Capital Markets Assessment Centre?? Advice?

Finished spring week at a BB and have an AC for capital markets in september.

What should I expect? What technicals to prepare for, what the case study will be about, how it differs from classic M&A AC's etc.

FYI I come from a non-finance background - most interested in LevFin and Infra Finance teams.

Thanks!

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WSO Monkey Bot

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For a Capital Markets Assessment Centre, here's what you should focus on based on the most helpful WSO content:

What to Expect:

Structure of the Assessment Centre:
- Typically includes numerical and qualitative reasoning tests, presentations, group discussions, interviews, and potentially a bank-specific test.
- Case studies are a key component, often tailored to the division you're applying for (e.g., LevFin or Infra Finance).
Case Study:
- Case studies in capital markets often involve valuation multiples (e.g., EV/EBITDA, EV/Sales) and financial analysis.
- Examples from past ACs include:
  - J.P. Morgan: A golf company M&A scenario requiring recommendations on acquisition targets.
  - UBS: SWOT analysis and strategic recommendations for Amazon Kindle.
- For LevFin, expect scenarios involving debt structures, credit analysis, and optimal capital structures.
Technical Questions:
- Accounting: Perfect understanding of financial statements.
- Valuation: DCF, Comps, and basic LBO knowledge.
- Debt Knowledge: Characteristics of senior, junior, mezzanine debt, and differences between investment-grade and high-yield bonds.
- Market Knowledge: Yield curves, pricing, and interest rate drivers.
Group Exercises:
- These may include trading games or collaborative problem-solving tasks. Ensure your group knows your positions and PnL if applicable.
Interviews:
- Expect a mix of fit, behavioral, and technical questions. Tailor your answers to highlight your interest in LevFin and Infra Finance.

Preparation Tips:

Technical Prep:
- Master DCF, Comps, LBOs, and basic merger models.
- Review credit analysis and debt capacity assessment.
- Understand valuation multiples and their application in case studies.
Case Study Strategy:
- Clearly state your recommendation upfront and back it with logical reasoning.
- Be prepared to answer follow-up questions on your analysis and recommendations.
Behavioral Questions:
- Prepare examples showcasing teamwork, problem-solving, and leadership.
- Highlight your ability to adapt and learn quickly, especially given your non-finance background.
Practice Tests:
- Sharpen your numerical and qualitative reasoning skills with practice tests.
Excel Skills:
- Familiarize yourself with financial modeling tools and functions like INDEX/MATCH, CONCATENATE, and OFFSET.

How It Differs from M&A ACs:

Capital Markets ACs may place more emphasis on debt structures, credit analysis, and market dynamics, whereas M&A ACs focus heavily on valuation and deal structuring.
Case studies in Capital Markets often involve financing strategies rather than pure M&A scenarios.

Good luck with your preparation!

Sources: leveraged finance interview - what to prep, How to prepare for an assessment center?, https://www.wallstreetoasis.com/forum/trading/qa-1st-year-bb-london-rates-trader-taking-your-questions?customgpt=1, Makena Capital

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