Full Time Analyst

Status:
1st Year Analyst
at
Group/Division/Type: Mergers and Acquisitions
City:

Hong Kong Island
Hong Kong SAR China

Interviewed: November 2019

Overall experience

Neutral

Difficulty

Difficult

General Interview Information

Outcome

No Offer

Interview Source

Employee Referral

Length of Process

1-2 months

Interview Details

What did the interview consist of?
Phone Interview
1 on 1 Interview
Skills Test
Please describe the interview / hiring process.
Referred by an employee and got the first round interview. Hopped on a phone call with an associate and the conversation kicked off with asking me about what I didn't like about my previous interned firms. Then proceeded to some general accounting questions (Change to 3 statements with depreciation, deferred revenue, etc.) Ended with some easy theoretical valuation questions (Firm receives 1M in cash, what happens to equity value, then asked why enterprise value changes and I had a brain lag and was stuck for a minute).

Fortunately pass the first interview and received a model case study. A 5 hour case study with assumptions, basic financial data provided in a word document to build the rest from scratch. The requirement was to put together a quick 3 statement operating model with simple IRR projections and sensitivity table, there was a weird assumption with depreciation and spent sometime to figure out the excel formula to project it correctly.

Passed and got on a video interview with VP, walked through my previous experiences and got asked on what tasks I had done, my industry knowledge and what content would be placed in a 1 page company teaser. Then got the weirdest question with valuating a niche industry company with no comparable companies, financial statements, industry reports, no due diligence allowed, and no precedent transactions. Responded with performing the above respectively and ended up being told none of the information was available. Lastly answered I'd try to find a listed company with similar business and use the segment's revenue contribution % to take rough cut for being worth the % of the firm's market value. Ended up being told he'd "assume" I passed but ended up never hearing back

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