Investment Banking Superdays

What is a Superday?

The final stage for recruiting analysts and associates in investment banking is called a Superday. It typically involves the candidates visiting the bank’s premises and being interviewed by several employees. These normally include back-to-back meetings with people from different hierarchy levels – from senior bankers to current analysts. That can be three to six people, each of whom would have around 30 minutes to do the interview. Traditionally, most of these are one-to-one, but depending on the interviewers’ schedule some might involve two people asking the questions. The number of candidates at this final stage depends on the institution’s size, but large organisations typically conduct Superday twice a month, at which they invite around 30 candidates.

How Hard it is to Get a Superday?

Although the process has evolved and changed over time (especially in the post-Covid world), it is still hard to get invited to a Superday, simply because there is a large number of ambitious and quality candidates. The process typically involves applying online by submitting a resume/CV, which needs to be compatible with ATS systems – it is recommended to keep formatting simple. If successful, candidates will be then invited to do an online assessment, for example, Pymetrics, which will test their numerical competency and logical thinking. Making an online recorded interview, which basically asks candidates to record their answers to specific questions within a pre-determined timeframe, is typically the next step. This is a tricky one, because there may not be a right or wrong answer, banks may seek a specific approach to answering questions. Therefore, in theory, even a perfectly presented answer may not be enough. Finally, a group of candidates that performed best, according to the hiring organisation’s expectations, is invited to do in-person meetings at a Superday, which may last anywhere from three to several hours.

What to Expect on a Superday?

Typically, the hiring organisation will organise a reception or networking event that will take place on the eve before the main event. This is a type of informal event, where candidates have the opportunity to meet with their peers and more importantly senior bankers from within the organisation (these are mostly Managing Directors, Senior Vice Presidents, and Vice Presidents). This particular part of the Superday is less structured than the interview process the next day, but nevertheless, it is still important to behave professionally as hiring managers may observe which candidates might be a good cultural fit for the firm.

While it could be difficult to make friends, candidates are advised to give away their details and try to make connections among their peers. In order to make communication smoother, instead of showing off technical knowledge, candidates may want to find other interesting things to talk about, for example, politics (be careful and respect other opinions here), hobbies, or travel. Overall, first impressions matter, and these events are often intentionally scheduled to assess the candidates’ social skills. Therefore, this might be an excellent opportunity to leave a good impression in a less formal setting, which will increase the likelihood of receiving an offer.

As already outlined, on the main day candidates should expect a lot of challenge. The format is created in such a way that it will test personality, technical knowledge, and ability to cope with pressure. One little tip that could be used during the interview process – even if you don’t know the answer to a question, give a simple answer linked to your understanding of the topic, but do not try to shift away from it with a long monologue as you might get interrupted for being off-topic. On the behavioral questions, do not try to give false impressions, but also be prepared to tailor your answers in accordance with the company culture.

What to Wear to a Superday?

While skills, knowledge, and personality are the most important aspects that hiring managers will assess, it is also essential that your appearance is professional. While other industries have adopted a more relaxed approach to dress codes, investment banking is still one of the most demanding on that front. Business attire and a conservative look are typically the norms – even if some of the interviewers are dressed a bit more casual, candidates should be dressed smartly.

For men, neutral colour suit would be fine – most often candidates prefer navy or gray. The shirt colour would typically be white or sky blue, ideally with no patterns. Glossy and eye-catching materials are not recommended. Classic, solid colour and simple pattern tie would be best. In terms of accessories, cufflinks are fine as long as they are not too “fancy”, but pocket squares might be avoided. Smart oxford black or dark brown shoes would be best.

Women might want to go for a modest skirt suit or trouser suit (pantsuit) which are the standard. For those that do not feel comfortable wearing a full suit, dark knee-length skirt, with a complementary solid-coloured blouse and a jacket might be an alternative. Loud patterns should be avoided as well as flashy fabrics. In terms of jewelry, small necklaces, earrings, and rings are all appropriate when used tastefully. Both slight high heel and flat shoes would work, where colour must be considered to match the overall look.

In addition to that, men are advised to shave or trim their facial hair and maintain a neat look. For women, makeup is a personal choice and if applied it should be kept simple and not bright or distracting. Strong perfumes may be considered offensive, so it is recommended to use it very lightly.

Superday Offer Rate

Again, there is no universal answer and offer rates vary between different ognaisations and the quality of the cohort, but a rough estimate could be the 30-40% range. Therefore, candidates are advised to apply for multiple roles and attend as many Superdays as possible – that will help them perform better at interviews and increase their chance of getting an offer.

How Do You Prepare for a Superday Interview?

