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Prepping for IB technical skills
Hi all, I am someone who did not have much prior exposure to business, accounting, finance, etc in high school. Going into college I was accepted at Notre Dame Mendoza and am looking to try to develop all the technical skills required for any IB internships or any other finance internships that use...
Investment Banking MedTec Specific Technicals
Hi, does anyone know of any common IB technical questions for medtech specifically? Trying to prep for interview and very nervous!
Follow up on errors in technical assessment in email after interview?
The question explains it all. Made a couple of dumb errors on a technical assessment two days ago. Went and looked them up immediately and caught my errors. One on valuation and two in the cell references I input for excel Index+Match+Match and Sumifs. What do you guys think about a very brief...
I Gave Up on Buyside Recruiting - Dropping Prep Materials + Technicals
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...
IB Technicals Prep Resources (SA)
I am an incoming sophomore at a target school in the UK (Accounting & Finance major). I am currently applying for SA positions at BB's in London, and I have been using the following resources to prepare for technical interviews: 1. Investment Banking (Rosenbaum) 2. BIWS modelling course 3. M&I...
Hardest Technical I've Gotten At a BB
Got this question at an interview and still don't know the answer: Interviewer: Do asset write-ups and write-downs affect pre-tax income, or only asset write-downs? Me: Both write-ups and write-downs will affect the income statement by increasing or decreasing operating income and thus net income...
PE recruiting technical questions (software specific)
Hey fellow monkeys, Wanted to ask all the folks who are in software investing - I've been through several interview processes for buyout shops (non-software focus), where I've been tested the typical technical questions including... - what are key drivers in LBO - walk me through calculation to FCF...
Help With 16 Real Interview Questions
Hey guys, hope everyone’s staying safe with everything that’s going on right now! With some of my extra time I’ve decided to brush up on techs with some questions a friend sent me. Below are some real questions from interviews that I hope will be useful for others who are also prepping. I’m...
Help me understand the drawback of paying with additional shares
Hi everyone, Hope all is well with the coronavirus situation. I was having a difficult time wrapping my head around this concept: stock-based compensation/ M&A deals with stock as a form of consideration both represent true costs to existing equity investors because the new shares will "dilute"...
Confused on these two technical questions: 1) DCF projection period for commodity company 2) Debt used to calculate EV
1) Would you use a ten year or a 20 year projection period for a DCF for a commodity company? *I was thinking since commodity companies can be cyclical industries, a longer forecast period could make sense... but I've never heard of a 20 year DCF before. and 2) Would you use debt from the balance...
Tough Technical Question on Rollover Equity
I recently encountered the following question and was a bit stumped. If any of you monkey's are able to lend a hand it would be much appreciated. Assume that the Sources & Uses is for the purchase of a company in which 100% of the shares are acquired and 100% of the existing debt is retired....
Would a PE firm prefer bank debt to high yield debt and why?
I know bank debt is floating rate with maintenance covenants and principal + interest payments while high yield is interest only with higher fixed rate and lower in capital stack. In terms of returns, would bank debt or high yield debt provide a higher return for PE firm? Also, I got a question in...
WSO PE Interview Prep Course Technical #3: Inadequacy of Cash Flow Statement
I'm looking at the WSO PE Interview Prep Course technical questions and #3 asks: "Tell me why each of the financial statements by itself is inadequate for evaluating a company?" One of the two reasons the guide states for the CFS: "The cash flow statement won’t tell you whether the company’s...
Question: Market Cap vs. Enterprise Value Basic Scenario
I know this question is very basic, but it would clear up a bunch of smaller misconceptions for me. Let's say Company A wanted to buy an 80% stake in Company B. Would the price of this 80% stake be derived from the Company B's Market Cap or Company B's Enterprise Value. Furthermore, would the price...
Advice: Real Estate Investment Banking Technical Interview
I got a second round interview for a REIB team that specializes in JV Equity recapitalizations, Portfolio Sales, Asset Level Transactions, taking REITs private, and refinancing. I know that's a mouthful hahaha. I'm a senior graduating in May and I know they won't expect me to know everything, but...
