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I assume you are asking for case study write ups / responses. Like my "case" for one interview was just "look at nordstrom JWN, write up 1-4 pages of investment analysis on why it is a buy, short, or neutral, and provide a model on how you would value the business" - that was all they said. I did this like 4 years ago, it was crap, but I still got the job somehow. Its so bad that I don't want to share here though lol.
It would be helpful if we could all share our investment write ups / pitches here for previous HF interview cases. Would be willing to pay as well to see previous examples for those who completed cases and converted them to actual offers at top HFs.
Yea honestly even if they didn’t get the job. I just want to see a few case study prompts too. So I can start to practice and know what to expect. So if anyone has any they are willing to share. Please reach out
Definitely. Sometimes it's just as helpful to see what not to do. Not to mention the good smattering of flavor showing what works for different types of firms and locales/cultures so you have an idea of how to tailor your thesis and better hone in on your target goal.
We would typically give somone a specific name to look at (usually something that whoever is running the case study interview already owns or knows well) and ask for a brief (~2 page) write-up of whether they think it's a long or a short on an initial look. We would also ask for a (rough) model, and as part of the write-up we ask for a plan of what they would do to try and prove out their thesis with further research (e.g. would they do channel checks? what kind of analysis / modelling would they do if they had more time?) We normally give people around a week to do this.
What we are really looking for is people that can identify what the key debates / issues are on a stock and have a stab at arguing that the market is wrong on one of these, with an idea of how they would prove this given more time. A lot of people fail at this and send us 2 pages on why x y z is a high quality company we should buy without reference to what they think the market is getting wrong.
Having done maybe 20-30 of these case rounds with candidates over the years, I've only ever had 2 people argue something is a short - so that's a good way to stand out from the pack.
Thank you so much! Great insight
I've written a detailed case study guide already, mainly written for those interviewing for fundamental equity positions, can check out here (case study guide). It's been a long time, but have gone through case study interviews at multi-managers, single managers, and distressed shops back in the day and have been on the other side as well interviewing candidates for junior positions. Most places just ask to look into a name and ask to give your thoughts on it, no other instructions really.
Most interviewers are looking to see if the candidate can come up with a differentiated view and can back it up with hard data/logic. I also like when candidates can show how good they are in Excel by providing and walking through in detail a full three-statement model that is nicely formatted, with revenue drivers and assumptions that make sense (go through MD&A/investor presentations, transcripts, etc.). Also what weeds most candidates out is when we ask hard questions, they try to BS and act like they know what they are talking about, when they should just be honest and say they don't know but will get back to you on that. Honesty is very important in interviews, for me at least.
I've also seen, especially with those with in IB, is that they spend too much time on the model and not enough time understanding the business, the different revenue segments and how it generates $$. Also you need to be able to articulate and understand both the bull and the bear case, understand where consensus expectations are at, and what the general sentiment is on a name, especially at the larger multi-managers since they invest short term over a ~6 month time horizon (so sentiment matters more than valuation/fundamentals).
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