The term “Superday” is used in the finance industry to denote the final round of interviews in the investment banking recruiting process. This day consists of back-to-back interviews with various bankers at the firm. It is common to interview with bankers of different seniority within different industry groups.

These interviews are a key component of helping firms make their ultimate decisions. The research tells us that 26% of on-the-job performance is associated with a candidate's performance in a structured interview, and the number falls to 14% for unstructured interviews. Suited's data tells us that resume-related factors inform only 1-5% of on-the-job performance. However, psychometric and competency-related candidate data can explain over 50% of the variance in performance. This means that the banks who use Suited will have a much more scientific approach to understanding candidate potential for performance and fit, but that interviews will still be weighed heavily and relevant no matter what firm you're sitting down with.

01.

What to Expect 

These Superday interviews can be anywhere from two to five hours in length, typically split into thirty-minute increments. Superdays intentionally replicate the high-pressure nature of the job, so it’s important to prepare yourself. Firms ask a series of questions that determine your ability to think critically, to ensure that you are capable of performing the necessary tasks required of the job, and to assess culture fit/add. 

Throughout the Superday, each interview will typically have a different focus to it. For example, if you have five interviews, two may be focused on behavioral questions, two on technical questions, and one on a case study. The questioning will be more in-depth and lengthy than in the first-round interview.

02.

Behavioral Interviews 

Behavioral interviews are meant to answer the question, “Will this person work well within our team?” Here is where you should focus on helping the interviewer envision working with you.  Many firms will look for clues that you are personable, respectful, willing to learn, and capable of keeping your cool under pressure. You will receive questions based on your resume and the bullet points you have listed—allowing the interviewer an opportunity to learn more about your prior experience.

Ultimately, you can tell an interviewer all they need to know by demonstrating that you have prepared diligently and are familiar with the industry, bank, and analytical portion of the job.  The latter can be done through strong technical knowledge.

03.

Technical Interviews 

The technical portion of the interview will typically include questions around the below topics:

• Accounting & The Three Statements
• Valuation (Discounted Cash Flow Analysis, M&A Comparables, Public Comparables, and Leveraged Buyout Analysis)
• Enterprise & Equity Value
• Free Cash Flow
• Formulas (such as Free Cash Flow or Enterprise Value)
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When answering technical questions you should explain your assumptions, logic, and approach to the question. The interviewer is looking to make sure that you genuinely understand the concepts and are not simply regurgitating something you read in a preparatory resource.

Generally, junior bankers are the ones asking more technical questions, but be advised that there is no limit to how difficult the banker may decide to make the interview, so it is extremely important to prepare beyond any doubt for this component of the interview. It is common for bankers to continuously ask you questions that elevate in difficulty until you get one wrong or don't know.

There are numerous online resources that you can access to help you prepare for the more intense technical questions. Suited has a technical focused investment banking study guide available for free here. 

Suited has also partnered with Wall Street Prep to provide free access to their Investment Banking Interview Guide to Suited members. All you need to do is sign up for Suited and refer a friend! Learn more here.

04.

Case Study

While technical in nature, a case study question will feel different than a punchy technical question. A case study can take many different forms, but some examples may include:

• A fictitious sell-side M&A process diligence. For example, the interviewer will ask you to imagine that you are representing a packaging manufacturing company and you are looking to build marketing materials to take the company to market. They might ask you "What questions would you like to ask the management team on an initial call to include in the Confidential Information Presentation (CIP)?" After, they may ask you if you think the business is better suited to sell to a strategic acquirer or a financial sponsor? These questions are meant to determine if you understand the deal process.
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• You are given a set of financial data (such as a DCF), and then asked to calculate different metrics such as the Enterprise Value. They may ask you if the weighting between the projection period and terminal value in the DCF is reasonable. Then they may ask you other accounting-based questions on the financial data. They may also ask if you think the business is better suited to sell to a strategic acquirer or a financial sponsor, and so on.

05.

Wrap Up 

Some additional tips we have found helpful for Superday interviews:

• If the super day is held virtually, find a quiet place to take the call/virtual meeting that is free of distractions and background noise
• Be sure to dress in business professional regardless of the setting
• Send thoughtful thank you emails/notes immediately after your interview
• Stay calm and act naturally—never lose sight of the fact that the interviewer is simply another human being you are having a conversation with

Since Superday interviews are the final interview in the process, candidates will hear back from the recruiting team as early as that evening, or as late as two weeks after the interview. It is important to make the recruiting team aware of any competing offers that have a shorter timeline. Recently, due to the COVID-19 pandemic, a large majority of super day interviews have been held virtually over a meeting platform such as Zoom or Microsoft Teams.