Hardest technical interview question + answer

Curious about the most difficult technical questions people have been asked. please provide answers (preferably correct) if possible.

What are Technical Interview Questions?

Technical questions typically follow after behavioral and fit interview questions such as: why this firm, describe an example of teamwork, etc. While technical questions may vary depending on which position you are applying for, the WSO community has come together to compile a list of some of the more challenging technical questions. Some of these questions may follow cookie cutter example to derive an equation, or to questions that evaluate your thought process.

List of Tough Interview Questions

Please not that this is not an all-inclusive list as some firms will question different aspects of finance, accounting, the markets, etc. This is just to provide some examples.

  • What is the difference between EBIT and EBITDA?
  • Derive the black scholes equation
  • What is a common evaluation that investment bankers/M&A use?
  • How would you hedge X example?
  • How would you invest a clients money?
  • What is the difference between a forward and future option?

Some more mentally challenging questions are:

  • How many gold balls fit in a Boeing 747?
  • If you take 7 steps forward and 3 steps backwards, how many steps have you taken?
  • Would you rather be rich or famous?
  • Why is a manhole round?

If you have any other challenging questions that you've either heard or experienced in an interview, please comment below!

Preparing for Investment Banking Interviews?

The WSO investment banking interview course is designed by countless professionals with real world experience, tailored to people aspiring to break into the industry. This guide will help you learn how to answer these questions and many, many more.

Investment Banking Interview Course Here

 

In my first round associate interview at Salomon, an MD asked me

  • walk me through how you might derive the black-scholes formula by using a real options approach
  • argue for the right discount rate to apply to 338-related amortization tax shields
  • your client is anticipating a hostile overture. What would you want to consider?
  • Rupert Murdoch asks you to give him an advantage on a sale process you are running for your client. You are in the running for a mandate for News Corp. The inference is that there might be a quid pro quo. What do you do?
  • would you rather be rich or famous?

In fairness, I wasn't the average associate candidate, either.

 
GenghisKhan:
  • argue for the right discount rate to apply to 338-related amortization tax shields

would you mind providing a brief explanation on this?

My understanding for a 338(h)(10) is that the buyer receives a step up in tax basis and can then depreciate the assets using the new value going forward. Wouldn't this just be based on projected useful life and one of the depreciation methodologies (straight line, accelerated, or macrs), which then impact the IS in the form of tax savings? Why does the amortization tax shield need to be discounted?

 

My answers were

  • long conversation on step by step real options approach. Some coaching was required on his part to get us through it, but overall I think I demonstrated an acceptable grasp of the relevant concepts
  • given that discount rates are a proxy for risk, I walked through the risks I could see and argued for a number somewhere slightly higher than pro forma company (target and acquiror combined) cost of debt
  • list of items including state/country of incorporation, waivers or exemptions from statute in by-laws and articles of incorporation, structural defense profile (poison pill, staggered board, no action by written consent, blank check preferred, etc.), shareholder base and insider holdings), capitalization and financial profile, information on acquiror
  • no way. Even if you ignored the most important thing, the duty to your client, how could Rupert ever hire me again knowing I was willing to sell out my client?
  • I have no interest in fame (ie, I dodged the question by saying money without having to say "I am greedy")
 

This was the hardest question I was ever given in a first round interview. (It was for a quant position on a fixed income derivatives desk)

X_t and Y_t are two assets that are driven by correlated jump diffusions.

X_t is tradable but Y_t is not.

Suppose the risk-free rate r_t can modelled using Hull-White, find the best possible hedge for Y_t.

I didn't get the job, and after the interview, I didn't want it either.

