Coffee Chats Are the First Interview — Treat Them That Way
A coffee chat might seem informal — but if you’re aiming for investment banking, it’s your first test.
Take it from someone who’s been on both sides of the table: as a nervous student I treated these like casual meetups and paid the price, now, I always take notes on candidates during coffee chats
In a hyper-competitive process, an informational coffee chat done well can significantly boost your chances of an interview, done poorly, it can sink them.
In other words, this is your soft interview. Act like it.
In this guide, we’ll demystify investment banking coffee chats: what they are, why the questions you ask can make or break you, 25 real questions that impress, and key etiquette FAQs.
Key Highlights
- Investment banking coffee chats are informal in name only, they’re often your first real impression and can influence whether you get an interview.
- Asking the right questions shows curiosity, preparation, and professionalism, and can turn a basic chat into a genuine connection.
- This guide breaks down what makes a great coffee chat, 25 high-impact questions, and essential etiquette to help you stand out early in the recruiting process.
What Are Investment Banking Coffee Chat Questions?
Investment banking coffee chats, also known as informational interviews, are informal meetups with finance professionals where you ask the questions.
The goal is to learn about the firm, the role, and the banker’s experience.
Think of it as fact-finding with a side of networking. But there’s a catch: how you ask matters just as much as what you ask.
Good coffee chat questions are open-ended and show you’ve done your homework.
They’re thoughtful, not basic things you could Google in 30 seconds.
For example, asking “So, what does your company do?” is a waste of time.
On the other hand, asking “I saw your group focuses on healthcare M&A, how has that niche changed this year?” shows insight.
Good questions show prep. Great ones make the banker reflect. Bad ones waste everyone’s time.
Why Asking the Right Coffee Chat Questions Matters
Coffee chats might not be “official” interviews on paper, but don’t be fooled, bankers are absolutely sizing you up.
In fact, these chats are often a low-stakes unofficial interview, a core part of finance culture.
Banks use them to spot who is genuinely interested and prepared long before formal interviews begin.
Impress during a coffee chat, and you might earn a referral or be flagged to HR when recruiting starts.
Blow it off, and that résumé you dropped online may never get a second glance.
Smart questions signal genuine interest in the work and an understanding of the role.
They show that you’ve invested time to understand the banker’s background and the firm’s business. This isn’t about having scripted questions to look smart – it’s about being curious.
You don’t have to be impressive, you have to be interested in the right things.
Bankers can tell when you’re just asking something to sound smart versus truly wanting to know the answer.
Remember, the banker across from you was in your shoes once. Show them you care about their story and insights.
If you do that, you turn a coffee chat from a mere Q&A into a genuine conversation – the kind that makes them think “This person gets it.”
That impression can carry forward when it’s decision time. In short, asking the right questions is how you get remembered for the right reasons.
25 Great Questions to Ask in Investment Banking Coffee Chats
So what exactly should you ask?
Below are 25 real questions, grouped into categories, that can kickstart meaningful discussions.
Each one is designed to go beyond the obvious and get bankers talking (and thinking).
Don’t ask all 25. Pick 3–5. Make it a conversation, not an interrogation.
Mix and match based on who you’re meeting and what you genuinely want to learn.
Quality over quantity.
Career Path & Role-Specific Questions
- What led you to a career in investment banking? – Bankers love sharing their “origin story.” This question invites them to talk about their background and motivations. It shows you’re interested in their personal journey. Plus, the enthusiasm or challenges they mention can be telling for someone like you breaking in.
- How did you end up at [Firm] in the [Industry/Product] group? – This shows you’ve done your homework on their profile. Maybe they lateraled from another bank or chose that group for a reason. Asking about it lets them discuss how and why they made key career moves. You’ll learn what drew them to the firm and how they think about specialization.
- What were your expectations going into the role, and has the reality matched up? – This question prompts an honest reflection. It shows you’re not looking for sugar-coated answers. By hearing what surprised them or what was as expected, you get a sense of the job’s realities. It also flatters them a bit, you’re implying their perspective is valuable in separating myth from reality about the analyst/associate experience.
Deal Experience & Team Dynamics Questions
- What’s the most interesting deal you’ve worked on so far? – Bankers often perk up at this one. It gives them a chance to tell a “war story” from a live deal – the kind of real experience you can’t read about in Vault guides. Their favorite deal can reveal what they value. It also shows you care about the substance of the job, not just the prestige.
