Tell them that they're a boutique. A lot! Like all the time.

"After you work on Wall Street it’s a choice, would you rather work at McDonalds or on the sell-side? I would choose McDonalds over the sell-side.” - David Tepper
 

I would say reading Reuters and Bloomberg are more important, if not necessary, for the real face-to-face interview. However, it is important to know current global issues. Phone interviews are usually brief and may be with an HR representative (to skim the useless candidates) and/or a Hiring Manager. First and foremost, you should make sure you have carefully analyzed the company's mission statements, history, goals, product offerings, etc. (like information on their website) because they will 95% of the time ask you something about what you know about their company because they want to know if you care to waste time researching their company. In addition, make sure you're "in the zone" on the day of the phone interview because every second is valuable. While you want to make sure that you haven't over-practiced, you want to make sure that you can quickly think (present effective answers and solutions) while being able to eloquently speak. What I like to do is print out my resume, several facts about the company, and lay it all out on a table while I'm on the phone call. You shouldn't heavily rely on using the printouts, but at least you know that they are there if necessary. Also, make sure that you can easily point out (and somehow be able to correlate it within the interview) great achievements that the firm has marked. An example is if they are opening a new location, expanding their geographic business, or even if they have a large total asset management number for such a young company. If you use these kinds of tactics, be sure to know the specific numbers and years. Good luck and remember to be humble because jobs are still hard to come by and every opportunity is a blessing!

 

I would know your resume and story cold. Know yourself - where are you coming from and where you want to go and why. How does this fit with the bank you are interviewing with? They're more than likely screening you for fit, high-level industry knowledge and understanding of the boutiques business.

Also be ready for technical questions. It is an interview and nothing is off limits. Always be prepared.

 

I'm sure if they have been in business for a while they have a few deals recently, especially if they are looking to hire interns - no point for interns if there isn't a work load.

I just accepted a boutique intern position and I had a lot of success asking if they specialize in any industry or sector - if they are broad - ask the interviewer what kind of deals hey like working on the best as your interview may be an analyst or associate at a boutique.

Good luck

 

Maybe what interests you about healthcare specifically, where do you think the industry as a whole is moving especially with the unknown future of health care reform, and also for valuation purposed maybe some different multiples used in healthcare. Perhaps research the industry, including info about patents, royalties, legal/compliance policies, etc. Also some current events i.e. new drugs, R & D.

 

Know your story, and be personable. At small banks it is crucial that everyone likes you, since they usually value everyones opinion compared to a BB that has thousands of people working in one place.

Follow the shit your fellow monkeys say @shitWSOsays Life is hard, it's even harder when you're stupid - John Wayne
 

Good luck!

I'm in the exact same position as you and am pretty nervous as I don't feel as if I'm "ready" to interview quite yet. Hope we both get summer offers!

 
Best Response

You need no prior Finance experience to work in i-banking as most banks have comprehensive training programs. However, this may be an issue you wish to address as some boutique shops may not offer such extensive services.

Its a finance interview so you can wear a navy suit or a navy suit (solid or pinstripe) with a white shirt and conservative tie (I go brown shoes with blue but you can do black) I would probably hold off on the the cufflinks also.

Be prepared to answer the following questions:

Why did you choose your undergrad? What are the last 3 books you have read; what magazine subscriptions do you have? What are your 3 greatest weaknesses? The preliminary interview is all about fit I would stay abreast of developing issues in the markets by reading the WSJ and focusing on the credit markets and how the cessation of credit has affected deal flow. You can PM me if you have anything more specific.

PS If they ask you brain teasers, stam calm as they are more concerned with your demeanor and thought process as oppossed to whether or not you get the question correct.

 
slik vik:
thank you sooooo much junkbondswap. i will def follow ur advice. one more question: i get really nervous in these kinds of situations..so how shall i overcome my nervousness/fear?

Keep breathing. Seriously, take a second or two to breathe before you answer the question. Practice focusing on calm, confident thoughts (not cocky) and watch yourself in the mirror.

They're just looking for a decent, intelligent person with a good attitude. If you are that, then just be yourself at your best. They know you're not a finance genius - so no need to put on a show to pretend that you are.

 

the best way to overcome your nervousness, i'd say, is to remember that you are a freshman, and this is a small firm, so they will probably not try to break you during any interviews.

do you not have the vault guide to ib interviews?

