
CIBC Investment Banker / M&A Analyst Interview Questions
& Process
Real candidates share what happened, how many rounds they had,
and how the experience turned out.
Based on 34 interview experiences · FREE TO READ
Candidate interview experiences
First-hand accounts from people who interviewed at CIBC.
Investment Banking Analyst
This was just the first round interview for an off-cycle position, and I wasn't very prepared a couple years ago. The interview was quite strange, getting an email at 10 am asking for a phone call at noon. The interviewer was impersonal and barely asked about my resume, education, or experience, then quickly moved to some basic technical questions. The whole call lasted only 15-20 minutes, and while most technicals were easy, I did stumble on a couple of harder ones.
- Can you explain a NAV model?
Investment Banking Associate
The interview process was completely disorganized and unprofessional. There were three video interview rounds. The first was with an associate who asked mostly technical questions and giggled with his girlfriend on camera during my answers. The second round featured a director who was late, unprepared, and unclear, also asking primarily technical questions. In the third round, two directors, both late, and one not even on camera, focused on very specific technical and industry questions. I was surprised I advanced given how difficult each interviewer was to connect with, their lack of professionalism, and disregard for the schedule. They showed almost no interest in my background, and my frustration was likely evident.
- What manual adjustments would you make to adjust enterprise value?
Investment Banking Analyst
The process had 3 rounds: first an HR chat, then interviews with 2 Analysts, and finally a Superday. The HR round was purely behavioral. The Analyst interviews were a mix of technical and behavioral. The Superday focused on behavioral questions and some market-related ones. While none of the individual interviews were particularly hard, the intensity picked up significantly after the initial HR screening.
- Could you explain TVM?
- What's the difference between EV/EBITDA and EV/EBIT?
- Can you pitch a stock to me?
CIBC Investment Banker / M&A Analyst Interview Questions
Quoted word for word from CIBC interview reports.
“What is the angle between the clock hands at a given time?”
Read reports →“If a factory was bought with debt in year 4, what effect would that have on a DCF model's outcome?”
Read reports →“Can you explain a $100 debt issuance in Year 0? For Year 1, let's assume half the interest is paid in cash and half as PIK, with a 10% interest rate and a 30% tax rate.”
Read reports →“How do you calculate the Weighted Average Cost of Capital (WACC)?”
Read reports →“What are the potential reasons for differences between EV/EBITDA and P/E multiples?”
Read report →“Why did a company with positive EBITDA suddenly go bankrupt? Give two potential reasons.”
Read report →“How would share prices be affected by different merger situations?”
Read report →“What is it that investment bankers do?”
Read report →“Can you explain a Discounted Cash Flow (DCF)?”
Read report →Formats, difficulty and experience
Across all 34 CIBC interview reports.