Looking for Advice: Final Round Case Interview (In-House M&A Role)

Question

Hi everyone,

I’ve made it to the final round for an in-house M&A Associate role at a large corporation. The interview will be 1.5-2 hours, and I’ve been told it will include a case study, though they haven’t shared what the case will cover.

For those of you who’ve been through similar corporate development or in-house M&A interviews, I’d love your thoughts on:

What kind of case format did you receive?
Was it quant-heavy, or more focused on qualitative reasoning and business judgment?
Did you have to present your thinking, or was it a more conversational case?
Any tips for framing a recommendation when you don’t have access to full financial models?
Anything you wish you’d done differently to prepare?

Thanks in advance - any insights would be hugely appreciated!

Answer 1

Hi! Congrats on reaching the final round. That’s already a great achievement.

From what I’ve heard, in-house M&A cases often lean more on qualitative reasoning and business judgment than heavy quantitative modeling, especially since you might not get full financial data. Expect to analyze strategic fit, synergies, and potential risks.

The format can be a mix of conversational and presentation-style, you’ll likely need to clearly explain your thought process and recommendations.

My tip would be to practice structuring your analysis clearly and be ready to justify assumptions logically. If you don’t have all numbers, focus on the key drivers and show awareness of what additional info you’d need.

Wishing you good luck!
Rita

Answer 2

Hey!

In-house M&A or corporate development case studies often mirror the decisions a team faces when evaluating potential acquisitions, divestitures, or partnerships. Instead of being purely technical, they typically blend financial reasoning with strategic judgment. You may be asked to review a short information pack, assess whether a target company makes sense strategically, and identify potential synergies or risks.

The quantitative side is usually lighter than in banking—think multiples, basic valuation logic, or high-level return analysis rather than building a full model from scratch. Many interviews lean on how you prioritize key drivers and explain trade-offs rather than whether you calculate every number perfectly.

When framing your recommendation, focus on delivering a clear, structured conclusion supported by two or three main points. Start with your headline view (“This acquisition would strengthen the company’s position in X market”) and back it up with commercial rationale, synergy opportunities, and a balanced view of risks. If you lack data, make reasonable assumptions and state them explicitly—it shows you can work with incomplete information.

Finally, communicate as if you were advising senior leadership: concise, structured, and focused on the business impact. Practicing a few case-style exercises with time pressure will help you get comfortable thinking out loud and presenting in a boardroom-style setting.

Answer 3

Hi there,

first off, congrats on getting to that stage!

In my experience those kinds of interviews can differ quite a bit depending on the company and even on who’s running the session. I’ve seen some that felt more like a conversation, others that were a bit more structured, and the level of detail really varies.

I wouldn’t worry too much about having the “perfect” preparation – usually they’re more interested in seeing how you think and approach a topic rather than a specific type of answer.

Every process is a bit unique, so just go in with a clear mind and be ready to adapt.

Wishing you all the best for the interview!

Nathalie

Answer 4

Hi!

For final round in-house M&A interviews, cases tend to emphasize strategic thinking and qualitative analysis over heavy quantitative modeling. You’ll likely be asked to assess a target’s strategic fit, potential synergies, risks, and value drivers, often using rough calculations rather than detailed financial models. The discussion is usually conversational, with interviewers walking through your reasoning, though some may want a more structured recommendation. When full models aren’t available, focus on clearly stating your assumptions, applying logical frameworks, and demonstrating sound business judgment. Preparing by practicing case frameworks, evaluating trade-offs, and communicating your thought process clearly will help you approach the interview confidently.

Answer 5

Congrats on making it to the final round!

Cases often mix quantitative and qualitative parts but lean more on business judgment than heavy modeling. You might get a business scenario, some financial data, and market info to analyze.

Usually, it’s conversational—you talk through your thinking with the interviewers rather than just presenting a polished slide deck. They want to see how you reason and react to new info.

When you don’t have full models, focus on key value drivers, risks, and strategic fit. Frame your recommendation around whether the deal makes sense long-term and how it fits the company’s goals.

For prep, practicing clear, structured thinking and staying comfortable with rough math helps. Also, try to get comfortable explaining your logic aloud and anticipating follow-up questions.