Interview Questions

Hi everyone! I wanted to introduce myself to the WSO community. Here's some quick background about myself: Previously a senior associate at a Top 5 BB Bank, 5+ years experience in M&A and IPO work (focus on M&A) Led various aspects of recruiting (spanning from resume screen, on-campus recruiting sessions, superday interviews, and offer decisions), and training programs for first-years in my group Hosted career fairs at my bank and served as a mentor to undergraduate incoming analysts and analysts Off-cycle lateral hire from a boutique, graduated from a non-US target/semi-target initially

16 Sep 2021

EDIT: Didn't get the internship. Director told me it was "very close" and couldn't give me actual feedback on my application as "everything went fine but we had to make a choice". He also said he'd forward my CV around. Don't know how much of that is true or just what they're supposed to say, but I guess I'll keep applying. Hi! I'm stressed as hell right now, because I think I might've blown my chances with this desk I applied to recently. I applied for a BB equity derivatives trading execution (so, S&T) internship and went through all the rounds lightning fast, from this Monday to this Friday

12 Nov 2021

~15 year career as an investment banking analyst/associate in ECM (SPACs) and leveraged finance/restructuring, hedge fund analyst/portfolio manager and currently as a corporate finance executive for a fast-growing start-up (led $70mm equity raise process). Have interviewed and spearheaded recruiting for investment banking, hedge fund and start-ups. If you're trying to break into investment banking, can give you mock interviews. Love mentoring young professionals and learning from others. Am decent with excel modeling, but am aware why model assumptions are way more important than the actual

07 Jul 2021

Hi everyone, I am a current 2nd M&A year associate at a Vault 10 law firm in NYC and thinking about switching my career from big law into IB. I have started pondering about this change since my summer internship during law school and after taking a few finance & valuation related courses jointly offered with the business school. After having spent about a year in big law, I have realized that this is not the career path for me and am now seriously considering a move into IB. I know a few big law associates and law students who lateraled or went straight to IB as an associate, and would like to

08 Nov 2021

BB Rankings: 1. Goldman Sachs / Morgan Stanley / JPM 2. BofA / Citi / Barclays 3. Credit Suisse / RBC 4. Wells Fargo / DB / UBS EB Rankings: 1. PJT / Evercore / Centerview / Qatalyst 2. PWP / Lazard / Moelis 3. Guggenhiem / Houlihan (Note: both RX teams would be tier one) 4. Rothschild / Greenhill MM Rankings: Jefferies / Raine / Cowen / Baird / William Blair Meh, weak groups: Stifle / Nomura

17 May 2021

Hello fellow monkeys. Recently, I decided to give up on buyside recruiting and stay on as an Associate in IB. I realized I simply didn't want it enough and just ran out of energy to dedicate to the search. I've also frankly enjoyed my time in IB a lot and look forward to continuing my path here. A big shoutout and thank you to everyone on WSO that gave me advice and helped me throughout the process. Feel free to AMA. A few months ago, I said I would drop the technicals I got throughout my process, so I am keeping this promise. I've gathered a bunch from myself and fellow friendly analysts

11 Feb 2021

I have two Superdays this week with two middle market investment banks for an Analyst position, I have never experienced a superday interview before so I am looking for any help I can get on technical questions, behavioral questions, fit questions, or just what I can expect throughout the superday. I am a current senior in college, and I have completed two finance internships. The areas I am focusing on to prepare for the interviews are: Accounting Valuation Industry Specific metrics Case Studies Modeling (I have no prior experience) I understand I will not be able to master all of the above

08 Oct 2021

Here's what I am planning to say for "why IB"-- please feel free to rip it to shreds, need some help (putting it in bulletproof form) Interested specifically in learning about M&A Internship company this summer underwent a merger, got to see how it works internally Would like to see the process for how a bank does M&A and see how they work from start to finish Please give any feedback-- have edited it a few times and definitely need more criticism!! This anecdote is more personal, not sure if it's too specific or if it's completely irrelevant to the question

03 Aug 2021

Can you miss one or two technical situational questions before realistically moving onto the next round? If I sounded like I knew my stuff and the concepts but chose the wrong answer ultimately is that a ding despite getting the fundamental technicals (prior to that) right that I need to know (i.e. DCF, valuation, accounting)? It seems like I hit it off with the guy and we had a lot in common. I just thought I had them in the bag, but he had a different way of looking at it. The bank swings more into fit based on what I've seen. Any thoughts? Just want to know my chances, lol. Thanks, everyone

29 Dec 2020

How bad did you manage to mess up on your first few interviews? Anything silly you uttered without intending, or did you choke completely? Share your experience fellow bankers and aspiring bankers.

