Practice the 6 most common technical questions in IB interviews. Walk through accounting, valuation, M&A, and LBO concepts step by step.
Question: “If depreciation increases by $10 and the tax rate is 25%, walk me through the impact on all three financial statements.”
Hint: Start with the Income Statement impact, then Cash Flow Statement, then Balance Sheet. Remember to trace the tax effect through all statements.
Question: “Walk me through the bridge from Equity Value to Enterprise Value. Why do we add debt? Why do we subtract cash?”
Hint: Think about what Enterprise Value represents and who has claims on the business.
Question: “Walk me through a Discounted Cash Flow analysis from start to finish.”
Hint: Cover: what cash flows you project, how you discount them, terminal value, and how you get from Enterprise Value to a per-share value.
Question: “A company trades at 15x EV/EBITDA while its peers trade at 10x. Why might this company deserve a higher multiple?”
Hint: Think about what fundamentally drives a company’s valuation multiple higher or lower.
Question: “Company A has a P/E ratio of 10x. It acquires Company B at a P/E of 15x in an all-stock deal. Is this deal accretive or dilutive to Company A’s EPS? Why?”
Hint: Think about the relationship between the acquirer’s P/E and the target’s purchase P/E in a stock deal.
Question: “What characteristics make a company a good LBO candidate? Name at least 5 factors and explain why each matters.”
Hint: Think about what a PE firm needs from a company to service debt and generate returns.
Practica las 6 preguntas técnicas más comunes en entrevistas de IB. Contabilidad, valoración, M&A y LBO paso a paso.
Pregunta: “Si la depreciación aumenta $10 y la tasa impositiva es 25%, explica el impacto en los tres estados financieros.”
Pregunta: “Explícame el puente de Equity Value a Enterprise Value. ¿Por qué sumamos deuda? ¿Por qué restamos caja?”
Pregunta: “Explica un análisis DCF de principio a fin.”
Pregunta: “Una empresa cotiza a 15x EV/EBITDA mientras sus comparables a 10x. ¿Por qué podría merecer un múltiplo más alto?”
Pregunta: “Empresa A tiene P/E de 10x. Adquiere Empresa B a P/E de 15x en pago 100% acciones. ¿Es acretivo o dilutivo? ¿Por qué?”
Pregunta: “¿Qué características hacen que una empresa sea buen candidato para LBO? Nombra al menos 5 factores.”