"What other banks are you interviewing with?" Best answers

Pike:

No...certainly do not go on and on about how they are your first choice...even if they are. I loved getting this question during interviews because it gives you a chance to make them a little jealous. In this situation, think about courting a woman: if she knows you are wanted by others and have other opportunities, you become more attractive to her.

You want to approach this question by being honest:

1) If you are interviewing with a BB for IBD, you want to mention some of their competitors you are interviewing with and maybe a strong MM as well

2) if you are interviewing with a MM or boutique, this is a chance to mention you have interviewed with BB's but are looking most at MM firms (and then mention some other MM interviews you have had)

3) If you are interviewing with IBD, DO NOT mention that you are interviewing with some consulting firms or commercial banks...things that aren't in their area. Even if you are, you want to appear only focused on IB

3a) Also, if you are interviewing for an O&G group in Houston....mention you are focusing on O&G groups in Houston and want to be there. You want them to believe their industry, their location, and their caliber i what you are looking for while showing you are wanted by other banks

Great points +1 SB

[quote=CompBanker]These might help as well:

http://www.wallstreetoasis.com/forums/the-what-other-banks-are-you-appl… http://www.wallstreetoasis.com/forums/answering-the-what-other-banks-qu… http://www.wallstreetoasis.com/forums/hey-former-interviewers-when-you-…]

Haha dat search function

neanderthal:

Solid advice guys.

Would an answer like this be adequate at say, a UBS interview: "I'm interviewing with a number of other firms, but I'm mainly focusing on bulge brackets. Some of the other banks include Deutsche Bank and Bank of America. However, I cannot imagine declining an offer from UBS if given one."

I'm also interviewing with "higher ranked" banks including GS and JPM. Do I also name drop these or would that lead the interviewer to believe that I am indeed more interested in the bigger names?

As for the last sentence, would I actually need to provide concrete reasons as to why "I love you guys" or leave it at that?

Absolutely say "I cannot imagine declining an offer from UBS if given one" if you are looking for an auto ding.

I love that there are myriad posts on this board from people who are like "I don't understand why I didn't get an offer, I did everything right." Except they say something like the above... Why would you think that saying "I can't imagine declining an offer from your firm." Would you go up to a girl and say "I am trying to have sex with some of your more attractive friends but I cannot imagine declining a blow job from you if offered."

You are delusional... you need to think before you interview... Don't say this...

The reason they ask this question is to find out if you are legitimately interested in investment banking or if you are just applying to every job you find. This is especially true if you are interviewing with a specific group like energy. If you answer that you also applied to a ton of small accounting firms, some NPOs, and a marketing firm, then it's obvious you just need ANY job. If you mention a few boutiques that specialize in the same group or industry that you're interviewing for it will show that you have done your homework on the industry and that you are actively trying to get into it by any means necessary.

nb84 is correct. They just want to know if you're serious about going into X field.

Thank you!, anyway I just got dinged, feedback is I should be more serious :( . Well, Bring in the next horse, i just fell from one!

You're the idiot. This is a standard interview question across all industries and is probably one of the easiest to answer with the standard response. Do a search next time before you make yourself look like a moron.

I had companies ask the question indirectly: "What are 3 of the most important traits you look for in a company?" And then following that, "What are 3 examples of such companies?" (They'll assume your answers are other places you're interviewing with, and will generally ask you about that.) Anyway, you should expect this type of question. The standard response is to keep the companies in the same league/tier and of course same field. If they ask which ones, it's no big secret, so you can tell them the comparable firms. What you don't exactly want to lead into, ideally, is "Those are a lot different from what we do. What exactly do you want to do?" Just means you have to convince them a little more, compared to the focused candidate. But you can get around this tactfully if you emphasize your first choice (them of course).

When I asked this question, I was looking to hear that they were a) only interested in investment banking, and b) looking at other shops that were in similar geographies / other MM shops. I'd say that people gave the answer I was looking for about 85%+ of the time. The percentage is much, much lower on a first round phone interview though.

My answer:

"I am applying to every bank under the sun because I want a job really, really bad."

Just be honest - a little competitions goes both ways

If you're interviewing at a BB, you should name other BBs in the same tier, but be sure to note that the BB you're interviewing with is your top choice for XYZ reasons. Same goes for boutiques.

Look at my signature

Neither do I ... look at my middle finger :)

Just playin ...

Say you got a BOAML FT offer and create a personalized offer letter. They will be impressed and give you an offer in a second.

Just to add about your Duke interview.

You know that the interview has no bearing on your admissions decision. You are correct that she shouldn't have asked you that question, but the information she wrote down she wouldn't have turned in 1) because Duke doesn't care and 2) because it would have gotten her in trouble.

Just thought I'd post that just in case other people were worried about that question during school interviews.

Talk up the company you're interviewing for, name the rest.

This is how you should answer:

"Well I have had interviews with Firm XX and firm YY, however, this is my first choice." "I can't imagine turning down an offer from here if I were to receive one." Boom. It sends a signal that you are enthusiastic about the Company, and that you are also being pursued by other firms. If you have an offer, this tactic works even better... you say something to the sort of. "Although I have received an offer from XX, I have been reluctant to accept, due to my interest here". Best of luck

So when we say same tier, what are we talking here?

GS, MS, JPM

CS

The rest?

