What can I expect for experienced Analyst interviews - Technicals & Modelling

For experienced Analyst interviews at an EB or BB, here's what you can expect and how to prepare:

1. Technical Interviews

• Core Technicals: Expect questions similar to those asked during SA/FT interviews but with a deeper focus. Topics may include:
  • Advanced financial modeling (DCF, LBO, M&A models).
  • Accounting concepts and 3-statement linkages.
  • Valuation techniques (comps, precedent transactions, etc.).
  • UK-specific regulations like the Takeover Code.
  • Industry-specific metrics if you're targeting a particular sector (e.g., SaaS metrics for tech roles).
• Modeling Tests:
  • You may be asked to build or interpret a model under time constraints. For example:
  • A full LBO model (memorizing the structure and logic is key).
  • A DCF or M&A model with specific assumptions.
  • Drawing and explaining a model (as seen in some IB interviews).
  • Ensure you can complete a basic 3-statement LBO in under 1.5 hours.

2. Deal Experience

• How to Discuss Deals:
  • Focus on the transaction rationale, your role, and the outcome.
  • Be prepared to discuss:
  • How you managed a dataroom.
  • Challenges faced and how you overcame them.
  • Key takeaways and lessons learned.
  • Highlight your contributions, even if they were small, and tie them to the bigger picture.
• Professional-Level Storytelling:
  • Use a structured approach like STAR (Situation, Task, Action, Result).
  • Include specifics like deal size, industry, and unique aspects of the transaction.

3. What Impresses Interviewers

• Technical Mastery: Demonstrating a strong grasp of technical concepts and the ability to apply them practically.
• Cultural Fit: Showing genuine interest in the firm and its culture. Speak to analysts beforehand to understand this better.
• Logical Story: Have a clear, logical reason for wanting to move (e.g., transitioning from a niche group to a generalist program).
• Soft Skills: Ability to communicate clearly, work in teams, and handle pressure.

4. Choosing Candidates from Less Prestigious Banks

• Why They Choose You:
  • Strong deal experience and ability to articulate it well.
  • Demonstrated technical skills and problem-solving ability.
  • A compelling personal story that aligns with the firm's values and goals.
  • Positive feedback from references or networking conversations.

5. Tips to Impress

• Preparation:
  • Nail down your 5-10 behavioral stories and resume walkthrough.
  • Practice technicals using guides like BIWS 400 and Rosenbaum & Pearl.
• Networking:
  • Speak to current employees to understand the firm's culture and expectations.
• Confidence:
  • Be confident but not arrogant. Show curiosity and a willingness to learn.
• Attention to Detail:
  • Ensure your resume and answers are polished and error-free.

6. Additional Tips

• Prepare for fit-based questions like "Why are you leaving your current firm?" and "Why this EB/BB?"
• Be ready for conceptual technicals, especially at EBs, which can be more challenging.
• Stay updated on market trends and recent deals in your target industry.

By focusing on these areas, you'll position yourself as a strong candidate for the role. Good luck!

Sources: Q&A: West Coast Tech IB Analyst, Analyst Lateral from MM to BB/EB, Q&A: Technology IB Analyst, What to Focus on in London BB and EB Summer Internship Applications?, Q&A: Barclays IB to MM Private Equity