50 Capital Markets Interview Questions (free PDF)

Model answers for ECM, DCM, leveraged finance and private placement interviews, plus the core technicals. 27 pages. Download it directly, no email needed.

Most interview prep is written with M&A in mind. Capital markets interviews overlap, but they also ask how deals get priced, marketed and placed, and they expect you to follow the markets. We put this PDF together for that side of the job.

Each question comes with a model answer and a short note on what the interviewer is really checking. The best way to use it: read the question, answer out loud, then compare. The answers show a structure to follow, so put them in your own words rather than memorizing them.

Download the free PDF

PDF, 27 pages. You're welcome to share it in its complete, unmodified form.

What's inside

Eight sections, 50 questions in total:

  1. Fit and “why capital markets” (6 questions): walking through your resume, why this group rather than M&A, what the job involves day to day, and why this firm.
  2. Markets and current events (5 questions): how to structure a market update, how rates feed into deal activity, the VIX, the yield curve, and pitching a deal you followed.
  3. Equity capital markets (ECM) (10 questions): the IPO process, bookbuilding, the roadshow, IPO pricing and the discount, the greenshoe, lock-ups, follow-ons, block trades, ATMs and converts.
  4. Debt capital markets (DCM) (7 questions): a typical investment-grade deal, credit spreads and new-issue pricing, coupon vs. yield vs. price, new issue concessions, ratings, covenants, and debt vs. equity.
  5. Leveraged finance (6 questions): high-yield bonds vs. leveraged loans, leverage and coverage ratios, syndication, flex, an LBO capital structure, and what makes a good leveraged credit.
  6. Private placements and private capital (5 questions): why a company raises privately, PIPEs, placement agents vs. underwriters, the USPP market, and the terms that matter beyond valuation.
  7. Core technicals (7 questions): the three statements, a depreciation walk-through, enterprise vs. equity value, dilution, accretion/dilution and WACC.
  8. Brain teasers and deal discussion (4 questions): walking through a deal, advising a company that needs to raise $500 million, and two quick-math questions.

The examples are hypothetical, and the market questions give you a framework rather than numbers. Add today's facts yourself before an interview, and only quote figures you've checked.

Want new questions and articles by email?

Optional. You don't need to sign up to download the PDF above. If you'd like occasional emails when we publish new interview prep, leave your address here.

Unsubscribe anytime. Privacy policy

Going further

If you want more depth after these 50, the Capital Markets Interview Guide ($49, PDF) covers deal lifecycles, the math behind pricing and fees, market updates, deal walk-throughs and technicals across 80 pages and 160 questions. The Question Bank ($39) adds 330 questions in PDF, spreadsheet, Notion and Anki formats, and the Masterclass course ($249) adds written lessons, quizzes and narrated videos. Start with the free PDF and see whether the style works for you first. The free articles are another good place to begin.

Educational content only; not investment advice. Not affiliated with any bank or financial institution.