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Enterprise · IB Analyst Interview Guide

Interview language: English

How to Pass the Aon IB Analyst Interview in 2026

The Aon DNA (TL;DR)

Aon's client-facing roles often require candidates to articulate complex risk solutions clearly. Interviewers assess your ability to structure arguments and present insights, often through case studies or discussions about past project 'TIMELINE's, emphasizing logical flow and impact.

The Aon Interview Loop

Your onsite loop will typically consist of 4 rounds.

1
Round 1
Recruiter Screen
Motivation, fit, GPA, deal interest.
2
Round 2
Technical Screen
Accounting, valuation (DCF, comps, precedent transactions), enterprise vs equity value.
3
Round 3
Market Knowledge
Recent deals, market events, sector outlook, why this firm.
4
Round 4
Superday
Multiple back-to-back interviews with MDs/VPs covering technical + behavioral + fit.
5
Round 5
Behavioral / Leadership
Past evidence of ownership, influence, resolving conflict.

The Danger Zone: Top Reasons Candidates Fail

Based on our database of Aon interview outcomes, avoid these common traps:

Not achieving a positive or collaborative outcome.
Confusing the components of each (e.g., including minority interest in Enterprise Value).
Focusing only on financial metrics and ignoring strategic fit.
Errors in calculating the terminal value (e.g., using an arbitrary growth rate without justification).

Test Yourself: Real Aon Questions

Three real prompts pulled from our database.

Type · Deal Knowledge

Can you discuss a recent M&A transaction (within the last 6-12 months) that you found particularly interesting? What were the key drivers, and what was Aon's potential role?

Type · Valuation

Explain the difference between Enterprise Value and Equity Value. When would you use each?

Type · Firm Knowledge

Beyond its core insurance brokerage, what other advisory services does Aon offer, particularly in the context of M&A and capital raising? How do these services differentiate Aon?

+ many more questions, signals, and worked examples

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Aon Interview Question Bank

A sample from our database, grouped by round. Sign up to see the full set.

9 of 13 questions shown

Recruiter Screen

1
Type · Motivation
Why are you interested in investment banking, and specifically why Aon's finance advisory practice?

Technical Screen

2
Type · Valuation
Walk me through a Discounted Cash Flow (DCF) analysis. What are the key components, and what are common pitfalls in projecting free cash flows?
3
Type · Valuation
How would you value a company using Comparable Company Analysis (Comps)? What are the most important multiples to consider, and what adjustments might be necessary?
+ 1 more questions in this round (sign up to unlock)

Market Knowledge

4
Type · Market Trends
What are some of the most significant trends you've observed in the insurance brokerage or broader financial services M&A market recently? How might these impact Aon's advisory business?
5
Type · Deal Knowledge
Can you discuss a recent M&A transaction (within the last 6-12 months) that you found particularly interesting? What were the key drivers, and what was Aon's potential role?
+ 1 more questions in this round (sign up to unlock)

Superday

6
Type · Technical
Imagine Aon is advising a client on acquiring a mid-sized technology company. What are the key financial metrics and strategic considerations you would focus on during the due diligence process?
7
Type · Technical
If a company has negative EBITDA, how would you approach valuing it using multiples? What alternative valuation methods might be more appropriate?
+ 1 more questions in this round (sign up to unlock)

Behavioral / Leadership

8
Type · Behavioral
Tell me about a time you received constructive criticism about your work. How did you react, and what did you learn from it?
9
Type · Behavioral
Describe a situation where you had to influence a stakeholder or team member who had a different opinion or approach. What was your strategy, and what was the result?
+ 1 more questions in this round (sign up to unlock)

Unlock all 13 Aon questions, free

No credit card. Every question with its framework, the grading signals interviewers score against, and a worked answer for each.

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Interview tracks at Aon

How Aon's DNA translates across functions. Pick your role.

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Practice Aon interviews end-to-end

Aon Mock Interview

Run a live mock interview with our AI interviewer using Aon-style prompts. Get scored on structure, signal, and answer length - exactly how the real loop grades you.

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STAR Stories for Aon Behavioral Rounds

Build a Story Bank of your past wins, mapped to the leadership signals Aon interviewers grade on. Reuse them across every behavioral round.

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Aon Interview Prep Hub

The frameworks behind every Aon round: CIRCLES for product sense, hypothesis-driven debugging for analytical, STAR for behavioral. Learn each one in 10 minutes.

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Interview Frameworks

CIRCLES, STAR, AARRR, RICE, MECE. The exact frameworks that make Aon interviewers nod instead of frown. Step-by-step playbooks with the moves and the pitfalls.

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Sample answers

What a strong answer to these Aon interview questions shows.

Can you discuss a recent M&A transaction (within the last 6-12 months) that you found particularly interesting? What were the key drivers, and what was Aon's potential role?

A strong answer shows: Keen interest in recent transactions.; Ability to analyze deal rationale and strategic implications.; Understanding of Aon's advisory services..

Explain the difference between Enterprise Value and Equity Value. When would you use each?

A strong answer shows: Fundamental understanding of valuation metrics.; Ability to distinguish between different financial concepts.; Clarity in explaining basic finance principles..

Frequently asked questions

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