_______________________________________ http://www.drmarkklein.blogspot.com/
 

well, what exactly is this internship? you described it as finance/research, whereas the vault guide will tell you how to interview for IBD analyst jobs.

a lot of schools have a vault account that all their students can use, so you might check that.

_______________________________________ http://www.drmarkklein.blogspot.com/
 

yea i just checked we do have an account and books on the vault guides. thanks man..appreciate it. by the way, do i have to wear a suit? cant i just wear a white collared shirt with a red tie because im just 17..wouldn't a suit be like overdressing? i seriously dont know..so guys pleasee helpp!!

 

wear a suit (if you dont then you really do become just another 17 year old, if you do youre at least taking all of this seriously and trying to make the best impression), try and do some basic research about the company (give their website a good look, do a quick google search if youve never heard of them before, etc), just be really confident and prepared with whats on your resume (any works experience, extracurriculars, projects, etc you've listed and have an example to answer questions like "do you work well in teams" should be answered with a concrete example)

every recruiter and banker i've ever talked to has stressed intensely how important the WSJ is so definitely be familiar with it going back a few days (use the big issues in the paper to come up with questions specific to whatever your job is...it shows you're aware of the financial world and how it affects the firm/you). this probably more key than any brainteasers or technical questions at your stage since you just got in college and are very green. also if you're that worried about brainteasers, between vault, doing a few searches of old threads here and maybe a quick google search, you can find all the basic ones that are the most common, just be sure to really present logically your thought process even if you memorize the solution. good luck

 

one more question. how do i answer a question like why investment banking? why finance? because i do want to be an investment banker..but i dont hv any clear cut answer as to why i wanna become one? so how shall i answer/approach this ques? THANKS ONCE AGAIN.

 
slik vik:
one more question. how do i answer a question like why investment banking? why finance? because i do want to be an investment banker..but i dont hv any clear cut answer as to why i wanna become one? so how shall i answer/approach this ques? THANKS ONCE AGAIN.

Talk about things that you find specifically interesting to you. What drew you to the industry. Don't say it's because of $$$. Give examples.

********"Babies don't cost money, they MAKE money." - Jerri Blank********

********"Babies don't cost money, they MAKE money." - Jerri Blank********
 

i mean...you must have some rationale for choosing the business right? as long as your only motivation isn't the pay, you can actually tell them why you want to do it. and if you dont have any motivation for wanting to be a banker...what are you doing interviewing with them?

 

Since this is your first interview, you could also do a few practice runs with your schools career services department. They will have lists of questions that you would typically get asked.

When asked about why IB, make sure your answer has a way of showing you are passionate about the career you are pursuing. That will help with showing it's not all about money.

Also, you have to wear a suit.

 

o maann...the interview was soo friggin easy..i was worrying way too much.. i got invited for a 2nd round interview...but i feel my chances are slim b/c im the only freshman there..the rest of them are soph/juniors/seniors. there were two interviewers..the one who was asking me questions was really nice..but the other interviewer was an asshole..he kept lookin at his watch like he was bored and always countered what i sed..ifelt like punching him. but other than that it went pretty smooth. so.. thanks to all of you guys who helped me.

 

My advice would be, in the future, dont reveal the names of boutique banks that are actually still hiring. You've probably just increased your competition ten fold and found sternmonkey a job.

 

i have a list of 20 or so fit and 20 technical questions that i have prepared. i will have that printed out in front of me and i will also have my resume. anything else i should i have readily available to glance at or look over during the interview?

 

Thanks for the tip. My other question is how many and what type of questions should I prepare? I read a lot about asking Why should I work here? ect. but since I was the one who initiated the contact, how just would that question be based on the circumstances?

 

know your resume in and out, have an articulate answer as to why you want to do banking, and have good examples on hand as to how you could add value to this particular firm. feel comfortable with technicals, but focus more on fit and hitting it off with the MD during the interview.

Good luck.

Capitalist
 

take this with a grain of salt

It's depends on the bank. I think (from doing a SEARCH for PHONE INTERVIEWS) that it varies pretty widely, but people seemed a bit surprised when the BBs asked them more fit than technical questions. If you're a freshman, however, I have a feeling they're going to be less worried about you knowing technical information than your willingness to learn, your intelligence, and your interest in finance.

I could be way off here, but I highly doubt you're going to be doing a lot of valuation and models as a freshman intern.

