Investment Banking Technical Accuracy: Topic Benchmarks (2026)
2026-01-21
Technical
Research
Data
• 1 min readTopic-level accuracy benchmarks for DCF, LBO, three-statement links, and M&A accounting, with drills that moved scores fastest by difficulty tier and rework.
What this dataset is
These benchmarks are based on anonymized, aggregated technical practice attempts (n=61,400). They are guidance, not guarantees.
Accuracy by topic
| Topic | Accuracy | Most common miss |
|---|---|---|
| 3-statement links | 68% | Balance sheet out of balance |
| EV vs equity value | 72% | Double-counting cash |
| Sources & uses | 63% | Fees omitted or misclassified |
| DCF | 54% | Terminal value mismatch |
| LBO | 49% | Debt paydown errors |
| Purchase accounting | 41% | DTL and amortization confusion |
Fastest-improving drills
- DCF 7-step walkthrough with a 2x sensitivity check
- Paper LBO template with a strict timebox
- PPA example focusing on DTL logic
External references: NYU Stern valuation resources and CFA Institute programs.