-MBP
 
jim_beam:
I think interviewers are just bored at work and ask retarded questions in interviews to amuse and entertain themselves...they might be actually indifferent to who is hired cuz everyone interviewing can do the job anyway

No

 

From what I can remember, during my first analyst interview an MD asked me:

  • A pretty generic question about how I would invest a client's money supposing he won the $100mm lottery
  • What books I had read on structured finance
  • Explain how I had used different types of modeling--stochastics and bollinger bands
  • If I washed my hands before or after the bathroom (I was stumped here, but he argued before, considering what you're touching before you go. good point>)
www.wallstinsiders.com www.facebook.com/WallStreetInsiders
 

Unless you were interviewing to be an options trader, why would you be questioned about Black-Scholes model? Just curious.

--- man made the money, money never made the man
 

Got these all during SA interviews.

Walk me through the accounting at day 0 and day 365 for a $100m PIK note at 10% interest paid annually (be careful about where you add back the non-cash exp on the CF statement). Got this at two different banks actually.

What is a 338(h)(10)?

Would you rather have $100 of A/R or Inventory if you are a solid company with strong operating margins - assume short cash conversion cycle (its inventory btw)

Which line on your resume is the most bullshit?

Give me examples of how you could create a DTA and DTL.

“Success means having the courage, the determination, and the will to become the person you believe you were meant to be”
 

I think it's because adding to accounts receivable is a 'use' of cash in that you are using up more money while you are waiting for payment in addition to the 100 dollar decrease in cash flow from ops, whereas Inventory is only using up the 100 dollar decrease in cash flow from ops. I think short cash conversion cycle would imply you use up money fast.

 

Because with 100 in A/R, your cash flows are capped at 100. With 100 Inventory, at minimum (barring financial troubles), you should receive 100 in cash (liquidation value) but also have the potential to sell for much higher. Essentially, 100 in A/R gives your profit a range of 0-100 (0 if it COGS was 100 to 100 if it was pure profit), where the idea is that 100 in inventory has much more upside value.

 

Not sure if this is 100% accurate, but my interviews w/ MMs and boutiques tended to be much more technical... names like HL and Rothschild come to mind from my own experiences...

Those questions aren't actually that tough, but I felt that same way last year b/c I didn't have my internship yet. I'm sure the guys on here that actually work in IB can share much more about this with you than me, but once I was at my internship and forced to deal w/ the shit everyday it becomes second nature.

No idea about NYC vs Regionals, but I interviewed for HL in NYC and Chi and they both were picky bastards on tech.

'Before you enter... be willing to pay the price'
 

From my experience going through it, BB banks were always less technical. They know they offer a phenomenal training program, so they worry more about fit and personality.

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

You'll get screened via the basic technicals and then you will possibly get pushed to test your limits if the guy is just in that kind of mood.

Basics: 3 ways to value a company: not just listing the name of the method but the mechanics behind it What is EBITDA, why is it used/useful? What is enterprise value, how is it calculated How do the 3 statements tie together walk me through $10 change in depreciation to the 3 statements Name some multiples you'd use for blah blah... Would you ever use an Equity/EBITDA multiple? Why or why not?

Starting to approach the pushy side: A company buys an asset on Jan 1 for $100, it is financed half with debt, half with cash; walk me through the effects to the financial statements at beginning of the year ---now one year later, walk me through the effects to the financial statements ----this asset was purchased with the expectation it would generate revenue...so what would changes thus be to 3 statements (it starts getting more tricky remembering stuff and keeping everything straight with each layer he adds) Where do you find a company's common shares outstanding --How do you calculate diluted shares outstanding -----what is the treasury stock method ---------walk through an example/calculation of treasury stock method Walk me through an LBO --what are the drivers of an LBO ----what are the important multiples for an LBO If a company has EV/EBITDA of 10x, Debt/EBITDA of 4x, no cash, market value of equity is $360mm, calculate the $ amount of debt.

 

One question which I had to think about:

Influence of the change from FIFO to LIFO (or the other way around) on (1) FCF and the value of a company using DCF and on (2) earnings and its P/E ratio. Assuming that this will not have an impact on the value of a company, why does the P/E ratio change? Price of a stock reflects discounted cash flows as well.