- How does your team divide responsibilities on a live deal? – Instead of asking generic “what does an analyst do,” this is more nuanced. It shows you understand deals involve a team effort. You’ll learn about the team structure and how analysts, associates, and VPs work together under tight deadlines. It also subtly asks, “What would I actually be doing as a junior banker?” without explicitly phrasing it that way.
- What’s the dynamic like between junior and senior team members on your deals? – This question probes the working relationships. Do MDs door-drop tasks at 2 AM, or do associates shield analysts from chaos? Asking about team dynamics shows you care about mentorship and the working environment. The answer can signal if the firm has a supportive culture or if you’re expected to sink or swim.
Culture & Firm Insights Questions
- Why did you choose to join [Firm] over other banks? – This gets the banker to share their personal decision criteria. Whether it was the deal flow, the people, the pay, or an X-factor, their answer gives you insight into what sets the firm apart. It’s a polite way of asking “What’s so special about your bank?” without sounding cheeky.
- How would you describe the culture here, especially compared to other places you’ve seen? – Every bank claims to have a “team-oriented, entrepreneurial culture,” but what does it really mean there? By asking for a description, you invite the banker to go beyond buzzwords.
- How does the firm invest in or support its junior bankers? – This question zeroes in on whether the bank walks the talk in developing talent. Do they offer formal training, mentorship programs, rotational opportunities? The banker’s answer will tell you if juniors are valued or just cogs in the machine.
Recruiting Advice & Career Navigation Questions
- What advice do you have for someone like me trying to break into investment banking? – It’s a classic for a reason. You’re directly asking for their wisdom. Even if you’ve heard the usual tips, the way they frame it can be insightful. Plus, people love giving advice – it’s flattering and turns the conversation a bit so they’re helping you, building goodwill.
- Is there any preparation or resource you’d recommend to ace the interview process (or to hit the ground running as an analyst)? – This shows you’re proactive about preparing. Maybe they’ll point you to a Wall Street Prep course, a favorite podcast, or suggest focusing on a skill like financial modeling. It’s specific and signals that you intend to put in the work. (As a former interviewee who once got a crucial tip from a coffee chat, I can attest – sometimes you get golden info here.)
- What’s the best piece of career advice you received when you were starting out? – You’re asking them to reflect and mentor in a story form. This often leads to great anecdotes (“My MD told me on day 1…”). It makes the chat feel more personal and less transactional. Also, you might walk away with a valuable lesson that isn’t in any career guide.
Looking back, what do you think made you stand out in the recruiting process? – This is a bit bold, because you’re asking them to essentially say “Why do you think you got hired?” But if phrased humbly (“I’m curious what you think helped you”), it can prompt useful self-reflection from them. Maybe it was a unique internship, maybe their attitude. Whatever they say, you gain insight into what banks value. And you implicitly signal, “I want to know what success looks like so I can mirror it.”
Work-Life Reality Check Questions
- What does a typical day or week look like for you in your role? – Yes, it’s a basic question, but it’s all about how you ask and follow up. Framing it as day or week acknowledges banking isn’t 9-to-5, and each day can be different. This gives them freedom to talk about the variety of tasks. It shows you’re keen on the nitty-gritty reality, not just the glamorous deal announcements.
- What do you find the most challenging part of the job day-to-day? – This question digs into the pain points. It could be the long hours, the unpredictability, or even something like managing difficult clients. By asking this, you come across as someone who isn’t naïve about the job’s difficulties. You want to know the hard stuff, not just the highlight reel. That’s a mature look for a candidate.
- How do you manage work-life balance (or what passes for it) in this job? – Asked with a slight smile, this can break the ice on the infamous hours topic. Rather than bluntly, “So, how many hours do you work?”, you’re inquiring how they personally cope and what strategies (if any) they use to stay sane.
Long-Term Perspective Questions
- What’s the next chapter for you in your career? – This question invites them to talk about their future goals or thoughts. It’s a slight twist on “Where do you see yourself in 5 years?” but framed as a casual curiosity about their plans. It shows you’re thinking long-term about careers in banking.
- What kind of paths have you seen colleagues take after a few years in banking? – This one is great for perspective. It’s not directly asking them if they’re leaving, but it gets them to talk about others’ moves: private equity, tech, startups, climbing the ladder to MD, etc. You’ll learn what doors IB opens. It signals intellectual curiosity about the industry’s career trajectory, not that you have one foot out the door before you even get in.
