Valuation — Investment Banking Mock Interview
Master the four core valuation methodologies, industry-specific multiples, and the quantitative traps interviewers use to separate prepared candidates from the rest.
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Key Topics Covered
Methodology Ranking & Selection
Explores how to rank the four primary valuation approaches by implied value and when each methodology breaks down, including scenarios where a DCF becomes unreliable.
Multiples Deep Dive
Covers EV/EBITDA vs. EV/EBIT vs. P/E trade-offs, industry-specific multiples like EV/Subscribers and EV/Reserves, and the critical rule for pairing Enterprise Value or Equity Value with the right metric.
Private & Pre-Revenue Valuation
Walks through the adjustments needed for private companies including illiquidity discounts and Beta estimation, plus creative approaches for valuing companies with no revenue or profit.
Quantitative Valuation Problems
Features multi-step calculations including deriving effective tax rates from P/E and EV/EBITDA, computing enterprise value from perpetual cash flows, and analyzing how tax rate changes affect both the numerator and denominator of a DCF.
Strategic Valuation Concepts
Addresses conglomerate discount analysis, Sum-of-the-Parts recommendations, the football field presentation format, and why two seemingly identical companies can trade at very different multiples.
How to Prepare for Valuation Interviews
Know the four primary methodologies cold and be ready to rank them by implied valuation, but always caveat that the DCF can land anywhere depending on assumptions. Interviewers reward candidates who show judgment, not just memorization.
Practice the EV vs. Equity Value pairing rule until it is second nature: unlevered metrics pair with Enterprise Value, levered metrics pair with Equity Value. This principle comes up repeatedly in both sessions and is a frequent interview trap.
Work through multi-step quantitative problems under time pressure. The advanced session includes calculations that chain together P/E, EV/EBITDA, interest rates, and tax rates, and interviewers expect you to solve these live without a calculator.
Study how WACC, Beta, and capital structure interact. The advanced session tests the Hamada equation, Modigliani-Miller theory, and the U-shaped WACC curve, so be prepared to explain why adding debt initially lowers WACC but eventually raises it.
More Core Concepts Topics
View allAccounting
Covers foundational accounting concepts commonly tested in investment banking interviews. Discusses key definitions, frameworks, and walk-through questions at an introductory level.
Enterprise & Equity Value
Covers foundational enterprise & equity value concepts commonly tested in investment banking interviews. Discusses key definitions, frameworks, and walk-through questions at an introductory level.
Discounted Cash Flow (DCF)
Covers foundational dcf concepts commonly tested in investment banking interviews. Discusses key definitions, frameworks, and walk-through questions at an introductory level.
Leveraged Buyouts (LBO)
Covers foundational leveraged buyouts (lbos) concepts commonly tested in investment banking interviews. Discusses key definitions, frameworks, and walk-through questions at an introductory level.
Mergers & Acquisitions (M&A)
Covers foundational merger model (m&a) concepts commonly tested in investment banking interviews. Discusses key definitions, frameworks, and walk-through questions at an introductory level.
Market Knowledge
Covers foundational market knowledge concepts commonly tested in investment banking interviews. Discusses key definitions, frameworks, and walk-through questions at an introductory level.
About This Valuation Mock Interview
These two sessions cover valuation from the ground up through advanced territory. The basic session walks through methodology selection, comparable company analysis, precedent transactions, and how to value private and pre-revenue companies. The advanced session raises the stakes with multi-step quantitative problems, Modigliani-Miller theory, bank valuation, conglomerate discount analysis, and the nuanced interplay between tax rates, WACC, and intrinsic value.
This topic is part of the Core Concepts section of our investment banking mock interview library. It includes 2 sessions covering both basic and advanced difficulty levels. Each session includes multi-speaker audio with realistic interviewer questions and candidate responses, plus a full interactive transcript you can follow along with or study independently.
Audio Recording
44 minutes of multi-speaker audio
Full Transcript
Interactive transcript with timestamps
1 Basic + 1 Advanced
Basic & Advanced
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Seen on Twitter
heard all the new kids use IB Vine now. the questions on IB Vine helped me get the concepts down when I had to recruit and make a lot of BB/MM interviews easier than I expected for techs
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Just got off the phone with a kid who interned at a Dallas PE firm. He mentioned that IB Vine helped him secure that internship as well as his Summer Analyst offer, especially since he came from a non-target with no resources.
Analyst
The IB Vine technical prep is beyond helpful, it's so much more fun quizzing myself every now and then vs. reading through the guides again.
Analyst
I personally found that the 'IB Vine Select' collection had some of the exact questions I was asked in my Qatalyst interviews.
Analyst
Thanks for starting up IB Vine. Couldn't have landed my offer without your help!
User Story
I honestly think you're doing gods work since IB Vine democratizes the whole interview process and helps a lot of students ace their interviews.
Analyst
I found this website really helpful, which also helps me better prepare for the technical interview in IBD position and get an offer.
Seen on WallStreetOasis
Check out IB Vine, specifically the 'IB Vine Select' questions. Once you can get a handle of those, it seems like you are in a spot where you're applying the concepts rather than simply memorizing them
Analyst
I've used IB Vine for my recruitment, and I could not imagine the journey without it. Thank you for creating a phenomenal resource.
