The investment banking interview guide 3.0 pdf


Investment Banking Interview Questions and Info banking? You panic. What do investment bankers do? What's the difference between sales and . Page 3. Investment banking interview guide pdf the do or Interview Guide gets you everything above, and more – put simply, this is one of the. Investment Banking Interview Guide: Program Outline If you're reading this document . (PDF) (15 Questions & Answers) Module 3: Sample Investment Banking.

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The Investment Banking Interview Guide 3.0 Pdf

The Complete, Technical Interview Guide to Investment Banking is the aspiring investment Investment Banking Recruiting (Pages: ). The Investment Banking Interview Guide gets you everything above, and more Download Pdf, Free Pdf Biws Investment Banking Interview Guide Mvkonz. The Investment Banking Interview Guide teaches you everything you need to know to land assessment centers in Europe; includes 3-statement modeling.

CS excel is linked to Factset directly and will download share price information automatically, provided the correct share ticker is linked Other sources for share price information, which could be used as crosschecks, are Bloomberg or Datastream, with the Financial Times also a potential source Certain companies have multiple classes of shares. To determine the Market Cap of these companies, the share price for shares in each class must be determined. Company Annual Reports disclose usually in a note to the financial statement called Share Capital the various share classes Share prices used should all be from the same date Example: Telecom Italia Ordinary Shares and Savings Shares in millions, unless specified Telecom Italia Stock price for ordinary shares Fully diluted ordinary shares outstanding m Savings shares current stock price Fully diluted savings shares outstanding Market Cap 2. While these shares might not be priced on a public market, they do form part of the total equity of the firm and should be included in the Market Cap. The share price of listed shares can serve as a proxy for the share price of unlisted shares. However, it is important to keep in mind that, in reality, there are usually differences in the voting rights assigned and dividend payout policies to various classes of shareholder, which might lead shares of different classes to trade differently 2. Number of Shares Shares outstanding is available from the latest financial statements of a company. The starting point for research should always be the companys own official data, but if this information is not available in the interim statement and if the Annual Report is out of date, then press releases, equity research reports or Bloomberg can be used. Shares outstanding can be shown in the following two ways: Basic: options, warrants and convertibles are not included; or Fully Diluted: assumes all exercisable in-the-money options, warrants and convertibles are exercised Outstanding versus Exercisable Options: It should be noted that not all outstanding options are exercisable. It is common for companies to issue options with a vesting period a minimum period of time during which they remain un-exercisable. Therefore, even if these options are technically inthe-money they can not be exercised if the vesting period has not expired. Since these options can not be exercised even when technically in-the-money they should not form part of the share capital of the company. Therefore, when calculating shares outstanding, only the exercisable options should be used in the fully diluted calculation.

Example Story Non-Financiers and Career-Changers If youre coming from a non-finance background, you need to focus on combining your background with finance to achieve success.

Below is the story I used when interviewing. I was moving from IT into banking, and had some unusual and seemingly random experience to explain: Almost 10 years ago, I got really interested in technology because of the dot com boom. I started my own Internet company in New York, and then decided to move out to Silicon Valley to be closer to the center of everything, and to continue my technical education in computer science at Stanford.

After going through half the major, though, I realized I didnt want to be an engineer so I decided to move closer to business by working at IBM doing project management.

I enjoyed that more and learned a lot about leading a team, but I still wanted to explore my options so I decided to study abroad in Japan and do consulting for a mobile startup there. While in Japan I met a lot of friends working in finance in Tokyo, and I learned how banks are always looking for people with great quantitative backgrounds so I started thinking about it more seriously and doing more of my own homework.

In the long-term, I want to combine my tech and operational background with my interest in finance and go into venture capital.

How to prepare for the case study in a private equity interview

I know that technology investment banking is the perfect way to get there, since you learn about both the technology and the finance. Im very interested in tech investing, and I want to make the move into technology investment banking to position myself to get there. The Beginning Starting my own company and then going to Stanford.

Growing Interest Consulting in Japan and meeting lots of finance people there. Why Here Today Learn about both the technology and the finance. Future Go into venture capital. I had to modify this story a bit for non-tech groups, but the outline was the same I just changed the ending to make it sound like I was more interested in trading, hedge funds, consulting, or whatever else I was interviewing for. Your Story: Action Steps Look at your resume and think about what youve done over the past years.

Now, get a piece of paper and write down what youre going to say for each of the following points: 1. The Beginning Where you grew up?

