M&M Interview at a Canadian Bank
Hi everyone,
I have an upcoming interview for an analyst position on M&M team. Any tips or guidance? I have been currently prepping M&M specific techs, reading up on the industry, 2 deals from the bank, and practicing some NAV models as well. One thing, I wanted to ask if I should focus more on the M&M techs as they are a bit different from the generalized IB techs (e.g. valuation is focused towards NAV rather than a standard DCF) or should I be familiar with both generalized concepts & m&m concepts. Any guidance would be appreciated as well as any sample questions.
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:
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.
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.
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.
Sample Questions to Prepare For:
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.
Ask Thoughtful Questions:
Prepare insightful questions for the interviewers. For example:
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.
Outside of what you've already mentioned:
Basic concepts like explorers vs. developers vs. producers (look at the Lassonde curve)
How to read a reserve & resource table and what those mean
Non-NAV valuation methodologies - multiples like EV / Resource etc. (and how to standardize the resource, i.e., specific metal equivalent)
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