Investment Banking Aptitude Test Guide 2026: All Major Banks

Investment banking graduate and internship recruitment is among the most competitive and technically demanding of any industry. The process combines standardised aptitude testing (typically SHL) with highly technical financial interviews, culminating in a "superday" or final assessment day of multiple back-to-back interviews with current bankers at various seniority levels.

The process is fast and early. Most bulge-bracket and top-tier banks open summer analyst and spring week applications in July–September for the following year, and many extend offers before the academic year begins. Preparation needs to start in the summer before your application window — not the night before.

The SHL TalentCentral tests used by banks are identical in format to those used by any other employer. What differs is the norm group — banks calibrate against finance graduates and quantitatively strong applicants, making the effective competition significantly harder than at a typical employer.

Most major investment banks use HireVue or a similar pre-recorded video interview platform after the SHL tests. You are presented with questions on screen and have 30 seconds to prepare before recording a 2–3 minute response. Responses are reviewed by bank recruiters, not scored algorithmically alone.

Technical interview depth varies significantly by division. Understanding what is expected in your target area shapes how you allocate preparation time between aptitude tests, market knowledge, and financial modelling concepts.

The superday (or final round) is a single day of back-to-back interviews — typically 4–8 sessions of 30 minutes each — with analysts, associates, VPs, and managing directors from across the division. Each interviewer typically covers a different competency area.

• Consistency across all interviewers matters as much as peak performance. Banks compare interviewer notes after superdays. A candidate who is exceptional in 4 interviews and weak in 2 typically loses out to a candidate who is strong across all 6. Build stamina and consistency, not just peak content.
• Every interviewer expects the same basic technical foundation. Even if a specific interviewer focuses on behavioural questions, they will ask at least one or two basic technical questions. Know your fundamentals cold — DCF, enterprise value, LBO rationale — so they're effortless regardless of context.
• "Why this specific bank?" must be genuinely specific. At the superday, you're asked "Why Goldman / JPM / Barclays?" by multiple interviewers. You need multiple specific reasons beyond prestige — recent deals, specific people, culture points, or strategic positioning. Have 4–5 distinct reasons ready so you're not repeating the same answer to every interviewer.
• Have a live deal or trade thesis to discuss. "What's a deal or market development you've been following?" is nearly universal at superday level. Have a specific transaction, macro theme, or market development ready — with your own view on the rationale, implications, and what you'd do differently.
• Prepare questions for every interviewer. Asking no questions at the end of a 30-minute session signals disengagement. Have 3–4 thoughtful, specific questions ready that demonstrate genuine interest in the role, the team's current work, and the bank's strategy.

Middle and back office roles at investment banks — risk, compliance, operations, technology, and finance — use the same SHL aptitude testing platform as front-office roles, but with slightly lower cut score thresholds and different technical interview content. These roles are significantly less competitive than IBD or S&T in terms of offer rates.

• SHL tests (4 weeks before applications open): Target 85th percentile consistently in timed practice. Use our free timed practice tests. Track your percentile trend across multiple sessions — you need to demonstrate consistent performance, not a lucky peak. Review every error with root-cause analysis.
• Technical preparation — IBD (6–8 weeks before): Work through a structured technical interview guide (Investment Banking by Rosenbaum & Pearl is the standard reference). Be able to walk through a DCF in 3 minutes cold. Know enterprise value bridge, LBO rationale, and 5–8 accounting linkage questions. Practise out loud — you need to hear yourself explain these, not just read them.
• Technical preparation — S&T (6–8 weeks before): Practise mental arithmetic and probability daily. Read Goldman/JPM/Barclays published research for macro views. Form a well-reasoned, data-supported view on 3–4 current market themes. Practise brain teasers out loud — the reasoning process is assessed, not just the answer.
• Market knowledge (ongoing): Read the Financial Times every day. Track 3–4 major live transactions, macro developments, or market stories you could discuss in depth. Know the rationale, the key stakeholders, and your own view on implications.
• HireVue practice (2 weeks before): Record yourself answering 10–15 common IB HireVue questions. Watch playbacks — most candidates are surprised by their pace, filler words, or body language. A structured, specific answer delivered confidently scores far better than a longer, rambling response.
• Superday stamina (week before): Run 4–5 consecutive mock 30-minute interview sessions. Fatigue in the 6th or 7th interview of a superday is a real performance risk. Building cognitive endurance through extended preparation sessions is underrated but critical.