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Enterprise · IB Analyst Interview Guide

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How to Pass the Legal & General IB Analyst Interview in 2026

The Legal & General DNA (TL;DR)

Fit with L&G's purpose and values, demonstrating strong analytical skills, risk awareness, and a collaborative approach to problem-solving within a regulated financial environment.

The Legal & General Interview Loop

Your onsite loop will typically consist of 4 rounds.

  1. 1

    Round 1

    Recruiter Screen
    Motivation, fit, GPA, deal interest.
  2. 2

    Round 2

    Technical Screen
    Accounting, valuation (DCF, comps, precedent transactions), enterprise vs equity value.
  3. 3

    Round 3

    Market Knowledge
    Recent deals, market events, sector outlook, why this firm.
  4. 4

    Round 4

    Superday
    Multiple back-to-back interviews with MDs/VPs covering technical + behavioral + fit.
  5. 5

    Round 5

    Behavioral / Leadership
    Past evidence of ownership, influence, resolving conflict.

The Danger Zone: Top Reasons Candidates Fail

Based on our database of Legal & General interview outcomes, avoid these common traps:

  • Providing a superficial answer about 'regulation' without specifying which regulations (e.g., Pension Freedom, Solvency II) or their specific impacts.
  • Failing to articulate the specific actions they took beyond identifying the problem.
  • Failing to discuss the terminal value calculation and its sensitivity to growth assumptions in a long-term financial services context.
  • Selecting peers that are too broad (e.g., including pure banks or asset managers without insurance operations) and not adjusting for differences in business mix or scale.

Test Yourself: Real Legal & General Questions

Three real prompts pulled from our database.

Type · Ownership

Tell me about a time you took ownership of a project or problem that was not explicitly assigned to you. What was the situation, what did you do, and what was the outcome?

Type · Market Events

How has the recent increase in interest rates impacted Legal & General's different business segments (e.g., insurance, asset management, pensions)?

Type · Conflict Resolution

Tell me about a time you had a significant disagreement with a team member or manager. How did you handle the conflict, and what was the resolution?

+ many more questions, signals, and worked examples

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Legal & General Interview Question Bank

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

9 of 21 questions shown

1

Recruiter Screen

1
  1. 1

    Type · Motivation

    Why are you interested in investment banking, and specifically at Legal & General's asset management division?
2

Technical Screen

3
  1. 2

    Type · Valuation

    Walk me through a Discounted Cash Flow (DCF) analysis. What are the key drivers, and how would you adjust it for a company like Legal & General, which has significant insurance and asset management operations?
  2. 3

    Type · Valuation

    How would you value Legal & General using comparable company analysis (comps)? What specific metrics and multiples would you focus on, and what are the challenges in finding truly comparable companies?
  3. + 1 more questions in this round (sign up to unlock)
3

Market Knowledge

4
  1. 4

    Type · Recent Deals

    Can you discuss a recent significant M&A transaction or capital markets event within the UK financial services sector, and what was Legal & General's potential role or reaction?
  2. 5

    Type · Market Events

    How has the recent increase in interest rates impacted Legal & General's different business segments (e.g., insurance, asset management, pensions)?
  3. + 2 more questions in this round (sign up to unlock)
4

Superday

3
  1. 6

    Type · Technical/Market

    Legal & General Capital invests in alternative assets and direct investments. How would you assess the attractiveness of a direct investment opportunity in a UK renewable energy infrastructure project for L&G?
  2. 7

    Type · Technical/Valuation

    Imagine L&G is considering acquiring a mid-sized UK defined benefit pension scheme administrator. What are the key financial metrics and risks you would analyze to determine the valuation and potential deal synergies?
  3. + 1 more questions in this round (sign up to unlock)
5

Behavioral / Leadership

10
  1. 8

    Type · Ownership

    Tell me about a time you took ownership of a project or problem that was not explicitly assigned to you. What was the situation, what did you do, and what was the outcome?
  2. 9

    Type · Influence

    Describe a situation where you had to influence a stakeholder or team who disagreed with your proposed approach. How did you gain their buy-in?
  3. + 8 more questions in this round (sign up to unlock)

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Interview tracks at Legal & General

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