What is the best way to run mock interviews for investment banking?

Q: How do you run an effective investment banking mock interview?

Structure it in three phases: Phase I (5-10 min) covers 'Whys'—poke holes in their story, ask 'Why?' three times. Phase II (15-20 min) covers technicals—go line-by-line through concepts, marking exact slip points. Phase III (5 min) covers market knowledge—company, deal, trend questions. Grade on a spreadsheet with specific feedback, not vague encouragement.

Q: How should you give feedback after a mock interview?

Use a spreadsheet with rows A-C for line-by-line technical questions (marking exact slip points like missed tax shields or broken framework structure) and row E for general observations (posture, filler words, eye contact, tone). Be specific and constructive. If they leave smiling because you told them they were 'great,' you've failed them.

Q: What makes a bad mock interview partner?

Bad mock interviewers give vague feedback ('that was good'), avoid pressing on weak answers, or only ask questions the candidate already knows. An effective mock interviewer mimics real interview pressure, interrupts rehearsed-sounding answers, follows up with 'Why?' repeatedly, and provides specific written feedback on exact failure points.

Stop being nice. Real interviews are terrifying. Learn how to simulate the pressure, track technical failures, and harden candidates for the actual superday.

MN·4 min read··

The Best Mock Interview

The most valuable mock interview experience came from a tyrannical second-year MBA. No smiles. No pleasantries. Forty-five minutes of relentless grilling.

His closing words: "I'm worried for you. You don't know basic accounting. There is no chance you get an offer if you perform like this."

That feedback was crushing—and necessary. The subsequent week was spent mastering the 3 financial statements. That single hour of simulated terror was the most valuable investment in the entire recruiting process.

Your job as a mock interviewer is not to be nice. Your job is to simulate high-pressure reality.

The Persona: Stone Cold

The biggest mistake mock interviewers make is being too human. Nodding when answers are correct. Smiling to encourage. Saying "good" after a correct EBITDA definition.

Stop doing that.

In a real Superday, the Managing Director might be checking emails, looking bored, or actively trying to rattle the candidate. Mimic this environment.

No Reactive Nodding: Sit still. Do not signal correctness. Force conviction without validation.
Silence as a Weapon: After they finish an answer, wait three seconds before the next question. Watch them squirm. See if they ramble to fill dead air—a fatal error.
Push the Pace: If they are slow, cut them off. "Next question."

The Setup: Scorecard Architecture

Do not wing it. Open a spreadsheet before the call.

Column	Purpose
A-C	Line-by-line technicals. Every question gets a row. Mark exact slip points—missed tax shield in WACC, fumbled DTL logic, broken framework structure.
E	General vibe notes. Posture, filler words, eye contact, tone. Defensive? Tired?

Table showing line-by-line mock interview questions and general notes setup

The Structure: Three Phases

A proper mock mimics real interview flow but compresses the difficulty curve.

Phase I: The "Whys" (5-10 Minutes)

Start with behaviorals. "Tell me about yourself." "Why investment banking?" "Why this bank?"

Most candidates rehearse these until they sound robotic. Poke holes. If the story doesn't make sense, stop them. Ask "Why?" three times in a row. If they cannot defend their narrative, technicals are irrelevant.

Reference: Banking Stories & Whys

Phase II: Conceptual Technicals (10-15 Minutes)

Move into concepts. No calculations yet. Demand explanations as if speaking to a client.

"Walk me through the impact of a $10 increase in depreciation."
"Explain Beta like I'm five."
"Why would a company choose debt over equity?"

If they recite textbook definitions, interrupt: "No, tell me what it means in practice."

Phase III: Math & Modeling (15-20 Minutes)

This phase breaks them. Start with standard valuation multiples. Escalate rapidly.

"Company A acquires Company B. Walk me through accretion/dilution math."
"Set up an LBO. What are the return drivers?"

Land on a heavy LBO or merger math problem. This is the scrimmage peak. If they struggle, push harder. If they cruise, change assumptions mid-question.

Pull questions from Accretion/Dilution and LBO in Topic Study mode.

The Debrief: Holding the Mirror

After 45 minutes, stop abruptly. Break character—slightly.

The Trap

Before giving any feedback, ask: "How do you think you did?"

Their answer reveals self-awareness calibration.

Response	Implication	Your Approach
"Crushed it" (didn't)	Lacks self-awareness	Be brutal
"Failed" (did fail)	Realistic	Be constructive

Line-by-Line Review

Share your screen. Go through every row.

"Question 4: You said FCF is EBITDA minus CapEx. Wrong. It is tax-adjusted. You missed that."
"Question 7: You rambled about your internship. Keep it to 30 seconds."

Being nice is a disservice. Being rigorous is how you help them win.

Summary

Principle	Execution
Be Mean	Simulate job stress
Be Silent	Force them to own dead air
Be Organized	Track every error in a spreadsheet
Be Helpful	The feedback session is where learning happens

If they leave sweating but with a clear fix list, you have done your job. If they leave smiling because you told them they were "great," you have failed them.

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Frequently Asked Questions

How do you run an effective investment banking mock interview?

How should you give feedback after a mock interview?

What makes a bad mock interview partner?