Are you interviewing with any other banks/firms?

I get this question almost every time I interview, and have always felt awkward as I answer it. I will typically say that I am interviewing with strictly banks. However, my questions are as follows:

  1. How to respond when you only have one interview at the moment? I'd imagine honesty is paramount, but is it a good idea to say you are in close contact with other banks?
  2. What are these banks looking for in regard to an answer?
  3. What have you said in the past that you felt was a successful response?
  4. Should I mention the other firms if they don't explicitly ask for that information?
 
Deal Team Six:
I get this question almost every time I interview, and have always felt awkward as I answer it. I will typically say that I am interviewing with strictly banks. However, my questions are as follows:
  1. How to respond when you only have one interview at the moment? I'd imagine honesty is paramount, but is it a good idea to say you are in close contact with other banks?
  2. What are these banks looking for in regard to an answer?
  3. What have you said in the past that you felt was a successful response?
  4. Should I mention the other firms if they don't explicitly ask for that information?

They are seeing if you're the runt of the litter grasping at the only interview that was offered. Looks like that's the case.

 

If you're gunning for a FT or SA banking role, letting your interviewers know in a subtle and polite way that you are in the process with a few other firms demonstrates a certain level of desirability for you as an applicant. I would usually say the number of firms and what round I'm in for each. If they press you for names, you should be comfortable disclosing, but I find that this isn't common. Again, it is best to disclose this information in a non-braggadocious way and just be honest. If the interviewer is your top firm, I always end this response with "but firm XYZ is my top choice. It is my top choice for reason A,B,C etc.", just so that they are convinced in your level of interest. On that point, it's probably best to strategically disclose only 2-3 other firms you're interviewing with, so that they don't think you're speaking to everyone under the sun and auto-ding you for low probability of offer acceptance.

 

Can attest to honesty being the best policy and not listing too many processes if you have them. List the most illustrious other processes you have going on. Also disclosing other interviews is useful because it can also expedite your offers which can help when they are exploding/competitive etc

 

Yeah, I agree with Iggs. When I was asked what other banks I was interviewing with, I tried to get away with just saying "other BB banks", but they pressed for specific names and also what step in the process I was in.

 

I've heard many reasons why. Some do it to see who their competitors are, which can be easy to see if they have asked that question to all of the interviewees. Some do it to see if you really understand the bank. For example, when I was recruiting, I was told many times to mention banks that were in the same category of the bank you were recruiting for so if Lazard asked you, then you would say other EBs rather than BBs. Finally, some may do it to see where you as a candidate are in the interview process with other firms and possibly see how desirable you are (this is what iggs99988 talks about in his post).

 
Best Response

Best experience I had with this question:

After getting GRILLED by this MD for an hour and feeling like I'd barely held my own..

MD - "Are you interviewing with any other banks"

Me - "Yes I am"

MD - "When is your next interview?"

Me - "Actually, it's later today, I've organised them close together to minimise disruption"

MD - "Well, I'll have to let HR know to keep you late so that you miss that next interview, at this stage we'd rather you not consider other positions"

Inside my head I'm running a victory lap and high fiving everything in sight. Ended up taking the position and had some good years there.

 

You shouldn't feel the need to name the firms, but I would definitely mention that you are interviewing elsewhere if asked. Just make sure that if you're interviewing with a MM, for example, you're not saying that all your other interviews are with BBs. It raises the question if you really want MM banking.

When I moved into corp dev, my interviews went much better once I disclosed I was interviewing elsewhere or had an offer. Firms are risk averse, and if they can use another firm as a vetting process, they will. If you already received an interview or offer, the firm considering you usually feels like they have made the right decision including you in their process.

 

This is entirely anecdotal, but when I told one MD that I was interviewing for essentially the exact same group at a different bank, he perked up and started to go into "sell" mode... So based on that experience I would say its important to just be honest about the other places you are interviewing - it only makes you a seem like a more desirable candidate in my opinion.

 

list off a bunch of different banks/groups even if you haven't interviewed there yet. because you will eventually. kick your feet up on their desk and light up a cuban for emphasis. dominate your environment.

