16 questions reported in Bernstein interviews, organised by the group that asks them. Every question carries a model answer and graded feedback on your own attempt.
Questions
Easy · Medium
Hard
Model builds
Built in the spreadsheet grid
Currently advertised programmes.
Driver-based models, differentiated estimates and defending a rating. 8 questions
The most common analyst deliverable. And a routine modelling test in research interviews.
Build a trading comparables analysis for four peers and apply it to a target. For each peer: calculate equity value from shares and price, bridge to enterprise value with net debt, and compute…
Core question for sell-side and buy-side research associate roles.
You're initiating coverage on a specialty retailer. How do you build the revenue model, and what drives your estimates versus consensus?
A recurring earnings-quality question in research and long/short interviews.
Two identical software companies: one capitalises development costs, the other expenses them. How do their financials differ, and which reports better numbers?
The daily judgement call in a research analyst's modelling work.
A company guides to 8–10% revenue growth. Where do you put your estimate, and why?
The deliverable a new research associate works toward.
You're initiating coverage on a sector with eight companies. Walk me through the process and what the initiation note contains.
A senior-style judgement test for associates who must defend a published view through volatile results and client challenge.
Your sector team is considering upgrading a stock after a 25% decline. Consensus has already fallen, management credibility is weak, and the valuation looks cheap on your model. How would you decide…
Research interviews probe intellectual honesty, because the job is being wrong in public.
You have a Buy rating and the stock is down 30% since initiation. A client calls. What do you say?
A post-results modelling case testing whether an associate can separate a superficially in-line quarter from a changed earnings algorithm.
Your covered company reports EPS exactly in line with consensus. Segment A revenue grows 12% versus your 8% forecast, but Segment B revenue falls 6% versus your expected flat result. Consolidated EBIT…
Conviction, downside cases and knowing when the work says no. 2 questions
Asked to check you understand which job you're applying for.
What's the difference between buy-side and sell-side research? Which is the harder job?
Tests whether you understand that stock returns and business quality are different things.
Your favourite company beats earnings and raises guidance, and the stock falls 8%. Explain how that happens.
Merger models, accretion/dilution, purchase accounting and deal judgement. 2 questions
The grunt work behind every comps page, and interviewers check you know why it exists.
You're building a comps set. One company has a June fiscal year end, another December. How do you handle it, and how do you calculate LTM EBITDA?
Asked in industrials and consumer coverage where inventory accounting materially changes reported earnings.
Explain LIFO and FIFO. In a period of rising prices, which produces higher net income, and which company would you rather own?
Cyclicality, operating leverage, backlog quality and mid-cycle earnings. 2 questions
Asked in industrials and semiconductors when revenue disconnects from end demand.
Why does channel inventory matter when analysing an industrial supplier?
Industrials and natural resources coverage test this constantly.
An industrial company is trading at 6x EV/EBITDA when its peers historically trade at 9x. Is it cheap?
Same-store sales, unit economics, brand durability and channel shift. 2 questions
Consumer and retail coverage interviews open with the metric that defines the sector.
A retailer reports +5% same-store sales. Why isn't that enough information to know whether the business is healthy?
Asked when covering multinationals, where FX moves can swamp operating performance.
A US company owns a European subsidiary. The euro weakens 10%. What happens to the consolidated financials?
Write your answer, get it graded on technical accuracy, completeness and communication, and see exactly which mechanic you missed.
Company tags reflect where a question type is commonly reported in interviews. They are not sourced from, endorsed by, or affiliated with Bernstein.