Surprise Interview Beware!!!
I had arranged a coffee chat with an MD at a BB for M&A. I submitted my application to the internship a couple of weeks ago and hadn't heard back yet, but it can't hurt to meet more people, right???
First thing into the call, this guy says "So I'm planning on just treating this as your first round interview--is that ok?" I roll with it, but was completely mentally unprepared for technicals at 7pm.
Long story short, I think I was able to pull myself together and give good answers. But just like how you should never trust a fart--never trust a "coffee chat".
Everyone needs to understand something in this industry: you're always being interviewed.
Networking call? - Basically a screener interview
Coffee chat? - As close to a R1 as you'll get without it being official
Networking event? - Basically a disjoint group interview
If you're ever invited in person to go interview, the security, receptionists and anyone who works there could theoretically be looking at you to see how you act. Treat everything like an interview and always be kind and professional, not to mention prepared for interview type questions.
This is spot on, very good advice.
And OP, to your point, you are not alone. Same thing happened to me when I set up time with an Analyst to learn about his role.
Therefore, before jumping on any informational interview, be prepared to:
1) Answer basic technicals (walk me through a DCF, how does $10 of depreciation affect the 3 financial statements, etc.)
2) Be able to talk about one deal the firm closed
3) Understand what verticals or services the firm specializes in (you dont want to be the guy who brings 10 M&A questions to a meeting with a LevFin Analyst)
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