Bank of America Interview Guide

Breaking into the world of investment banking is no small feat, and getting a role at a prestigious company like the Bank of America can be particularly challenging for you as a student or fresh graduate.

Therefore, this guide will help you go through the key aspects of the Bank of America’s interview process for investment banking roles and also provide you with actionable tips to succeed. 🚀

What Is the Recruiting Process at the Bank of America Like?

The Bank of America hires potential candidates for summer internships and full-time roles after putting them through rigorous checks for their technical skills, analytical abilities, and cultural fit, which is necessary to thrive in the high-pressure environment of investment banking.

The recruitment process includes the following four stages:

1. Online Application

The first step is to go to the Bank of America career website and register your profile with your full name, email, and password. Then, do a quick search of your desired role, click Apply, and upload your resume and cover letter.

2. Online Assessment

After passing the initial resume screening, you need to undergo an online assessment on a brain game platform like Glider, which includes aptitude, behavioral, and skill tests.

The aptitude test checks your smartness level with these sub-tests:

• Numerical Reasoning: 20 questions in 20 minutes that judge your ability to work with numbers. You can use a calculator here to answer the questions quickly. However, make sure to bring your mental math skills up to speed. Being able to make short calculations quickly in your mind will save you valuable time.
• Verbal Reasoning: 24 passages to read and answer with True, False, or Cannot Say within 20 minutes that analyze your grip on language skills and how well you think clearly under stress.
• Inductive Reasoning: This test is more like a logical reasoning test in which you have to answer 14 questions in 12 minutes. You’ll see a few shapes in a series, and then you need to think out the missing piece in the sequence.

The next one is the behavioral test, which checks your personality and cultural fit within the firm. This involves putting you in imaginary work situations related to investment banking, and you choose the best actions to overcome the problems quickly. There is another personality test linked to the cultural fit test that includes 45 questions revolving around who exactly you are, how you’ll carry yourself at work, and talk to your team members.

The third online assessment is about your expertise in investment banking. You will be given a situation and are required to come out of it like a professional would do in a real banking environment.

3. Telephone or HireVue Video Interview

After you’ve passed the online assessment test, the HR team at the Bank of America will invite you to participate in a telephone or a HireVue video interview. This stage of the recruitment process focuses on your background, motivation, and understanding of the investment banking industry.

4. Assessment Center

Next up is the visit to the assessment center, where the Bank of America recruiters test your skills through group exercises, presentations, and role-play exercises.

• In the group exercise, they will analyze how well you fit in and work in a team to solve problems related to investment banking.
• The presentation exercise has a strict time limit. You will be provided with a brief, along with additional information, to come up with a solid presentation.
• In the role play task, you’ll get 20 minutes to assess the provided information; the recruiter will play the role of the client and you as a Bank of America representative. Your negotiation and analytical thinking will be tested here.
  

What Is the Timeline for the Recruiting Process at the Bank of America?

The recruiting process at the Bank of America typically spans between 6 to 12 weeks, though it can vary with the number of candidates applying for investment banking roles.

• Application Submission: The process starts when you submit your application online, and it can take anywhere from a few minutes to a couple of hours.
• Initial Screening: After submitting your application, it usually takes 1-2 weeks for Bank of America to conduct an initial screening.
• Phone or Video Interview: If your application passes the initial screening, you'll be invited to a phone or video interview within 1-2 weeks.
• Assessment Center (In-Person or Panel Interview): Following a successful phone or HireVue interview, you’ll get an invitation in 2-4 weeks to an assessment center for in-person interviews and a meeting with senior management.

Once you clear the final interviews at the assessment center, Bank of America will run a thorough background check on you, which can take 2-4 weeks. Afterward, you’ll get the offer letter and move on to the onboarding process.

What Questions Can You Expect In the Assessments and Interviews?

The questions you’ll be asked in the online assessment, telephone or video interview, and the assessment center during Bank of America’s hiring process are designed to test your confidence, intelligence, and skill level in different investment banking roles.

Below are some examples of what to expect in each round of interviews:

Online Assessment

The online assessment, or you may call it initial screening, has three rounds of questionnaires. Here is an example of each assessment:

• Aptitude (Numerical Reasoning): A company’s revenue is divided between three departments in the ratio 3:5:7. If the total revenue for the year was $3 million, how much did the department receiving the largest share get?

  A) $1 million
  B) $1.2 million
  C) $1.4 million
  D) $1.6 million

  Answer:
  Solution:
  Total ratio = 3 + 5 + 7 = 15.
  Largest share ratio = 7.
  Revenue for largest share = (7/15) × 3 million = $1.4 million.

• Aptitude (Verbal Reasoning):

Passage: "Bank of America has seen a rapid shift in consumer preferences toward digital banking. As a result, the bank has invested heavily in its mobile banking platform, which now accounts for nearly 70% of all transactions. This shift has led to a reduction in physical branch visits, prompting the bank to close some underperforming branches. However, customer satisfaction has remained high, indicating that the convenience of digital services outweighs the loss of in-person banking."