11 Oct 2020

Hi everyone, I wanted to create a post about my process on GS for Junior Analyst in IBD. Sadly I did not get it but anyways. Context: Applied in Mexico City, 2 years of experience in AM and from a mexican target school. 1.- Apply through the page 2.- Webinar of general information (No filter yet) 3.- Steps 1 and 2 were in January 2021, and in mid february I got an email saying I have passed to the next round (HireVue interview) 3.1.- HireVue Interview was really easy, general questions like walk me through your Resume, and situational ones like "What would you do if a client is asking you to

17 Mar 2021

Hi all, I have a case study interview coming up! - and just wanted to pick the brains of you lovely real estate people! Strategic Advice-related. The organisation in question is John Lewis Partnership (UK) - and my task is to explore opportunities in their property portfolio. From what I can see, the firm mostly own their own properties (freehold) although recently completed a few sale & leasebacks. As department stores and the like continue to suffer due to 1) shift online and 2) covid impact , it is putting pressure of the firm to make changes. So far all I can really think of is conversion

28 Oct 2021

Interviewing for a Portfolio Associate role at LaSalle Investment Management this week. Curious if anyone could shed some light on the role or group. Wondering what the difference is between this role (seems more high level analysis/strategic) and an Asset Management role/Associate in Asset Management, or that maybe the Portfolio Associate is the evolution from a Senior Analyst in Asset Management? Would be grateful to know if anyone has anything on hours/comp/path to promotion/etc for this. Glassdoor is not the most reliable as we all know. Currently at a base of $105K and 20% bonus, w/5.5

16 Nov 2021

I am a law student (UK) hoping to break into investment management or trading. My second year results were terrible because I had depression caused by undiagnosed ADHD. I am now doing well in my final year (Got a 2:1 for my first semester) but I'm afraid my 2nd year results might drag me down to a 2:2. If I am asked to explain my grades, should I mention it but spin it in a "obstacle I had to overcome" context? I don't intend to use it as an excuse, I would like to highlight how I had to rebuild my routine and most of my life from scratch etc. If this is a bad idea, are there other ways to

26 Mar 2021

I was initially attracted to investment banking because it offers greater exposure to deals. Even during my current internship at [PE firm], the part that excited me the most was when I was involved in the due diligence process for our new investments. But I always found myself spending more time on a portfolio management side. Since I wanted to fully invest myself in the most exciting aspect of the financial services industry, I thought investment banking is the better fit for me. But over time, I also learned how investment banking is more than just deals. Unlike private equity looking for

23 Apr 2021

Hey everyone, I'm a rising sophomore from a target, 3.8 GPA. I got a hirevue for Bank of America IB Sophomore SA and just completed it. How long does it take to hear back about superday? Also does anyone know approximately how many ppl who get hirevues get superdays?

08 Jul 2021

Hello all, I recently moved onto the next round of interviews, after phone screen(s), and the next step is an interview with people on the deal team at a coffee shop. I know I'm probably overthinking it, but why a public location? To see how I act with distractions? I was a little disappointed that it is not at their actual brick and mortar location, but with COVID, I guess firms have to adapt their interview process? Any feedback would be great; thank you for your time.

