Hello,
I have a couple of interviews scheduled with E&Y and Deloitte, both for their valuation division within Advisory.
Do you guys have any experience with their interviews? Should I be expecting a lot of accounting questions? Or more finance/modeling type of questions?
I appreciate any insights!
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I hate E&Y.
They lowball their fee quotes to clients on every project. They are doing this to win market share. Once the clients realise they have to raise the fee the next year, relationships are going to sour!!
I went through second round interviews with E&Y Commercial Due Diligence/TAS.
First round is half fit along with a mini-quant case... think something like "how many manholes in Manhattan".
Second round expect 4-5 consulting-esque interviews including general fit as well as brainteasers and typical quant/qual cases/market sizing.
No finance technical questions, no accounting questions -- that I experienced.
[Edit: Sorry, I went through my logs and my interviews were with Commercial Due Diligence, not Valuation. So take what I've written here and below with a grain of salt. Apologies for the mixup.]
Balooshi,
I've never worked at E&Y, but thanks for the input regarding their fee strategy... It's definitely an important aspect of the firm, because it affects the growth of the employee and your pay!
Chron3K, thanks for the post! I'm surprised that there's no technical questions - I was actually expecting tones of technicals, since the position is for valuing companies, assets, etc... I dislike those "how many manholes" questions. I guess I need to study up on that!
Yeah, I would definitely work on market sizing. Other case questions, besides the manholes, also asked in super day:
How many mens' suits sold per year? 30 minute, 1 page typed written case on: Market size for tires Brainteaser: What's the square root of 10, followed by: What's the annual sales for wrist watches and how has it changed in the last decade?
Like I said, no accounting or valuation/technical questions that I can remember.
[Edit: See comment above. These were for Commercial Due Diligence division, not Valuation. Sorry.]
Haha, no problem at all! Thanks for sharing the info though! :)
TME Big 4 Valuation Technical Interview (Originally Posted: 02/26/2016)
First forum topic here.
I recently started in Big 4 Audit in Canada. I have always been more interested in finance but didn't go to a University that would give me a realistic chance at a good finance job. I went the big 4 route instead with a plan to transfer into FAS later on.
Recently, there was an opening for an Analyst in what they call the Transaction and Business Modelling practice. The opening is due to growth in this business area. I networked internally with a Senior Associate in this practice and applied for the job. I got a call from the Senior Manager explaining the role further and he noted that about 70% of the time it will be completing models for clients (and client service) and the other 30% will be audit support in my down time. This seems like a decent way to get a little transaction experience and strengthen my modelling and finance knowledge.
I already had a phone interview with HR and made it to the next round. I have now been invited to a "Technical Test" in which HR says they will test my modelling and excel skills. It will also deal a little with valuation. This is apparently with the Senior Manager.
I was wondering if anyone had any experience with this type of interview and what to expect. It is only 1 hour so I don't think the modelling can be that huge. I have some decent experience in excel but want to know what I should brush up on and how in depth the modelling will be.
I really want to kill this interview and make a quick switch over to FAS. The Senior Associate and Senior Manager seem to really like me so far so I want to make sure my technical skills are up to snuff. I have about 5 days to prepare.
Thanks in advance!
Given the name of the practice, I would think the Excel modeling test could run the gamut. If you are providing models for client services staff, I would assume they may be more involved than what is typically seen by staff in the other practice areas. Excel isn't difficult to learn though, so it's possible they would teach you what you need to know. If you are comfortable enough I would ask the Senior you networked with if they have any insights - there is a delicate balance to doing something like that "appropriately" without looking neurotic though.
Have you tried consulting the interview insights section of WSO? I believe it is paid but had valuable information when I looked at it. Good luck!
Great info. I will definitely check out the interview insights section. This is a client service role too apparently and I will have to help develop the practice. Thanks for your reply!
Weekend bump :)
So far I have done some 3 statement modelling and some DCFs as well as brushed up on my finance knowledge. I read a bit online that it could be them giving a Income statement + Balance sheet and asking me to make the cash flow statement then maybe a DCF. Could it really be that simple?
Yes, it might be. You'd be surprised how many people struggle with a statement of cash flows.
Interview is tomorrow, last minute bump for helpful advice!
How'd the interview go? What did they test after all?
