National Bank Financial · Investment banking analyst · Summer Analyst / Analyst

Finance fundamentals conversation

The analyst-level technical seat, with a situational valuation twist

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?”
“How would you value a diversified holding company with several different business lines?”

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
Situational valuation · reasoning through a real, multi-business company
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

National Bank Financial’s published process. Lime marks the stage this round runs.

01
Application
02
One-way video screen
03
First-round interview
04
Superday / finalthis round
05
Offer

What happens in each stage›

Application: Online via jobs.bnc.ca or your university career centre; resume and cover letter. Networking with bankers materially helps in a small market. Montreal roles commonly expect French and English.
One-way video screen: Reported as part of the funnel: recorded, timed behavioral prompts. National Bank does not publish its interview stages, so this is candidate-reported and may be a short live screen in some cycles.
First-round interview: About 30 to 45 minutes, often one analyst or associate plus a VP. Fit-weighted, with light technicals and questions about your prior work.
Superday / final: Several back-to-back interviews with senior bankers, in Montreal or Toronto. Still fit-heavy, with a firmer technical bar and strong emphasis on markets awareness and culture.
Offer: Decisions weight fit and a genuine reason for National Bank heavily.

Sources

Built from what National Bank Financial 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.

companyNational Bank, Capital Markets Campus Recruitingnbc.ca
Programs (summer / fall / winter internships, full-time graduate program), divisions (Corporate & Investment Banking; Sales & Trading), locations (Montreal / Toronto / Calgary / Vancouver), and the University-Career-Centre timeline model. Does not cover interview stages.
companyNational Bank Careers (emplois.bnc.ca)emplois.bnc.ca
Analyst role scope: collaboration with ECM, credit capital markets and fixed income, and modeling / valuation / presentation work. Individual postings rotate.
datalevels.fyi, National Bank of Canada Investment Bankerlevels.fyi
Analyst compensation context. Thin sample. No interview-process content.

Sources last checked August 10, 2026. Hiring loops change, so this date is the honest limit on everything above.

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