When preparing for a finance interview, your first thoughts are probably about technical questions on valuation, financial statements, or key performance indicators. But increasingly, banks, investment funds, and corporates are using a different format: the case study.
Although often associated with consulting, case studies are now a common part of finance recruiting, especially when the goal is to assess your strategic thinking, analytical approach, and understanding of business dynamics.
A case study is a realistic business scenario that you’re asked to analyze and solve in a structured way during the interview. The goal is to see how you approach complex problems: Do you think logically? Can you stay structured? Are you comfortable working with numbers and understanding business contexts? And most importantly – can you communicate your thoughts clearly and effectively?
In a finance context, it’s usually not about creative brainstorming or endless strategy proposals. Instead, these case studies focus on number-driven decisions with clear business implications. You might be given a short company profile, some market data or financial metrics, and then be asked to evaluate whether an investment is profitable, how much a company is worth, or where financial risks may lie.
One important thing to keep in mind is that there is usually no single correct answer. What truly matters is how you approach the problem. Interviewers focus on your reasoning, your ability to work with numbers, and how clearly and methodically you think under pressure.
👉 Looking for examples? Our Case Library offers a wide range of finance-focused cases to help you prepare effectively!
While case interviews are standard practice in consulting, they are less common and more varied in the finance sector. When they do appear, it’s typically in the later stages of the hiring process, such as the final round or Superday. Their purpose is to assess your business mindset, analytical skills, and decision-making ability in realistic scenarios.
Case studies are especially relevant in areas like private equity and venture capital, where you're typically asked to evaluate investment opportunities. Is the company worth investing in? What valuation makes sense? What could a potential exit look like? In many cases, you're not only expected to analyze the scenario but also to present your recommendation.
Shorter case tasks can also be part of the selection process in investment banking – such as assessing an acquisition target or analyzing a market segment, particularly in M&A or industry-specific teams.
Moreover, case studies are becoming increasingly common in strategic in-house finance roles such as corporate development, M&A, or internal consulting. These often involve market analyses, business cases, or investment decisions where you need to demonstrate strategic judgment and strong structuring skills.
Bottom line: The closer a role is to investment decisions, deal structures, or business analysis, the more likely it is that a case study will be part of your interview process.
The content of finance case interviews can vary significantly depending on the role, company, and experience level. While consulting cases often focus on topics like market sizing, competitive strategies, or profitability, finance cases are usually centered around decision-making based on quantitative analysis. Still, the core idea remains the same: you're expected to show how you structure information, analyze it effectively, and draw well-reasoned conclusions.
Here are some common types of case studies you might encounter in finance interviews:
In a valuation case, you're given basic information about a company, such as revenue, EBITDA, or an industry multiple and asked to estimate a rough enterprise value. Sometimes, you may also be asked to compare different valuation methods or assess whether a proposed purchase price is justified.
In this type of case, your task is to evaluate whether an investment in a particular company makes sense. You’ll typically receive a company profile, key financial figures, and some market data. Based on that, you’ll weigh risks and opportunities and make a recommendation.
LBO cases are especially common in interviews for private equity roles. You’ll be asked to assess whether a company is suitable for an LBO and whether the investment makes sense under certain assumptions (purchase price, debt, exit multiple). You’re not expected to build a complex model, but you should be able to reason through how cash flows affect debt repayment and the internal rate of return (IRR).
These cases focus less on hard numbers and more on your commercial intuition. You might be asked whether a specific market is attractive for investment, where the main risks and opportunities lie, or how external factors could impact the business.
Especially in investment banking or corporate finance roles, you may be asked to perform simple calculations, such as assessing capital structure, debt levels, or valuation impacts. What matters most is accuracy in your math and clarity in explaining your assumptions.
👉 You can practice your calculating skills with our Mental Math Tool!
The exact format of a finance case study can vary depending on the company and the role. It might range from a quick calculation during a screening call to a detailed presentation in a final-round interview. However, most finance case interviews follow a similar structure.
In many cases, the interviewer will start by outlining a brief scenario. This could involve a company profile, a potential investment, or an upcoming acquisition. From there, you'll be guided through the case step by step, usually in an interviewer-led format. That means you’ll answer an initial question, receive new information in response, and continue working through the case as it unfolds.
Some firms also use candidate-led cases, where you take the initiative and ask for the information you need. While this format is less common, it provides a strong indication of how structured your thinking is and how well you deal with incomplete data.
Case studies typically last between 20 and 45 minutes. In some instances, especially in private equity or in-house strategy roles, you may receive preparation materials in advance and be asked to present your findings during the interview.
Even though the content of finance case studies can vary widely, interviewers usually look for a few core skills. It's less about finding the one “right” answer in a short amount of time and more about how you approach the task – how you think, calculate, and structure your arguments.
These are the key areas interviewers tend to focus on:
Analytical thinking: Can you identify relevant information, organize it logically, and draw meaningful conclusions?
Structure: Do you approach the case in a clear, methodical way and explain your reasoning so it’s easy to follow?
Numerical skills: Are you confident and accurate with calculations – especially when it comes to valuations, key metrics, or quick estimates?
Communication skills: Are you able to clearly articulate your thoughts, state your assumptions openly, and respond calmly to follow-up questions?
Business judgment: Do you take economic context into account and explain why your assessments matter?
Dealing with uncertainty: Can you stay calm and solution-focused even when information is missing or you need to improvise?
Case studies have become a common part of many finance interviews, especially in fields like investment banking, private equity, or corporate development. They give employers the chance to evaluate not just your technical knowledge, but also your thinking process, structure, and communication skills.
It’s not about finding a single correct answer. What really matters is how you handle numbers, how you structure your thinking, and how well you understand the broader business context.
If you’re familiar with common case types and practice approaching them in a clear, structured way, you’ll come across as much more confident in the interview.
💡 Want to boost your confidence in presenting cases? Practice with peers! Use our Meeting Board to connect and prep together.
