What to expect during first round phone interview?

I have a phone interview coming up with a VC firm with around $100mm+ AUM. I don't really know what to expect and it's with a partner at the firm. I don't have any prior professional financial internships and am a rising junior at a target. Any tips?

 

Research the firm (if any information is publicly available), write down a list of what you can provide them as a resource and any relevant course work experience, tell them your aspirations.

Don't sound desperate.

Achieve.

If you find yourself feeling lost, go climb a mountain.
 

Have a potential investment idea for them ready to offer up. Most VC shops have interns doing some form of sourcing or market diligence. Having a company or sector on hand shows that you've researched what the firm does and what would fit their investment profile. Make sure to be able to talk about the company, why it's differentiated, overall market/ competitors. Shouldn't be too hard to do and it's a good mental exercise during interviews to show your approach to investing.

 

My first phone interview began with the formalities first, my background, leadership experience, examples of how I dealt with deadlines in the past, etc. Then the major question that was asked was "why private equity". I can't attach a link since this is my first post, but having a well thought out answer to that question helped me a lot. You can Google some of the things you can say depending on your experience, but personally I didn't use any of those answers I found online since they probably hear the same ones over and over again. I didn't have to do anything technical over the phone for the first interview, but I'm also just an intern right now so I'm assuming full time career ones will be much more difficult than mine. Hope this helps.

 

Wow? This is denfiently a reinforcement…. You have to always bring your ‘A’ game especially on the phone.. I am learning now after so many phone interview that I am a actor and I am audiencing for a famous role? and remembering it not about me but about the company and what do I bring to the table.

 

If it's IB, no one works on stock pitches so I doubt they would care about that. If I were you, I would definitely focus on learning my resume cold (work ethic, teamwork, interest, etc.). I would craft a strong and genuine story about why IB/why that firm. Also, try to just relax and always remember to upsell yourself as a good candidate, but don't go overboard.

Finally, learn the basic finance questions. Three statements, basics of valuations, cash flows, etc. The search function on here will help you with basically everything you need.

 
Best Response

For basic technicals I would know: - the 3 statements, what each entails, and how they link/interact with eachother. - the 3 main valuation methodologies (also know some basics about an LBO), and the pros and cons of each. - The inner workings of a DCF (how to walk through it, major drivers) - Different types of cash flow (FCF, Unlev FCF, Lev FCF), and how to calculate each.
- WACC and everything inside it (Cost of E, D and the calcs behind them.

These are for the most part the basics things you will be asked on a phone interview (if asked any). I'm sure there are others but impossible to list everything.

 

You may come off as too calm during the interview, and really dull with your tone of voice. This may be the reason for them thinking you're not enthusiastic, although you may me. This is something you can work on.

Could be something else though, but just trying to help. Best of luck, op.

 

It usually happens when you over-prepare/think about the interview. One thing you could do is just stop preparing for the interview 1.5 days before the interview and read something really random, or just try to stay away from anything related to the interview.

This way when you pick up that phone, you are not prepared with any hardcore rote answers you learnt a few days ago. You will automatically come of as very natural and when you are natural, you will make that personal connection.

"I do not think that there is any other quality so essential to success of any kind as the quality of perseverance. It overcomes almost everything, even nature."
 

@Ambani that's interesting. I hadn't thought of that. I can see how my answers could come off as being rote. Thanks for that! So just to be clear there aren't any questions I can ask to make the interview more personal and such? Or establish a connection? I'm only asking because that seemed the logical place or time for me to forge a connection

 

Why Investment Banking Why a boutique instead of a bulge bracket (Have a good answer for this) Why did you go to the school that you went to What have you done over your last few summers or school years that prepares you for ibanking Do you know how to value a company, how?

One of the most important things, I think (I'm going to be accepting my offer from a boutique pretty soon) is that you can convince them that you really want to be in a boutique setting instead of bulge bracket...more deal exposure, get to see things through from start to finish, etc.

Also try to make sure you know what sets this specific boutique apart from others...is it generalist, industry specific, solely m&a, etc. and be able to convince them that this is in fact what you want.

 

treat it like a "real interview". dress for one when you take the call(tie and all). Be ready with solid examples of when you were in a team, showed leadership etc...

You probally wont need any of this and it will be just a casual call but you'll kick yourself if your not ready and screw up.

 

Just a basic phone screen to make sure you're not crazy or socially challenged. Prepare to talk about your resume. Why Lehman, why Asia, why ibanking, etc. If it's an HR phone screen, don't worry about technicals or market questions.

 

really depends on the group... i went through these with a few banks, and usually they let you know in a couple of days (after they finish a round of calls, maybe)

 

Yeah, if you're interviewing with HR, then obviously it's going to be mostly fit/behavioral and you aren't going to get asked about trade ideas. But if you're interviewing with actual traders/salespeople (and I'm assuming this will be the case), then you could get asked anything... probably will be a mixture of behavioral, fit, why S or T, why that bank, and talking about the markets and trades. Why you have to be prepared for anything though is because even if HR gives the interviewer a set of BS behavioral questions to ask, the interviewer can completely ignore HR's suggestions and ask whatever the hell he/she wants. There are a lot of good threads on here about S&T interviews though, so definitely check those out. Here's a pretty useful one: //www.wallstreetoasis.com/forums/create-the-step-by-step-guide-to-attaini…

And last thing, try to get some practice doing phone interviews if you can. It may just be me, but I always felt a little uncomfortable going on phone interviews even though I felt perfectly fine doing in-person interviews, and I think this came across to interviewers... again, may just be me though.

Good Luck!

 
futurectdoc:
I'm not sure why I'd pony up when there are people on here who would be willing to do it assuming that you'd do the same for them. It doesn't even look IB specific.

How about you thank him anyway you prick

I banana back
 

I doubt private wealth management internships will ask you terribly difficult technical questions. I’d imagine they want to gauge your interest in the financial industry. They might ask you about a book (finance or not) you’ve read, a stock pick and why you like it, summarize a recent financial event in the news. They honestly probably don’t expect you to know much of anything. They mainly want to know that you’re personable, dependable and will work hard for them.

The important thing is to stroke their ego by asking them questions about their career or personal interests (as long as it’s not too probing). It’s usually a good sign when the interviewer wants to talk more than you.

 

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