Big 4 Valuation group case interview (Originally Posted: 08/30/2011)
Got an interview with one of the big 4s in their Trasaction Advisory & Valuation group. Was told that first round is meet and greet and then there is a valuation case.
Any guidance on what the case interview will be like? Will I be required to build a model?
Bobo
Sent PM
WHy not post here on this forum and share your knowledge. That is, after all, the point of this website, is it not?
In my experience the Big Four groups do not have a technical interview. Demonstrating an interest is important but I wouldn't expect to be asked anything beyond general valuation technique. The interview focuses more on fit. Of course, the interview might vary by group, office, and firm but this is the first I would have heard of a case interview.
Agreed with the above. I interviewed, and expected much more than what I got.
Its comparable to any first-round standard IBD interview. Why this, why that, tell about your experiences at x place, how would you value y and z assets, why should we pick you, etc.
The technicals were some of the easiest I came across during my trials and tribulations. I just didnt fit.
Read the behavioral guide from here. Seriously, it helps.
I've never heard anything about any valuation case studies in first round meet and greets. Do you know any more specifics about what they told you the case would entail? If you're going through one of the more common recruitment channels there surely has to be someone you can ask about this. I highly doubt you would have to build a model.
Thanks all, I was told that you will be given a case about a company and asked how you would value the business. I am guessing it will not be too detailed and more general in terms of which methods can be used to estimate value.
I will post here once I go through the process to clear things up.
Bobo
Is it E&Y or PwC? Full-time? What subgroup? I have friends that got cases last year.
Big 4 valuation senior associate interview (Originally Posted: 02/02/2016)
Hi all,
I've searched the forums and the WSO database but haven't come across any interview tips for B4 valuation senior. Have an interview later this week and was hoping to know if anyone had any fresh input on the situation. What kids of technical questions should I prepare for? Also should I assume the same fit questions (talk through resume, when have you been a leader, etc) this is for a senior associate position which I networked myself into.
Thanks and anything helps
Re the technical questions, I guess you'll be asked the classic valuation questions, nothing extremely difficult I guess... Here are my two cents: 1) WACC (not only the formula, but a detailed breakdown of it: how to estimate betas, the effect of taxes, inflation effects, alpha/additional premiums, etc.) 2) Walk through DCF 3) Maybe some valuation multiples 4) Depending on the team you're applying for, you might be asked something about option pricing
Good luck
Thanks for your input. It is much appreciated. I know it's for the TMT vertical so anything else would be incredibly helpful. Big life event coming soon!
how'd it go? what was your background?
Big 4 Valuation Interview/Exam (Originally Posted: 11/10/2013)
I have an interview in a few weeks for the valuation department at one of the big 4. I will be taking an exam in addition to the interview. Does anyone know what I can expect from the exam?
Most likely technical questions, the exam may be a modeling test.
Thanks! Is it likely they will ask me to actually break out a model on excel or simply have questions relating to modeling?
How to prepare for Big 4 Valuation/Transactions Interviews? (Originally Posted: 07/09/2013)
Hey everyone,
Recently interested in Big 4 Valuations and Transaction Services. Any tips on how to prepare for these types of interviews? Would reading the IB guides be good practice or should I expect something a little more different?
Any Help Is greatly appreciated!
all behavioral and fit questions at the big 4 even for TAS. I would however think that you should have at least a basic understanding of valuation and financial modeling. Good luck!
The only non fit question I got was explaining how the 3 financial statements flow together when depreciation increases.
bringing up this old post as i browse through wso, but was this for an internship? big 4 recruit at my school but most students seem to interview only for the consulting internships, so i was wondering if it's worth asking about valuation/transaction jobs during networking sessions
Valuation Interview - MM shop in valuation and financial opinions group (Originally Posted: 11/14/2010)
I have an interview coming up at a MM shop (SRR) in their valuation and financial opinions group. I have a pretty solid grasp on the basic banking technical questions (walk me through a DCF, connections between IS, BS, CF, etc.). But was wondering if the technical questions for a Valuation Interview would be different. Any insight would be great.
They'd probably have a bigger focus on accounting questions and ask about hypothetical changes to the CF statement if x happens (ie. pay a dividend). Keep in mind, the fairness opinions arms of IB's actually compete w/ the Big 4 so that gives you an idea of what skill set is emphasized
Valuations 2nd Interview (Originally Posted: 07/04/2012)
I have an interview coming up with a Valuations firm with a technical and writing assessment. What should I expect and prepare for with the assessment. Thanks
Are you experienced or fresh out of undergrad?
