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Based on the most helpful WSO content, here are some tips for your capital markets internship interview:

Interview Structure:

• Rounds: Typically, you might expect multiple rounds. For a large institutional firm, it could be similar to the structure mentioned in the WSO threads, which often include:
  • Initial Interview: Likely a phone or video call focusing on your background, strengths, and weaknesses.
  • Subsequent Rounds: These could involve more detailed discussions, including technical and behavioral questions.

Types of Questions:

• Technical Questions: Even for internships, you should be prepared for some technical questions. While they might not expect you to have in-depth knowledge, basic understanding of key concepts is essential. Common technical questions might include:

  • Understanding of accounting principles.
  • Basic financial models like DCF (Discounted Cash Flow) and Comps (Comparables).
  • Sector-specific questions, such as recent market events and their implications.

• Behavioral Questions: These are crucial and often make up a significant portion of the interview. Examples include:

  • Situational questions to assess problem-solving abilities.
  • Questions about past experiences, teamwork, and how you handle challenges.
  • Hypothetical scenarios to gauge your future behavior in difficult circumstances.

Key Tips:

• Confidence and Enthusiasm: Confidence yields enthusiasm, and enthusiasm sells. Be deliberate in your answers and honest if you don't know something.
• Preparation: Review common behavioral questions and prepare anecdotes that highlight your skills and experiences.
• Questions for Interviewer: Have thoughtful questions ready for the interviewer. Avoid overly complex or irrelevant questions.

Example Questions You Might Encounter:

• Behavioral:

  • "Tell me about a time you worked in a team."
  • "Why do you want to work at this firm?"
  • "Where do you see yourself in five years?"

• Technical:

  • "How does depreciation flow through the three financial statements?"
  • "What’s WACC and how do you calculate it?"
  • "Name two companies that you think should consider merging and why."

Final Advice:

• Be Honest: If you don't know an answer, it's better to admit it and show a willingness to learn.
• Practice: Mock interviews can help you get comfortable with the format and types of questions.
• Stay Calm: Nerves are natural, but staying calm and collected will help you think more clearly and respond more effectively.

Good luck with your interview!

Sources: Interviewing for a SA or Analyst position? Here's what I'd want to hear as a VP., Superday Advice From a Tired Interviewer, Ask me anything - MM PE Associate, 1 year in, Interview nerves, J.P. Morgan - Video Interview Invitation Corporate & Investment Banking Summer Analyst