Investment Analyst

First round was typical background questions, plus a credit investment idea pitch. I pitched a long distressed credit idea. I talked for 2-3 minutes, and they asked me questions for another 10-15 minutes. Didn't probe too deep, but covered what I knew about the ongoing business, cap structure,

Next round was case study, which I got about two weeks to work on. Did a full 3 statement model and powerpoint presentation. Presented the case to the two PM's and senior analyst. Questions during the presentation made sure I understood the business, industry dynamics (e.g. industry capacity vs. demand), and especially the credit agreements (and accompanying amendments) and the relationships between all the tranches of debt. Valuation was very important as well, along with an understanding of yield, duration, etc. I wouldn't say the interview was very technical, but you had to understand credit to be able to make a good investment recommendation. They seemed impressed that I spoke to management, so be sure to do that.

After that was the 1-on-1 fit interview. Good guys.