In the first scenario, change in COGS will be offset by the change in NWC (it has also a tax effect). Earnings will be influenced so P/E will change. Using the same P/E ratio, the stock price needs to be adjusted which is contrary.

Brainteaser:

You have 100 switches which are turned on. If you pass one switch it will be turned off or on respectively depending on the status at that moment. With how many switches turned on do you end?

 
dagobert_duck:
One question which I had to think about:

Influence of the change from FIFO to LIFO (or the other way around) on (1) FCF and the value of a company using DCF and on (2) earnings and its P/E ratio. Assuming that this will not have an impact on the value of a company, why does the P/E ratio change? Price of a stock reflects discounted cash flows as well.

In the first scenario, change in COGS will be offset by the change in NWC (it has also a tax effect). Earnings will be influenced so P/E will change. Using the same P/E ratio, the stock price needs to be adjusted which is contrary.

Brainteaser:

You have 100 switches which are turned on. If you pass one switch it will be turned off or on respectively depending on the status at that moment. With how many switches turned on do you end?

what's the answer for the brainteaser?

 
JohnAnthony7:
Breaking into wall street from M&I will cover everything

I feel they are good for the 1st round's technicals, I'd rather be over prepared for the 2nd round

 

Not really a technical question but the classic why IB and why XX firm in my mind are the absolute toughest to give good answers to.

Technical questions by and large are easy as there are concrete right and wrong answers and knowing them is generally the result of brute force memorization. It helps if you have a bit of Asian in your blood.

 
reformed:
knowing them is generally the result of brute force memorization. It helps if you have a bit of Asian in your blood.

you're going about this the wrong way

"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
 

Why is WACC U-shaped?

Not a difficult question per se but can throw you off if you haven't heard it before.

Assuming we ignore the affect of taxes, what happens to WACC when we increase leverage?

My annoying finance prof always asks us theoretical questions like this. Again, not hard but makes you think about the affect of leverage in a different way.

 
arguewithatree:
Why is WACC U-shaped?

Not a difficult question per se but can throw you off if you haven't heard it before.

Assuming we ignore the affect of taxes, what happens to WACC when we increase leverage?

My annoying finance prof always asks us theoretical questions like this. Again, not hard but makes you think about the affect of leverage in a different way.

Wacc will decrease first since the cost of debt is in general lower than cost of equity, so increasing leverage helps reduces WACC initially and WACC reaches the lowest point. As legerage keep increasing, the cost of equity will increase significatly since the beta will shoot up for highly leveraged firm (more risk), in addtion the highly leverage firm will pay more to secure more debt. Thus the WACC will drop first to a point then increase, aka a u-shaped curve.

 
uoft2013:
arguewithatree:
Why is WACC U-shaped?

Not a difficult question per se but can throw you off if you haven't heard it before.

Assuming we ignore the affect of taxes, what happens to WACC when we increase leverage?

My annoying finance prof always asks us theoretical questions like this. Again, not hard but makes you think about the affect of leverage in a different way.

Wacc will decrease first since the cost of debt is in general lower than cost of equity, so increasing leverage helps reduces WACC initially and WACC reaches the lowest point. As legerage keep increasing, the cost of equity will increase significatly since the beta will shoot up for highly leveraged firm (more risk), in addtion the highly leverage firm will pay more to secure more debt. Thus the WACC will drop first to a point then increase, aka a u-shaped curve.

Yeah. And interest rates will start to rise if a company is over-leveraged. You didn't answer the second question though. We're assuming there is no tax shield, so what happens to WACC as we add leverage if WACC is just = E/VRe+E/DRd?

 
FernandoTorres9:
Goodwill shouldn't have any impact at all, if I'm reading your question correctly

I was thinking about the following scenario: Say, Firm A and Firm B both want to acquire Firm C. Firm A offers a higher puchase price than Firm B. So goodwill is higher for A&C than B&C. Suppose both transactions are financed by half cash and half debt. A higher purchas price implies Firm A's interest expense on debt and forgone interest income on cahs will be higher than B's, so it will effect the proforma net earning and EPS.

