Walk me through a DCF.
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Drill the questions you'd miss.
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Project unlevered free cash flows over a 5–10 year period, discount them and a terminal value back to today using WACC to get enterprise value, then subtract net debt to arrive at implied equity value per share.
Intuition
A company is worth the present value of all the cash it will generate in the future. Since a dollar today is worth more than a dollar tomorrow, we discount future cash flows at WACC, which reflects the blended risk to all capital providers. Terminal value captures the bulk of value because the company operates beyond the explicit forecast period.
Watch
A common trap is being asked why you use unlevered FCF rather than levered FCF. The answer is that unlevered FCF represents cash available to ALL capital providers (debt and equity), which is consistent with discounting at WACC. If you used levered FCF (after interest), you would need to discount at cost of equity only to avoid double-counting the cost of debt.
Deep Dive
Show how profit turns into cash, then how cash and retained earnings update the balance sheet.
**Income Statement:** Net Income is the starting point for Cash Flow from Operations. **Cash Flow Statement:** Add back non-cash expenses, adjust working capital, then include investing and financing activity. **Balance Sheet:** Ending cash, PP&E, debt, and retained earnings all update, and the Balance Sheet must balance.
“Leetcode forInvestmentBanking”Investment Banking”
Your map
See exactlywhere you stand.
Your map is every topic they can ask you and how solid you are on each one. It fills in as you answer.
Nothing to plan
Sit down and it hands you the next question. Pick a topic or a bank if you want, or just keep hitting next.
The ones you miss come back
Miss a question and it keeps showing up until you get it right. The topics you dodge are the ones you see the most.
No credit for lucky guesses
A topic is done when you can answer it every time it shows up.
The question bank
Sourced from1,000+ real interviews.
A decade of data from these firms.
3,500+ questions from 37 firms · every dot is one
+ 24 more firms
2,600+ technicals
Accounting through LBOs. Every one carries a full answer built to be said out loud.
800+ behaviorals
Why banking, walk me through your resume, and the harder fit questions behind them, as candidates heard them in first rounds and superdays.
Tagged by firm and round
Every question carries the firm that asked it. Pick the bank and the round on your calendar and drill what that room asks.
The answers
Real questions, fully answered.
Every technical gets the same four-section answer: learn it, retain it, see the trap coming.
Walk me through a DCF.
A real question, asked at Lazard · 1st Round · 2026.
The modes
Four ways to drill.
Be wrong here. Not in the room.
Earn your banking offer.
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Advice fromOffer Holders
Start earlyFind the right reps before recruiting pressure hits.
"This was the holy grail for me... I really internalized the technicals and behavioral frameworks. Wished I found this sooner."

Berkeley to Lincoln
★★★★★Trust the repsLet the hard questions expose gaps, then keep going.
"The question sets are tough in the right way, exposing gaps I didn't know I had. After a few days, I was performing instead of just memorizing."

UChicago to Evercore
★★★★★Learn from a proBuilt by the technical interview lead at UChicago, ex-Centerview.
"Michael is the most technically savvy and sharp person I worked with... he knows his stuff and can break it down in a way that actually sticks."
MBBConsulting to PJT
★★★★★
Pricing
Casual
No card required. Always free.
$0per month
Includes:
- GOBLIN100: unlimited and free
- 5 GOBLINMODE questions a day
- Real questions, tagged by bank and round
- Answers that name the trap and the follow-up
- Your map: see where you stand on every topic
Accelerated
Point practice at the interview on your calendar.
$39.99per month
or a Season Pass · $149.99
One payment. 12 months of Accelerated. Does not renew.
Everything in Casual, plus:
- 80 GOBLINMODE questions a day
- Bank & Round filters: select the questions your firm asks
- Topic filters: lock onto one topic until you know it
Common questions
How do you break into investment banking?+
The usual path is a mix of networking, applications, technical prep, and interview reps. Target-school candidates often start through campus recruiting; non-target, lateral, and career-switcher candidates usually need more direct outreach, sharper technical answers, and a clear story for why banking now. OFFERGOBLIN helps with the interview-prep part: real questions from real interviews, answered in four sections, in the order you should meet them. Miss one and it comes back.
What does the investment banking recruiting process look like?+
Most candidates move from applications and networking to a video interview or first-round screen, then to later rounds or a superday. First rounds usually test fit plus core accounting, valuation, and finance technicals. Later rounds go deeper on judgment, deal awareness, DCFs, M&A, LBOs, and whether your answers stay structured under pressure.
How does OFFERGOBLIN help me prepare?+
Three things. The questions are real, asked in real interviews, tagged by the bank and round they came from. Every one carries four sections: Direct Response, the line you say out loud; Intuition, why it holds up when someone pushes; Watch, the trap and the follow-up they ask next; and Deep Dive, the full mechanics. And your map shows where you stand on every topic. Whatever you missed gets priority until you get it right.
What firms does OFFERGOBLIN cover?+
The question bank covers bulge brackets, elite boutiques, and middle-market firms, including Goldman Sachs, J.P. Morgan, Morgan Stanley, Bank of America, Evercore, Centerview, Lazard, Moelis, PJT, Houlihan Lokey, William Blair, Piper Sandler, and more. Every question came out of a real recruiting cycle, not a textbook.
Where should I start if my interviews are coming up soon?+
Start with the highest-hit-rate technicals: accounting, enterprise value, valuation methods, DCF mechanics, merger math, and basic LBO logic. Then run bank- or round-specific sets if you know where you are interviewing. If you are starting from zero, start with GOBLIN100 and work the hundred in order. If you already have the basics, GOBLINMODE picks up where you are and manages the rest.
Is this useful if I am from a non-target school?+
Yes. Non-target candidates usually have less room for vague answers because they may not get as many shots. OFFERGOBLIN will not do networking for you, but it can make the interview side much tighter: you can drill the same technical themes target-school candidates see, practice firm-specific sets, and close obvious gaps before a first round or superday.
Is this only for students, or does it work for laterals too?+
It works for both. Students can use it to build technical fluency before summer analyst recruiting. Laterals and career switchers can use it to refresh accounting, valuation, M&A, and modeling-adjacent technicals while also targeting the banks, rounds, and question styles that match their process.
What is included in the free tier?+
The free plan is the full GOBLIN100 with no daily limit, plus 5 GOBLINMODE questions a day, with your map from day one. No card is required. Accelerated ($39.99/month, or a $149.99 Season Pass: one payment for 12 months, no renewal) raises the limit to 80 questions a day and unlocks bank, round, and topic filters. You can cancel the monthly plan anytime.
How do I get started?+
Sign in and answer five placement questions. Each right answer steps the next one up in difficulty and each miss steps it down, and the result decides where you start: the GOBLIN100 in order if the foundation needs work, or straight into GOBLINMODE if you already have it. Every topic you get right in the test lands on your map at more than three times the normal credit. You can skip it, but then your map starts empty. From there the only input is marking Know or Don't Know honestly. Switch into topic, bank, or round filters once you have a specific interview on the calendar.
Your guide to the investment banking universe.
Know it allbefore you walkin the room.
free. no card.
Your guide to the investment banking universe.
Know it allbefore you walkin the room.
free. no card.














