Moelis Investment Banking Interview Questions
Moelis investment banking interview questions: the two-round process, restructuring and M&A technicals, behavioral fit, and how to answer why Moelis.
May 23, 2026 · 7 min read
Moelis investment banking interview questions blend standard M&A technicals with restructuring and credit topics, because Moelis runs a generalist program where analysts touch both M&A and restructuring deals. Expect the usual screen (walk me through a DCF, an LBO, enterprise value versus equity value) plus restructuring-specific prompts like capital structure waterfalls, fulcrum security, and the difference between a Chapter 11 plan and a 363 sale. Fit matters as much as technicals here: "why Moelis" needs a specific answer tied to the cross-staffing model and the firm's restructuring reputation, per RestructuringInterviews. This guide covers the process, the technical battery, the restructuring angle, and how to answer "why Moelis" without sounding generic.
TL;DR
- Moelis runs a generalist program, so analysts see both M&A and restructuring deals, per RestructuringInterviews.
- The process is two rounds: a roughly 30-minute first round, then a superday of 5 to 6 interviews, per Superday AI.
- Technicals run accounting, valuation, DCF, and LBO, then escalate to circular references and NOL impact.
- Restructuring topics include the fulcrum security, Chapter 11 versus a 363 sale, and DIP financing.
- "Why Moelis" should reference the cross-staffing model, founder Ken Moelis, or a specific deal.
What is the Moelis interview process?
Moelis & Company is a global independent investment bank advising on M&A, capital structure, recapitalizations, and restructuring, founded by Ken Moelis. Its interview process is two rounds: a first-round screen of roughly 30 minutes, then a superday of five to six back-to-back interviews with bankers from analyst to managing director, per Superday AI. There is no HireVue stage reported.
What sets Moelis apart is the generalist model. Because analysts staff on both M&A and restructuring deals, the technical net is wider than at a pure M&A shop. You'll get the standard valuation and modeling screen, then restructuring and credit follow-ups that an M&A-only bank wouldn't ask. RestructuringInterviews notes the firm pairs strong restructuring deal flow with M&A, which is why the question set spans both. The table below maps the two rounds to what each one tests.
| Stage | Format | What it tests |
|---|---|---|
| First round | ~30 min, behavioral plus 2-3 technicals | Fit, motivation, technical baseline |
| Superday | 5-6 interviews, analyst to MD | Deeper technicals, restructuring, fit |
What technical questions does Moelis ask?
Lead with the standard M&A technicals, then prepare for the escalation. Moelis is known as technical-heavy without being gimmicky, so early questions cover accounting, valuation, and modeling fundamentals before the follow-ups get harder, per Superday AI.
Expect to walk through the three statements, build a DCF from memory, and explain how trading comps differ from precedent transactions. Then the bar rises: circular references in LBO models, the impact of net operating losses on a transaction, and how to model synergies. Moelis also likes precise math. RestructuringInterviews lists a clean enterprise value problem: given an EV/EBITDA of 10x, Net Debt/EBITDA of 4x, and equity value of 300, solve for enterprise value (the answer is 500, since EV equals equity value plus net debt, and net debt is 4x EBITDA where EBITDA is EV/10). Drill the investment banking technical interview questions bank, and know the walk me through an LBO answer cold.
How does Moelis test restructuring knowledge?
Because Moelis is one of the strongest restructuring shops, the technical battery shifts to credit and capital structure for many candidates. RestructuringInterviews and Superday AI both flag the same core topics, so prepare them whether or not you applied to the restructuring group specifically.
The recurring restructuring prompts are: the capital structure waterfall and how to identify the fulcrum security, the difference between a Chapter 11 plan of reorganization and a 363 sale, debtor-in-possession (DIP) financing mechanics, and exchange offers. You should also know the fixed charge coverage ratio. RestructuringInterviews defines it as:
The fulcrum security is the piece of debt that converts to equity in a reorganization, so it sits at the value-break point in the capital structure. If you can explain where value breaks and why the fulcrum holder controls the restructuring, you've answered the question most candidates fumble.
