How to get into FIG (what to prepare for the interview, prefered backgrounds or any way to show interest in it, anything to prioritize when dicussing technicals or recent news, etc.)
Appreciate any input.
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Happy to answer some questions. Why the interest in FIG if I may ask?
I always thought that banks, insurances, non-banking activities entities and the Gov't have a raw finance theory at their business core (money as an asset, lending, risk coverage, managing properly their cash) contrary to other banking teams where you need to learn as well about tangible products and brick-and-mortar operations (factories and facilities), which is not my interest. Tech is maybe similar to FIG because it also has this abstract touch, but FIG is more technical in my view as an outsider.
High level: FIG uses different valuation methods (excess equity model) and different multiples (P/TBV) than ebitda driven verticals. It will be important to read up on these and understand them. Further, banks have very unique balance sheets and business models compared to other companies. Generally, because of the regulation and homogeneity of the industry as a whole, most banks are very similar from a common revenues/expenses perspective, but their differences lie in sources/cost of funding and the returns they are generating on loans/securities portfolios. If you are interviewing at a smaller shop that works with more privates that are under $3B in total assets, it may be helpful to understand what a consolidated bank balance sheet is and how the holding company interacts with the bank. Finally, understand how to calculate TBV/TCE, have a rough idea of what Fed Funds/other important rates are at, and how that may be impacting a banks returns. Obviously also have an understanding of general IB techs but this should be a good start for FIG specifically.
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