Final Round Jefferies - What to Expect??

Hi guys,

I have a final round interview w/ Jefferies this week. I was just wondering if anyone had their final rounds already and if so, what questions should I expect? More fit vs. technical or a combination of both? Furthermore, if anyone else has interviewed with a MM firm, what did they ask in their final rounds? If technical, do they go beyond the basics?

Thanks!

WSO Elite Modeling Package

  • 6 courses to mastery: Excel, Financial Statement, LBO, M&A, Valuation and DCF
  • Elite instructors from top BB investment banks and private equity megafunds
  • Includes Company DB + Video Library Access (1 year)

Comments (65)

Dec 14, 2010 - 7:21pm
I was just wondering if anyone had their final rounds already and if so, what questions should I expect?

lol why would someone tell you and give you an advantage? If they told you, they'd be doing themselves a disfavor!

  • 1
Dec 14, 2010 - 7:41pm

Firstly, he cannot do himself a disfavor, as it is a state of being (I believe you meant that he would be doing himself a disservice)... but secondly this is a forum for people to ask questions and receive advice... If someone already had the Super Day they couldn't very well give away an advantage now could they... not very well thought out on your part...

To the OP, expect fit questions on why Jefferies, and why you specifically want to do banking... They will ask you about valuation methodologies: dcf, comps, precedent transactions... they may ask you to pitch a stock, give your opinion on the markets, comment on certain ratios, and solve a brainteaser. Also, you should be comfortable with accounting (common question is how do the statements link together)... Check out some of the threads on here regarding interviews if you have questions. Jefferies isn't much different than any other bank that conducts interviews... they want to see 1) Is this kid smart enough to work here 2) Do I want to work with him... if you can answer those questions, then you should be fine... best of luck

Dec 14, 2010 - 8:13pm

"If someone already had the Super Day they couldn't very well give away an advantage now could they... not very well thought out on your part...".

Why not? If they don't give out offers before interviewing everyone, californiastdreamin would have an unfair advantage if he already knows what's going to be asked of him.

Not very well thought out on your part....

Dec 14, 2010 - 8:16pm
greatlakes77:
"If someone already had the Super Day they couldn't very well give away an advantage now could they... not very well thought out on your part...".

Why not? If they don't give out offers before interviewing everyone, californiastdreamin would have an unfair advantage if he already knows what's going to be asked of him.

Not very well thought out on your part....

Dude, question like this are what drives the forum...don't be a twat. Quit bitching

If I had asked people what they wanted, they would have said faster horses - Henry Ford
Learn More

300+ video lessons across 6 modeling courses taught by elite practitioners at the top investment banks and private equity funds -- Excel Modeling -- Financial Statement Modeling -- M&A Modeling -- LBO Modeling -- DCF and Valuation Modeling -- ALL INCLUDED + 2 Huge Bonuses.

Learn more
Dec 14, 2010 - 8:23pm

I'm just sayin...

I appreciate the fact that people answer many of your questions on this forum, and that is the main reason why I'm here too. I just don't know why someone who interviewed for the same position as him want to tell him what the questions were.

Anyways, good luck to you californiaistdreamin.

Dec 14, 2010 - 8:24pm

Haha, thanks all for the advice. However, rufiolove, for the most part in the first 2 rounds they asked me a substantial amount of technical questions (how do the financial statements link, what are the first three lines of the income statement, what is LIBOR, what are the disadvantages / advantages of issuing equity vs. debt, etc.) For the most part, I did well, but for the final round, will there be even more technical questions ?

Dec 15, 2010 - 4:31pm

California, I don't think they are going to ask any more technical questions than they already did. They basically want to check the box on technicals... don't discount their importance because you need to get them right, but the final round will probably be fairly fit intensive. You want to make sure you are able to pass the airport test. I would expect about the same amount of technical questions, but typically in final rounds earlier interviewers will ask a couple techs and then they will convey to the other interviewers that you have those on lock. Best of luck, if you did well on the techs in the first round then the second round techs aren't going to vary too far from the vein of the first rounds.

Dec 16, 2010 - 6:47pm

I actually just went through the Jefferies Superday. It's fairly efficient in terms of not wasting time. There were 3 interviews (technical, biographical, personal) and 2 group exercises. Questions are mostly similar to the ones you would get at other BBs. Had questions like "how do you get to FCFs", "what kind of CFs exist", "why P/E multiple vs. EV/EBITDA multiple". Other questions were based more around your personal experience, "why did you decide to study there", "tell me about your thesis, what did you find etc.". However, one of the things I have to note is that I found some interviewers to be very intense. I have interviewed at pretty much all BBs and nowhere have I found the interviewers to be so focused on getting me confused or throw me off-balance. I don't know if it's because Jefferies is trying to move up the ranks among the BBs, but I definitely had the feeling that they were trying to show (almost a bit too much) how difficult it is to get a job there and hence why should definitely choose them over a BB. One of the interviewers was constantly trying to throw me off-balance and randomly threw in questions, including brainteasers (prepare for those, Jefferies loves to ask them) and math questions. Also, make sure you know why Jefferies (do extra research on their recent activity, as they may also ask you about other stuff regarding the firm).
Good luck with the interviews, I kind of screwed up twice (remember to always be cool and don't lose focus, because that is what they want to achieve) and that is probably why I didn't end up getting an offer. But, got another one from a top BB, so it's ok. Also, you might not want to mention that you are applying to all these other BBs, because I feel like they don't really appreciate it as much (my mistake I guess).

Apr 10, 2021 - 4:36am

hey I'm a first year student just trying to better understand recruitment processes. For the techs you described seem pretty basic, were they more advanced for the earlier rounds? (M&A, LBO) as well as getting granular with DCFs etc. Would appreciate your insight, thanks.

Dec 16, 2010 - 6:54pm

Don't outright say that you are interviewing at only BBs apart from them... If they ask where you're "shopping" tell them a few large firms and a few middle markets as well... If they press you on who specifically then you can tell them the names of the BBs but you want to acknowledge that you are in demand when they ask you you're talking to... I actually had VPs flip my resume over and write down the names of firms so definitely don't BS it or you'll get dinged...

Dec 16, 2010 - 7:07pm

I do agree with rufiolove. The people I spoke with definitely took notice of who else I was interviewing with. At some point during the networking session, they actually outright asked me. It's good to be in demand, so if you have top-tier BBs apps still running, do let them know, but I'd be careful with lower-ranked ones. And also mention some MMs, although not too small either. Jefferies likes to compare itself to bigger banks, rather than small boutiques. Definitely make sure though that you can back them up. Making up top places can also backfire.

Dec 16, 2010 - 7:51pm

Pro-rated on an analyst salary (85k) for the length of the program.

Dec 16, 2010 - 7:56pm

Jefferies superday (Originally Posted: 09/07/2014)

Hey guys, would really love some help here. I've got a superday with Jefferies coming up and have never done a banking superday before. What can I expect in terms of structure, question mix (fit vs. technical), other things people may have experienced?

Any help would be greatly appreciated, thanks again.

Start Discussion

Total Avg Compensation

May 2021 Investment Banking

  • Director/MD (9) $911
  • Vice President (35) $364
  • Associates (194) $234
  • 2nd Year Analyst (110) $151
  • Intern/Summer Associate (96) $145
  • 3rd+ Year Analyst (26) $145
  • 1st Year Analyst (402) $131
  • Intern/Summer Analyst (327) $82