Centerview Partners interview process

1. Step 1

   First round

   30-45 minutes with one or two interviewers, described as having the industry's highest technical bar.

   • Expect enterprise value built from capital and operating leases, and noncontrolling interest across the three statements.
   • Open-ended judgment prompts, such as a view on stock buybacks, test reasoning over a memorized answer.
   • “Let's say you own 80% of a company that generated $200 in net income. How is this reflected in the three statements?”
   • “What's the enterprise value of a company you want to buy 10% of for $50m, given $300m debt, $100m cash, $50m capital leases, and $25m operating leases?”
   • “Some think stock buybacks should be banned. What do you think?”

2. Step 2

   Final round

   Four to six intensive, in-person interviews at Centerview's New York office with senior bankers and partners.

   • Expect a full DCF with detailed WACC derivation, accretion-dilution with specific figures, and an LBO with variations.
   • Interviewers push on a resume deal, expecting fluency, not just familiarity with the headline.
   • “Walk me through a recent deal we've done.”
   • “Why Centerview?”

Share of the 10 Centerview Partners questions in our bank by topic. Each topic links to a worked example.

1. Behavioral questions40%
2. Three-statement questions30%
3. DCF questions10%
4. Accretion and dilution10%
5. Mental math and markets10%

• Enterprise value construction with capital and operating leases folded in.
• Noncontrolling interest treatment flowing through all three statements at once.
• Composure on open-ended judgment prompts like a stock buyback policy question.
• Genuine fluency defending a resume deal, not just naming it.
• Long-term intent: whether you would stay past the standard two-year analyst track.

Real questions from the set. Open one to answer it with grading.

• Walk me through a deal on your resumeBehavioral questions|Advanced
• Deferred revenue: walk it through the three statements over two yearsThree-statement questions|Advanced
• What is the WACC formula and what does each component mean?DCF questions|Basic
• Walk through an all-stock accretion/dilution math problemAccretion and dilution|Advanced
• Brain teaser: angle between the clock hands at 3:50Mental math and markets|Basic
• What industries do you follow, and where is Centerview strong or weak?Behavioral questions|Advanced
• What is working capital, and what do changes in it indicate?Three-statement questions|Basic
• Walk me through your resumeBehavioral questions|Basic

• Pick a resume deal you can defend in real depth rather than the most impressive-sounding one.
• On abstract prompts, prioritize a structured, composed answer over guessing the 'right' one.
• Drill enterprise value adjustments for leases and minority interest until they are reflexive, not rehearsed.
• Be specific and honest about wanting a long-term career here; Centerview's program is genuinely built for that.