Market questions at Citi Investment Banking

Depends on your role - valuation will always be asked in a classic M&A role, esp. the more junior your role is. Expect more market based questions in Associate interviews or hire.

However, make sure to prep these well at any level given this is what (especially more senior) bankers would like to talk about given it drives deal volume / characteristics. Valuation table stake, market and deal understanding = differentiator for junior roles.

I agree with Denis’ view, that’s broadly how Citi tends to structure it.

For analyst roles, you should expect solid coverage of valuation fundamentals as a baseline. That’s non-negotiable. Market questions do come up, but they’re usually used to see how you think, not to test deep macro knowledge.

Where I’d add a point is this: Citi often uses market or deal questions as a bridge into discussion. You might start with something simple like “what’s happening in the market,” and then they’ll push you to connect it to valuation, deal activity, or client impact. That transition is where candidates differentiate themselves.

So yes, prepare both, but focus on being able to link market views to deal logic. That’s what typically stands out at the junior level.