Questions about Interviews
I don't mean for this question to be redundant, as I do have the WSO and BIWS guides so please don't say I need to purchase those.
What is the nature of BB IBD SA interviews and how DETAILED do they quiz you? I have gone through the guides for the most part, and have a basic understanding of most topics in these guides, with the exception of LBO's and M&A models which I have not delved into as much yet. Having said that, will a basic knowledge and ability to answer the question correctly get you anywhere anymore? I hear stories of interviewers also asking the WHY or HOW for your answer, rather than trying to see if you at least have an understanding at a basic level, which would make it easier to train you. My perception is that the bar is a lot higher now than it used to be (could be wrong here) and interviewers would like you to explain your answers insightfully. Just curious if this is true or not.
So for example, if they ask me how to calculate Unlevered FCF and I say EBIT(1-Tax) +D&A -changes in WC -Capex, would they ever ask like "Why are you using this formula, and why is WC subtracted" or something like that. Or another example, instead of the ability to understand why EV/EBITDA is used rather than equity value multiples, would they ever dive even further into this and ask what industry's would you NOT use EBITDA multiples and Why?
Just shit like that I am curious about. So to what extent will interviewers drag a question, if at all, and is understanding things to a minimal degree not enough anymore? And if they do ask things like this for SA interviews, do they weight these very heavily or is it really only negative if you get the basic "walk me through a DCF" type questions wrong? Would appreciate any specific feedback on your experiences, thanks.
Memorizing an answer isn't exactly what IB interviewers are looking for, especially if you have a background in finance at school. They will almost certainly ask a few questions to see if you grasp the concepts behind your answers, or if you are simply regurgitating text from an interview guide. Questions like why cNWC is subtracted are commonplace and fairly straightforward, you should certainly be prepared for those.
Another day, another question.
Sorry, sadly I have nobody else to ask these things except the people of WSO..
Would you think that everything covered in the BIWS and WSO guide would be enough material to prep for before interviews? By the way I have the long version of BIWS and its literally 1,000+ pages.. Its a lot of stuff, but like I said, it doesn't really help answer those why/how questions as much as it does just help you get the answer correct.
I studied the WSO and Vault guides and made it through interviews without issue. But obviously understanding why a particular answer is correct is essential.
Of course. I have never gone through any of these except boutiques, so I am just weary about how far exactly they dive in certain areas than others.
Maybe someone can elaborate on this as well, but what happens if they ask you a question and you truly have no clue what the answer is? Just try to work it through but don't be stupid and guess ignorantly right? Curious to hear stories on that, as I am sure everyone gets something wrong at some point..
If you get something and you have no idea, admit that up front. If you have any information on which to make an educated guess or an attempt to walk through the answer, first state that you don't know the answer, but then follow with "based on my experience with xyz, my intuition is that..."
Great thanks
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