Barclays: public research and practice themes

Global investment bank. This independent page organizes general study themes alongside public background information; it is not an employer-endorsed interview guide.

Barclays
Global investment bank
HQ LondonFounded 1690Type Bulge bracket
M&A advisoryEquity capital marketsLeveraged financeFinancial sponsors coverageGlobal markets
IB Atlas is not affiliated with Barclays. It does not publish actual, confidential, or leaked interview questions. Confirm current firm information through the firm’s own public materials.

About Barclays

Barclays is a global investment bank headquartered in London, tracing its history back to 1690. Its investment banking division advises corporations, financial sponsors, and governments on mergers and acquisitions, capital raising, and financing transactions.

Analysts join industry coverage groups and product groups spanning M&A, equity and debt capital markets, and leveraged finance, alongside a global markets business.

As with any bulge bracket, the group you are interviewing with will shape what actually gets tested. Use the fundamentals below as your base, then read up on the specific desk.

What to emphasize in your prep

Valuationemphasis 3 of 3

Be fluent in trading comparables and precedent transactions, and be ready to explain how you would pick and defend a multiple. Valuation questions test judgment as much as mechanics.

M&Aemphasis 3 of 3

Be ready to walk through how a merger gets evaluated and modeled, including the accretion and dilution math, and to explain the strategic logic in your own words. That connects directly to Barclays's work in M&A advisory.

Accountingemphasis 2 of 3

Make sure the three financial statements, and how they connect to each other, are automatic. Interviewers use accounting questions to check whether you can reason quickly under pressure, not just recite a definition. That applies to Barclays as a global investment bank, whichever group you talk to.

DCFemphasis 2 of 3

Practice building a discounted cash flow out loud, from unlevered free cash flow through to a defensible valuation range. Be ready to explain every assumption, not just the formula.

LBOemphasis 2 of 3

Know how a leveraged buyout comes together: sources and uses, a basic debt schedule, and how leverage, cash flow, and multiple change drive the return. That connects directly to Barclays's work in Leveraged finance.

Marketsemphasis 2 of 3

Stay current on where rates, credit spreads, and major indices sit, and be ready to connect that backdrop to financing conditions and deal activity in plain terms. That connects directly to Barclays's work in Equity capital markets.

Practice questions

1Cash Subtracted From Enterprise Value, Explained2Minority Interest in Enterprise Value, Explained3EV/EBITDA's Capital-Structure Neutrality, Explained4Normalizing a Peer's EBITDA, Explained5Control Premium and Its Formula, Explained6Equity Value to EBITDA, Explained7Bolt-On Acquisitions, Explained8Accretion vs Deal Quality, Explained9Financing Mix and Pro Forma EPS, Explained10Costs to Achieve in M&A, Explained11Target Goodwill in an M&A Deal, Explained12DTL Creation in a Stock Deal, Explained13The Three Financial Statements, Explained14COGS vs SG&A: the Difference, Explained

How to talk about Barclays

  • Anchor your answer in the specific group you are interviewing with rather than the firm broadly.
  • Barclays' long history and transatlantic presence are worth understanding. Be ready to talk about why that combination appeals to you, in your own words.
  • Read how the firm describes its own investment banking business on its site and connect a theme to your own story.

What to expect from the process

Recruiting at large banks like Barclays generally runs through a structured, campus-driven process: an application, one or more resume or video screens, then a superday of several back-to-back interviews in a single day. You typically meet analysts and associates from the group you applied to, sometimes joined by a VP or MD in later rounds, with a mix of technical and fit questions in most rounds. Processes vary by group, office, and recruiting cycle.

Frequently asked questions

Start with the core technical set every group expects: accounting, valuation, and a clean DCF. At Barclays, put extra time into Valuation, M&A, and Accounting, since that is where the firm's business is concentrated. Processes vary by group, office, and recruiting cycle, so confirm the emphasis with the people you actually talk to.

Recruiting at large banks like Barclays generally runs through a structured, campus-driven process: an application, one or more resume or video screens, then a superday of several back-to-back interviews in a single day. You typically meet analysts and associates from the group you applied to, sometimes joined by a VP or MD in later rounds, with a mix of technical and fit questions in most rounds. Processes vary by group, office, and recruiting cycle.

Build the core technicals until they are automatic, then read how Barclays describes its own business on its own site and be ready to connect that, in your own words, to why you want to work there. Practice saying your answers out loud, not just writing them down.

More firms to prepare for

Prepping for Barclays? Get the full question bank as a PDF.

General educational practice prompts with study explanations for offline review. They are not firm-provided questions.

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