I AM THE LIQUOR
 

My 2 cents: your answer probably won't hurt, but there is always the chance that the interviewer could have had a bad experience with the other firm, or that they might think that there's some difference between the two firms that makes them suspicious of you. In the end, it's unlikely to hurt as long as the roles are similar, but it certainly cannot help.

"There's nothing you can do if you're too scared to try." - Nickel Creek
 

You give them names of similar banks. If you're interviewing at Evercore say you're also interviewing at Lazard, PJT, etc. If it's Baird, say Blair, HW, HLHZ and so on.

Doesn't even matter if you're interviewing there, just say you're "in the process." This is a test to see how focused you are in choosing banks and how you benchmark yourself in terms of talent. I know of multiple banks that ask this question for these reasons, so make sure you're prepped accordingly.

 
trader_timmy:

You give them names of similar banks. If you're interviewing at Evercore say you're also interviewing at Lazard, PJT, etc. If it's Baird, say Blair, HW, HLHZ and so on.

Doesn't even matter if you're interviewing there, just say you're "in the process." This is a test to see how focused you are in choosing banks and how you benchmark yourself in terms of talent. I know of multiple banks that ask this question for these reasons, so make sure you're prepped accordingly.

Who is HW?
 
trader_timmy:

You give them names of similar banks. If you're interviewing at Evercore say you're also interviewing at Lazard, PJT, etc. If it's Baird, say Blair, HW, HLHZ and so on.

Doesn't even matter if you're interviewing there, just say you're "in the process." This is a test to see how focused you are in choosing banks and how you benchmark yourself in terms of talent. I know of multiple banks that ask this question for these reasons, so make sure you're prepped accordingly.

This.

Only mention banks of similar size.

 

I usually just said that I was interviewing for similar positions at similarly sized banks. So if I was at a BB I'd say I was interviewing at some of the other BBs, if EB then the other EBs.

I usually found it rare that they'd press any further than that. If you have offers at other firms feel free to drop those. That usually just gets the competition going.

 

Personally I really don't see what's wrong as long as you are listing somewhat similar roles (for people still in college).

I've always listed off every related firm I had an interview scheduled for, then reiterated why I wanted their bank the most though. If they were legitimately your top choice, say so when answering, otherwise list off a few things that would encourage you to take their offer if extended.

If you're interviewing at a BB, and list of half a dozen other BB firms, as well as a few EB of MM's, is it really likely the interviewer would be surprised and question your desire to work at a BB? Likewise would an EB firm reject you because you're interviewing at Citi or Jeffries?

I'd like to think that most interviewers are somewhat reasonable. If they ask anything more, tell them that your number one priority is to secure a position in IB, and to reduce your risk you applied to a range of firms within the industry as backups. That said bank X is a preferred option because a,b,c... It'd be weirder if you said "No, I applied only to JPM because I specifically want to work here" or "No, I am interviewing at west coast boutiques only". I'd think you were dumb to be picky.

If someone avoids answering, I would probably this is their only interview, which is a red flag imo. You're a student who just paid 50-100k+ in tuition, it'd be weird if you weren't applying everywhere in your field. Having lots of interviews with competitors is a sign of a strong candidate. If you're a top student at a top school they're gonna figure you have lots of other opportunities anyways. Better address it and confirm your desire to work there than lie/omit.

I've helped in the campus recruiting process, not for IB though, just my $0.02

 

But if you're interviewing at a boutique bank I wouldn't go off mentioning BB's or EB's personally. Or at least not many of them. Because then you come off as interviewing there simply as a back up. Try to keep the firms on the same playing field, maybe slightly above, don't go crazy telling Joe Blow Bank that you're interviewing at GS, UBS, Barclays, etc.

"It is better to have a friendship based on business, than a business based on friendship." - Rockefeller. "Live fast, die hard. Leave a good looking body." - Navy SEAL
 

Regarding saying you're interviewing at X when you are not:

I was once asked where else I was interviewing - I knew I had to be vague but still name dropped because an interviewer asked. They followed by asking for the group and specific names of people there. In retrospect it seems aggressive but the interview had turned into a casual conversation.

