Just set up interviews for a AN2 lateral position at a smaller, but solid MM bank. Coming from a LMM firm, any idea for technical questions I should be prepared for? I also know this bank doesn’t do modeling tests for laterals. Doesn’t seem like there is really anything for this specific bank on WSO for lateral interviews.
If it is helpful, coming from M&A and this is for a coverage group position.
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Semi-similar situation I just went through. AN1 but just lateraled from LMM to solid MM. Didn’t have any classic technicals in my interview. Only technical thing I had to do was do a walkthrough of the revenue projection model for one of my deals. Rest of the questions were the classic why do you want to leave, why our firm, etc. Overall very straightforward and more conversational-based, especially with the more senior people.
If you Google "Sil lateraling guide", you'll find a guide I typed up after lateraling. I posted it several years ago, but the content still holds true.
You should be prepared for technicals, but the interview will most likely revolve around your deal experience and fit. Know your deals inside and out, from your specific role on them to the reasoning behind the deal (e.g. how you built the buyer's universe and why the client was selling) to anything complex that came up. Most of the interview will be fit, so come across as a likeable person. Try to tie everything back to your experience. For example, if they ask you a question about managing diligence teams, answer it and then talk about a specific deal you were on and how you led the diligence calls and acted as the liaison between your senior bankers, your client's CEO and CEO, and third party advisors.
are there modelling tests too? and if so, how extensive are they?
The only modeling test I took for IB was during FT recruiting. It was a standard DCF with very high level assumptions where you had to build a basic three statement model. It was a take home test to be completed over the weekend and took me four hours or so.
Which MM is it for?
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