Investment Banking Summer Intern

The hiring process lasted less than a month. I had three phone interviews - each one was at least a 2-on-1 sometimes a 3-on-1. The first interview was standard technical and fit. It lasted no more than 30 minutes. The second interview was straight technical and covered a range of valuation, accounting and basic M&A questions. They would start with a high-level concept like explaining a DCF and break into more pointed questions to test my limits - WACC, debt vs. equity cost, CAPM, unlevering and relevering beta, etc. Be sure to know your accounting and the three statements. The final interview was a case study that involved researching a recent M&A deal (JMP chooses the deal) and being prepared to discuss the deal in detail. There were at least three members from JMP on the phone testing me on every response I gave. At the end I really felt like I had learned a lot. The bankers from JMP were smart and I could tell that I'd learn a lot from them if I received an offer. Overall it was a challenging but rewarding experience.