Corp Dev Interview Questions: Case Studies, Deal Walk-throughs & Fit

Q: Walk me through a deal you've worked on.

Unlike IB interviews where you focus on the process and your role, Corp Dev interviews want to know: what was the strategic rationale, did the acquirer overpay or underpay, and what happened post-close? If you worked on the buy-side, that's ideal. If you worked on sell-side, you can still speak to what the buyer was getting and whether the price made sense. Have an opinion — "I think they paid a fair multiple" is less impressive than "I think they paid a 2-turn premium that was justified by the cost synergies in the supply chain."

Q: What synergies would you expect from [specific deal]?

Break synergies into: revenue synergies (cross-selling, expanded distribution, new product categories — harder to realize, often overestimated) and cost synergies (overlapping headcount, shared infrastructure, procurement savings — more predictable). Buyers should discount revenue synergies heavily. In a Corp Dev interview, showing that you know synergies often don't materialize as modeled signals seniority and credibility.

Q: How do you think about integration risk when evaluating an acquisition?

Integration is where most deals fail. Key risk factors: culture mismatch, retention of key employees (especially in tech where talent is the asset), technical integration complexity, customer overlap that creates churn, and regulatory constraints that slow integration. Corp Dev teams think about this earlier than bankers do — they're the ones who will own integration after close, so they evaluate it as part of the decision.

Q: Here's a target company. Should we acquire it?

Structure your answer around: (1) strategic fit — does this accelerate our roadmap or defend against a competitor? (2) financial profile — is the target's revenue growing, what are the margins, what's the burn? (3) valuation — what multiples are comparable companies trading at, what would we pay? (4) integration — what are the risks? (5) recommendation — yes or no, and at what price. They're testing whether you can synthesize information and take a position, not whether your model is perfect.

Q: Build me a quick model for this acquisition.

In a Corp Dev case, "quick model" means: revenue and EBITDA projection for 3-5 years, purchase price at a range of multiples, implied IRR or payback period, and an accretion/dilution check. You don't need a 3-statement model — you need a deal model that answers: what does this cost and is it worth it? Show the assumptions clearly and be prepared to sensitivity-test the revenue growth assumption, because that's where acquirers almost always get surprised.

Q: If you were in our position, what would you acquire in the next 18 months and why?

This is a test of whether you've actually researched the company and its competitive landscape. You should have at least one real answer going into every Corp Dev interview. Pick a target that: (1) fills a product gap you've identified in the company's roadmap, (2) is at a scale that's acquirable (not so big it's a bet-the-company deal), and (3) has a valuation that's defensible. Being wrong isn't the problem — being vague is.

Q: Why do most acquisitions fail?

Most studies show 50-75% of acquisitions destroy value. The main reasons: overpayment (especially in auction processes where competitive dynamics push prices above intrinsic value), integration failure (culture, technology, talent retention), synergy overestimation (especially revenue synergies), and strategic drift (buying things that are adjacent but not core). Corp Dev teams that know this build conservatism into their models and focus integration resources early.

Q: How do you evaluate a build vs. buy vs. partner decision?

Build: best when the capability is core to your business, you have the time and talent to do it, and the market window is long. Buy: best when time-to-market matters, the talent or IP is hard to replicate, and the target is at the right valuation. Partner: best when the capability is non-core, the relationship is reversible, and full control isn't needed. In Corp Dev interviews, showing you default to "buy" everything looks wrong — companies that do strategic partnerships well often create more value per dollar than acquisitive ones.

Q: Why Corp Dev vs. PE?

The honest answer: Corp Dev is more interesting strategically (you're building something, not just returning capital), has better work-life balance than PE, gives you equity in a single company which can be significant at a high-growth firm, and keeps you close to operational decisions. The weaker answer: "I want to use my IB skills in a different environment." They want to hear that you specifically want to be part of this company's growth story, not just that you want to escape banking hours.

Q: Tell me about a time you had to influence someone without authority.

Corp Dev requires getting buy-in from legal, finance, product, and HR teams who don't report to you. The interview wants to see that you understand this dynamic and have navigated it before. Use a specific example where you built alignment across a team through persuasion — through clear analysis, understanding their concerns, and framing the decision in their terms. This is different from IB where you just execute.