Citi interview process

1. Step 1

   First round

   One-on-one interview covering background and aspirations.

   • Discussion of your background and how it aligns with Citi's stated direction.
   • A direct 'why this bank' question rather than a generic industry answer.
   • “Why do you want to work at this bank?”
   • “Walk me through the three financial statements.”

2. Step 2

   Final round

   Final stage varies by program and location: multiple interviews, an assessment, or a case study exercise.

   • Fundamentals-level technical questions rather than complex modeling.
   • Follow the specific instructions in your invitation, since format differs by office.
   • “Walk me through a DCF analysis.”
   • “What is the difference between enterprise value and equity value?”

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

1. DCF questions30%
2. Behavioral questions30%
3. Three-statement questions10%
4. Paper LBO10%
5. Accretion and dilution10%
6. Mental math and markets10%

• A specific reason for Citi's business, not the bank's name alone.
• DCF, the three financial statements, WACC, and free cash flow at a fundamentals level.
• Enterprise value versus equity value, explained cleanly and quickly.
• A teamwork example with your own action and its actual result.
• Real interest in the specific group's work, since culture is known to vary by group.

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

• Levered versus unlevered free cash flowDCF questions|Advanced
• Recent Citi deal discussionBehavioral questions|Advanced
• Walk me through the three financial statementsThree-statement questions|Basic
• Paper LBO IRR calculationPaper LBO|Advanced
• Merger math: all-stock accretion dilutionAccretion and dilution|Advanced
• WTI-WCS differentialMental math and markets|Advanced
• Walk me through a DCFDCF questions|Basic
• Tell me about yourselfBehavioral questions|Basic

• Turn one researched Citi fact into a personal reason tied to the kind of work you want to do.
• Keep technical answers fundamentals-first and clean, since Citi's sourced questions run easy to medium rather than exotic.
• Talk to people in your target group before interviewing, since Citi's culture is reported to vary meaningfully by group.
• When a question is ambiguous, name the missing assumption before answering rather than guessing at scope.