M&A, LBO and technical interviews
Part of the Investment Banking learning and recruiting path. Read the explanation and example, attempt the task, then open the self-check.
Know what to learn for your role.
From foundations to a work sample, with sources, tasks and self-checks.
Understand
Analyse transaction rationale, consideration, funding costs and integration risk. For an introductory LBO, connect equity contribution, debt repayment and exit value to equity returns. EPS accretion alone does not establish value creation.
Worked example
Minimal LBO: entry EV 100 funded by debt 60 and equity 40; exit EV 120 and debt 40 yields equity 80 and 2× MOIC. Annual IRR requires a holding period.
Examples and numbers are educational, not employer questions, live market data or hiring criteria.
Practise and keep your output
Write a one-page M&A recommendation with synergies, funding and three failure risks. Explain LBO returns in 90 seconds and test a lower exit multiple.
Keep inputs and sources, assumptions, steps, results and uncertainties in your own document. Attempt independently before checking below.
After attempting: answer and self-check
At exit EV 100 and debt 40, equity is 60 and MOIC 1.5×. Leverage magnifies gains and losses. This starter model omits fees, tax, interest and annual cash flows.
Official channels and further reading
Pathline authors these starter lessons. These supplementary field links do not imply provider review or endorsement. Confirm Hong Kong availability and eligibility separately.
- JPMorganChase · Investment Banking Analyst Internship ↗
Read responsibilities and training; separately check Hong Kong and the current intake.
- Khan Academy · Accounting and financial statements ↗
Supplementary accounting and financial-statement lessons.