Evercore Investment Banking Summer Analyst Interview Guide

Evercore's IB summer analyst interviews are the most technically demanding in investment banking. Interviewers reuse prompts from past cycles, sometimes down to the exact question from the year before, so past Evercore questions are the best predictor of what you'll be asked. You'll answer them out loud, in multiple steps, with no spreadsheet in front of you.

This guide breaks down each stage of the IB summer analyst interview process, what Evercore interviewers look for, and how to prepare with real example questions, actionable tips, and resources.

Evercore IB summer analyst interview process

Evercore's IB summer analyst interview process moves from a resume and cover letter screen straight into live interviews, with no online assessment or recorded video screen anywhere in the US loop. A first round and a Superday follow, and both run as live conversations with no written exercise.

Here's an example of what the interview process can look like:

• Application: Resume and a required cover letter, submitted through Evercore's campus portal before the fall deadline
• Coffee chats: Analyst and associate conversations, held in the months before applications open
• First round: Up to 2 virtual interviews of roughly 30 minutes each with an analyst and an associate, with the count set by your school
• Superday: Typically 4 back-to-back interviews at 30 minutes each, staffed from analyst to managing director

Evercore IB summer analyst recruiting timeline

Evercore opened its IB summer analyst application for the 2028 class on September 8, 2026, a full academic term earlier than the openings before it. Every recent cycle has moved earlier than the last, so verify the live posting before you plan around any date listed here.

Here are the application windows for recent Evercore IB summer analyst cycles:

• 2028 class: Opened September 8, 2026 and closes November 15, 2026
• 2027 class: Opened January 1, 2026 and closed February 1, 2026
• 2026 class: Opened January 1, 2025 and closed February 16, 2025
• Review policy: Rolling, with Superdays running before the stated deadline
• Late submissions: Not accepted

Evercore ran Superdays for the 2027 class roughly 2 weeks after the application opened, well before the February deadline. Apply in the first days of the window.

Here's how long each stage of the process takes:

• Application to first-round invitation: Several days to 2 weeks
• First round to Superday invitation: Same week to 2 weeks, most often the week after your first round
• Superday invitation to the Superday: One to 2 weeks
• Superday to offer: Same day to 48 hours
• Superday to a waitlist decision: Roughly 10 days to a month
• First-round rejection: Often not until Evercore finishes recruiting for the cycle

Evercore works through its core schools first and releases first-round interviews in batches, separating candidates by school and by whether they applied through a diversity program or the general pool. Candidates outside the core schools have better odds with the West Coast offices, which lean less on school affiliation.

Application and networking

Evercore analysts and associates decide which IB summer analyst applicants get a first-round interview, and some groups give you just one coffee chat before deciding. Work out which posting you want before you send your first email, since your application commits you to one group and one office.

Evercore posts networking conversations as structured 20-minute sessions with a named member of a specific team, listed on campus event calendars and through its diversity networks. Once you've had a coffee chat, Evercore discourages further outreach.

Evercore holds more coffee chats than it has first rounds to give. Arrive with a specific reason you want that group, a question about its recent work, and enough technical grounding to answer if the conversation turns that way.

Interviewers look for:

• Specific interest in Evercore: Whether you can name what the group advises on and why an independent model appeals to you
• Group and office fit: Whether the preference you describe matches the posting you applied to
• Preparation for the conversation: Whether you've read enough about the coverage area to ask something the analyst hasn't already answered repeatedly
• Early technical readiness: Signals that you worked through accounting and valuation before recruiting opened
• Follow-through: Whether you follow up after the conversation without being prompted

First-round interviews

The Evercore IB summer analyst first round runs as up to 2 virtual interviews of roughly 30 minutes each, staffed by an analyst and an associate. Technical questions take up most of the time, and most of them hand you figures and ask for a calculation.

The behavioral half runs first and moves quickly, covering your resume and your reasons for banking. Interviewers ask which industries interest you, then ask for a recent trend in the one you named.

The technical half covers accounting mechanics, enterprise value and equity value, cost of capital, and merger math. Merger math and back-solve questions appear here as often as they do at the Superday.

Interviewers build follow-ups based on the number you produce, so a wrong figure early on makes every later answer wrong too. They also press on cost of capital inputs, asking how beta, the risk-free rate, and the equity risk premium each move when market conditions change.