I would assume you should be comfortable creating a DCF from scratch and have a basic ability to write. If you have any questions let me know, I'd be happy to help.
valuation analyst interview (Originally Posted: 02/12/2013)
.
Just PM'd you
I also have the same question. Would appreciate any help in preparing for an interview at SRR. Where is your interview goldilocks17?
I too have the same question. Could you please help on preparing for the interview at SRR?
How do Valuation interviews differ from Banking interviews? (Originally Posted: 02/11/2013)
In other words, will kind of prep I get from, say, using the M&I or WSO interview guides apply to a top valuation shop (think Duff & Phelps) or the valuation group in TAS at a Big 4? Are there types of questions I should expect for these kinds of positions that M&I, etc wouldn't prepare me for?
You should be good with those guides -- of course know DCF, everything about the correlation btw. the three statements, WACC, not too sure if you need to know relative valuation methods
Valuation Interview - Interviewing for a valuation/ib firm (Originally Posted: 03/17/2008)
I'll be interviewing tomorrow for a valuation / ib firm. I was wondering if there were any specific questions you guys think I should prepare for. For the most part I'm just reviewing the finance questions, etc that have been posted all throughout the forum but do you guys think I should study anything different for this valuation group?
Know the DCF cold. Understand market multiples (M&A and Public Cos). If you want to get smart, understand what implied multiples are... they're derived from the DCF against EBITDA, Rev, etc...
Beyond that, maybe understand some of the impairment tests, FASB rules, etc...
I worked at valuation firm post my 3 yrs of IB and found it to be a mistake, and consequently left after a few months. Beware, it's not like IB, although it is a good starting point, I must say.
Good luck
Do you think I will have to know this stuff cold even for an intern position?
you might want to review some of these: http://www.ibankingfaq.com/category/interviewing-technical-questions/#v…
Second round valuation interview at big 4 (Originally Posted: 10/17/2010)
Hi all,
Thanks in advance for your help. I'm invited for a second round interview for a valuation associate position at their office. That said, has anyone gone through the second round interview process? What should I expect?
PM me
They are usually mostly all fit. I had KPMG and PwC final rounds. KPMG was all fit, no technical, just walk through resume, and not BS HR questions, just random chit chat. PwC was the exact same. I remember one guy never took a glance at my resume, we just talked about the NY Yankees the whole time. The only tech question I had was "How do you find WACC and FCF?", that's all. I wouldn't worry too much about it.
Kenny_Powers_CFA - Sent.
ELC- Thanks for your advice. So, did you already receive an offer?
This was last year during recruiting. I did, but it wasn't really what I was going for.
What'd you go for in the end then?
Pure Fit, i am assuming you already know the basics of valuations.
Valuation Interview - Studied the BIWS interview (Originally Posted: 04/13/2012)
Hey guys-
I've got an interview coming up with a firm that does valuation exclusively. I've studied the BIWS interview guide in pretty good detail, but this situation is a little different as I'm interviewing for valuation and not IB. I'd appreciate any tips on the differences between what is more important to communicate in a valuation interview vs. an investment banking interview.
For what it's worth, I'm coming from a non-finance background, but I've managed to learn a solid chunk about finance basics on my own.
Incidentally, would you consider this to be a useful internship opportunity with a future goal of IBD in mind, or would something like PWM be more appropriate?
Thanks.
You want to communicate your desire to pick up the technical skill set and why the job appeals to you over say banking. I would think that this would be more useful to IB in the future because you will learn a technical skill set vs. focusing on more soft skills in PWM.
Where you are unable to answer a technical question, make an intelligent guess and briefly ask for the correct answer later. the latter is to show your interest
Our dept's panel will throw technical questions at interns knowing very well they dont know the correct/exact answer. We just want to see their thought process and ability to handle pressure & think quick.
My favourite (though I'm rarely on the panel) is asking for the square root of 0.9 :) One kid took ages and then responded with 1.8 ... he didnt make it to the 2nd round.
Valuation is basically all modeling and technical, of course it'd be good for future IBD attempts. Know the basics and you should be fine. Can't expect you to know very much coming into an internship (unless you have previous experience).
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