not walking through structures. When asked "Walk me through a DCF," don't just list steps. Walk through the logic: "A DCF values a company based on its future cash flows, discounted back to present value. There are three main steps..."

Memorizing without understanding. Interviewers probe. If your answer is memorized without underlying understanding, follow-up questions will expose you.

Freezing on curveballs. If you get an unexpected question, think out loud. "That's an interesting question. Let me think about it this way..."

Behavioral Mistakes

Generic answers. "I'm interested in banking because I like finance" says nothing. Be specific. "The M&A transaction I worked on during my internship at [company] showed me..."

Too humble or too arrogant. Find the balance. Confident in your abilities. Humble about what you don't know.

Forgetting to ask questions. Always have questions ready. "What do you enjoy most about working in this group?" shows interest.

Energy Mistakes

Starting slow. Don't save energy for later. Start strong. You need momentum.

Crashing at lunch. The post-lunch interview is often with a senior person. Arrive alert.

Visible fatigue. They're evaluating your stamina. Even if exhausted, project energy.

Strategic Mistakes

Inconsistent messaging. Your "why banking" and "why this firm" should be consistent across interviews. They compare notes.

Negativity. Never speak poorly of previous employers, competitors, or other candidates.

Desperation. Confidence attracts offers. Neediness repels them.

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After the Superday

Same Day

Immediately after:

• Collect contact information for follow-up
• Jot down notes while fresh
• Decompress—it's mentally exhausting

That evening:

• Send thank-you emails (more below)
• Don't obsess over performance
• Get some rest

Thank-You Emails

Send thank-you emails within 24 hours. To each interviewer:

Format:

• Subject: "Thank you - [Your Name]"
• 3-4 sentences
• Reference something specific from your conversation
• Express continued interest

Example:

Subject: Thank you - Jane Smith

Dear Mr. Johnson,

Thank you for taking the time to speak with me today. I particularly enjoyed our discussion about the recent healthcare M&A landscape and your perspective on the impact of GLP-1 drugs on pharma valuations.

The conversation reinforced my enthusiasm for the Healthcare group at [Bank]. I would be excited to contribute to the team.

Best regards, Jane Smith

Keep it brief. They're busy.

The Wait

Decisions typically come within 24-72 hours. During this time:

Do:

• Continue with other processes if applicable
• Respond promptly to any follow-up
• Stay patient

Don't:

• Call the bank repeatedly
• Overanalyze every moment
• Assume the worst from silence

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Virtual Superdays

Many superdays now occur virtually. The core content is the same, but the format differs.

Virtual Format

Typical structure:

• Video interviews via Zoom or similar
• Same number of interviews
• May include breaks between sessions
• Sometimes shorter intervals

Virtual-Specific Tips

Technology:

• Test your setup beforehand
• Strong internet connection
• Professional background
• Good lighting on your face
• Camera at eye level

Presentation:

• Look at the camera, not the screen
• Dress professionally (full outfit, not just top half)
• Minimize distractions in your environment
• Have water nearby

Engagement:

• Slightly more animated than in-person (video flattens energy)
• Nod and show you're listening
• Don't let eyes wander

Notes:

• You can have notes nearby (discreetly)
• Don't read from them obviously
• Use for quick reference only

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Specific Scenarios

The Stress Interviewer

Some interviewers deliberately create pressure.

Signs:

• Aggressive questioning
• Telling you you're wrong
• Rapid-fire questions
• Uncomfortable silences

How to handle:

• Stay calm (this is the test)
• Don't get defensive
• Stand by correct answers confidently
• Admit mistakes gracefully

What they're assessing:

• Can you handle client pressure?
• Do you crumble or compose?
• Are you defensive or coachable?

The Silent Interviewer

Some interviewers ask a question and wait.

How to handle:

• Give a complete answer
• If silence continues, ask "Would you like me to elaborate?"
• Don't ramble to fill the silence
• Comfort with silence shows confidence

The Conversational Interviewer

Some interviews feel more like casual conversations.

Don't be fooled:

• You're still being evaluated
• Stay professional
• Don't overshare or get too comfortable
• Maintain the same quality of answers

The Rapid-Fire Interviewer

Some interviewers test your ability to think quickly.

How to handle:

• Answer concisely
• Don't overthink
• If you need a moment, briefly say "Let me think about that"
• Better to be quick and slightly imperfect than slow and perfect

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The Bottom Line

The superday is the decision point. Everything prior was qualifying. This is where offers are won or lost.

Prepare thoroughly:

• Technical knowledge automatic
• Behavioral stories polished
• Firm knowledge solid
• Energy reserves full

Execute deliberately:

• Start strong
• Manage energy throughout
• Stay consistent across interviews
• Handle adversity gracefully

Project the right qualities:

• Competent and confident
• Likeable and genuine
• Resilient under pressure
• Genuinely interested

The candidates who convert superdays aren't always the smartest. They're the most prepared, most consistent, and most composed. They perform at a high level for six hours straight.

That's what it takes. Prepare accordingly.