15 Jan 2021

What's up monkeys, I've got an interview coming up for a pretty well respected AM that offers some PWM and HF services as well. It's my first interview for a proper capital markets role, but I've done some interviews for other finance/business internships and I feel decently confident about my overall interview skills. I've heard of some questions this shop tends to ask and was wondering how to answer when they ask "what are your views on the market right now?". If anyone in the industry can help and maybe provide an example of an educated sounding answer without coming off like I think I know

04 Oct 2021

Hey guys! I recently had a very initial interview with a growth equity fund. They were relatively advanced in their process so I was slightly late, but they cut me off after this first interview. They asked me to compare three business models and pick which one I would invest in. I gave my comparison and my reasons but apparently I must have not performed to the standards. Just curious how you guys would approach this situation? They told me to compare these three: - Casino - Bank - Fast food chain Very thankful if you guys could give me your thoughts. It was my first growth equity interview

05 Jun 2021

Hello everyone, I wanted to confirm how we can calculate FCFF from EBITDA as I have seen different formulas and I am still confused. 1) EBITDA - D&A = EBIT we then subtract the cash taxes and then we add back pre-tax D&A since its a non-cash expense but it is tax-deductible, we then subtract/add changes in net working capital and CapEx 2) FCFF = (EBITDA – Interest) (1 – Tax rate) + Interest(1 – Tax rate) – Capex + Changes in WC. Am I confusing my self or is 1 the right way? Thanks!

09 Jul 2021

Hi everyone, I got invited to the GS Global Markets (loan management) Superday. I have been trying to find more info on the division and how interviews usually look like but couldn't find much here or on the internet in general. Does anyone have any experience or any insights into the division/interviews. The job is specifically Goldman Sachs Global Markets (loan management) in their Dallas office. Let me know if you have any other question. Thank you!

25 Sep 2020

I recently had my first ever two superdays with two middle market investment banks. With no prior experience attending a superday I was nervous that every round was going to be very technical so I studied 90/10 technical/behavioral because I did not want to botch the questions. But after experiencing the two super days which both consisted of 5%-10% of a technical aspect and a large majority of the questions relating to fit, I am curious, should the main focus be on behavioral questions rather than technical questions? Is the era of the technical "gotcha" questions over? - A struggling

29 Oct 2021

Hi All, I just got invited for the JP Morgan Chase Proud to Be Superday interview for the Corporate & Investment Bank Wholesale Payments & Corporate Banking Summer Analyst Program, and to say that I am super scared would be nothing short of an understatement. First, I am not even a business major. I study Computer Science. I took one finance class and one business class and that's it. So, I'm not too familiar with all the technicalities that may come from an interview like this. I already ignored about three of JP Morgan Chase hirevue interview invites because I was never confident in myself

22 Jun 2021

The question is "If you purchase a 100$ bond. At a 5% discount to par value. The bond's coupon rate is 8% and matures in 5 years. What is the the bond's approximate yield to maturity?" I thought of calculating the profit which in this case would be 40$ (8$ per year*5 years+5$ profit as we bought the bond at 95$) and dividing that by my initial investment. So do 40$/95$ which gives me like 40%. But this seems to be the ROI and not the yield the maturity. I have found a pretty complicated formula for YTM=(Annual interest+(Redemption Value-Bond Price)/#Years to Maturity)/(Redemption Value+Bond

22 Jan 2021

Mod note (Andy): Throwback Thursday, this post originally went up on 6/4/12. Andy note: some of the quotes below were published on CNBC / Yahoo awhile back: Want This Job? 'Let Me Sleep With Your Girlfriend', also check out WSO's response to their article --------------------------------- This thread got me thinking... Interviewees: what is the hardest / most nerve-wracking question you ever got asked in an interview, how did you handle it, and what was the end result? Interviewers: what is the hardest / most nerve-wracking question you ever asked in an interview, how did the interviewer

12 Mar 2015

Hi guys. I've been invited to interview for an entry level position in the asset management/wealth management arm of a MM Investment Bank. I've been told that I should have 1-2 stocks prepared that I would pitch to my interviewer, and that the companies should be mid-cap/niche stocks (pitching AAPL or MSFT isn't interesting). What I'm wondering is whether there is any preference as to whether the company I'm going to pitch is already being followed by an equity analyst at the bank? Specifically, I'm looking at a $4-5B company with about 12 analysts following it, one of which works at the bank

23 Mar 2021

Hi everyone, I just got an invitation for JPM CIB Markets-Trading FT analyst superday and so wanted to post here asking for help. What is the best way to go about preparation to ensure I'm ready for it. If anyone has gone through this before and would be willing to share their experience that would be awesome. Any tips/advice on how to best prepare for it would be appreciated!! Thank you!

