Investment banking · technology · M&A
Qatalyst Partners interview process
A 30-minute technical screen on SaaS metrics leads to a superday built around a paper LBO and a short-position stock pitch.
- Rounds
- 2
- First round, Final round
- Questions in the bank
- 10
- Graded, firm-specific
Practice a real question
Answer one Qatalyst Partners question
Graded by AI in about twenty seconds. No account needed for this one.
Why would you choose Qatalyst Partners' technology-only M&A model instead of a broader investment-banking platform? Give one benefit, one tradeoff, and one question that tests whether the model fits you.
The guide describes Qatalyst Partners as a technology-only M&A boutique with lean teams and no generalist coverage, lending balance sheet, or trading desk to fall back on.
Could you answer this in an interview today?
How Qatalyst Partners interviews
Qatalyst Partners is a technology-only M&A boutique founded in 2008, advising senior management and boards of established and emerging technology companies with no coverage outside TMT. Analyst classes are tiny, roughly 10 to 20 seats against thousands of applicants, so junior bankers get direct exposure to marquee tech deals rather than generalist coverage rotations.
The process filters hard for genuine tech-industry judgment over general banking aptitude: a 30-minute technical screen on SaaS metrics and valuation precedes a half-day superday built around a paper LBO for an unprofitable company and a short-position stock pitch. Interviewers press for a specific, defensible acquisition idea, not a rehearsed answer about following tech news.
Step 1
First round
A 30-minute phone or video technical screen with an analyst on SaaS metrics, accounting, and valuation.
- Expect direct questions on your motivation for tech M&A and this firm specifically.
- SaaS-specific metrics are tested here, not generic subscription-business talk.
- “Tell me about your favorite vertical in technology.”
- “Which tech company would you acquire if you were a specific buyer?”
Step 2
Final round
A half-day, four-to-six-interview superday: paper LBO, short stock pitch, technical Q&A, behavioral, and market discussion.
- Build a paper LBO for an unprofitable tech company under time pressure.
- Pitch a short position, not a standard buy recommendation, and defend it.
- A dedicated behavioral deep-dive and a market-discussion round round out the day.
- “Why investment banking?”
- “Why do you want to work at this bank?”
What Qatalyst Partners tests
Share of the 10 Qatalyst Partners questions in our bank by topic. Each topic links to a worked example.
- Valuing a company with negative or minimal EBITDA using DCF or comparable-company analysis.
- A paper LBO built around an unprofitable, high-growth tech company under time pressure.
- A short-position stock pitch, defending why a company is overvalued, not undervalued.
- Real tech M&A judgment: a specific, defensible acquisition idea with a credible rationale.
- SaaS metrics tested directly in the technical screen, beyond generic subscription-business talk.
From the Qatalyst Partners question bank
Real questions from the set. Open one to answer it with grading.
- Defend a technology convictionBehavioral questions|Advanced
- Net retention versus gross retentionValuation multiples|Advanced
- Capitalize or expense software developmentThree-statement questions|Advanced
- Test a technology acquisition ideaAccretion and dilution|Advanced
- Go beyond the standard technical guideBehavioral questions|Advanced
- Value a negative-EBITDA software companyValuation multiples|Advanced
- Own a mistake on a small deal teamBehavioral questions|Advanced
- CAC payback and LTV-to-CAC tradeoffValuation multiples|Advanced
How to stand out at Qatalyst Partners
- Walk in with two or three researched tech M&A ideas of your own, including the acquirer's motivation and financial capacity to do the deal.
- Show you can value a company that doesn't fit the standard EBITDA-multiple mold; unprofitable, high-growth businesses are the norm here.
- Practice a short-position stock pitch specifically, not just a buy recommendation; it is a named superday component.
- Prepare past a standard technical guide: know the mechanics well enough to answer the follow-up, not just the opening question.
Keep going
Qatalyst Partners free path
- Step 1Why Qatalyst instead of a broader platformBehavioral questions · Advanced
- Step 23 valuation multiples questionsGraded with feedback
- Step 31 three-statement questionGraded with feedback
- Step 41 accretion and dilution questionGraded with feedback
Qatalyst Partners pages
- Qatalyst Partners interview questions
Ten worked questions and the full process
Practice the topics
- Behavioral questions
Worked example plus a graded set
- Valuation multiples
Worked example plus a graded set
- Three-statement questions
Worked example plus a graded set
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- Bank of America
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The full set
Practice all 10 Qatalyst Partners questions
Every question above, graded with feedback, inside the Qatalyst Partners set.
Practice Qatalyst Partners questionsFree account, no card. 5 AI-graded reps a day for 3 days from your first rep.