M&M Interview at a Canadian Bank

For an M&M (Metals & Mining) interview at a Canadian bank, here's what you need to know based on the most helpful WSO content:

1. Focus on M&M-Specific Technicals:
   Since M&M valuation often leans towards NAV (Net Asset Value) models rather than standard DCF, it's crucial to have a strong grasp of NAV modeling. This includes understanding how to value reserves/resources, commodity price assumptions, and discount rates specific to mining projects. However, don’t neglect generalized IB technicals entirely, as they may still test your foundational knowledge.

2. Understand the Industry:
   Continue reading up on the M&M industry, as you’re already doing. Be prepared to discuss key trends, commodity price movements, and how macroeconomic factors (e.g., interest rates, geopolitical risks) impact the sector. Knowing the bank’s recent deals in the space is a great move—be ready to discuss them in detail, including the rationale behind the transactions and their implications.

3. Behavioral and Fit Questions:
   Like in any IB interview, expect behavioral questions such as "Why M&M?" or "Why this bank?" Tailor your answers to highlight your interest in the sector and the bank’s expertise in M&M. If the bank has a strong presence in the Canadian mining sector, emphasize your understanding of its role in the industry.

4. Sample Questions to Prepare For:

   • Walk me through a NAV model and explain its key components.
   • How do you value a mining company with no revenue?
   • What are the key risks in a mining project, and how would you account for them in valuation?
   • Discuss a recent M&M deal and its strategic importance.
   • How do changes in commodity prices affect the valuation of a mining company?

5. General IB Technicals:
   While M&M-specific knowledge is critical, don’t overlook general IB technicals like accounting, DCF, and LBO basics. Some interviewers may still test these to ensure you have a well-rounded understanding.

6. Ask Thoughtful Questions:
   Prepare insightful questions for the interviewers. For example:

   • "How does the bank differentiate itself in the M&M space compared to competitors?"
   • "What are the biggest challenges you see in the M&M sector over the next 5 years?"

By balancing M&M-specific preparation with a solid foundation in general IB concepts, you’ll position yourself as a strong candidate. Good luck!

Sources: Notes for Technical Interview Questions, A Non-Target's Perspective - My MM PE Recruiting Process, Guide for Investment Banking Full-Time Recruiting, Analyst Lateral from MM to BB/EB, Technology IB Coverage Group - Exits, Interview Preparation, etc.