23 Oct 2021

Hi all, I will have to absolve a simple modeling test soon and was hinted that it will mainly focus on recreating a cash flow statement within 20-30 min. Do you know any good sources for exercises? I tried to recreate public cash flow statements, but this is usually much more tedious and time consuming (and I think not all information are published within the publich IS and BS to recreate the exact same CFS sometimes). Any ideas? How to approach this? Best, M.

25 Oct 2020

Hi WSO - I've worked in big tech (think FAMGA) since graduation ('17). Went to a top 10 US UG, currently working in product, was previously in corporate strategy (got to work on an acquisition in 2019). I would like to transition to the investment side for my next role; ideally in early stage VC, open to Growth Equity. Not super interested in Seed (not a good fit), or in Buyout (not a good fit; not a banker). If anyone has experience making this transition, or has peers who have, I'd love to hear any and all advice. I am just now starting the process. Some avenues I'm considering searching

05 Mar 2021

Would it be a good idea to say I used to be unattractive and unintelligent as a kid but worked hard every day to improve them? I.e. I went from having bad grades to great grades (Now in a target School) and now model part-time.

01 Oct 2020

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16 Feb 2021

Hi! Interviewing with an MD and wondering what kind of questions will be asked. Would it be more technical or behavioral?

09 Nov 2021

Interviews with BB upcoming, without giving away too many details, one of the three interviews I will be going through is an hour and a half long. I've done a few superdays which were anywhere from 2 to 4 hours of conversation but never before have I sat with one individual for an hour and a half before. At most I've spoken with one individual for a half hour which seems is normal. My instinct is that maybe a half hour of time will be taken up for a case study? What do you think? Thx all

05 Jul 2021

Hey all, Applied for an IB analyst gig and was given this question in the written component of their test but couldn't figure it out. Can anyone solve this? Question was to figure out what all the letters should be. I think the below is right but couldn't get the rest A: (6) from interest paid and interest accrual C: 2 from change in NWC on BS D: (1) from tax paid and no change in tax accrual E: (18) from plug to balance CFS F: (11) from change in cash on BS I: 6 from 2008 debt and change in debt 2009 P&L Sales: 120 COGS: (71) Distribution: (12) SG&A: (27) Interest: A Tax: (1) Net profit: B

18 Apr 2021

I'm a brazilian Finance Student and I have just applied for an internship at UBS Equity Research Division. In their email response to my CV, they have asked me, along some other things, to "Find Cielo (A brazilian company) Quaterly Results and develop an analysis up to one page". I'm not sure whether I should only discuss numbers on the company's quarterly results report or if I should do any kind of projection for the future. Also, I'm not sure on how I should format and write this report as it has a maximum number of one page. Any tips or comments?

25 Jun 2021

Hi all - Been trying to fully understand the sources & uses of CF/DF LBOs vs. Non-CF/DF LBOs. The picture is an example. Am I approaching this the right way? Thanks.

12 Oct 2020

Because I'm nerdy like that, I tend to write down the more bizarre or tougher interview questions I get just to throw them at my friends and see how they'd react. As I'm traveling today and tend to incorporate at least one psychoactive substance into my flight routine, I figured sharing this list would be better than trying to write something that required actual thought. If you've heard any of these before (or something similar), or have any idea of how you'd want to answer them, feel free to share in the comments. 1. If one song describes your life, what would it be? 2. Who do you think

25 Nov 2012

Hi, I have an upcoming interview with leveraged finance group. What are some of the technical questions I will be asked? Thanks!

06 Jun 2021

I came across these questions when I was looking for practice case studies. Can someone help with the response to the below? 1. When calculating the net present value of cash flows to equity, should the discount rate be higher, lower, or equal to the discount rate used for the same investment if no leverage were used? I would assume it doesn't, but want to confirm. 2. Could the cap rate on an acquisition (based on Year 1 projected NOI) be higher than the projected IRR over a 5-year holding period (assuming a resale at the end of Year 5)? I would assume that cap rate would be higher at the end

21 Aug 2021

This is a super common interview question. Typically candidates talk about M&A transactions, but I wanted to know if it is perfectly fine to talk about a recent spin-off instead of an M&A transaction. If I follow the same format as an M&A answer (name of parent and carve-out, size of the deal, structure of the deal (% owned by parent, proposed share price, shares outstanding liquidation period, etc.), impact of parent's share price after announcement, and strategic rationale), then can this be considered an appropriate response to the question?

