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    Middle Market

    D.A. Davidson Interview Questions & Prep Guide

    3 sample questions with model answers, interview process breakdown, compensation data, and insider tips — everything you need to land an offer at D.A. Davidson.

    7/10

    Interview Difficulty

    2–3

    Interview Rounds

    ~5%

    Acceptance Rate

    Overview

    D.A. Davidson is a leading firm in middle-market investment banking, with operations in Great Falls, Portland, New York, Los Angeles. The firm covers TMT, Industrials, Consumer & Retail, M&A. Core technical skills include DCF valuation, EBITDA-based analysis, and understanding enterprise value vs. equity value.

    Culture

    D.A. Davidson is known for its collegial culture with earlier responsibility and more direct client exposure than bulge brackets. Analysts develop strong financial modeling skills and often work closely with PE sponsors on leveraged buyouts.

    Interview Process

    1

    Resume screen and initial phone interview

    2

    First-round with associates/VPs — technical and behavioral mix

    3

    Superday or final round with senior bankers

    Technical Focus Areas

    Core accounting and three-statement linkage
    DCF with practical assumptions
    Comparable companies — selecting appropriate peers
    Middle-market deal dynamics and PE sponsor relationships
    Industry knowledge in target coverage group

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    Sample D.A. Davidson Interview Questions

    Click any question to reveal the model answer.

    Insider Tips

    Research D.A. Davidson's recent activity and key focus areas
    Articulate why you prefer this firm type over bulge brackets
    Demonstrate genuine interest in D.A. Davidson's specific strengths

    Compensation

    RoleTotal Compensation
    Analyst (Year 1)$100–110K base + $40–80K bonus
    Associate$150K base + $60–120K bonus

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