- Many analysts leave after two years – what made you decide to stay in banking? – Aim this at someone who clearly stayed on (say, an Associate or VP who started as an analyst). It’s a flattering question in a sense: you’re implying they’re a veteran who made it past the usual churn. It lets them share their reasoning, which might be instructive (maybe they love the work, or maybe the promotion came with incentives). You’ll get a sense of the pros of staying vs. leaving.
Context-Specific & Personal Interest Questions
- “I noticed you [studied X or worked at Y] before banking – how did that transition help you in your role?” – Tailor this to their background. If they were an engineer, lawyer, athlete, or anything that stands out, ask about it. This shows exceptional preparation because it’s unique to them. Bankers appreciate when you’ve taken that extra step to know who you’re talking to.
- “I saw that your team recently worked on [Deal/Event]. What was that experience like?” – If the firm or the banker was involved in a newsworthy deal, this is gold. For example, “I read about the $2B merger your team advised on – how was it working on that project?” This not only proves you follow the news (and their deals), but it encourages a story that they’re probably proud of.
- What do you like to do when you’re not working (if you ever have time)? – Use this only if the conversation vibe is warm and time is almost up. It’s a light, human question that can end the chat on a friendly note. Maybe you discover a shared hobby or interest. Bankers are people too (despite the rumors!), and giving them a chance to talk briefly about their weekend cycling or favorite sports team can create a memorable personal connection.
Closer Questions
- “Given what we’ve talked about and my background, do you have any advice or next steps you’d suggest for me?” – This is a nice wrap-up question. It essentially asks, “What would you do if you were me?” It allows them to mentor you a bit. Sometimes you’ll get really tailored advice or even an offer to refer you to someone. It also shows you value their opinion highly.
- “Is there anyone else you think I should speak with to learn more?” – This is how you gently ask for a referral without directly asking for a job. By suggesting “to learn more,” you keep it informational.
- “Thank you for your time – would it be alright if I follow up with you down the line?” – Always end by expressing gratitude and keeping the door open. Phrased like a question, it’s polite and 99% of the time they’ll say “Of course, keep in touch.” It’s a soft ask that hardly anyone will refuse..
FAQs: What to Know Before, During, and After Coffee Chats
- How do coffee chats work in investment banking?
In practical terms, you reach out to a banker, set up a 20-30 minute chat, and come prepared with a handful of questions. It’s on you to drive the conversation. Think of it as a casual interview you conduct.
- Is a coffee chat online or in person?
It can be either. These days, virtual coffee chats are very common (Zoom, Skype, phone) especially if you’re not in the same city.
In-person can be great for local alumni or office visits, it adds a personal touch if you can manage it.
If it’s virtual, treat it just as seriously: find a quiet space, good internet, and turn your camera on if it’s a video call.
If it’s in person, dress business casual unless told otherwise, arrive early, and offer a firm handshake.
The format doesn’t change the purpose: you’re still there to build rapport and learn, whether through a screen or across a table.
- How do you ask for a coffee chat?
You simply ask politely and succinctly. Typically, a short email or LinkedIn message does the trick.
For example: “Hi [Name], I’m a junior at [School] interested in [Firm] and noticed you’re an alum. I would love to hear about your experience in investment banking. Any chance you have 20 minutes for a virtual coffee chat this week? Thank you!”
Keep it light, mention something specific if you can (common school, a referral name, or a recent deal of theirs you read about), and be respectful of their time.
Don’t attach your résumé in the first message, this is about advice, not asking for a job outright. Once they agree, be prompt and professional in scheduling.
Pro tip: suggest a few specific times to make it easy for them. You might be surprised, many people will say yes, because we’ve all been helped by others on our way up.
- Who pays for coffee in a coffee chat?
If you’re meeting in person and grabbing coffee, you should at least offer to pay for their drink. It’s a small gesture given they’re giving you their time (and you likely initiated the meeting.
In virtual chats, of course, no one’s buying coffee, just make sure you bring your attention and gratitude.
The only thing you’re expected to pay for is attention. Focus on what they’re saying, not the bill.
Closing: The Best Coffee Chats Feel Like Conversations, Not Interviews
At the end of the day, the best coffee chats don’t feel like a Q&A drill – they feel like two people talking naturally. Yes, you need to come prepared and professional, but you also want to be likable and authentic.
Smile, make eye contact, and listen actively. If the banker goes on a tangent about a deal, don’t cut them off to hit your next question, ride the wave of the conversation.
A coffee chat won’t get you the job, but it will get you remembered. And in banking, that’s half the game.