How to Answer “Why do you want to work in this group (e.g., M&A, TMT, Healthcare)?” in Investment Banking Interviews

Start with a clear preference (one primary group), then give a one-line rationale tied to the group’s core workflow—not prestige, exits, or a vague “fast-paced” claim.

Make the rationale concrete by referencing what “good” looks like in that seat:

• M&A: running a process across workstreams, coordinating diligence, thinking through structure/synergies and competing bidders.
• TMT: KPI-heavy narratives, fast-evolving business models, frequent valuation dispersion as sentiment changes.
• Healthcare: complexity from regulation/reimbursement, differentiated diligence, and underwriting around clinical/adoption milestones.

If you’re genuinely flexible, frame it as “my first choice is X” rather than “I’ll do anything.” It reads more mature—and it sets up a cleaner story for the rest of your answer.

Back your preference with two or three specific proofs. Aim for a mix that shows you’ve done more than read headlines:

1. Experience proof: an internship task, student fund write-up, case competition, or self-built analysis that mirrors the group’s outputs (process tracking, comps, memo writing, diligence questions, basic modelling).

2. Market/deal proof: one transaction or sector trend you can summarise in 2–3 sentences: buyer rationale, one key driver, one key risk.

3. Team proof: one concrete takeaway from speaking with bankers (how staffing works, typical responsibilities for analysts, feedback cadence) that matches how you learn.

This is a natural place to signal valuation interview prep without turning it into a technical monologue—e.g., how you’d triangulate comps and precedents, or when a simple DCF cross-check is useful.

Convert “why I like it” into “why I’ll perform in it.” Pick 2–3 analyst-relevant strengths and tie each to deliverables you’ll actually produce.

Examples:

• M&A: comfort juggling parallel workstreams, being meticulous on materials, and synthesising diligence into a clear story.
• TMT: learning new business models quickly, using the right operating KPIs, and keeping narrative and valuation aligned.
• Healthcare: structured thinking with messy information, discipline in assumptions, and crisp communication of what matters.

Avoid over-claiming (“I’m a perfect fit”) or focusing only on modelling. Good analysts also iterate quickly, QC their work, and coordinate inputs under time pressure—show you understand the unglamorous parts and still want the role.

Expect a follow-up that nudges into ib technical questions. Prepare one “depth” point that’s group-relevant and practical, so you can go a layer deeper without sounding scripted.

Examples of defensible depth:

• M&A: how synergies and integration risk affect what you diligence and what a buyer can pay.
• TMT: why retention, revenue quality (recurring vs usage), and growth efficiency can move multiples.
• Healthcare: why reimbursement assumptions, regulatory milestones, and adoption pace can dominate underwriting.

If the interviewer asks for valuation, give a short dcf interview answer framing (purpose, key drivers, and a sanity-check) rather than reciting formulas. The goal is to show readiness and judgment, not to “win” on technical detail.

Finish by reducing hiring risk: confirm you understand what the group’s day-to-day involves and why you want to do it here. One specific sentence is enough if it’s factual.

Good “why this team” inputs include: the group’s deal mix, typical analyst reps, how juniors get staffed, how feedback is delivered, or how the team collaborates with other groups.

Close with a simple commitment line: it’s your first choice, you’ve validated the fit, and you’re ready to contribute. For practice on AceTheRound, aim for a tight 75–90 second version first, then be ready to expand if prompted.