Have an interview for a FT position in IBD w/ an industrials group of a MM bank this week. I was told to brush up on what some of the key drivers in the space are, but I have no idea where to even begin looking. Anyone have any publications / avice on this?
Note - this group excludes nat'res and metals + mining from industrials, so it's just general industrials.
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anyone?
I would say at an high-level make sure to you understand the different sub-industrials by looking at Google Finance or Yahoo Finance. I would pull a few annual reports from GE, Honeywell, etc to get a understanding of the drivers. It is definitely global growth, emerging market demand, infrastructure growth, etc. More so than drivers, i think if you have a good understanding of what company is categories with what segment, you should be good.
Conglom - GE, Hitachi, United Technologies, Machinery & Ag. - Caterpillar, Deere, AGCO, Joy Globa, Cummins, Manitowoc Construction - Fluor, Jacobs Eng, KBR, DR HOrton, Chicago B&I, AECOM, Foster Wheeler, Toll brothers, URS Aerospace - Boeing, Northrop, Lockheed, Airbus Building & Infrastructure - Johnson Controls, Honeywell, Danaher, Emerson
Hope that helps.
Also read up on a recent deal such as United Technologies purchasing Goodrich for ~$16bn this year.
Deloitte and PWC print free industry overview reports. You can access them on their websites. (Yes, I got this idea from M&I).
For the Google challenged: http://www.deloitte.com/view/en_US/us/Industries/ http://www.pwc.com/gx/en/industry-sectors
For the Google challenged: http://www.deloitte.com/view/en_US/us/Industries/ http://www.pwc.com/gx/en/industry-sectors[/quote]
Great Links! Thanks!
Very helpful guys.
In terms of the actual finance behind it.. if a company like GE has a large financial services arm, what adjustments do u make to the B/S to normalize for those effects and just focus on the operational side of things?
If you are doing acqusition modeling then you will have to take the effects of the financial services piece out and show what the acquisition looks like for the industrial portion (if this is an industrials M&A deal). For example, margins and ratios should drive from their industrials operations. GECC has its own financials so you take that out of the consolidated figure (most notable cost of capital (interest costs) out of COGS from the consolidated figure). Also WACC is different from GE and GECC. There are numerous factors but you should understand the basic concept that you need to compare apples to apples to fully reflect the industrials and/or operating business.
Industrials Interview (Originally Posted: 10/16/2012)
What are some industry specific technical or behavioral questions to expect?
Thanks.
is this for wells?
2nd year interview with industrials team this week urgent (Originally Posted: 03/24/2010)
Get someone to practice with you, even if they're clueless about finance. They can at least give feedback on if your answers are awkward or not, which is what matters.
In my experience, associates and VPs are the ones that tend to ask technical questions. Never had a MD ask me anything besides fit, market knowledge, etc. (but have no experience with lateral interviews.)
I'd study more technicals... Yes, you can practice some answers for the behavioral stuff and have your story/past experiences ready to be told, but a lot of this stuff should come out naturally for you.
Come off as confident, prepared, and impress them with your technical knowledge as you're coming from outside of banking.
I've been told it may be more technical oriented... so if it's for a 2nd yr analyst, what would you expect him or her to know technically? Assuming this group is not just coverage and that the analysts also do M&A modeling. Are there questions you think I should expect outside of 3 valuations (+1 for LBO), how 3 stmts link up - like how change in dep'n would flow through - that generally people don't expect?
Thanks to everyone that helped so far, really appreciate it.
I'm alarmed that someone with a year of IB under his belt needs to study an interview guide designed for college kids - I would have expected that an analyst would have that stuff down cold.
I second boshyj's comments. The technical questions should be a breeze, however you will need to brush up on your corp finance stuff. I can't even recite the formula for FCFF, but i know how to model it...
Focus on answering the fluff questions like 'why london'? or why a lateral move, tell me about yourself...etc.
I second boshyj's comments. The technical questions should be a breeze, however you will need to brush up on your corp finance stuff. I can't even recite the formula for FCFF, but i know how to model it...
Focus on answering the fluff questions like 'why london'? or why a lateral move, tell me about yourself...etc.
^^ that's not true - wtf do you know ....
a friend of mine who was a 2nd year associate at McKinsey started as a VP - he had the relationships as well as the modeling skills
Hahaha. He had modeling skills... haha. What you mean to say is he can make nice pie charts.
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