Investment banking preparation

I’ll try to answer briefly, although some key details are missing (which boutique, interview format and duration, materials provided, level of modelling required). The process you describe can take different forms: take-home case studies, 1-hour interviews with prep time, or full-day case studies.

From a candidate’s perspective, the distinction between an Investment Memorandum and a more IB-style “buyside pack” is not particularly meaningful. What matters is demonstrating that you understand strategic advice combines both commercial and financial analysis. Many candidates (and sometimes interviewers) overemphasize one side.

As a finance graduate, you’ll be expected to have solid technical skills in accounting, corporate finance, and valuation. More importantly, show flexibility in applying these tools — they are adaptable instruments, not rigid formulas. Where you can differentiate yourself is by using technical insights to critically assess the deal rationale, investment thesis, key assumptions (what must be true for the thesis to work), and potential risks or areas requiring further due diligence.

To develop the right language and thinking, review investment memos from hedge funds and VCs, as well as equity research reports (which all typically show binary and hence clear recommendations). Speak with peers (in your graduate program) to discuss approaches and common mistakes. Fluency in commercial reasoning and financial analysis comes through practice — particularly learning what to prioritize under interview time pressure.

Finally, don’t underestimate preparation for cultural and personal fit. Understanding the firm’s focus areas and deal types is at least as important as technical execution. Execution has become very much commoditized; fit matters enormously in people-driven businesses (such as IB, PE).