Don't want to turn this into another rank the banks, but say it's stupid to mention you have a GS/MS superday at say UBS/Citi superday? but one tier above is ok? ie saying you're interviewing at CS for UBS/Citi?

Basically same tier is GS, MS and JPM

The other ones go below like Barcap, Citi, BAML, etc.

lower stil will be UBS, CS, WF, etc. but in all essence everything about GS+MS+JPM can be linked together. Bankers all have huge egos so if you mention any of the 10 BB's they will consider their bank just as good, though dropping the Goldman Sachs bomb if you're at UBS is perhaps not as wise.

Just use common sense. This question only gets hard at boutiques and MM's where you should not say GS if you're interviewing for Piper Jaffray, etc.

Probably so. Just because it would be so damn weird.

I used to have this problem, I'd try to make up a good answer and sound retarded. Just err on the side of caution and name 2 or 3 similar companies to the one your interviewing at.

Don't you ever people lie about stuff to make it sound better?

It'd be SUPER weird if you said "I'd rather not answer that question" or something along those lines.

Why would you not want to answer this question?

Something generic like interviewing with other MMs or BBs. If pressed for specifics, then....

It would be awkward & probably an auto-ding if you refused to answer the question. Just come back with one or two company names that are relevant to the interview. It is very unlikely they can verify it or check on it. Keep your cool...

Either make up a couple of names (I haven't done this, even if I wasn't interviewing elsewhere) or just tell them this is the only place you're interviewing. Just don't not answer the question, that'd be the worst option.

just say 2 or 3 similar shops and then end it with "but this is my first choice, i'd love to work here if i got an offer."

As long as you told the truth, you answered well.

yea. wouldn't lie. sometimes exclude some names... Like if you just told a BB that you love the BB culture, its tough to explain why you are interviewing at boutiques.

Terrible answer, you probably got autodinged. You want to say "I am only interested in your bank and I would do anything to work here. Speaking of which, would you like me to use lotion when I give you an old fashioned?"

Compile a list of other banks you are interviewing with and recite it.

i would mention only 1-2 names of similar banks

I think a lot of us overthink it. But good job if that's the truth. If its a lie, its a small world.

Yes that is the truth; I am pursuing other BB banks. He didn't ask me why Barclays HK or BB specifically; he just wanted names of other banks.

Also, I'm not sure about saying "I'm only going for your bank," because it makes you sound desperate. I read that the strategy for answering this question is to make the interviewer feel jealous.

Also he asked for "pursuing" and "applying" and not "interviewing." I only said 'm applying and pursuing other BB banks. I know that bankers all know each other and everything, but are they actually sharing which candidates they're interviewing? That information seems too confidential.

Also, I did not give out many names, only BoA, Goldman Sachs, and UBS.

Just be candid. Makes you look more attractive, but don't lie about it. The industry is small people have friends/contacts at every firm.

be honest. if you've interviews lined up with other banks then mention it casually but make sure you convey that their bank is your first preference and why.

You should say "I have looked into other firms that interest me, but your firm is a primary target."

Oh and I do have an interview lined up with a BB, but I didn't mention it because I haven't started interviewing yet. Since BB are more renown than most boutiques, would it be worthwhile to t mention it? I know if you're interviewing a BB, it's probably best not to mention a boutique or MM.

I received this question at almost every SA interview this season. And, you're assumption is exactly right. I think that banks want to see that you are sincere when you explain why you are targeting a BB/MM/Boutique. Definitely limit your answer to the given bank's competitors.

I also think it is important to note that you should not lie. That could come back to bite you down the road.

I always answer truthfully. Sometimes I won't say the names of the banks but just allude to them. I said the name of some BB's when at an MM and I think they took me a little bit less seriously after that though to be honest.

If you don't have an interview don't tell them you do.

Depends on how you define "interview". When I had some first rounds, I had "informational interviews" at some places, so I just said "I am in the process with X, Y, and Z banks". They didn't ask which stage I was in, but if they did, I would have told them the truth.

Of all the banks I interviewed with, Lehman was one of the ones that asked the question in every single interview. Expect to continue seeing that question as you move forward. I'm convinced that a major reason I got an offer from them is because I had offers from a couple of other places at the time.

Lehman has been doing this for a few years for two primary reasons. First, to gauge the probability that you will join the firm if you are extended an opportunity, (weighing this against your appeal to them amongst their recruiting targets, your background, accolades, etc.) And secondly, to determine whether or not you're a commodity or an atrocity. (Everyone wants a potential high performer but Lehman is particularly judicious given the high demand for these prototypes among BB firms.)

Think of it like this. If you were an NFL general manager preparing for the draft and you had the 4th pick in the draft, would you spend all of your time focusing on the top two prospects? The answer is no. Your best of the best are people you want, but you want to be very aware of their other options. Otherwise this could prolong the HR's/MD's analyst placement process.

In regards to your question, I told them the truth when I was interviewing more than a year ago. My response would be, "I'm seeking opportunities with...(name 2 others; my opinion that any more makes you look desperate)", and that I'm preparing for interviews in late February. Cool, honest and some ambiguity in your response.

If you tell them late Feb and they really want you, they'll let you know almost hours (not literally) after your interview in hopes of snatching you up first and that way they know they're first...

people fret about this a lot of the message board,but honestly this isn't going to be the reason you were rejected.