Group-Specific IB Interviews
Currently going through SA 2022 recruiting and have a final round coming up with a specific group. Obviously you should know why you want to work in that specific coverage group but what else should you prepare for these types of interviews?
Prepare to discuss general trends and M&A activity within that group, big players within the industry, and specific deals within the industry.
Somehow most of the interviews I had were group-specific interviews including all the superdays I had. Know the industry, know the specific valuation multiples/metrics/methods. Be able to talk through recent news in the industry. Know any specific technicals that pertain to this industry and also learn more about who the biggest players in the industry are others that are primed for growth.
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Great advice, do you have any suggestions where I can read up on specifics (especially deals) for an industry? Have tried google and found semi-comprehensive info.
for public companies, I think there is a merger proxy (DEFM14A) that needs to be filed that talks through deal rationale, comps, and valuation. I found those to be extremely helpful. For example, search "FIS wordpay merger proxy" and the first result is the proxy for the deal between FIS and wordpay. The best part about this was that I didn't have to come up with the rationale myself and these actually talked to through exact synergies they are planning on realizing and the acc. dil. they expected after the deal was completed.
Any insights on how to prepare for lev fin focused interviews
Know the credit metrics. I'd also know the five C's of credit, and all of the ratios that pertain to each of the C's. Read S&P's Leveraged Loan Primer and High Yield Primer. Know where the HY index is and the Leveraged Loan Index or Leveraged Loan 100 (S&P/LSTA). Know why firms get leveraged loans (LBO, M and A, refinance etc). Know bond terminology well and interest rates. Know what's going on with the 10 year treasury and what impacts that rate. Read a little about LIBOR conversion (SOFR). Know everything in the WSO technical interview guide (as always).
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