I know that I can Investopedia/Wikipedia the general concept, but I really feel that I can only get some real-life experience and examples from our dear WSO. So analysts, what do you do in this division? What's a typical day of your life? What technicals do you need to know?
Thank you for your insights.
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You will be providing capital to finance long-term assets (excluding land or other real estate). This area largely includes heavy equipment, which can have a somewhat long useful life. You will be providing capital to finance these assets structured as an operating lease, capital lease, or a standard loan. If you've read the investopedia on the subject (I haven't) I'm guessing you more or less already know this.
Most commercial banks will have a team that provides this kind of financing. It's typically separate from other commercial banking groups because the transactions are a little more specialized, but the day to day would largely be similar to a commercial banking analyst. You'll be analyzing the asset being financed, how well it maintains its value during the lease/loan, what residual amount will be left at the end of the lease/loan term. You'll also be evaluating repayment ability based on the borrower's cash flow relative to the required lease payments. The asset being financed will always be your collateral in these transactions.
In addition to commercial banks, heavy equipment manufacturers like Deere and CAT also provide similar services through their vendor finance groups.
For technicals, I'd prepare for an interview in the same way as a commercial banking analyst interview. I'd also consider anything related to the key differences between a capital lease, operating lease, and a standard loan to be fair game.
Hours and pay I'd expect to be similar to commercial banking.
Source: Previously employed as a commercial banking analyst and worked with my bank's equipment finance and leasing people pretty frequently.
Thanks so much for all this info ! I got a phone interview from MUFG Leasing and Asset Financing group in LA. The HR told me this is an Investment Banking position. That' why I'm a little confused after doing a little bit research. Thank you again.
Interesting. My bank was a little smaller than MUFG, but did not contain a significant IBD group. Since MUFG has both IBD and more traditional commercial banking services, I'm thinking the leasing and asset finance placement under the IBD umbrella is more or less semantics. I'm thinking my comments are still valid. Your technicals will likely be focused on 3-statement accounting, with an emphasis on lease and loan accounting.
hey I have an interview with them over the phone . Can you please share your experience , including what exactly they asked? thanks
Did you ever get a response? I also have a phone interview with them coming up. Would love to know what to expect.
What happened during your interviews?
The first interview was on campus via Skype (last minute change of plan) and it was purely behavioral and meant as somewhat of a sales pitch on what Leasing and Asset finance is. I had done loads of due diligence on the position so it ended up turning into a personal chat and getting to know the interviewers better. Very laidback, no technicals - only why MUFG, why IB, tell me about a time you were challenged etc. 2nd round/superday was in NYC - met with Lance Markowitz (global head) and he was very nice but completely stonefaced and unemotional. The other group head I met was Kenji who stress tested me and asked a long-winded technical question about WACC and how getting rid of the tax shield would affect it.
In the end I received no offer. PM me if you have more questions
Hi, I have a phone interview coming up for the same position, I need advice on the why MUFG question, what did you say during your interview?
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