Question: Which of the following can be inferred from the passage?

A) Bank of America has experienced a decline in customer satisfaction.
B) Physical branches are no longer important for Bank of America’s operations.
C) Bank of America’s customers prefer mobile banking over in-person services.
D) The number of transactions has decreased due to branch closures.

Answer: C

• Aptitude (Logical Reasoning): All analysts at the Bank of America are required to complete a financial modeling course. John is an analyst at Bank of America. Therefore, __________.

Answer Choices:

A) John has completed a financial modeling course.
B) John has not completed a financial modeling course.
C) John might complete a financial modeling course.
D) John is exempt from completing a financial modeling course.

Correct Answer: A

• Fit (Personality) Questions: In the second round of the online assessment, recruiters will ask you questions about your personality for the cultural fit. Some of them can be:

How do you typically approach your daily tasks?
How do you handle conflicts with coworkers?
What motivates you to perform well at work?

• Situational Judgement: You are an analyst in the Investment Banking division at the Bank of America. Your team is working on a critical deal with a tight deadline. The Managing Director has asked you to prepare a financial model, but you’re also responsible for gathering market data for a client presentation the next morning. You realize that completing both tasks on time will be challenging. What would you do?

Answer Choices:

A) Prioritize the financial model since it was directly requested by the Managing Director, and inform your team that the market data may be delayed.
B) Speak to your team or direct supervisor to explain the situation and ask for assistance completing both tasks on time.
C) Work extra hours to ensure that both tasks are completed, even if it means sacrificing sleep.
D) Complete the market data for the presentation first, as it’s time-sensitive, and then work on the financial model.

Best Answer: B

Telephone or Video Interview

The Bank of America telephone interview is solely based on your CV and what motivates your personality. Here are a couple of examples:

• What’s your motivation for pursuing a career in investment banking, and why you chose Bank of America specifically?
• Describe a time when you had to work under pressure to meet a tight deadline. How did you handle it?

Bank of America may choose you for a video (HireVue) interview rather than a telephone conversation. In that case, the questions will be the same, but they’ll be in batches of 3-5 questions, which you’ll have to answer within 2 minutes.

Assessment Center

As discussed above, if you make it to the Bank of America’s assessment center, you will participate in a group and role play exercise, as well as give a presentation:

Group Exercise:

Your group is tasked with evaluating a potential acquisition target for the Bank of America.

Task: As a team, you'll need to:

• Analyze the target company's financial statements and market position.
• Recognize potential synergies and risks linked to the acquisition.
• Develop a preliminary valuation of the target company.
• Present your findings and recommendations to a panel of assessors.

Presentation:

Scenario: Your group is tasked with evaluating the potential impact of a new regulatory change on the investment banking industry.

Presentation Task:

• Understand the key provisions of the new regulation and its potential implications for investment banks.
• Evaluate how the regulation may affect different areas of investment banking, such as M&A, debt financing, and equity underwriting.
• Discuss the benefits and drawbacks of the regulation for investment banks.
• Propose strategies that investment banks can adopt to adapt to the new regulatory environment.

Role Play:

Scenario: You are a junior analyst at the Bank of America. Your client, a large multinational corporation, is considering a major acquisition.

Role Playing Task:

• Participate in a meeting with your client (interviewer) to discuss the potential acquisition.
• Ask questions to gather information about the target company, its industry, and the rationale for the acquisition.
• Prepare a brief analysis based on the information gathered during the meeting.
• Present your findings and recommendations.
  

How Can You Prepare for Interviews at the Bank of America?

From the online assessment to participation in the assessment center, every interview stage in the Bank of America’s recruitment process demands your attention. Here are a few points to keep in mind:

• Thoroughly research the Bank of America's culture, values, and recent developments. Understand the firm's history, key business areas, and notable transactions.
• Brush up your technical skills in investment banking, such as DCF, LBO, and merger models. Study comparable company analysis and precedent transactions and refresh your knowledge of accounting principles, including the three financial statements and key ratios.
• Use the STAR method (situation, task, action, and result) to structure your responses for the fit questions.
• Do mock interviews with friends, mentors, or coaches to simulate the interview experience.
• Dress professionally rather than casually to show your seriousness for the role.
• Reach the assessment center 15 to 30 minutes before to calm down your nerves.
• Try to answer the questions or engage with the interviewer at a slow pace. Don’t rush in or reply fast.
• Keep the conversation short without misleading the interviewer.
• Don’t use slang words.
  

Key Takeaways

Securing a role at the Bank of America as a student or fresh graduate is tough but doable by preparing for each stage of the interview process.

For this, you must understand the required skills and practice your communication and problem-solving abilities. You also need to show your motivation for the role and why you’re drawn to the Bank of America specifically.

With diligence, confidence, and the help of this guide, you can position yourself as a strong candidate ready to contribute to one of the world’s leading financial institutions.