Thread for non finance majors
Hey everyone, I'm a sophomore comp sci and econ double major at a LAC, up till now I've been mainly networking and getting exposure to the industry so my technicals aren't even halfway there. My question is how much grind did it take from being clueless about running a dcf and answering every...
I keep getting told I'm "not technical enough." What's happening?
I'm a post-MBA Associate at a BB bank. I've been recruiting for PE and Corp Dev (tough jump to PE , I know). I have a corp dev offer in hand. I've also had final rounds with four different PE funds - and no offers. For all but one, I received feedback along the lines of "we are looking for someone...
Sophomore SA Technicals vs Junior SA Technicals?
Seeing as many sophomores will only now start taking dedicated finance courses (or have taken very introductory coursework), how do technicals for sophomore SA positions differ from their junior-level counterparts? Are they usually much more basic?
M&A Interview Questions - Beginner to Advanced Questions
I have a set of M&A interview questions I like to ask. Interview Questions for Mergers and Acquisitions In my career, I've only had two analyst / associate candidates answer all four levels correctly without coaching. Most people can get Level 1 and sometimes 2. Fewer get Level 3 or 4 even with...
M&A Coffee Chat after screening my CV
Hey guys, I've recently been referred by a friend for an M&A analyst position and got an email by an associate asking for coffee along with another analyst. Since they have my CV already, should I see this as a formal interview and prepare my technicals and qualitatives or is it just a pre-screening...
Toughest Technical Interview Question? -- How do you structure an M&A/IPO deal?
A friend of mine who was interviewing for a investment banking summer analyst position with a top-tier bulge bracket investment bank (in Hong Kong) got completely shattered by this unexpected question, "How do you structure an M&A / IPO deal?" After days of discussions we still could not find a...
What are "case" technical questions?
I have a first round (video call) with an EB for SA coming up, and I have heard it will be technical, but more "case" based and not straight out of the interview guides. What does this mean? Perhaps they will ask questions that could be applied to companies (i.e., "why would working capital be...
Qatalyst Phone Interview - Tech Specific Technicals?
Hey Everyone, I have an upcoming phone interview with Qatalyst, this is my first phone interview and I want to be well prepared. I know my story, answers to "why tech" and technical knowledge is a given, however, I am not sure about which tech specific technicals I should prepare for and/or how...
Try out these 10 technical IB interview questions
We all know the most dreaded part of an investment banking interview is the technical questions. Sure, you might be terrified of faking your way through the cultural fit stuff when you secretly hate the place, and yeah, you might be afraid of getting a question with no good answer, like, "If this is...
Infuriating Technical
Really simple one that I've gotten a couple different places: two firms otherwise identical, one has more leverage, is its P/E higher or lower? (Yes, I've searched every WSO thread about this, and Here are my competing thoughts on this: Denominator: EBITDA is the same, levered firm has tax-effected...
Lateral 2nd Yr Associate - Technical Assessment (BBs, EBs)
Hey guys, anyone have perspective on technical assessment for post-MBA Associate (A2, A3) lateral hires - particularly interested in BB , likes of JPM , Morgan Stanley, Goldman and boutiques such as Moelis, Greenhill, etc.? Separately, are you hearing about expectation of considerable lateral...
Operating Model vs. DCF
A DCF model values a company based on it's cash flows. A 3-statement model (AKA, an Operating model), gives a projection of a company's financial statements. How do a 3-statement model and a DCF model relate? Is it such that you use a 3-statement model to get a projection of a company's cash flows,...
Impact on Multiples on Ex-Dividend Date
I received this question and just wanted to run it by everyone. What is the impact on a company's P/E, EV / EBITDA and P/BV multiples after the stock goes ex-dividend? P/E and EV / EBITDA are straightforward. P/E goes down and EV / EBITDA stays the same (if I'm correct). What is the answer for P/BV...
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Insurance underwriter - technicals, exit opps, lucrative career paths?
For an insurance company that provides Property and Casualty specialty insurance through an external network of insurance brokers. Would greatly appreciate your insights on: technical interview prep lucrative career paths in insurance exit opps
Prepping for Prop Math/Finance Phone Interview
Hey everyone, I have a a "30-45 minute math/finance phone interview" with a top tier prop trading firm. I'm planning on rereading Hull 's book, but what kind of math should I expect for the most part? Thanks,
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