Interviewers look for:

• Accounting fluency: Whether you can move a change through all 3 statements without pausing to reconstruct the links
• Mental math accuracy: Whether your merger math and returns math hold up when you work them out loud
• Handling of follow-ups: How you respond when the next question builds on a number you produced a moment earlier
• Precision on definitions: Whether you can separate closely related items like a deferred tax liability and income tax payable
• Industry specificity: Whether the coverage interest you name comes with a trend you can discuss in detail

Recently asked behavioral questions

Here are real, recent interview questions reported by candidates:

• Tell me about yourself.
• Why investment banking?
• Which industries interest you, and what's a recent trend in the one you named?
• Tell me about a conflict on a team and how you handled it.
• What would your manager say about you, and what would your friends say?
• Tell me about a time your initial read on something was wrong and how you corrected it.

Recently asked technical questions

Here are some real interview questions reported by candidates:

• How would beta, the risk-free rate, and the equity risk premium each change during a crisis?
• A company sells PPE for 120 that's carried at 100 on the balance sheet. What happens to the 3 statements?
• What's the difference between a deferred tax liability and income tax payable?
• Give me the exchange ratio formula for a 100% stock deal. If the buyer's stock price is $50 and the target's offer price is $70, what's the exchange ratio?
• A company has no chance of default and steady cash flows. What's its cost of equity, and what's its cost of debt?
• A company has 100 shares outstanding at $10 each and 10 options outstanding at a $5 exercise price. What's the diluted equity value?
• In year 1, a company buys 100 of new factories financed entirely with debt at 10%, depreciated straight-line over 10 years, at a 40% tax rate. What's the impact on year 2's income statement? At the end of year 2 the factories are written down to 0 and the loan must be repaid. Walk me through the 3 statements again.

Evercore Superday

Evercore's IB summer analyst Superday puts you in front of 4 people back to back, 30 minutes each, from analyst to managing director. Expect a break partway through the day.

Most of the day is technical, with one conversation reserved for behaviorals and your resume.

Interviewers don't divide the day by topic, so you'll cover the same material more than once and each conversation pushes further into it. An analyst asks you to produce a valuation result; a vice president asks why it holds and what would break it.

Interviewers also reverse those questions, giving you the output and asking you to solve for the input. You'll work merger math and returns math on paper, talking through each step as you go.

The managing director conversation usually comes last and turns toward fit. Treat it as your last chance to explain why you want this group.

Interviewers look for:

• Conceptual depth: Whether you can explain why a technical result holds, beyond producing the number
• Composure across levels: How your answers hold up when a managing director follows up on material an analyst already covered
• Commercial judgment: Whether you can discuss a recent Evercore mandate and what made the situation difficult
• Reverse reasoning: Whether you can work a calculation backward when you're handed the output
• Specific reasons for Evercore: Whether your answer engages the independent advisory model and the group you applied to

Recently asked Superday questions

Here are real, recent interview questions reported by candidates:

• Why Evercore, and why M&A?
• Walk me through a recent Evercore deal and what made it complicated.
• A company has a P/E of 20x, an EV/EBITDA of 10x, $20M of interest expense at a 5% interest rate, $20M of depreciation, and a $200M market cap. What's the company's tax rate?
• In a merger, back-solve for the tax rate that makes the deal accretive.
• A sponsor buys a company with $100M of EBITDA at 10x for a 40% equity stake, generates $150M of levered free cash flow, holds EBITDA flat, and exits at 10x. If the multiple of money is 3x, how many years did they hold it?
• How does stock-based compensation flow through unlevered free cash flow, and what does it do to equity value?
• Compare the business models of OpenAI and Microsoft. Which multiple would you use, and where would you look for growth drivers?

How to prepare for the Evercore IB summer analyst interview

1. Work Evercore's past questions by topic: Group previously reported questions into accounting, cost of capital, merger math, and returns math, then finish one group before you start the next. Interviewers reuse prompts across cycles, so covering the whole set matters more than perfecting any single answer.
2. Practice with pen and paper only: Evercore's quantitative questions get answered verbally or on paper, never in a spreadsheet. Work percentages, multiples, and interest calculations by hand until the arithmetic stops slowing you down.
3. Extend every practice answer by 2 follow-ups: Once you've produced a number, change one input and solve again, then change a second. Tax rate, entry multiple, and financing mix are the inputs Evercore moves most often.
4. Solve each core formula in both directions: Evercore hands you the output and asks for the input, like the tax rate that makes a deal accretive or the hold period implied by a multiple of money. Rearrange each merger math formula until you can solve for any single term in it.
5. Finish your technical prep before September: Evercore's application now opens in the fall of sophomore year, which puts networking and technical study in the same weeks. Complete the IB fast track over the preceding summer and keep the fall for outreach.
6. Practice statement links until they're automatic: Take a single change, like a writedown or a debt repayment, and trace it through the income statement, cash flow statement, and balance sheet. Work accounting walkthroughs to the point where a chained follow-up doesn't send you back to the start.
7. Pick one group and one industry: Evercore hires into named groups and offices, and interviewers follow up on whichever coverage area you name. Prepare a recent trend and a recent transaction in that industry, and know why the transaction happened.
8. Ground your "why Evercore" answer in the independent model: Evercore advises without a balance sheet, so it takes no financing role in the deals it works on. Explain what that changes about the advice a client gets, then connect it to the work you want.
9. Practice with mock interviews: Book mock interviews with someone who'll follow up on your numbers and interrupt you mid-calculation. Evercore's interviewers do both.

