I need to hire an intern. The one I have, me and the senior analyst I work for, got it badly wrong. I was hired after a 15 minute interview (even though I was prepared for a full grilling, technicals, modelling etc) so I can't really say I've ever experienced a 'normal' interview process.
I was thinking 3 stages:
1. General Q's. Describe what ER is. Why do you want to do it. What interests you about our sector.
2. Technicals. 1 hour to answer a list of 15 Q's I've designed. Simple stuff to show they understand 3 statements and some idea of valuation
3. a weekend to prepare a 3 pager on a company of our choice. Describe the business and key investment thesis. Very high level - no need to build a model etc. Just to see 1) can they research a business 2) can they justify their own arguments 3) can they work under pressure.
Do you think this fair? Any suggestions to this? Should I vary my expectations according to the candidate experience? if they've come straight from university, they are likely to have very minimal technical knowledge.. on one side that's not bad because they could be hard working and its nothing I can't teach them but on the other side... I had 0 technical skills and put in the hours to research and understand typical technical interview Q's and was prepared for them.... so if they confess no technical knowledge... should they get dinged?
I'm trying to be fair and objective. Any tips appreciated!
1+2 seem fine. 3 is asking for a lot for a sell-side ER, could turn away candidates. Instead, give the candidate the ticker, have him/her come back and pitch it verbally. It's more casual in terms of delivery (I write blog every week, so I know how much editing goes into writing, it's time consuming).
If you are generous, tell the candidate what you are looking for in that pitch: eg. tell us the following:
Thanks for the response
Any thoughts on what level of technical knowledge is fair to expect? University taught me nothing but I did a bunch of work on my own to get up to speed. Should I expect that of someone else?
No problem.
Most are fair game, but obscure stuff imo would be prickish to ask: things like pension accounting, etc. But it's your franchise, your team is allowed to ask whatever you want.
I agree with dick, 3 seems excessive (i.e. no BB ER interview process requires that) but at the end of the day, it's your interview process... if you can find a kid competent, determined & willing to work for you, then you've struck gold. But expect it to take longer than otherwise removing 3...
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