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Customized for: Jason (jason.barquero@cgu.edu) © 2002 Vault Inc. FINAN NTERV PR

Customized for: Jason (jason.barquero@cgu.edu) © 2002 Vault Inc. FINAN NTERV PRAC VAULT FINANCE INTERVIEWS PRACTICE GUIDE DAVID MONTOYA AND THE STAFF OF VAULT Customized for: Jason (jason.barquero@cgu.edu) Copyright © 2002 by Vault Inc. All rights reserved. All information in this book is subject to change without notice. Vault makes no claims as to the accuracy and reliability of the information contained within and disclaims all warranties. No part of this book may be reproduced or transmitted in any form or by any means, electronic or mechanical, for any purpose, without the express written permission of Vault Inc. Vault, the Vault logo, and “the insider career networkTM” are trademarks of Vault Inc. For information about permission to reproduce selections from this book, contact Vault Inc., 150 W. 22nd St., 5th Floor, New York, New York 10011, (212) 366-4212. Library of Congress CIP Data is available. ISBN 1-58131-170-2 Printed in the United States of America Customized for: Jason (jason.barquero@cgu.edu) ACKNOWLEDGEMENTS Vault would like to acknowledge the assistance and support of Matt Doull, Ahmad Al-Khaled, Lee Black, Eric Ober, Hollinger Ventures, Tekbanc, New York City Investment Fund, American Lawyer Media, Globix, Hoover's, Glenn Fischer, Mark Fernandez, Ravi Mhatre, Carter Weiss, Ken Cron, Ed Somekh, Isidore Mayrock, Zahi Khouri, Sana Sabbagh and other Vault investors. Many thanks to our loving families and friends. Special thanks to Deborah Adeyanju and Evan Cohen. Thanks also to H.S. Hamadeh, Val Hadjiyski, Marcy Lerner, Chris Prior, Rob Schipano, Ed Shen, and Tyya N. Turner and the rest of the Vault staff for their support. Customized for: Jason (jason.barquero@cgu.edu) Vault Finance Interviews Practice Guide Table of Contents INTRODUCTION 1 Practice Makes Perfect . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .3 “Fit” Questions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .4 Sample “Fit” Questions and Answers . . . . . . . . . . . . . . . . . . . . . . .6 Commonly Asked Basic Finance Questions . . . . . . . . . . . . . . . . . .8 CORPORATE FINANCE AND M&A 17 Skills for Corporate Finance/M&A . . . . . . . . . . . . . . . . . . . . . . . .19 Corporate Finance/M&A Questions . . . . . . . . . . . . . . . . . . . . . . .21 SALES & TRADING 69 Skills for Sales & Trading . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .71 Sales & Trading Questions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .73 RESEARCH/INVESTMENT MANAGEMENT 89 Skills for Research and Investment Management . . . . . . . . . . . . .91 Research Questions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .94 FINANCE GLOSSARY 113 Visit the Vault Finance Career Channel at http://finance.vault.com — with insider firm profiles, message boards, the Vault Finance Job Board and more. xi C A R E E R L I B R A R Y Customized for: Jason (jason.barquero@cgu.edu) Visit the Vault Finance Career Channel at http://finance.vault.com — with insider firm profiles, message boards, the Vault Finance Job Board and more. 1 C A R E E R L I B R A R Y FINAN INTERV PRAC INTRODUCTION Customized for: Jason (jason.barquero@cgu.edu) Investment Banking/Corporate Finance Interview Prep This session preps you for questions about: • Mergers & acquisitions • Valuation models • Accounting concepts • Personality fit for investment banking and corporate finance positions • And more! Sales & Trading Interview Prep This session prepares you for questions about: • Capital markets • Macroeconomics, including impact of different pieces of economic data on securities prices • Trading strategies • Interest rates • Securities including equities, fixed income, currencies, options, and other derivatives • Personality fit for sales & trading positions • And more! Vault brings you a new service to help you prepare for your finance interviews. Your 1-hour live session with a Vault finance expert will include an actual 30- minute finance interview, which will be immediately followed by a 30-minute critique and Q&A session with your expert. Vault Live Finance Interview Prep Do you have an interview coming up with a financial institution? Unsure how to handle a finance Interview? For more information go to http://finance.vault.com Customized for: Jason (jason.barquero@cgu.edu) Practice Makes Perfect This book is designed to supplement the Vault Guide to Finance Interviews. We recommend that you purchase and read that book before reading this one, especially if you have little or no familiarity with finance or the financial services industry. We have compiled a list of actual questions asked during finance interviews, along with some suggested answers. It’s important to stress that these are suggested answers — we don’t recommend that you memorize and recite the responses we have provided verbatim. Rather, you should use these for reference. A guide to this guide Finance interviews are sometimes conducted by members of the HR team, sometimes by “line professionals” (i.e. actual bankers, traders, or finance department members), and occasionally by various combinations of HR and line professionals in team interview situations. While there is certainly overlap among the type of questions asked in a particular type of interview, we have organized this guide and the questions into four broad categories. • Fit questions and general finance questions. These questions, found in this Introduction chapter, are commonly asked of all finance interview candidates. They are intended to test a jobseeker’s basic level of “fitness” for a finance position in terms of temperament, interest in financial markets, and basic finance knowledge. • Corporate finance/M&A questions. These questions are those commonly faced in investment banking interviews, as well as those found in interviews for an internal corporate finance position. This section will be helpful for those pursuing a career in commercial banking as well. • Sales & trading questions. These questions are applicable to both the sell- side and the buy-side. • Research/investment management questions. These questions are those that one might field both on the buy- and sell-side for a research position. You may want to browse through more than one of these sections. If you are pursuing a position at a hedge fund, for example, you may find that your position will entail some trading AND research. A general management program at an asset management firm or a rating agency might require some knowledge of all Vault Finance Interviews Practice Guide Introduction Visit the Vault Finance Career Channel at http://finance.vault.com — with insider firm profiles, message boards, the Vault Finance Job Board and more. 3 C A R E E R L I B R A R Y Customized for: Jason (jason.barquero@cgu.edu) of the above subjects, and so forth. Also, we stress that these categories are basic groupings that reflect the likelihood of a question being asked in a specific type of interview — you may encounter any of these questions in any finance interview, depending on what financial product you’re likely to be working with (fixed income vs. equity vs. derivatives, etc.) and how frisky your interviewer is feeling. The vast majority of the questions in this guide are finance-related (technical) questions that you’d receive in an interview with a line professional. However, we stress that preparing for “fit” questions is vital — in some interviews, even with finance professionals, you may face a greater proportion of these so-called “behavioral” questions. Samples of these questions begin on the next page. Vault Finance Interviews Practice Guide Introduction © 2002 Vault Inc. 4 C A R E E R L I B R A R Y Customized for: Jason (jason.barquero@cgu.edu) “Fit” Questions Below are some of the most commonly asked “fit” questions, all of which you should think about before you go into your interviews. 1. Why did you choose to go to _____ college or university? 2. Why did you major in _____? 3. What was your overall GPA (if not on resume)? What was your SAT/GMAT? 4. What courses did you do the best/worse in? 5. Tell me about your college/grad school experience. 6. What appeals to you about this position? 7. Why would you be a good choice for this position? Why should we hire you? 8. uploads/Finance/ vault-finance-practice-guide.pdf