investment banking internship – preparation
an IB internship is, for many, the way into the industry – and often the springboard to a later full-time offer. the good news: for the internship interview you don't need to be a finished modeling expert. what's asked for are solid fundamentals, genuine interest and the ability to think in a structured way. this page shows you how recruiting works in the DACH region, which basics you need to master and which questions to expect – with worked answers.
how internship recruiting works in DACH
unlike in the anglo-saxon world, the DACH region has no single rigid cycle. alongside the structured spring and summer programs of the large houses, off-cycle internships dominate – they start throughout the year and usually last three to six months. these off-cycle spots in particular are a big opportunity, because fewer candidates compete at the same time.
applications often run several months in advance. anyone who is flexible on start dates and applies early gains a real advantage. plan your interview preparation so that the technical basics are locked in before the first invitation arrives.
what an internship interview asks for
the technical bar is lower than at analyst level, but the fundamentals have to be solid: how the three financial statements link together, the difference between enterprise value and equity value, the basics of DCF and comparables. on top of that a strong behavioral part – „why investment banking", „why us", „why now". because the bank is investing in you and may later take you on permanently, the motivation question carries a lot of weight.
sample questions with worked answers
„what is the difference between enterprise value and equity value?"
worked answer: enterprise value is the value of the entire operating business – regardless of how it is financed. it belongs to all providers of capital, both equity and debt. equity value is the portion that belongs to shareholders alone.
the bridge: equity value = enterprise value − net debt (debt minus cash). to picture it: if you buy a house for 500,000 with a 300,000 mortgage, the enterprise value is 500,000 and your equity value is 200,000. that's exactly the logic this question tests.
„what are the three financial statements and how do they connect?"
worked answer: the income statement, the balance sheet and the cash flow statement. the income statement shows earnings over a period and ends in net income. this flows into the cash flow statement as the starting point of operating cash flow – adjusted for non-cash items such as depreciation.
the cash flow statement ends in the change in cash, which in turn flows into the balance sheet. net income also increases retained earnings within equity. that's how all three are connected – change one number and the effects run through all three statements.
„why an internship with us – and why now?"
worked answer: connect three levels: why IB (steep learning curve, proximity to real transactions), why this bank (a concrete strength in one area, a conversation with an employee) and why now (where you are in your studies, a fitting time window). what matters is the concrete anchor – a transaction, a lecture, a conversation that sparked your interest. general enthusiasm feels interchangeable; a specific reference sticks.
next steps
work through the technical basics first, then the fit part. you'll find a more in-depth guide for the motivation and storytelling part in the hub on behavioral interview questions. once the valuation fundamentals are solid, it's worth looking at DCF interview questions. the full overview is provided by the guide to IB interview preparation.
ready for the internship interview.
practice the basics and the fit part with flashcards and worked answers – across three difficulty levels. 3 days with 50 cards free, over 1,200 cards with full access.
frequently asked questions about the IB internship
less depth than at analyst level, but the fundamentals have to be in place: the three financial statements and how they link, the difference between enterprise value and equity value, the basics of DCF and comparables. interviewers don't expect finished modeling from interns, but a clean understanding of the concepts and genuine interest.
there is no single uniform cycle. large banks have structured off-cycle internships (usually 3–6 months) all year round, plus spring and summer programs. applications often run several months in advance. those who are flexible on start dates and apply early have the best chances.
the technical bar is lower, while motivation and willingness to learn count for more. internship interviews often have fewer rounds and fewer modeling tests. the behavioral part – above all “why IB” and “why us” – carries relatively high weight, because the bank is investing in a candidate it may later take on permanently.
no. prior internships in consulting, auditing, corporate finance or a startup help, but they aren't a must. what matters more is that you show why you want IB, master the basics and think in a structured way in interviews. that is exactly what can be prepared for in a targeted way.
through specificity. an applicant who can cleanly place a real transaction and knows what the bank does in their target area stands out immediately. add a solid foundation in accounting and valuation – that signals you can contribute from day one rather than just watch.
often yes. many DACH banks use internships as the most important channel for their analyst pipeline – a strong internship can lead directly to a return or full-time offer. it's never guaranteed, but those who deliver reliably, fit well into the team and show interest considerably improve their chances of a permanent start.