This is probably the most essential part of the hiring process and candidates should be prepared to answer both behavioural and more technical questions. In general, the more senior interviewers would focus on things like aspects of culture, knowledge of the organisation, the industry, strengths and weaknesses, and expectations. Analysts with less experience would focus on technical knowledge and may ask questions like:

• What are the three main financial statements?
• What is WACC and how to calculate it?
• Why a company would issue equity instead of debt to fund its operations?
• Which ratios would you use to measure the liquidity of a company?
• What are synergies?
• What is a leveraged buyout (LBO)?

Investment Banking Superday Interview Questions 

Economy outlook 

1. What is your current assessment of the economic landscape? 
2. How does your economic outlook influence your investment strategies? 
3. Can you discuss any potential risks or opportunities you see in the current economy? 
4. How do you foresee inflation affecting investment decisions? 
5. Given the current economic conditions, what industries or sectors do you believe will thrive or face challenges? 

Corporate finance 

1. What are the three key financial statements? How do depreciation and tax rates affect each one of these? 
2. What is accrued income and deferred revenue? 
3. What is operating leverage? 
4. What is capital budgeting? Name the techniques used to evaluate investment projects? 
5. Calculate the present value of an annuity of $100, where the cost of capital is 10%. 

Valuation 

1. What is enterprise value? 
2. Explain the DCF valuation method. Why would you use mid-year conversion in DCF? 
3. What is trading comparables & transaction comparables? What factors are taken into consideration while selecting comparable companies? 
4. Why might Walmart, which has 2 times the revenue of Apple, has 1/6th of Apple’s market capitalization? 
5. Define free cash flow to the firm (FCFF). Differentiate between FCFF and FCFE (free cash flow to equity) 

Merger & acquisition (M&A) 

1. What is the difference between a merger and an acquisition? 
2. Explain the main types of M&A transactions: horizontal, vertical, and conglomerate. 
3. How do synergies play a role in M&A transactions? 
4. What considerations would you have in mind while evaluating a potential acquisition for the client? 
5. What is a ‘hostile takeover’ and how can they be prevented? 

Leveraged buy-out (LBO) 

1. What is an LBO, and how does it work? 
2. Explain the typical process of conducting an LBO. 
3. What are the main benefits and risks associated with LBO transactions? 
4. How do private equity firms finance an LBO? 
5. What factors influence the decision to use debt financing in an LBO? 

Investments 

1. If Facebook had a P/E ratio of 40x and Apple had 30x, which company would you advise your client to invest in and why? 
2. How do you evaluate the risk and return trade-off when making investment decisions? 
3. Can you explain the difference between active and passive investment strategies? 
4. What factors do you consider when assessing the value of a company’s stock for investment purposes? 
5. How do you incorporate market trends and economic conditions into your investment recommendations? 

How to Pass an Investment Banking Interview – Practice Questions 

Take part in the investment banking interview simulator for free on YouTube or access the full version in Felix. Starting with behavioral questions, as well as competency-based questions, and technical questions.   

Superday Interview Tips

At the end of the interview, candidates will be given the opportunity to ask questions. It always makes a good impression if that opportunity is utilized to have a list of a few questions and ask one or two – that will further demonstrate an interest in the discussion and the role.

Overall, preparing by practicing mock answers and questions could be very helpful. Even if candidates are not asked the same questions, being prepared gives confidence that will help them keep cool during the interviews, rather than showing cracks in their knowledge and behavior under pressure.

If you want to be a stand-out candidate in your investment banking interview, enroll in our online investment banking interview skills course. Learn what employers are looking for, how to make a great first impression, and watch example videos of successful interview answers.  

How Long Does it Take to Hear Back From a Superday? 

Following a Superday, candidates that have been selected to receive an offer tend to hear from the organization rather quickly – typically within 24 to 48 hours. Should there be no feedback within that time frame, it is likely that a candidate is on a waitlist. This may not be ideal, but there are still chances of getting an offer since those shortlisted for the role may have other options as well. You can do a polite follow up email with the HR department of the hiring organization, but be prepared not to receive a detailed response. Lastly, if a candidate does not hear back within a few weeks, that can be treated as a soft rejection.  

What is a Superday Offer Rate? 

Again, there is no universal answer and offer rates vary between different organizations and the quality of the cohort, but a rough estimate could be the 30-40% range. Therefore, candidates are advised to apply for multiple roles and attend as many Superdays as possible – that will help them perform better at interviews and increase their chances of getting an offer. 

Additional Resources

Everything You Need to Know about Investment Banking Spring Weeks

Investment Banking Recruitment: The Ultimate Guide

Investment Banking Courses

Investment Banking Interview Skills