Scotiabank GBM · Investment banking analyst · Summer Analyst / Analyst
Finance fundamentals & credit case
The MD technical seat, with a credit-flavored case reflecting GBM
What they actually ask
The question shapes this round uses. Larpy does not read these out. It builds each one from your own resume, because the generic version is the one you have already rehearsed.
- “Walk me through the three financial statements and how they connect.”
- “If depreciation goes up by 10, walk me through how that flows through all three statements (assume a 40 percent tax rate).”
- “What is the difference between enterprise value and equity value?”
- “What are the main valuation methodologies, and which one tends to give the highest value?”
- “Walk me through a DCF.”
- “Conceptually, what makes an acquisition accretive or dilutive to the acquirer?”
- “A company asks Scotiabank to lend it money. How would you decide whether the bank should, and what would you look at?”
What this round is judged on
- Accounting · the three statements and how a change flows through them
- Valuation · comps, precedent transactions and DCF, and when each applies
- Credit judgment · reasoning about a business, its cash flows and its risk
- Commercial reasoning · stating assumptions and defending a view
How Larpy grades this
We score these the way an analyst would. Per topic, what a strong answer lands and the confidently-wrong answers Larpy catches.
- ACCThree-statement flow of a depreciation change
- Strong
- nets the tax effect correctly (net income down 7.5, not 10); adds the full non-cash charge back on the cash flow statement; closes the balance sheet and states that it balances.
- We flag
- claims extra depreciation raises net income or cash (it lowers net income; cash rises only by the tax shield); forgets the tax rate and moves the full 10 through pre-tax to net income; leaves the balance sheet unbalanced.
- VALWalk me through a DCF
- Strong
- uses UNLEVERED free cash flow discounted at WACC (not levered FCF or cost of equity); includes a terminal value and discounts it back; sums to enterprise value, then bridges to equity.
- We flag
- discounts unlevered cash flow at the cost of equity; omits terminal value (it is usually the majority of the value); forgets to subtract the change in working capital or capex.
Larpy builds a fresh question per topic from your resume and grades the full answer live. Start the mock for the worked model answer.
Where this round sits
Scotiabank GBM’s published process. Lime marks the stage this round runs.
- 01Application
- 02Networking
- 03One-way video screen (HireVue)
- 04First-round interview
- 05Superday / assessment centrethis round
- 06Offer
What happens in each stage›
- Application
- Apply on jobs.scotiabank.com to a specific GBM posting; resume and transcript. GBM spans investment banking, corporate banking and global capital markets out of Toronto.
- Networking
- Coffee chats and info sessions with analysts and associates materially gate who gets pulled forward. Not a formal stage, but it is a real input in a small market.
- One-way video screen (HireVue)
- A recorded, timed screen: a handful of behavioral questions. Why banking, why Scotiabank GBM, a teamwork or motivation prompt. Shallow by design, no back-and-forth.
- First-round interview
- A live video interview, usually with about two associates. Mostly fit with light technicals; reported as conversational rather than a drill.
- Superday / assessment centre
- In-office. Reported as a group exercise plus one-on-ones with MDs: a fit conversation, and a technical seat that often includes a credit-flavored case (should the bank lend to this company), reflecting GBM's corporate and credit orientation.
- Offer
- Decision weights fit and culture heavily across all the rounds.
Sources
Built from what Scotiabank GBM publishes about its own process and from real interview data. No leaked question lists. The questions you get are generated against your own resume, so they are not from anyone else's interview.
GBM rotational structure (global capital markets, corporate banking, investment banking), the June summer start, and the internal training program.
GBM co-op structure and rotation across up to two groups, based in Toronto.
Analyst compensation context. Sample is thin for Toronto GBM. No process content.
Sources last checked . Hiring loops change, so this date is the honest limit on everything above.