So a higher Goodwill will make it less Accretive. Does my rationale make same?

 

"I was thinking about the following scenario: Say, Firm A and Firm B both want to acquire Firm C. Firm A offers a higher puchase price than Firm B. So goodwill is higher for A&C than B&C. Suppose both transactions are financed by half cash and half debt. A higher purchas price implies Firm A's interest expense on debt and forgone interest income on cahs will be higher than B's, so it will effect the proforma net earning and EPS.

So a higher Goodwill will make it less Accretive. Does my rationale make same?"

That just means that A is paying more than B, so yes, a transaction is less Accretive (or more dilutive) if the buyer pays more for the target

 

My bad, I was mistaken. Rd should stay the same. The only way Rd would change is if the beta of your debt changes, and this would occur if your debt was not low risk. I think the theory assumes that the debt is of low risk. Someone correct me if I'm wrong though.

D/V will increase, Rd will be constant, E/V will decrease, and Re will increase. Your cost of capital will stay the same. Look at the link, it explains the theory really well and has examples as well.

 

These are questions that I've been asked...

Walk me through a DCF.

What are some disadvantages to using a DCF?

What discount rate is used in an unlevered DCF?

What discount rate is used in a levered DCF?

How do you calculate beta, and how is it used in a DCF?

What are the three ways to value a company?

What is tangible book value, as it relates to a balance sheet?

Walk me through a comparable companies analysis.

What factors come into play when contemplating an M&A, and what determines Accretion and Dilution?

Company “A” is acquiring company “B”… Company “B” has higher P/E ratio than “A”… (Dilutive or Accretive)?

Company A issues 1MM shares and has earnings of $10MM. (EPS of $10). Company A buys Company B by issuing 500k more shares for an additional $2MM in earnings. Is this deal Accretive or dilutive?

All things being equal, if we are looking at a transaction and we are contemplating doing the deal one of two ways – using 100% cash with debt or using stock – which one is most likely the most Accretive?

If two companies have the same EV, and one company has debt, but the other doesn’t, which has the higher beta?

How do you calculate Enterprise Value?

What is the difference between a good company and a good stock?

Walk me through an income statement.

What is seven cubed?

If a clock shows the time 3:15, what is the angle measured in degrees between the two hands?

 
BTbanker:
These are questions that I've been asked...

If two companies have the same EV, and one company has debt, but the other doesn’t, which has the higher beta?

This question seems quite misleading to me.

I mean if the companies had a similar operating business one might say that the company with debt has a higher beta.

But with the information given I could not answer that question to be honest.

What am I overlooking?

 
BTbanker:
These are questions that I've been asked...

Walk me through a DCF.

What are some disadvantages to using a DCF?

What discount rate is used in an unlevered DCF?

What discount rate is used in a levered DCF?

How do you calculate beta, and how is it used in a DCF?

What are the three ways to value a company?

What is tangible book value, as it relates to a balance sheet?

Walk me through a comparable companies analysis.

What factors come into play when contemplating an M&A, and what determines Accretion and Dilution?

Company “A” is acquiring company “B”… Company “B” has higher P/E ratio than “A”… (Dilutive or Accretive)?

Company A issues 1MM shares and has earnings of $10MM. (EPS of $10). Company A buys Company B by issuing 500k more shares for an additional $2MM in earnings. Is this deal Accretive or dilutive?

All things being equal, if we are looking at a transaction and we are contemplating doing the deal one of two ways – using 100% cash with debt or using stock – which one is most likely the most Accretive?

If two companies have the same EV, and one company has debt, but the other doesn’t, which has the higher beta?

How do you calculate Enterprise Value?

What is the difference between a good company and a good stock?

Walk me through an income statement.

What is seven cubed?

If a clock shows the time 3:15, what is the angle measured in degrees between the two hands?

Very good, comprehensive set of questions. Thumbs up !