Later I realized the person asking all the questions had worked at this other bank for years (I couldn't check his background in advance, wasn't told who would be with the main interviewer). I was definitely happy not to have bullshitted and risked getting flagged on such a stupid question. You never know - lying in this case is high risk / low reward imo.

If you are interviewing elsewhere, I'd disclose most/all of it, including "better" places. I think it creates a sense of urgency for them, at least if they think you are a top candidate. If you bombed the interview then of course just play it safe and go with similarly sized firms.

 

I would suggest lying through omission only, if you feel it's the right way to go. People from different banks talk to each other so trying to boost your rep by lying about GS or something is a good way to look like an ass.

 

ellama It's likely that the interviewer just had some inferiority complex

As for the OP's question, it really depends on context.

If you're doing OCR with BBs, feel free to name drop all reputable banks with which you're interviewing or have interviewered. Just make sure you're saying "you're in the process" with the ones you've already interviewed at.

If you're doing OCR with EBs, be a bit more selective. Focus your response on EBs, but it'd also be unrealistic to not mention a single BB either. They know that people take a shotgun approach when it comes to OCR. I'd only mention the better BBs, however.

If you're doing lateral hiring to either a BB or EB, you should definitely be more targeted with your response.

Lastly, if you're interviewing at an unknown shop, feel free to name drop better firms to show them you're in demand. Good luck.

 

Got asked where else I was interviewing & what stage I was at for each by 2/4 interviewers at an EB superday this summer. Told them the superdays I had at other places with similar prestige, but said "But if I receive an offer here I will cancel them and sign here.. This is my top choice."

If the place you're interviewing is one of your top choices, it's better to be honest and direct. At least that was the impression I got

 

I thought it landed well, tbh. I got the offer within three hours of leaving the office and kept my word and accepted on the spot.

I think it would have really pissed them off if I'd asked for any more time to consider than they were already giving me (which definitely wasn't enough to interview anywhere else) so I'd say only say you'll cancel your other interviews if you honestly would.

 

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You're welcome.

I'm an AI bot trained on the most helpful WSO content across 17+ years.
 

These are the main reasons:

  1. They want to maximize the probability that they will get paid by their Client X through placing you. Headhunters only get paid if their candidate actually ends up accepting an offer (and often times, working for a minimum of N months) at their client.
  2. They do not want to end up sending your resume to another company you're already interviewing with, because that makes the HH (and you, too) look like an idiot.

Mainly #1.

If you say YES:

  • The HH may try to speed things up at Client X, so that they beat your other places to an offer, and thus HH gets paid by Client X. (good for you)
  • OR the HH might get the impression that you're shopping around and so not too serious about really switching jobs -> leading HH to work less hard for you (bad for you)
  • The HH will demand to know where you are interviewing, how far along you are, etc.
  • If you were Client X's or HH's top candidate, the HH will try very hard to sell Client X and give you any number of {real / madeup / straightup BS} reasons why you should stick to Client X. This is because if he does not place you at Client X, he has to find another candidate or more likely, he will lose out to another headhunter and lose the commission. (annoying)
  • If you weren't Client X's or HH's top candidate, or if you tell the HH that Client X is not your top choice, your emails may start going unanswered. The HH/Client X may move onto another candidate who is more likely to take an offer. (bad for you)

If you say NO:

  • The HH may think you are all in so likely to accept an offer at Client X, and might try to speed things up at Client X so that you can get an interview/offer faster (and the HH can get their commission faster) (good for you)
  • OR the HH might think that you aren't in demand, and shift his attention to other candidates. (bad for you)
  • The HH might tell Client X that you don't have other options and thus you may be willing to take a lower salary (bad for you)
  • If the HH realizes later that you were lying, he might tell his friends about it. In my experience, most HHs are not organized or intelligent enough to do this, and even if word gets around, most hiring managers won't give a shit because many HHs are scumbags themselves who tell lies without batting an eye. Nevertheless, this is a very small industry so it's better not to get a bad reputation among headhunters. (not too good for you)

You are right, it is not their business, but most headhunters I dealt with made a big deal about this and seemed offended when I refused to tell them. In the past, I have said something along the lines of "Yes, I'm in the process at several other places; I'll let you know if I think I'm close to an offer. Please don't send my resume anywhere else for the time being", without specifying where I'm interviewing. The trick here is to keep it vague so that the HH doesn't get lazy or get any sneaky ideas, but to never actually lie in their face.

