TD Securities · Investment banking analyst · Summer Analyst / Analyst

Finance fundamentals conversation

The dedicated technical seat at the superday: accounting, valuation, a DCF walk

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?”
“Two companies trade at different EV/EBITDA multiples in the same sector. What could explain the gap?”

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
DCF · a clean high-level walk (free cash flow, WACC, terminal value)
Commercial reasoning · handling a changed-assumption follow-up out loud

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

TD Securities’s published process. Lime marks the stage this round runs.

01
Application (Workday)
02
One-way video screen
03
First-round interview
04
Superdaythis round
05
Offer

What happens in each stage›

Application (Workday): Online application through TD's Workday portal. Strong GPA, target-school pedigree and prior finance internships are the reported filters.
One-way video screen: A recorded, timed video interview reported as part of the Canadian pipeline (not confirmed on a TD page). Behavioral: tell me about yourself, why banking, why TD Securities.
First-round interview: One live round, commonly reported as roughly three junior bankers together, about 30 to 45 minutes, split about half fit and half technical.
Superday: Three back-to-back interviews. The first two are behavioral with associates; the last is a dedicated technical seat, sometimes with a VP and an on-the-spot valuation.
Offer: Full-time offers are largely conversion from the summer class; classes start in July.

Sources

Built from what TD Securities 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.

companyTD Careers, Early Talent Programscareers.td.com
Existence and structure of early-talent / new-grad programs and Canadian work terms.
companyTD Securities, Careerstdsecurities.com
Campus recruitment for the capital-markets business across Canadian and global offices.
datalevels.fyi, TD Securities Investment Banker (Greater Toronto)levels.fyi
Toronto IB analyst compensation benchmark. No interview-process content.

Sources last checked August 10, 2026. Hiring loops change, so this date is the honest limit on everything above.

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