Start free
All CIBC Capital Markets rounds

CIBC Capital Markets · Investment banking analyst · Summer Analyst / Analyst

Finance fundamentals conversation

The technical portion of the superday: accounting, valuation, accretion/dilution

What they actually ask

The question shapes this round uses. Larpy does not read these out. It builds each one from your own resume, because the generic version is the one you have already rehearsed.

  • “Walk me through the three financial statements and how they connect.”
  • “If depreciation goes up by 10, walk me through how that flows through all three statements (assume a 40 percent tax rate).”
  • “What is the difference between enterprise value and equity value?”
  • “What are the main valuation methodologies, and which one tends to give the highest value?”
  • “Walk me through a DCF.”
  • “Conceptually, what makes an acquisition accretive or dilutive to the acquirer?”
  • “Two companies each worth 50 million merge, and the combined company is worth 150 million. Where did the extra 50 million come from?”

What this round is judged on

  • Accounting · the three statements and how a change flows through them
  • Valuation · comps, precedent transactions and DCF, and when each applies
  • Accretion / dilution · conceptual merger and synergy reasoning
  • Commercial reasoning · stating assumptions and reasoning out loud

How Larpy grades this

We score these the way an analyst would. Per topic, what a strong answer lands and the confidently-wrong answers Larpy catches.

  • ACCThree-statement flow of a depreciation change
    Strong
    nets the tax effect correctly (net income down 7.5, not 10); adds the full non-cash charge back on the cash flow statement; closes the balance sheet and states that it balances.
    We flag
    claims extra depreciation raises net income or cash (it lowers net income; cash rises only by the tax shield); forgets the tax rate and moves the full 10 through pre-tax to net income; leaves the balance sheet unbalanced.
  • VALWalk me through a DCF
    Strong
    uses UNLEVERED free cash flow discounted at WACC (not levered FCF or cost of equity); includes a terminal value and discounts it back; sums to enterprise value, then bridges to equity.
    We flag
    discounts unlevered cash flow at the cost of equity; omits terminal value (it is usually the majority of the value); forgets to subtract the change in working capital or capex.

Larpy builds a fresh question per topic from your resume and grades the full answer live. Start the mock for the worked model answer.

Where this round sits

CIBC Capital Markets’s published process. Lime marks the stage this round runs.

  1. 01
    Application (Workday)
  2. 02
    Assessments (pre-recorded video interview)
  3. 03
    First-round interviews
  4. 04
    Superdaythis round
  5. 05
    Offer + background check
What happens in each stage›
Application (Workday)
Online via CIBC's Workday campus portal: a two-page resume, a one-page cover letter and a transcript, all as PDF.
Assessments (pre-recorded video interview)
CIBC's own hiring page lists pre-recorded video interviews among its assessments. One-way and timed, behavioral: tell me about yourself, why banking, why CIBC.
First-round interviews
A casual recruiter screen (about 15 minutes) plus one or two 30-minute sessions with an analyst and an associate. Fit-heavy, with light technicals; expect why-banking asked several ways.
Superday
Back-to-back interviews escalating in seniority, ending with a longer session with a director or MD. The opener is behavioral; the later portion turns technical, still at analyst depth.
Offer + background check
Turnaround from first interview to decision is reportedly fast, roughly two weeks.

Sources

Built from what CIBC Capital Markets publishes about its own process and from real interview data. No leaked question lists. The questions you get are generated against your own resume, so they are not from anyone else's interview.

Sources last checked . Hiring loops change, so this date is the honest limit on everything above.

Other CIBC Capital Markets rounds