About the Evercore IB summer analyst role

Evercore runs a 10-week summer analyst program from June through August, structured as an apprenticeship. Each summer analyst is paired with both a peer mentor and a senior banker.

Summer analysts spend roughly the first week in training and then join live deal teams for the rest of the program. Most receive full-time offers, and Evercore fills the majority of its analyst class from the internship.

Evercore summer analysts typically work on:

• Financial modeling: Building and maintaining transaction and operating models
• Industry analysis: Researching sectors and comparable companies
• Due diligence and process management: Tracking workstreams across acquisitions, restructurings, recapitalizations, divestitures, and joint ventures
• Client materials: Preparing for and attending client meetings
• Transaction execution: Supporting deals through to close

Evercore IB summer analyst experience requirements

Evercore recruits summer analysts during sophomore year of college for an internship the following summer. Prior banking experience isn't required, though candidates commonly arrive with a sophomore-summer internship or a campus finance club on the resume.

Evercore doesn't publish a minimum GPA, a required major, or any restrictions on international students.

Additional resources

• Investment Banking Interview Course
• IB Fast Track
• How to prepare for investment banking interviews
• "Why investment banking?" interview question guide
• Investment banking interview questions
• Evercore interview questions
• Investment banking interview coaching
• Investment banking interview guides
• Centerview Partners IB summer analyst interview guide
• Moelis IB summer analyst interview guide
• PJT Partners IB summer analyst interview guide

FAQs about the Evercore IB summer analyst interview

Does Evercore use an online assessment or HireVue for summer analyst interviews?

Evercore doesn't use an online assessment or a recorded video interview in its US IB summer analyst process. Every stage after the resume and cover letter screen is a live conversation with someone on the team. The UK and EMEA process differs, and it includes a recorded video interview, aptitude testing, and an assessment center with a numerical test, a group case, and a prepared presentation.

Does Evercore ask the same interview questions every year?

Evercore's interviewers reuse prompts from earlier cycles, so previously reported questions are the most reliable guide to what you'll be asked. This holds for the first round and the Superday alike. Practicing Evercore's past questions by topic covers more ground than working through generic investment banking question lists.

Is the Evercore Superday virtual or in person?

Evercore holds its New York M&A Superdays in person at the office, while the West Coast offices have run theirs online in recent cycles. First rounds are virtual regardless of which office you applied to. Confirm the format in your invitation, since Evercore sets it office by office.

Does Evercore recruit restructuring summer analysts through the same process as IB summer analysts?

Evercore recruits restructuring summer analysts through a separate application and a separate interview process from IB summer analysts. The technical set for restructuring summer analysts centers on liability management, credit documents, and recovery analysis, and first rounds run earlier than the M&A and generalist tracks. Applying to both counts as 2 of your applications for the year.

Do Evercore's diversity programs lead to IB summer analyst interviews?

Evercore's freshman and sophomore diversity programs commonly lead to first-round interviews, and they run months ahead of the main application window. Seats are limited, and most programs want a resume well before the event itself:

• Sophomore Diversity Leadership Summit: Apply in mid-January for a February event
• Virtual sophomore diversity seminar: Apply in November or December for a January session built on an M&A simulation
• Rising Junior Diversity Scholarship: Apply between February 1 and February 26 for a $15,000 award and a US investment banking summer analyst offer
• EverProud and veterans coffee chats: Submit a resume by mid-December for EverProud and mid-February for veterans
• Women's Leadership Summit: Apply by late January for a February event

These windows come from cycles that opened in January, so expect them to move earlier alongside the main application.

How much does an Evercore IB summer analyst make?

Evercore IB summer analysts are paid at the analyst base rate across the 10-week program. Here are the reported base salaries for Evercore's analyst and associate levels, according to US Department of Labor disclosure data:

• First-year analyst: $120,000
• First-year associate: $185,000

These are base salaries from 2025 filings. Full-time analysts add a signing bonus and a year-end bonus on top of base, and the year-end bonus can reach 100% of base in a strong year. Neither applies to the summer program.