"You stop being an asshole when it sucks to be you." -IlliniProgrammer "Your grammar made me wish I'd been aborted." -happypantsmcgee
 

Phone will be far more fit. I don't know much about the recruiting process for boutiques since I've only done BBs, but they won't be trying to gauge your technical knowledge over the phone. Phone interviews are more screening, an effort to determine if you're worth the time of an on-site interview.

Also, considering that you're a freshman, it's really unlikely that you'll be expected much of.

I am permanently behind on PMs, it's not personal.
 

The type of questions they will ask is really dependent on the bank. Not all boutiques ask the same questions. It also depends on your major, if you a finance major you will probably be asked more technical questions than an english major from harvard. Read the Vault guide on Ibanking and finance for ideas of questions. I would expect they would ask you why you want to be an investment banker.

For some good questions, do some research on the bank. See if there are any deals in the news. Also, you could ask how subprime has effected there deal flow, or other subprime related questions.

 

I have found that boutiques are slow to get back(at least the one I interviewed at). It took one week to hear from them after first round, then another week to hear from them after second round. Wait about a week before calling.

 

ab123- interesting.. i guess it's because they don't have hr depts

It has been over a week, so I don't know what to do. I also don't want them to "forget" about me?

 

Don't stress about this too much, the person you will be contacting is likely not a real decision maker. It sounds like she was just doing some sort of screening interview. Just send a short e-mail, say something like "I wanted to get an idea of your employment timeline as I continue with my job search." If you are up against any offer deadlines at other banks, let them know (don't mention bank names). It will put added pressure on them to get you in, and show them that you are a desired candidate.

 

thanks, man i threw her an email saying that i'm still very interested and asked if she has any information about the second round interview.. i'll keep you guys posted

i really hope to get this internship - this is a very small boutique, but it would be a great experience as a sophomore

 
roymondito:

Go on another bank's website, memorize everything on there, and then act as if you were interviewing at that bank

"I want to work for bank X because as a meritocracy, I believe bank X can provide me with the culture and opportunity to learn, grow and succeed in my chosen career."

 

Ask them what is their website's name?

“It is our fate to be tormented with large and small dilemmas as we daily wind our way through the risky, fractious world that gave us birth” Edward O. Wilson.
 

No website does not imply sketchy - Banking is a relationship driven business and having a website doesn't really mean much if all your deals are from a private network. I can see smaller boutiques seeing no point in hiring someone to maintain a website if it never generates deal flow. It may even be a plus when you consider all the spam you'll get to buy database subscriptions, hire interns, and frauds. EX: Allen Co does not have a website.

Asking why they don't have a website can be seen as pretty rude - just get a feel for how legit the firm is. Ask about their recently closed deals, and when you get an offer, ask to speak with a previous intern to learn more about their experience..

 

I'm guessing it depends on the firm, but I doubt they will ask any technical or even accounting questions especially if you don't have any IB experience yet. They might ask one or two industry/market questions to see if you are interested in that field or stay up to date with the markets.

As a sophomore, don't spend too much worrying about technical questions. It's mostly going to be fit questions so just get those down. They usually don't expect much so just know your story and show good energy/enthusiasm.

 

They might ask you what the Dow is at, maybe some other index.... I also recommend coming up with a few questions. Usually at the end of an interview we ask people if they have any questions - Word of advice, come up with intelligent questions!!!

Most likely, you will be working with the person that is interviewing you...Just be yourself and professional at the same time. Its an internship, they want someone who's educated but at the same time someone they can enjoy working with.

Hope this helps!

 

If you're in Asia, it's easier than in the USA, for example. The questions will be on your background and financial skills, of course. I'd say just cause you got the interview, you are 50% already there.

In the USA, it is different story. People treat candidates like garbage, they scorn and loathe them. In the USA, it's all about putting you down and vetting you out. That's the only thing the scum that does the hiring has in mind. Just because the sheer number of applicants for each job (on average, 500 qualified people apply for a banking job out of school).

You're in luck cause you're in Asia !

Winners bring a bigger bag than you do. I have a degree in meritocracy.
 
Financier4Hire:
People treat candidates like garbage, they scorn and loathe them. In the USA, it's all about putting you down and vetting you out. That's the only thing the scum that does the hiring has in mind.
Two questions for you: 1. If you believe that people in that industry are scum, why do you want to join them? 2. Have you considered the possibility that maybe it is you that they treat like garbage and not everyone because of something you do?
 

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