Meaning of "It's not in the bag."
The Context
Important rules of job interviews:
A. Repeat to yourself: "It's not in the bag."
B. To answer the question, "What would you do?" think of the correct answer to "What should I do?" and give that as your response.
C. Laugh at their jokes, but don't offer your own.
Answer
It means that they should not be over-confident; the job isn't theirs yet.
in the bag (informal) if something is in the bag, you are certain to get it or to achieve it
Once we'd scored the third goal, the match was pretty much in the bag.
Nobody knows who'll get the job, despite rumors that Keating has it in the bag.
etymology: c. 16th. century, from the (bird hunting) 'game bag', meaning not only had the game been hit, but also found, retrieved and was now safely and irrevocably on its eventual way to the table.
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