I had a first round interview with a BB firm for a Summer Analyst position. Considering I am an engineering student, I wasnt asked any technical questions. All questions were basically "Fit" questions.
However, I was unable to satisfactorily answer "Why M&A over ECM/DCM or AM or Trading roles."
How would you have answered that???
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M&A would give me more of a financial modeling experience and learning how to build pitchbooks. ECM/DCM would be between M&A and S&T so it wouldn't give me the technical skills I'd like to learn....Question for you...SA have started at BB a few weeks ago....Was this interview for next year?
That answer does sound plausible. But wouldnt he be suspicious as to why I want to learn "technical and modelling skills" so bad? I didnt want to tell him that I wish to jump ship to a PE shop after 2 years. Dont they wanna hear that you wanna be a sell-side banker for life?
This was for Asia recruiting btw.
For this summer or next summer?
For this summer.
if you say you want to do M&A because you want to learn modeling and make pitchbooks [seriously!!??] you will sound like a complete tool
M&A is(in my opinion) the most exciting aspect of Investment banking! Why wouldnt you want to work in M&A? If you really did you research as to what M&A v ECM/DCM is this should not be a difficult question to answer at all because they are so different. A few reasons -
-transaction/execution focused "excitement of the deal" -M&A are often the most consequential decision a company will make. For example -who cares if you slightly underprice/overprice an IPO? However, paying too much (or doing) an acquisition can sink a firm [wachovia acquisition of that terrible mortgage company]. Impairing goodwill can be killer. your advice/decisions have consequences -every transaction is different -lots of strategic/big picture thinking
Im sure you can think of more reasons if you really put your head to it, but these are some basics.
This is a wonderful answer. Thanks. Shall remember it if i get asked this again in the next round.
SA interview this late? When their close to half way.
We just had an SA start in my group (at a BB) yesterday. It can happen, you just won't be part of the 'regular' program with training and orientation and so on.
Hell, it might even be better. This kid was hired with the implicit understanding he'd be getting a FT offer at the end of the summer.
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