Winners bring a bigger bag than you do. I have a degree in meritocracy.
 

While probably obvious, make sure you read the WSJ the week leading up to your interview (if you don't already). I can't count the number of times I've heard interviewers ask about specific big news events and ask me to shed light on the issue

G Gekko
 

BTbanker had a good list. Most common question I've been asked is - "how does $100mm in cap ex flow through the 3 financial statements in years 0 and 1, assuming 10 year straight line depreciation and [40]% tax rate"

How would I value a revenue generating asset with a finite life of 20 years and no recovery value?

How would your DCF change if I you wanted to look at it from the point of a lender? (just a variation of the levered vs unlevered said above)

A company has a 5% dividend yield and a 50% payout ratio, what is the P/E?

Company A and B have identical revenue, growth rates and EBITDA margins. Why could company A be valued at a higher EV/EBITDA multiple?

 
bonobochimp:
10% change in Revenue. DCF uses unlevered cash flow, which ignores the effects of debt. (i.e. tax EBIT directly to get NOPAT).

For uFCF you're still discounting it by the blended WACC so a higher debt cost would reduce the PV.

I'm also wondering if the question meant that the cost of debt changes by 10% (ie if originally 5% cost of straight debt: 5% * 110% = 5.5%) or increases by 10% as in 1,000 bps (ie 5% + 10% = 15%). I guess either way, their directionally the same.

 

I tend not to ask difficult technical questions in intern interviews.

If I had to, I wouldn't go over the top in difficulty, as it wouldn't achieve anything other than demonstrating that I was a cock.

The hardest I would go would probably be "Using the Gordon Growth model, can you explain to me why multiple valuation is dubious for a company in the middle stages of growth? Can you then explain to me why bankers use multiples for these sort of companies anyway?"

Those who can, do. Those who can't, post threads about how to do it on WSO.
 

Would the answer be that multiples don't take growth into account? With the Gordon Growth model you have to have a growth rate (even if it's 0%), but with multiples the only place you take growth into account is in revenue growth, which is reflected in the EBITDA and EBIT halves of the multiples formula, but not in the EV/EBITDA or EV/EBIT halves. So if your company is in the middle stages of growth, but all of your comps are companies in the late stages of growth, your EBITDA will reflect the growth, but your multiple would be artificially low, so you'd have an artificially low enterprise value.

I don't know why bankers would use multiples anyway, maybe just because their Associate/VP/MD tells them to do so?

What's the real answer?

 

Technical questions are not hard per se. If you've prepared well enough and understand the different valuation methodologies and the pitfalls of each you'll be ok. Candidates tend to escalate the significance of technicals and ascribe an undeserved mystique/reverence for DCF modelling and multiples analysis.

Just buy a book and learn it y'all and stop putting it on a pedestal. More important things to aspire to when you start your finance/investment careers such as stakeholder engagement, how to lead a team structuring and executing deals with your lawyers, how to generate and follow up leads to generate new business.

Most senior people will not touch excel. They'd rather delegate this to junior burgers and allocate their time doing more of the above which offers higher visibility and is higher value-add leading to better remuneration. Need to stop this myopic focus on financial modelling. It ain't that glamorous so just learn it and move on. Could probably outsource a lot of this stuff to india and still achieve the same results.

 

I saw in another thread someone talked about some really annoying math type questions they were asked. The one I remember is: "What is the ninth root of 700?" - i.e. 700 ^ (1/9)

I consider myself pretty good at math but I have no idea how you'd answer that with only a pencil and paper. My best guess is to use the following logic: 1 ^ 9 = 1 2 ^ 9 = 512 2 ^ 10 = 1024

Therefore, the ninth root of 700 must be a bit more than 2 (it should be obvious that 3 ^ 9 is far too large... it is 19,683 in fact.)

Curious if anyone has any other ideas. I like these kids of logic math problems but not sure there is any real way to train for them. Anyone know any good books or other guides? I've found some GMAT stuff to be similar but not totally the same.

