Citi Investment Banker / M&A Analyst Interview Questions
& Process

After I applied online, HR reached out for an initial chat about my background, why I want to do investment banking, and why I applied to Citi. It was chill and lasted about 20-30 minutes. The first real interview round had one-on-one chats with analysts and associates. They asked a mix of behavioral and technical stuff. Behavioral questions were about my past experiences, teamwork, leadership, and why I want to do investment banking and Citi. Technical questions covered basic valuation ideas, like DCF, enterprise value, and how depreciation impacts financial statements.

The interview process kicks off with a resume walkthrough, essentially a "tell me about yourself" question. They're checking for clarity and how well your career story aligns with investing and shows maturity. Aim for a 60-90 second structure: start with who you are now, highlight 2-3 key experiences (deals, teams, analysis), talk about the skills you've gained (valuation, diligence, ownership), and wrap up with why PE is your next logical move at their firm. Avoid chronological rambling, missing the investing angle, or a generic close. Next up is "Why investment banking? Why our firm?" This probes your motivation, fit with their strategy (buyout vs. growth), and how well you've prepped on the firm. For "Why PE," focus on ownership, value creation, long-term commitment, and teamwork. For "Why this firm," mention two specific things like sector focus, a portfolio case, fund size, or culture, and explain how you'd contribute. Steer clear of vague reasons like "learn a lot," confusing PE with public markets, or not knowing their strategy. Then, be ready to "Tell me about a deal you worked on" or a transaction you followed. They want to gauge your understanding and your specific contribution. Your answer should cover: the deal context (company, industry, size, your role), the investment thesis (why it was compelling – growth, margins, etc.), key diligence points (demand, unit economics, customer concentration, etc.), valuation and structure (multiples, comps, LBO checks, terms), the outcome and lessons learned, and crucially, your specific impact (analyses or insights you drove). Don't just list tasks, show command of industry drivers, and include numbers and insights. A presentation or case study might also be involved.

I got referred by a leadership contact and secured an initial interview. The interview experience itself was quite uncomfortable, as it felt like the interviewer had already made up their mind about me not being a good fit before we even began. Although I was told by peers that the first round would be strictly behavioral, my interviewer ended up asking technical questions.