Evercore interview process

1. Step 1

   First round

   Aptitude assessment, then a 15 to 30 minute phone or video screen with one or two analysts or associates mixing technical and fit questions.

   • Applications are capped at roughly two submissions per cycle across positions and locations.
   • Some candidates complete more than one phone round before moving to Superday.
   • Fit content is compressed into the first few minutes before the interviewer pivots to technical.
   • Reported: some candidates describe a recorded video screen of 3 to 5 questions before the live call; others report none.
   • “How is P/E ratio calculated?”
   • “What financial statements would best evaluate firm prospects?”
   • “Can shareholders' equity be negative, and what does this indicate?”

2. Step 2

   Final round

   Four to six back-to-back in-person interviews of about 30 minutes each with associates, VPs, and an MD over a half day.

   • Interviewers routinely push three to four layers deep into a single technical topic.
   • Expect a full LBO build from sources and uses through the debt schedule and returns.
   • M&A mechanics such as accretion/dilution and football-field valuation gaps come up.
   • Restructuring candidates get bond yield, recovery waterfall, and PIK three-statement questions instead of the M&A set.
   • “Walk me through a full LBO model, including sources and uses, the debt schedule, and returns analysis.”
   • “How would you reconcile a football-field valuation range where the DCF and precedent transactions diverge?”
   • “A bond trades at 80 with a 10 percent coupon maturing in one year. What is the yield to maturity, and what changes if it matures in two years?”

Share of the 17 Evercore questions in our bank by topic. Each topic links to a worked example.

1. Three-statement questions24%
2. Mental math and markets24%
3. Valuation multiples18%
4. Paper LBO18%
5. DCF questions6%
6. Accretion and dilution6%
7. Behavioral questions6%

• Depth over breadth: interviewers push three to four layers into one topic before moving on.
• Full LBO construction: sources and uses through the debt schedule, returns, and PIK toggle notes.
• Stock-for-stock accretion/dilution and contribution analysis for live M&A scenarios.
• DCF assumptions for a cyclical company with volatile cash flows.
• Restructuring track: bond yield to maturity, recovery waterfalls by tranche, PIK through the statements.
• Why pure advisory, with no balance sheet or trading, fits you specifically.

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

• RX: how does PIK interest flow through the statements?Three-statement questions|Advanced
• RX: calculate yield to maturity on a distressed bondMental math and markets|Advanced
• DCF says $50 a share, precedent transactions say $70: what explains the gap?Valuation multiples|Advanced
• Paper LBO: solve for exit equity and MOICPaper LBO|Advanced
• DCF with cyclical cash flows and operating leverageDCF questions|Advanced
• Contribution analysis and the pitfalls of accretion/dilutionAccretion and dilution|Advanced
• LIFO vs FIFO: what changes in a rising-price environment?Three-statement questions|Advanced
• RX: given leverage and coverage ratios, solve for the debt yieldMental math and markets|Advanced

• Defend a technical answer three or four follow-up questions deep instead of stopping after one correct line.
• Reference Evercore's actual public deal sheet and explain concretely why pure advisory work fits you, not a generic boutique pitch.
• Show independent curiosity about specific markets and deals rather than reciting textbook definitions.
• Keep the resume walkthrough tight since fit gets only a few minutes before technicals take over.
• For restructuring, walk a recovery waterfall tranche by tranche out loud and state why impaired-debt equity can still hold value.