 

Guesstimating here but:

I'd think of the ninth root of 700 as ' x^9=700 '. This can be rewritten as 700 = (x^3)^3. I'll replace x^3 with 'n'. Now we've got 700 = n^3. Quick mental math/knowing powers of 2 and 3, you know 8^3 = 2^9 = (2^3)^3 = 512, and 9^3 = 3^9 = (3^3)^3 = 729. As 729 is closer to 700 than 512, intuitively it has to be greater than or equal to 8.5 and less than 9. I'll take the midpoint for simplicity's sake, so n = 8.75. The problem is now 8.75^(1/3) = x. The cube root of 8 is 2, and it has to be less than 2.5 because 2.5^2 = 15.625 (I know what 25 squared is from memory), so I'll just be lazy and say the ninth root is 2.1.

I was asked a similar question to this in an S&T interview. Pure math is not nearly as hard a brain teaser.

 

^ Yeah, but it was a fairly informal interview with a guy I knew before. So he was just fucking around. If that popped in a real interview that could construe (on the very extreme scale) as a sexual harassment (afaik).

My answer consisted of: laugh, saying something along the lines of "well, whatever the number is there will be one less in the future once I start this job", laughing some more, changing the subject to sport before things could get uncomfortable/gay.

The best answer would be to stand up, drop your pants, bend over the table and say "come on, one more big fella, one more".

__________ Just my 2c.
 
Cries:
Undoubtedly in the cash sweep portion. Theres at least 20 different things that you can fuck up to ref everything out

Cash sweeps blow!

"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
 

socola .."debt by far..think about it..the amount of debt you can service is based on cash, cash is based on interest, interest is based on principal outstanding, principal outstanding is based on amount of cash you have..tehre's your circularity".. true that...

its easy to get caught up in the minutiae of the spreadsheets... it might be simpler to make the assumption of all interest due or earned in the current year is accrued on the past years ending balance at some worst case rate... you can spend forever trying to tidy up a model. and make it technically "neat". but in real life, things are never this cut and dry.. a model need not have such complexities that you can measure a cash balance down to the 6th decimal place.. if rational simplyfing assumptions are not good enough and allow for margins of error, it's hard to see how a complex model will add substantive value.. besides of course, passing an interview

Warren Buffet and many other legendary investors have many anecdotes of his doing most of their critical calcs on backs of napkins...

one interesting incident...we were asked to evaluate an investment in a startup ... the chief was a stickler.. wanted a very detailed model to ensure that whatever we invested would tide the company over till it hit its benchmarks.... pored over every technical detail about the model.. absolutely insisted on graphing the cash balance till it hit zero.. that date in his mind would be the date till when the company could survive... its easy to get lost in the model and its technical elegance.. but sometimes you have to step back and think why would such a scenario ever happen? if you know you're going to run out of cash, wouldn't you change something in the operations of the company? try to raise more funds, cut costs, try to get sold, or if it looked bleak, wind up shop early.. why would you spend all the capital you have till you hit zero? what board would allow that?? If your'e in a speeding car, and a brick wall is approaching, you don't just keep going at your steady pace and calculate how many seconds you have to survive... it may seem obvious now, but trust me, when you're in the heat of the deal, sometimes rationality goes out the window, especially when egos are at play, and the modeling mindset takes center stage..

My point is with most of these models.. the more complicated they are, the less relevant they tend to be especially over the long term.. and beyond making it look like you've done a very diligent analysis with lots of pretty charts and proving what a whiz at Excel you are, they add little... in reality, if you know or realize something unexpected is likely to happen, you change course....all variables in a system are related to each other in some fashion...for example, in an economy, if growh rates start to rise, interest rates will probably rise too, cost of debt will increase as well, as will the growth at the company and for its cost of debt....maybe the debt will get retired faster..commodity prices and input cost increases will affect margins, and cash flows....etc... . nothing lasts for 5 years on a projected trajectory as planned... all the variables coexist and move in a random but somewhat coordinated harmony....you don't need an absolute level of precision in a very technically elegant model to measure very far out.. about the only guys that need to do that are the arb and derivative quant guys who have to lock in every cent, and can or try to that mathematically to hedge out those scenarios..for the rest of us mere mortals, the KISS principle is usually the most appropriate.. keep it simple stupid..

just my two cents..

