Interview Questions / Jefferies

Jefferies Interview Questions & Process

Investment Banking Analyst · M&A Analyst · Equity Research Analyst

Updated July 2026

Jefferies is the fast-growing full-service investment bank, and its process is known for two things: a real modelling test and unusually rapid decisions. It recruits across Investment Banking, Equities, Fixed Income, Research, Wealth Management and Alternative Asset Management, and while it doesn't publish one universal loop, the summer-analyst path is well attested.\n\nMost candidates who clear the CV screen get a digital assessment — around three pre-recorded video questions ('why Jefferies?', a time you failed) plus pymetrics cognitive games — then a ~30-minute phone screen with an analyst from the division, and a superday of three to five back-to-back 20–30-minute interviews with everyone from Associates to MDs. For Investment Banking specifically, the superday adds a 60-minute modelling exercise. Prepare DCF and WACC, enterprise-to-equity bridges, trading-versus-precedent multiples, quick paper calculations, what makes a strong LBO candidate, and a genuine reason for your specific group. Jefferies is famous for moving fast — offers often land 24–48 hours after the superday.

The cost of walking in unprepared

Jefferies's process spans 5 distinct stages, often compressed into a single high-pressure loop. Most candidates only find out they weren't ready once the result lands.

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The Jefferies interview process

  1. 1Application. Apply through Jefferies for a specific business, office and programme.
  2. 2Digital Assessment. ~3 pre-recorded video questions plus pymetrics cognitive games (risk tolerance, attention to detail).
  3. 3Phone Screen. ~30 minutes with an analyst from your division: motivation, behavioural and technical.
  4. 4Superday. Three to five back-to-back 20–30-minute interviews with Associates through MDs; Investment Banking adds a 60-minute modelling test.
  5. 5Decision. Jefferies is known for speed, with offers often within 24–48 hours of the superday.

Real Jefferies interview questions

As reported by recent candidates. The same styles Hope asks in a Jefferies-style mock.

“Why are trading multiples forward-looking while precedent-transaction multiples are backward-looking?”
Trading comps
“Walk through a DCF, then explain how you'd calculate WACC.”
DCF/WACC
“Given equity, debt, cash and other items, calculate enterprise value.”
Enterprise value
“From revenue, costs, interest and debt assumptions, calculate an implied share price.”
Paper calculation
“What characteristics make a company a strong LBO candidate?”
LBO
“Why Jefferies, why investment banking, and why this specific team?”
Motivation

Prepping alone vs with Merra

Without Merra

  • ✕Read questions, rehearse answers in your head
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  • ✕Find out you weren’t ready from a rejection email

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Pricing

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Jefferies interview FAQs

Is there a modelling test?

Yes — for Investment Banking, the superday includes a 60-minute modelling exercise alongside the back-to-back interviews.

What's in the online assessment?

Around three pre-recorded video questions plus pymetrics cognitive games.

How fast does Jefferies move?

Very — successful candidates often get an offer call within 24–48 hours of the superday.

Does Jefferies publish a fixed loop?

No — programmes and qualities are published, but format varies by division and office; the above is the common summer-analyst shape.

Related interview guides

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Merra is an independent interview practice platform and is not affiliated with Jefferies. Interview formats vary by role, region, and year.

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