How do you answer "why Moelis"?
Answer "why Moelis" with specifics, not flattery. The strongest version references the generalist cross-staffing model, the firm's restructuring reputation, founder Ken Moelis, or a particular deal, per RestructuringInterviews and Superday AI. A generic "great culture and smart people" answer fails here.
Tie your reasons to how Moelis actually works. The generalist program means you see a company's full lifecycle, from growth M&A to distressed restructuring, which is a genuine differentiator versus banks that silo analysts. Mention the larger class sizes versus specialist restructuring boutiques if you value optionality, or name a recent Moelis mandate you followed. Moelis bankers want commercial instinct, intellectual curiosity, and maturity, and they weight fit heavily, so this answer carries real weight. Pair it with a sharp why investment banking answer that survives follow-up questions.
What behavioral questions come up at Moelis?
Behavioral and fit questions at Moelis are not a warm-up. Interviewers assess whether you can thrive in a flat, fast-paced, entrepreneurial environment, so they probe for ownership, resilience, and maturity rather than rehearsed lines, per RestructuringInterviews.
The standard set still applies: walk me through your resume, why investment banking, tell me about a time you led a team, and your greatest strength and weakness. The Moelis-specific lens is entrepreneurial fit. The firm's own careers materials emphasize drive to succeed, collaboration, and intellectual curiosity, with employees empowered to take ownership early. Build three core stories (a leadership story, a success story, a failure story) and frame each to show initiative and judgment under pressure. Prepare for the investment banking superday by rehearsing these aloud, since the superday packs five to six interviews back to back.
| Question type | Example | What they want |
|---|---|---|
| Motivation | "Why Moelis?" | Cross-staffing, RX reputation, specifics |
| Technical | "Walk me through an LBO." | Structure first, then mechanics |
| Restructuring | "What is the fulcrum security?" | Value-break logic |
| Behavioral | "Tell me about a time you led." | Ownership, maturity |
Frequently Asked Questions
How many rounds is the Moelis interview process?
Two rounds. A first-round screen of roughly 30 minutes covers behavioral questions plus two to three technicals, then a superday of five to six back-to-back interviews with bankers from analyst to managing director, per Superday AI. There is no separate HireVue stage reported.
Does Moelis ask restructuring questions in the interview?
Yes. Because Moelis runs a generalist program covering both M&A and restructuring, the technical set includes restructuring topics: the fulcrum security and capital structure waterfall, Chapter 11 versus a 363 sale, DIP financing, and exchange offers, per RestructuringInterviews and Superday AI.
How hard are Moelis technical interviews?
Moelis technicals are demanding but fair, described as technical-heavy without being gimmicky. Early rounds cover accounting, valuation, DCF, and LBO fundamentals, then escalate to circular references, net operating loss impact, and synergy modeling, per Superday AI. Precise math, like a clean EV calculation, shows up too.
What does Moelis look for in candidates?
Beyond technical accuracy, Moelis weights cultural fit and an entrepreneurial mindset, looking for commercial instinct, intellectual curiosity, maturity, and the ability to take ownership in a flat, fast-paced environment, per RestructuringInterviews and the firm's careers materials.
How should I prepare for a Moelis superday?
Master the M&A technicals first (DCF, LBO, comps, the three statements), then add the restructuring layer (fulcrum security, Chapter 11 versus 363 sale, DIP financing). Prepare a specific "why Moelis" and three behavioral stories, and rehearse aloud since the superday runs five to six interviews back to back.
What is the fulcrum security in a Moelis restructuring question?
The fulcrum security is the debt tranche that converts to equity in a reorganization because it sits at the value-break point in the capital structure. Holders above it are paid in full, holders below recover little, so the fulcrum holder typically ends up controlling the restructured company.
Sources
- RestructuringInterviews: The Top 6 Moelis Interview Questions (checked June 2026)
- Superday AI: Moelis Interview Guide (checked June 2026)
- Wall Street Oasis: Moelis & Company Interview (checked June 2026)
- Moelis & Company: Careers (checked June 2026)