 

smfusr, you've been coming out with some good stuff of late. What's your background?

"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
 

"The existence of in-the-money options and warrants, however, creates a circular reference in the basic formula shown in between the company’s fully diluted shares outstanding count and implied share price. In other words, equity value per share is dependent on the number of fully diluted shares outstanding, which, in turn, is dependent on the implied share price. This is remedied in the model by activating the iteration function in Microsoft Excel"

 

Smfusr: I 100% agree that the more complicated a model and the more assumptions, the worse the model is on accurate projections for the future. In that sense, these models are really not all that different from regressional statistic models, and where consiceness and being conservative in your independent variables is the key, after all the more variables you dump into the model the higher you drive the r^2 at the end of the day because of the junk. Most of my models I try to be concise, but yes it is always a fight with management, esp when some idiots want to forecast everything down to the most minutia of line items.

Nevertheless, as for modeling with cash balance going ot 0, I would never do that in my opinion. I always set a critical cash level, customarily a min cash balance required equal to say weekly payroll, benefits, and some critical vendors without which the company simply cannot function. Projecting cash to 0 at date X probably implies the company runs out of liquidity well before date X.

 
LadyEva:
how many zeros are in 37!

if you know the answer explain why, if you don't guess explain your logic.

I don't know if this is correct, but what I'm thinking is:

Numbers that are a factor of 5 add a 0 to the end. In 37!, these numbers are: 35, 30, 25, 20, 15, 10, 5 Which adds up to 7. However, 25 is a factor of 5 twice (25/5=5), så it will add two zeros.

So I'd say a total of 8 zeros...?

 

can you PLEASE buy the technical guide?

walk me thru a dcf (know all aspects, how to calc wacc, capm, terminal value, fcf, etc. Also know things like if you increase A/R how does that affect your fcf, if you issue debt how does that affect wacc, etc)

any accounting question like how does deprec expense of 10 affect all statements

-- "Those who say don't know, and those who know don't say."
 
nutsaboutWS:
can you PLEASE buy the technical guide?

walk me thru a dcf (know all aspects, how to calc wacc, capm, terminal value, fcf, etc. Also know things like if you increase A/R how does that affect your fcf, if you issue debt how does that affect wacc, etc)

any accounting question like how does deprec expense of 10 affect all statements

I spent my last 20 dollars on the behavioral guide.

 

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Career Advancement Opportunities

March 2024 Investment Banking

  • Jefferies & Company 02 99.4%
  • Goldman Sachs 19 98.8%
  • Harris Williams & Co. (++) 98.3%
  • Lazard Freres 02 97.7%
  • JPMorgan Chase 03 97.1%

Overall Employee Satisfaction

March 2024 Investment Banking

  • Harris Williams & Co. 18 99.4%
  • JPMorgan Chase 10 98.8%
  • Lazard Freres 05 98.3%
  • Morgan Stanley 07 97.7%
  • William Blair 03 97.1%

Professional Growth Opportunities

March 2024 Investment Banking

  • Lazard Freres 01 99.4%
  • Jefferies & Company 02 98.8%
  • Goldman Sachs 17 98.3%
  • Moelis & Company 07 97.7%
  • JPMorgan Chase 05 97.1%

Total Avg Compensation

March 2024 Investment Banking

  • Director/MD (5) $648
  • Vice President (19) $385
  • Associates (86) $261
  • 3rd+ Year Analyst (13) $181
  • Intern/Summer Associate (33) $170
  • 2nd Year Analyst (66) $168
  • 1st Year Analyst (202) $159
  • Intern/Summer Analyst (144) $101
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

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