Fin Maverick
Foundations VocabularyAccounting & ReportingEconomics & MacroQuant Methods & ProgrammingBusiness & Company AnalysisCorporate Finance & ValuationBehavioural Finance
Banking & Market InfrastructureFixed Income & RatesDerivatives & Structured ProductsPublic EquitiesTransactions & DealsPortfolio ConstructionFunds & AMCs
Private Markets & AlternativesRisk, Treasury & ControlAI & Digital FinanceStochastic Calculus & PricingWealth & Personal FinanceIndian Markets & RegulationProfessional Practice
Explore NISM prep
Series-I · Currency DerivativesSeries-II-A · RTAs (Corporate)Series-II-B · RTAs (Mutual Fund)Series-III-A · Compliance (Non-Fund)Series-III-C · Compliance (Fund)Series-IV · Interest Rates DerivativesSeries-V-A · Mutual Fund DistributorsSeries-V-B · Mutual Fund FoundationSeries-V-D · SIF DistributorsSeries-VI · Depository OperationsSeries-VII · Operations & Risk ManagementSeries-VIII · Equity DerivativesSeries-IX · Merchant BankingSeries-X-A · Investment Adviser (Level 1)Series-X-B · Investment Adviser (Level 2)Series-XII · Securities Markets FoundationSeries-XV · Research AnalystSeries-XVI · Commodity DerivativesSeries-XVII · Retirement AdviserSeries-XIX-A · Category I & II AIF DistributorsSeries-XIX-B · Category III AIF DistributorsSeries-XIX-C · AIF ManagersSeries-XIX-D · Category I & II AIF ManagersSeries-XIX-E · Category III AIF ManagersSeries-XXI-A · PMS DistributorsSeries-XXI-B · Portfolio ManagersSeries-XXIII · Social Impact AssessorsSeries-XXIV · AML & CFT in Securities Markets
Explore Bootcamps
Equity ResearchPortfolio ManagementMutual Fund MasteryInvestment Banking Analyst
Private Equity AnalystQuant & Hedge Fund AnalystBreaking Into VCFinancial Analyst Program
Risk Management ProgramPrivate Wealth ManagementDebt Capital MarketsDerivatives Foundation
Explore Free Courses

Equity Research6

Writing an Investment ThesisBuilding a Discounted Cash FlowReading an Annual Report FastReading a Sector Before a CompanySpotting Quality of Earnings Red FlagsBuilding a Revenue Forecast From Drivers

Portfolio Management3

Rebalancing: When, Why and What It CostsStrategic and Tactical Asset AllocationMeasuring Risk in a Portfolio

Mutual Fund Mastery3

Comparing Funds Without Being FooledHow a NAV Is Struck and Which Day You GetReading a Fund Factsheet Properly

Derivatives Unlocked4

Hedging a Real ExposureThe Greeks, PracticallyFutures, the Basis and What Moves ItReading an Option Payoff

AI For Finance2

Retrieval and Grounding for FinanceDocument Extraction in Finance

Breaking Into Quants4

Backtesting a StrategyHypothesis TestingCleaning Financial DataRegression for Finance

Breaking Into VC3

Sizing a MarketReading a Term Sheet as a FounderHow a Venture Round Actually Works

Financial Analyst Program4

Common Size and Trend AnalysisReading a Cash Flow StatementRatio Analysis That Says SomethingBuilding a Working Capital Schedule

Risk Management Program2

Credit Exposure and How It Is ReducedValue at Risk and What It Hides

Investment Banking Analyst3

Precedent Transactions and Why They DifferReading a Term Sheet StructurallyBuilding a Comparable Companies Table

Private Wealth Management3

Tax Aware Portfolio DecisionsBuilding a Client Risk ProfileGoal Based Planning Arithmetic

Debt Capital Markets3

Analysing an Issuer's CreditDuration and What It Does Not Tell YouBond Pricing and Yield Mechanics

Private Equity Analyst2

Fund Waterfalls and CarryThe LBO in Structure

Hedge Funds Analyst2

Short Selling MechanicsLong Short Mechanics
QuarksCourses
Explore Interview Preparation
Investment BankingEquity ResearchVenture CapitalistPrivate EquityHedge Funds
QuantFinancial AnalysisPrivate Wealth ManagementDebt Capital MarketsRisk Management
Derivatives FoundationPortfolio ManagementMutual Fund Mastery
PartnershipsShowdown
Log inSign up
Interview tracksAll
1Investment Banking
Question bankPuzzlesCase studies
2Equity Research
Question bankPuzzlesCase studies
3Venture Capital
Question bankPuzzlesCase studies
4Private Equity
Question bankPuzzlesCase studies
5Hedge Funds
Question bankPuzzlesCase studies
6Quant
Question bankPuzzlesCase studies
7Financial Analysis
Question bankPuzzlesCase studies
8Private Wealth Management
Question bankPuzzlesCase studies
9Debt Capital Markets
Question bankPuzzlesCase studies
10Risk Management
Question bankPuzzlesCase studies
11Derivatives Foundation
Question bankPuzzlesCase studies
12Portfolio Management
Question bankPuzzlesCase studies
13Mutual Fund Mastery
Question bankPuzzlesCase studies