Headhunting is a ridiculous but often unavoidable political sales game where you, the candidate, are the product and trying to sell yourself for the highest possible price and the employers are trying to buy at the lowest possible price. Headhunters are just middlemen who want to make any sale as fast as possible (bad for you) and get their commission (linked to your base salary so they do have incentive to get you a high salary - good for you).

 

I didn't test this in IB but during some of my interviews my response was: "as any good investor will tell you, diversification is a strategy that has consistently proven effective. I consider myself an intelligent person, who always tries to learn and improve, and I think that principle also applies to one of the most important and worthwhile endeavors anyone can undertake: looking for a place to grow and develop your professional career."

Hopefully by the time you're done they either got the message or forgot what they asked you about.

"I'm talking about liquid. Rich enough to have your own jet. Rich enough not to waste time. Fifty, a hundred million dollars, buddy. A player. Or nothing. " -GG
 

It really depends what bank you're at and what other opportunities you have. When I was interviewing, I had superdays with 3 BBs and 2 EBs in the same two week span so I got this question a lot and was able to sorta gauge responses. With top banks, they want to see that other top banks are interested. With insecure/middle-tier banks, they can get really spooked if you tell them you have a GS and EVR super coming up. Yield is really important to them and the spot they would offer you and have you decline could've gone to another qualified kid who would take it on the spot. One thing to be sure though, don't lie. Maybe stretch or be vague, but do not lie. This is a small world and people know each other. If you're discovered lying, that's an instant ding and that can spread beyond the bank you're working with.

 

If you're being asked by someone senior, it's usually a good sign. Annoying to be asked by someone junior.

When asked by a good-but-not-my-top-choice prospective employer: "Yes, I'm interviewing with a few other places and I believe previous interviewers here already know this. I think it's the right thing to do. Based on XYZ past experiences, I'm a strong believer on using fit to make a final decision after I know what my options are, and I'm very excited to be in this interview right now."

When asked by my top choice: "Yes, I am. In my position it makes sense to interview across a range of places. Some I really like, others I don't like quite as much but would still be a good employer. In all fairness, I believe I will get a job in this industry, so the more interesting question is, which is the right house for me."

I recognize this might sound too forward to a lot of people, but in both cases it worked out for me.

The truth is you're the weak. And I'm the tyranny of evil men. But I'm tryin', Ringo. I'm tryin' real hard to be the shepherd.
 

The thought is accurate, but I would not say that this is the ideal word choice for either scenario.

Asked by a firm that ISN'T your top choice: "Yes, I am currently going through a few other processes with other firms. I think at the end of the day, it really comes down to fit and the ability to learn. When you look at the success your firm has had, you guys are really right there at the top of my list, and I really appreciate getting the chance to meet you and the rest of the team."

Asked by the firm you would accept immediately: "Yes, I am going through several other processes at the moment. You know, there are aspects of each of those firms that I really admire, but at the end of the day, to be honest, you guys are really my top choice due to the fit and the firm's success. I really appreciate getting the chance to interview with the team and really hope we continue the dialogue."

 

Yeah, I like that wording better too.

The other thing, though, is all the non-verbal communication. The tone, your body language, etc. It has to be congruent with your general vibe throughout the process, which in my case was: I'm interested in earnest, but I'm not desperate.

How you say it is equally important to what you say.

Worked for me.

The truth is you're the weak. And I'm the tyranny of evil men. But I'm tryin', Ringo. I'm tryin' real hard to be the shepherd.
 

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