There’s a modeling test usually, weaker technicals will shine through on pitch and discussion. Technicals are the language, investing is writing a play. If they press you on a unique/obscure case - they’re probably looking for you to admit when you don’t know something. funds that hire very junior do a modeling test, otherwise if you’re on your seventh technical question about three statements etc. you have an issue. If financial/accounting technicals are the reason you don’t get the job, there were/would have been many other reasons had it progressed.

Frequent, interview destroying landmines I would worry about - 1.) you’re pitch is weak and the interview knows the stock better than you 2.) a dbag asking obnoxious brain-teasers 3.) some random philosophical question where they’re clearly probing for some worldview and you have no idea what they’re looking for

 
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Fundamental, just stuff like marbels in a bag or poker hands and such. It’s not like I couldn’t get with a pen and paper, but just cranking out a formula would have given the speed/smoothness they were looking for. 

I‘m very bad at mental math due to aphantasia (no minds eye / mental visualization). Neither of these things have had the slightest impact on the job IMO, but I do feel like I failed a lot of interviews by Fing up brainteasers. That’s fine though IMO - if they’re looking for the best human calculator and that’s important to the role, it wasn’t a fit. Those instances were extremely discouraging at the time, especially when you have to trudge back to the bank and turn comments afterwards. Now I’m thankful for every interview killed by fit or brainteaser - ending up in the right role is worth sting of rejections - if you’re honest with yourself about what is in your control and what your relative weaknesses will actually be, and you don’t give up and if you’re capable, IMO it’ll usually work out for the best.
 

One fund cancelled my first round after I finished the personality test, email came in 5 mins later, no other contact “hi, great to meet you at coffee hour here’s a personality test that won’t be a sole deciding factor of course and take-home case, please find a time that works to meet the team!” - I take test, five minutes later “please don’t worry about the case, we’re going in a different direction” - later I had to take the same test (and answered honestly again) for another fund and that’s where I ended up. I asked later for the test results, as part of me still wondered why my personality was so abhorrent the other fund would cancel.
 

After reviewing it was pretty clear the test was accurate, and the profile was an obviously mismatch for Fund As strategy and unique match for my later fund. It’ll all work out, remember: it only takes 1 yes.

And after you’ve worked at one, performance trumps pedigree and buckets and your group and all that old stuff - at least for anywhere worth working for.

Years later, Fund A was recruiting me for a lateral and I told them off the bat - several years ago I rejected on the basis of a personality test - please review the test and if that’s going to be a gating factor, let’s not waste our time. They said “no that’s silly, old HR gone”. Did several rounds and cases w/ them (probably wanted to told-you-so them). At reference check stage they asked my references weird questions very obviously framed around the personality test I took years ago as a 6month seasoned IB analyst. The test was still accurate though and they still didn’t make an offer - I’m glad they didn’t - and it reinforced my view. It works out right if you’re capable and put in the effort/grit.

 

They can ask obscure questions like how many golf balls can fit in a plane or some random logic / probability questions. Ive had a hard experience as once I did a 40 page report and got no comments back which was annoying. I think they just took my idea. 

 

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