Seen on WallStreetOasis
Beyond the 400 questions guide, try to understand a deeper level and the underlying concepts of the questions being asked. Use ibvine, it really helps.
Seen on WallStreetOasis
IB Vine has excellent questions, especially multistep ones. In my experience I've gotten grilled on accretion/dilution, bond math, and merger model questions. IB Vine has great practice for all of those.
User Story
As a nontraditional transfer student who has been rendered unavailable to many resources at my university (Leadership positions at clubs, immediately behind the recruiting cycle, etc.) IB Vine has been an absolute game changer in my IB prep.
Seen on WallStreetOasis
From my experience interviewing FT for IB, it’s not enough to just know the 400 questions anymore (it’s a good starting point) but to look at even more advanced questions. Would recommend IB Vine.
Seen on Twitter
heard all the new kids use IB Vine now. the questions on IB Vine helped me get the concepts down when I had to recruit and make a lot of BB/MM interviews easier than I expected for techs
User Story
Just got off the phone with a kid who interned at a Dallas PE firm. He mentioned that IB Vine helped him secure that internship as well as his Summer Analyst offer, especially since he came from a non-target with no resources.
Analyst
The IB Vine technical prep is beyond helpful, it's so much more fun quizzing myself every now and then vs. reading through the guides again.
Analyst
I personally found that the 'IB Vine Select' collection had some of the exact questions I was asked in my Qatalyst interviews.
Analyst
Thanks for starting up IB Vine. Couldn't have landed my offer without your help!
User Story
I honestly think you're doing gods work since IB Vine democratizes the whole interview process and helps a lot of students ace their interviews.
Analyst
I found this website really helpful, which also helps me better prepare for the technical interview in IBD position and get an offer.
Seen on WallStreetOasis
Check out IB Vine, specifically the 'IB Vine Select' questions. Once you can get a handle of those, it seems like you are in a spot where you're applying the concepts rather than simply memorizing them
Analyst
I've used IB Vine for my recruitment, and I could not imagine the journey without it. Thank you for creating a phenomenal resource.
Seen on WallStreetOasis
Beyond the 400 questions guide, try to understand a deeper level and the underlying concepts of the questions being asked. Use ibvine, it really helps.
Seen on WallStreetOasis
IB Vine has excellent questions, especially multistep ones. In my experience I've gotten grilled on accretion/dilution, bond math, and merger model questions. IB Vine has great practice for all of those.
User Story
As a nontraditional transfer student who has been rendered unavailable to many resources at my university (Leadership positions at clubs, immediately behind the recruiting cycle, etc.) IB Vine has been an absolute game changer in my IB prep.
Seen on WallStreetOasis
From my experience interviewing FT for IB, it’s not enough to just know the 400 questions anymore (it’s a good starting point) but to look at even more advanced questions. Would recommend IB Vine.
Seen on Twitter
heard all the new kids use IB Vine now. the questions on IB Vine helped me get the concepts down when I had to recruit and make a lot of BB/MM interviews easier than I expected for techs
User Story
Just got off the phone with a kid who interned at a Dallas PE firm. He mentioned that IB Vine helped him secure that internship as well as his Summer Analyst offer, especially since he came from a non-target with no resources.
Analyst
The IB Vine technical prep is beyond helpful, it's so much more fun quizzing myself every now and then vs. reading through the guides again.
Analyst
I personally found that the 'IB Vine Select' collection had some of the exact questions I was asked in my Qatalyst interviews.
Analyst
Thanks for starting up IB Vine. Couldn't have landed my offer without your help!
User Story
I honestly think you're doing gods work since IB Vine democratizes the whole interview process and helps a lot of students ace their interviews.
Analyst
I found this website really helpful, which also helps me better prepare for the technical interview in IBD position and get an offer.
Seen on WallStreetOasis
Check out IB Vine, specifically the 'IB Vine Select' questions. Once you can get a handle of those, it seems like you are in a spot where you're applying the concepts rather than simply memorizing them
Analyst
I've used IB Vine for my recruitment, and I could not imagine the journey without it. Thank you for creating a phenomenal resource.
Seen on WallStreetOasis
Beyond the 400 questions guide, try to understand a deeper level and the underlying concepts of the questions being asked. Use ibvine, it really helps.
Seen on WallStreetOasis
IB Vine has excellent questions, especially multistep ones. In my experience I've gotten grilled on accretion/dilution, bond math, and merger model questions. IB Vine has great practice for all of those.
User Story
As a nontraditional transfer student who has been rendered unavailable to many resources at my university (Leadership positions at clubs, immediately behind the recruiting cycle, etc.) IB Vine has been an absolute game changer in my IB prep.
Seen on WallStreetOasis
From my experience interviewing FT for IB, it’s not enough to just know the 400 questions anymore (it’s a good starting point) but to look at even more advanced questions. Would recommend IB Vine.
Seen on Twitter
heard all the new kids use IB Vine now. the questions on IB Vine helped me get the concepts down when I had to recruit and make a lot of BB/MM interviews easier than I expected for techs
User Story
Just got off the phone with a kid who interned at a Dallas PE firm. He mentioned that IB Vine helped him secure that internship as well as his Summer Analyst offer, especially since he came from a non-target with no resources.
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