General advice to SA who are interviewing
have screened 20+ sa applicants, want to point out a few general things that the young folks out there should take note of. of course different interviewers have different styles, but I think the general things should stay general among different interviewers. I am mainly referring to the 1st round/phone interview you will get with a junior member (analyst/associate)
1. Please sound somewhat excited and enthuasist in the interview (of course don't go over, use your judgement). The interviewer is not listening to every word you are saying (you know sometimes it is at the end of a tiring day, so people will zoom out, sometimes people will check blackberry), so listening to monotone/flat voice is usually not good even though the content might be good.
2. don't be a tool and start the introduction by why you like finance. start with something personal, where you grew up, your interests, who you are as a person. the interviewer at some stage will get into why you are into finance, be patient. you want to be remembered as someone that travelled around the globe when you are 15 by the interviewer and not the other guy that likes finance
3. do understand what investment banking does and what is an expected of an analyst/summer analyst, talk to people in the industry and ask them about this. make sure you mention that you understand at the entry level you will get to do a lot of challenging work but also tedious work, and state you are also willing to do the tedious work because that is part of every entry level job and you can also learn from it (50-60% of work of the summer analyst is tedious and people will expect you to have the right expectation)
4. you will get ask technicals at some stage in the interview process so please be prepared, the time of the English major getting a job without knowing any finance is over. it is also a sign that you are interested in this job. There are too many technicals questions people can ask so i won't go through them (also quite a bit of good posts on this forum about them). 70% of the time people will ask you how to value a company, so make sure you know that (incl. difference between equity and enterprise value, and the different multiples)
5. to do some research on the bank you are interviewing with and know at least 3 deals they have done, and also know what the deal is about, many times people tell me: xx bank has done the ipo of yy company, I: what does yy company do? interviewee: ...[silence]. this is not good. and also know how xx bank is different from the rest
6. when you ask quetions, keep in mind the position of your interviewer, I have had people ask me questions about the strategical direction of my bank....I bsed the answer but seriously I am just an analyst how would I know this and why would you be interested in this, you are applying for summer analyst and not the cio position.
good luck.
+1 Most importantly point is
+1
Most importantly point is #2. Please don't be a tool. At the analyst level, we don't really want the overzealous finance conoisseurs. As long as you know the basic technicals and seem genuinely interested in finance, that's all you need. I'm far more interested in talking to an interesting person who enjoys things OUTSIDE of finance so we can chat about whatever it may be -- my brain does finance 70 hours a week, and chatting with you on the phone is an opportunity for a break. So please please PLEASE have interests outside of finance.
Thanks for the great
Thanks for the great inputs.
And a few questions: are the interviewers for the 1st round mostly 1st to 2nd year analysts, or the HR people of the company? And does your advice, especially #2, apply the same for trading SA at BB, or would people expect interviewees to be more enthusiastic about the financial markets and thus spending more time on them?
Interviewers are generally
Interviewers are generally analysts and associates with a couple of VPs/MDs sprinkled in there (superday format). Overall enthusiasm is expected for IB or S&T, but understanding of the 'day in and day out' of the markets is more expected for S&T obviously. Beside knowing the technicals, knowing specific M&A/cap. raising deals is much more relevant to IB.
What I meant is to show
What I meant is to show interest in finance but don't go over the top, and that can apply to any section of finance (IBD, S&T, ER, AM, IM, PWM, etc.). If someone asks about your interests, please don't say "following the stock market, maintaining a portfolio, becoming the next Gordon Gecko." I can promise you that most analysts will ask open-ended questions that will allow you to go in any number of directions -- by taking the finance route, it's likely you'll just start blabbing about something we know more about than you do. Show you have a life outside of finance.
As someone who just
As someone who just interviewed a bunch of SA's, I'd add to #5:
Find the "poster" deals each bank has done across different sectors and products. Shows you know more about the bank and that you're more enthusiastic. You also sound smart if you get a sector banker interviewing you and you happen to name something in their sector - conversely you sound rather silly if you're talking to an M&A banker and you can't name any M&A deals..
Also, do some research on the bank you're interviewing with and what distinguishes them from everyone else - we all know you're applying to a bunch of banks, but please at least make the guy feel like you really want to go to his bank..
Worst of all - DO NOT bluff - you will be found out, and it will not look pretty.
For #2, are you talking about
For #2, are you talking about the response to "tell me about yourself"? I take your point of not being a tool, but I get the impression when an interviewer asks you to tell him about yourself, it's the equivalent of "walk me through your resume".
MNE: No, when I/we say tell
MNE:
No, when I/we say tell me about yourself I want to hear about stuff that I haven't read through on his resume the 30 seconds before I called the guy..
blueofspirit wrote: MNE: No,
MNE:
No, when I/we say tell me about yourself I want to hear about stuff that I haven't read through on his resume the 30 seconds before I called the guy..
I believe you, but I've also heard the other side, ie people saying 'dont bore me with your personal stuff' when asking this question.
To cover for both, do you think a good strategy would be to first answer the question in 30-50 secs like you suggest, and end with something like 'did you want me to walk you through my resume right now as well'?
MurdersNExecutions
MNE:
No, when I/we say tell me about yourself I want to hear about stuff that I haven't read through on his resume the 30 seconds before I called the guy..
I believe you, but I've also heard the other side, ie people saying 'dont bore me with your personal stuff' when asking this question.
To cover for both, do you think a good strategy would be to first answer the question in 30-50 secs like you suggest, and end with something like 'did you want me to walk you through my resume right now as well'?
Probably a safe bet. What I would do is to open with one liners on each of where from, school, degree, most impressive work experience or the one that got you interested in IB. That sets you up nicely for what the interviewer will ask you next (either something about what you've just said, your work experience, etc.
Shaping the interviewer's line of questions doesn't always work, but it won't cost you even if the guy ignores you completely and starts asking you questions from his list (yes, there is a suggested list)
blueofspirit is spot on, when
blueofspirit is spot on, when we say tell me something about yourself, we don't want to hear you are a finance genius nor do we want a 5 minute introduction about your life. you have around 30 seconds to make yourself sound like an interesting person.
Got it. Thanks guys, this is
Got it. Thanks guys, this is especially useful since it's likely the first impression you make in an interview. Nobody should go out the door without this advice.
Also something to add - can't
Also something to add - can't believe its not yet been said - but be yourself. I've interviewed so many insincere folks, and bullshitters pretending to be something they are so clearly not.
That's great suggestions.
That's great suggestions. Cheers mate