Investment Banking puzzles, solved step by step

Puzzles
100
Traced to a firm
36
Topics
12
Hard
29
Topic
All topicsProbability7Mental maths and counting11Growth and compounding9Valuation riddles11Logic and brainteasers11Rates, risk and options9Estimation and market sizing7Accounting riddles9Expected value and games7Enterprise value and dilution6Deal maths6DCF and cost of capital7
Level
AnyWarm upCoreHard
Source
AnyReported at a firmStandard
Showing 11–11 of 11 · filtered from 100Clear filters
  1. 090Two trains start 100 km apart on the same track and head toward each other at 50 km/h each. A bird starts at the front of one train and flies back and forth between them at 75 km/h until the trains meet. How far does the bird fly?Logic and brainteasersCoreConsulting style brainteasersSales and trading

    Try it first

    Answer before you start drawing zig-zags.

    Show the worked solution

    75 km. The trains close the 100 km gap at a combined 100 km/h, so they meet after exactly one hour. The bird flies without stopping for that hour at 75 km/h, so it covers 75 km. You never need to track the individual legs, though they do add up: 60 km, then 12, then 2.4, each a fifth of the one before, summing to 75.

    What question should you ask first?

    If a friend walks a dog in the park for an hour and the dog runs at 10 km/h the whole time, the dog covers 10 km however it zig-zags between trees. Nobody measures each dash. Distance is speed times time, so find how long the bird flies and the shape of its path stops mattering. The trains settle the time: they approach each other at 50 plus 50, which is 100 km/h, and 100 km apart means one hour.

    Find when the trains meet, and the bird's zig-zag adds itself up0 km50 km100 km030 min1 hourTimeTrain A, 50 km/hTrain B, 50 km/hbird turnsbird, 75 km/hThe hard way: legsLeg 160 kmLeg 212 kmLeg 32.40 kmLeg 40.48 kmeach leg 1/5 of the last60 / (1 - 1/5) = 75 kmThe easy way75 km/h x 1 hour = 75 km
    The trains meet after one hour, so the bird flying at 75 km/h covers 75 km, and summing its legs of 60, 12 and 2.4 km and onward, each a fifth of the last, reaches the same 75 km by the long road.

    If the interviewer insists on the legs, how do you sum them?

    On the first leg the bird and the oncoming train close at 75 plus 50, which is 125 km/h, so they meet after 100 / 125 = 0.8 hours; the bird has flown 60 km. In that time the trains have closed 80 km, leaving 20 km between them. The next leg is the same problem a fifth the size: 12 km, then 2.4, and so on. Each leg is a fixed fraction of the last, which makes the total a geometric series that sums to 60 / (1 - 1/5) = 75 km.

    The relationship
    60+12+2.4+⋯=601−15=75 km60 + 12 + 2.4 + \dots = \frac{60}{1 - \tfrac{1}{5}} = 75 \text{ km}
    60the first leg in km
    1/5the ratio of each leg to the one before
    What it says in wordsA series where each term is a fixed fraction of the last sums to the first term over one minus the fraction.

    Why ask this in a banking interview? It is a test of whether you look for the simpler quantity before diving into the mechanics, which is what a good analyst does with a messy model: find the number that settles the question and compute that. Answer the short way, then offer the series as a check if there is time.

    Where candidates lose it

    Candidates who start computing the first leg often keep going, and by the third leg they are lost in fractions with the clock running. The interviewer is watching whether you pause to ask what actually determines the answer.

    The opposite loss is saying 75 instantly with no reason. Give the one line, combined speed 100 and so one hour, so the answer is audibly reasoned.

    What the interviewer asks next

    • How many times does the bird turn around?
    • If train A runs at 60 km/h and train B at 40, does the answer change?
    • Where in a model have you found a shortcut quantity that made a messy calculation unnecessary?
← PreviousPage 2 of 2
  1. 1
  2. 2
Next →
Fin Maverick

Finance education that ends in a job, not a certificate that gathers dust. Built for young India.

LEARN
CalculatorsFrameworksComparisonsInterview RoadmapsShowdown
RESOURCES
All CoursesFree CoursesBootcampsInternships
COMPANY
AboutJob openingPartnership
LEGAL
Privacy PolicyTerms & ConditionsContent LicenseReturn & Refund Policy
© 2026 FIN MAVERICK / BUILT FOR INDIA.DO FINANCE, DO NOT JUST READ ABOUT IT.