I get this question almost every time I interview, and have always felt awkward as I answer it. I will typically say that I am interviewing with strictly banks. However, my questions are as follows:
- How to respond when you only have one interview at the moment? I'd imagine honesty is paramount, but is it a good idea to say you are in close contact with other banks?
- What are these banks looking for in regard to an answer?
- What have you said in the past that you felt was a successful response?
- Should I mention the other firms if they don't explicitly ask for that information?
If you're gunning for a FT or SA banking role, letting your interviewers know in a subtle and polite way that you are in the process with a few other firms demonstrates a certain level of desirability for you as an applicant. I would usually say the number of firms and what round I'm in for each. If they press you for names, you should be comfortable disclosing, but I find that this isn't common. Again, it is best to disclose this information in a non-braggadocious way and just be honest. If the interviewer is your top firm, I always end this response with "but firm XYZ is my top choice. It is my top choice for reason A,B,C etc.", just so that they are convinced in your level of interest. On that point, it's probably best to strategically disclose only 2-3 other firms you're interviewing with, so that they don't think you're speaking to everyone under the sun and auto-ding you for low probability of offer acceptance.
Best experience I had with this question:
After getting GRILLED by this MD for an hour and feeling like I'd barely held my own..
MD - "Are you interviewing with any other banks"
Me - "Yes I am"
MD - "When is your next interview?"
Me - "Actually, it's later today, I've organised them close together to minimise disruption"
MD - "Well, I'll have to let HR know to keep you late so that you miss that next interview, at this stage we'd rather you not consider other positions"
Inside my head I'm running a victory lap and high fiving everything in sight. Ended up taking the position and had some good years there.
Felt good for you just reading that...nice.
Headhunter asking if I'm in any other interview processes (Originally Posted: 04/05/2018)
Why do they do this? When I had a first round interview with client X that they set me up with, they asked me, and I wasn't in any other interview processes at the time. Now I just had interview round 2 with client X, and since I last emailed the HH I have gone through 2 rounds with another firm (independently, not through a HH).
Do I tell them? Do I not tell them? I feel like a chump if I say no I'm not interviewing elsewhere (like I did last time) and I'm certainly not going to be a liar this time, but also, none of their business? I guess it is. Looking for any advice on how to think about this question. I'm just going to be honest but trying to get a better sense of why they ask.
These are the main reasons:
Mainly #1.
If you say YES:
If you say NO:
You are right, it is not their business, but most headhunters I dealt with made a big deal about this and seemed offended when I refused to tell them. In the past, I have said something along the lines of "Yes, I'm in the process at several other places; I'll let you know if I think I'm close to an offer. Please don't send my resume anywhere else for the time being", without specifying where I'm interviewing. The trick here is to keep it vague so that the HH doesn't get lazy or get any sneaky ideas, but to never actually lie in their face.
Headhunting is a ridiculous but often unavoidable political sales game where you, the candidate, are the product and trying to sell yourself for the highest possible price and the employers are trying to buy at the lowest possible price. Headhunters are just middlemen who want to make any sale as fast as possible (bad for you) and get their commission (linked to your base salary so they do have incentive to get you a high salary - good for you).
I didn't test this in IB but during some of my interviews my response was: "as any good investor will tell you, diversification is a strategy that has consistently proven effective. I consider myself an intelligent person, who always tries to learn and improve, and I think that principle also applies to one of the most important and worthwhile endeavors anyone can undertake: looking for a place to grow and develop your professional career."
Hopefully by the time you're done they either got the message or forgot what they asked you about.
Thank you for sharing, I really appreciate your response
Edit: MS for thanking someone? Love it
Some pretty piss poor advice on this thread. Especially the ones going on a rant about diversification and other bull shit. Be curt, you don't want to divulge too much. If they know that they are the only game in town for you they won't make you an offer right away. They'll feel like they have time to play you around and if a better candidate comes along you won't get the offer.
You have to make them want you. NEVER EVER EVER tell them that they are the only firm you are interviewing with. No need to tell them you love them either, and would do anything to be with them, play hard to get.
Say yes I am interviewing with a couple other firms. If they press you for names say ONE name and tell them you are in x-round with said firm, and you are interviewing with a couple of other ones. He won't ask you then for more specific names. If they like you, they will accelerate your interview process - if they don't like you that much it won't change a thing.
I went to an interview with company X and told them that I had an offer from a large bank Y but couldn't tell the name (it was true). I didn't have much time and if they wanted me they would have to move fast - mind you that was my first interview with firm X. I was flown to see the big bosses the next day, had an offer within two weeks at firm X and ended up joining them on a package that was about twice the size of what the other firm offered. (I probably wouldn't have gone to bank Y as the package was similar to what I was already getting paid.)
It's not always fun and game thought. I tried recently with a firm to tell them I was interviewing with another firm. Pushed them by telling them the other firm had made me an offer and I needed to come back to them ASAP. Truth be told the other firm had made me an offer that was complete shit, the company was pretty bad as well and I was never going to accept it. The other company told me that they would need a bit more time and could not make a decision right away, I gave them a week. Chased them after a week to tell them that I needed to make a decision. The guys weren't too bothered with me and told me that they couldn't make me an offer at that stage. I said no to the other firm and went back to my momma after that. The firm I was interested in eventually came back to me after a month with an offer, I had lost all my leverage with this firm, and signed a really shit offer because I had no other choices.
Moral of the story: be careful.