29 Nov 2018

I am looking for Healthcare specific accounting questions or interview questions to consider for a healthcare IB role. Basically, other than the general valuation methodologies and other general IB questions. What should I be prepared for a technical interview? For example, for software companies is important to adjust EBITDA for coding expenses that are capitalized rather than expensed. Something similar for Healthcare? Most popular multiples that are used? Unusual valuation details that I should be aware of? Accounting details that I need to be aware of? Thanks

28 Aug 2020

What are the best ways to teach yourself common investment banking concepts in finance?

14 Oct 2021

Hi, I have an interview coming up and had a question about UFCF and LFCF. According to my textbook: 1) FCF = Cash flow to creditors + Cash flow to stockholders FCF = Operating cash flow - Net Capital Spending - Changes in net working capital where: UFCF* = EBIT - Taxes + D&A - CapEx - Changes in NWC 2) Cash flow to creditors = Interest paid - Net new borrowing 3) Cash flow to stockholders = Dividends paid - Net new equity raised --- I know that LFCF is only available to equity investors. The formula I came across is: LFCF = Net Income + D&A - CAPEX - Changes in NWC So, my question is: A) Is

18 Nov 2021

For those of you that are like me and currently interviewing in Investment Banking out of undergrad, someone posted the PDF of the Wall Street Prep Investment Banking Guide for 2021. IMO I think it is better than the M&I 400 guide. Google ""wall street prep guide 2021" and scroll down

12 Oct 2021

Hey everyone, I have a second round interview for a Portfolio Analyst position in convertible bonds at LAM. I haven't really had asset management interviews before, and the first round was fairly relaxed - I spoke with the portfolio managers, they asked me kind of general things about my experience and what I know about convertibles, FX hedging, etc. The next round will be with 3 MDs and it will be twice as long (1.5hrs). Given the position is fairly entry-level, what kind of thing should I expect in an interview like this? The main responsibilities for the role are: assisting with control of

15 Dec 2020

Grill me with your toughest interview questions. Need the hit to my self-esteem so I can become a hardo before interview season.

03 May 2021

"Why are you interested in real estate?" This seems to be a common interview question. I understand the answers would be geared to the hiring firm be it development or acquisitions and their product type. What are your typical responses when confronted with this? Or thoughts in general. Why Real Estate? "Why Real Estate?" is a question you can expect in almost any interview. That means that you have the opportunity to craft a unique story that you can bring with you to an interview. However, a major mistake is not coming up with a succinct story beforehand. There are a couple components to

01 Dec 2013

Hi all - I'm working as an investment banking associate in M&A and recently went through rounds of interviews at another BB from senior associate - directors (5 ppl today) and did all fine. Had an interview with their junior MD yesterday. I did fine on the first part where we discussed in detail about my past deal but screwed up entirely on the technical question (accounting treatment question and didn't get exactly what he was asking for - went in the wrong direction). He then said he was short on time and didn't have the time to explain to me in futher detail but asked me who else I have

30 Oct 2020

I have an interview coming up with CBRE San Francisco with their FCG. I'm pretty nervous and was wondering if anyone could let me know what to expect. I heard they test some technicals with a financial calculator instead of Excel, is that true? I'd appreciate any advice you guys have. Also does anyone know how many rounds in total there generally are?

18 Nov 2021

In response to the popularity of the WallStreetOasis.com Technical interview guide, it is our pleasure to present the official WallStreetOasis.com Behavioral Interview Guide! Our guide is different than all the rest because of the sample responses. Nearly every question contained in the guide has a real world, sample response to give you an idea of what an interviewer is looking to hear in an interview. And it's MUCH cheaper than the competition: $9. You can read below for more information. We will also be releasing a Firm Guide briefly profiling some of the top banks in the next few days so

21 Jan 2009