01
Get to 30
Using 3, 5, 7 and 9 each exactly once and any basic operations, get to 30.
Group the numbers so every value is used exactly once.
Create two
9 - 7 = 2.
Build fifteen
5 × 3 = 15.
Finish
2 × 15 = 30, so (9 - 7) × 5 × 3 = 30.
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J.P. Morgan Investment Banking Interview Questions
5 firm-labeled workbook prompts. Three fully worked examples are open below; use the reveal drill for the rest. No signup.
Recorded roundTechnical topicsWorked answers
See the worked examplesGet the free sampler: 15 questions, all workedGet the full workbookJ.P. Morgan HireVue, First Round, and Superday
Use the workbook by stage:
HireVue
Record one technical answer in 90 seconds, then trim the setup.
First round
Pair one valuation question with one deal or market question.
Superday
Run three questions without notes and repeat the answer that wandered.
Three answers, open
See how the answer gets built
Read the setup, work the steps, then say the answer cleanly.
02
Test all-stock accretion
If a company with a P/E of 10x acquires a company with a P/E of 5x in an all-stock deal, is it accretive or dilutive?
Compare the buyer’s P/E with the target’s P/E.
Buyer
A 10.0x P/E means a 10% earnings yield.
Target
A 5.0x P/E means a 20% earnings yield.
Conclusion
The buyer is issuing lower-yield stock to buy higher-yield earnings, so the deal is accretive, before synergies and other adjustments.
03
Walk depreciation through the statements
If your depreciation expense goes up by $1,000, explain how this flows through the three financial statements (assume 25% tax).
The tax shield makes cash move differently from net income.
Income statement
Depreciation rises $1,000, operating income falls $1,000, taxes fall $250, and net income falls $750.
Cash flow statement
Start with net income down $750, then add back the $1,000 non-cash depreciation. Cash rises $250.
Balance sheet
Cash rises $250 and PP&E falls $1,000, so assets fall $750. Retained earnings falls $750. The balance sheet stays balanced.
More questions
The remaining prompts stay closed until you commit to an answer. Round labels come from the workbook source, not a fixed interview script.
1. If EBITDA and EBITDA multiples don't increase over 5 years, does a financial sponsor make money?
Check the worked answer
Yes, potentially - through debt paydown with free cash flow (equity value rises as net debt falls), dividends or dividend recaps during the hold, and cash accumulation. Returns would be modest and could be wiped out by fees/interest if FCF is weak.
2. Is EBITDA always the best metric to use for multiples? What are the other options?
Check the worked answer
No. EBITDA ignores capex, working capital, taxes and lease costs and can be inflated by adjustments. Alternatives: EV/EBIT or EV/(EBITDA - capex) for capital-intensive businesses, EV/EBITDAR for lease-heavy retailers/airlines, P/E and P/BV for banks/insurers, P/FFO/AFFO for REITs, EV/EBITDAX for E&P, EV/Revenue or EV/ARR for unprofitable/high-growth companies, EV/FCF or FCF yield for mature cash generators, industry metrics (EV/subscriber, EV/reserves).
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