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Six follow-up questions aimed at the weakest parts of your memo, each answer rated with a hint toward a stronger one.
3 min read · Last updated Oct 6, 2026 · Educational only, not investment advice
Writing the memo is half of an investment committee. The other half is the questions afterwards. The IC grill asks you six follow-up questions about your memo, one at a time, and rates each answer the way a skeptical committee member would.
The questions are written when your memo is graded, and they aim at the weakest parts of it. If your downside was mild, expect to be pushed on it. If you skipped a covenant, expect to be asked about it.
Your answers are saved as you go. If you leave, you pick up at the next unanswered question.
| The grader asks | What a strong answer does |
|---|---|
| Is it specific? | Answers the question asked, about this company and this loan. |
| Is it quantified? | Puts a number on the risk: the stressed metric, the headroom, the size of the loss. |
| Is it honest about risk? | Admits what could go wrong instead of defending the memo at all costs. |
| Does it land? | Ends with what you'd do: a condition, a covenant change, or a changed recommendation. |
Practice out loud
Real committees ask these questions in the room. Try saying your answer before you type it, then tighten what you wrote.
Illustrative only. Suppose the committee asks: "Your downside is mild. What happens if margins fall back to the worst level in the company's history?"
| Answer | Why it scores that way |
|---|---|
| "We think the company would still be fine because margins have recovered and management is strong." | No number, no answer to the question asked, and no view on what the lender would do. This rates low. |
| "At the historical low margin, EBITDA falls by about a quarter, which pushes leverage above the covenant in the second year. I'd still approve, but only with a tighter step-down and an equity cure." | Direct, quantified, honest about the breach, and ends with a concrete protection. This rates high. |
Notice
The strong answer doesn't defend the original memo. It accepts the problem and says how it would protect the lender. Committees reward that.
Ratings run from 1 to 5. Look for the pattern across the six questions rather than any single score. If the same weakness keeps coming up, that's the section of your memo to rewrite before you re-grade.
The grill is text only for now. Ratings and feedback are generated by AI and can be wrong. Use your judgment.
Educational only. Nothing in this guide is investment, legal or tax advice. Practice on a case, and never use an employer's confidential documents.