Structured Products Intern Interview
I have an interview soon with a Structured Products group of a large Japanese bank (Sumitomo Trust). This is for a summer internship position. I don't really know anything about what this position entails or what the interview would be like. Any insight is greatly appreciated.
The description is as follows: "Structured Products Department is investing in CDO products and managing CLO Equity Positions"
anyone, thanks in advance
As far as what will the interview entail, I'm not sure what to tell you. But for a good overview of structured products do a google search on Chris Culp, he's a University of Chicago Professor & written extensively on CDO & CLOs. Also, there's a good (although long) article by Gary Gorton from Yale that will give you a great view of how the products work and some insights on the melt down in liquidity. These combined should help you have at least conversational level understanding of the market.
Good luck. Jose
You should try to do some research and find out what products they structure/invest in and learn more about them. I can tell you from experience that for an internship like this they don't expect you to get overly technical or know everything about how to structure products. They expect you know all the same markets and technical analysis that a normal S&T interview would, but they would also want you to explain what a CDO is in simple works......group of securitized products placed in a Special Purpose Vehicle. They are grouped together to lessen the risk because of default. Also, know one or two factors that affect their value. Simple general stuff about the product. As usual the goal is to show them that you know what you are talking about and make them like (most important).
Expect to be doing the same thing all S&T interns do..research, projects, helping traders and salesmen, getting coffee....search this site for more details.
Good Luck.
Edit--I was typing when the other post was posted. The same "Good Luck." Is complete coincidence.
Also know basic things like how a Mortgage works. Then build upon it to how they can be grouped, securitized and tranched.
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