Business school? Your Finance Spark Parents? Student Group? Your Growing Interest Which key internships or jobs will you discuss? Why Youre Here Today Why this firm over others, and why you? Your Future What will you do, and how will banking get you there? Now take those 5 points and make a brief outline of your story. Use this outline to practice telling your story.

Thoughts on the new M&I Investment Banking Interview Guide

Once youve done that, make a sentence abbreviated version of your story similar to the examples above. This is what youll use when networking see the next section. The next step: learn to network like a ninja.

There are 2 approaches to networking: 1. Developing Relationships With informational interviews, weekend trips, attending information sessions, and more. It works well and can get you into bulge bracket banks, but it takes a lot of time and you need to start 6 12 months in advance of recruiting season. Cold-Calling Find lots of local boutique banks, set aside an hour each day for coldcalling, and dont give up until you get a good answer.

This is more about persistence and consistency than skill, though knowing the right tactics helps. I mentioned in the first section that you can also use on-campus recruiting if youre at a target school. Im not mentioning it here because theres not much to it.

You submit your resume online and you get selected for an interview. The only way to tip the scales in your favor is to network with alumni beforehand so that they know your name and are more likely to give you an interview. So lets take a look at how to do that and how you actually develop relationships. Networking Strategy 1: Developing Relationships Here are the steps: 1.

Make Your Real Ask Now lets look at each of these in more detail: 1 Make Your List Start with alumni, family, friends, professional contacts, and anyone you meet at information sessions, and then expand into student groups, professional organizations, volunteer groups, and professors.

Nothing is unfair or morally wrong when it comes to making your list. If you have Capital IQ access, use it.

If your uncle is Head of Investment Banking, embrace nepotism. Look at individual bank websites, go to other schools information sessions, travel, and do whatever it takes to build a solid list of industry contacts.

Aim for at least before you begin your outreach, and expand it over time. Then give sentences on your previous work experience and propose a specific range of dates and times to speak with them or meet in-person if youre local.

Say you realize theyre busy and understand if they cant make the time but youd really appreciate it if they could. If you dont hear back after another week, move to the phone. If you still dont get a response after attempts, put the person on the backburner and move onto other contacts.

Bloomberg, Factset, or Capital IQ and figure out where they went to school, where theyve worked, and anything else you can about what types of deals they work on. Dont go crazy with this you just want enough information to properly frame your questions. You dont need to turn into a psychopathic stalker and create page bios of everyone.

Start by asking about their work and educational background and how they got to where they are today. Be personal if you want to be remembered. Never try to come across as smart or accomplished be very casual.

If they want to test your knowledge, theyll test it so be prepared. But never pre-empt them. Why should you ask for favors in your first call or meeting?

To condition the person into helping you out. Its just like dating: if you treat someone as a friend you will never move beyond the friend zone. If you want a relationship, you need to act like more than just a friend from the start. And if you want to get interviews from your networking efforts, you need to ask for them. Aim to follow-up at least once every months so they remember you.

But only follow-up when you have a reason why a request for referrals, advice, help with recruiting, a planned weekend trip, etc. If you dont have a reason why and you need to follow-up, make one up. Youll be doing this a lot in finance 3. Email is fine for quick requests you can ask for a phone call or an in-person meeting for something more detailed, but its not always necessary. Follow-up is good, but making a great first impression is far more important.

This is why you spent time on your story and on researching the person beforehand. With recruiting season approaching, I wanted to follow-up and ask you how I could best position myself for an interview with your firm.

Youre not asking for an interview youre asking how to position yourself for one. If you dont hear back, follow-up once more via email and then move to the phone. The strategies below go well beyond the scope of this guide check out The Networking Ninja Toolkit if you want all the juicy details but here are the basics: Information Sessions Focus on people who have the fewest number of wannabe bankers surrounding them.

If you get along ok but not spectacularly, make an excuse after minutes and say you have to run, then get their business card before you take off. Then move on and repeat this process with everyone else in the room.

Thoughts on the new M&I Investment Banking Interview Guide 3.0

If you do hit it off really well, stay and chat and leverage the crap out of it you might win an interview on the spot. Afterward, quick follow-up is essential immediately contact everyone and ask for minutes to speak on the phone or meet in-person and request help with recruiting.

Aim for 10 meetings each day, split between morning and afternoon, and make sure each block of meetings is in the same area of the city so youre not running around constantly. Plan for each meeting to be 30 minutes, and request everything weeks in advance of your trip then follow-up right before the trip to confirm. The weekend of your trip, make sure you have a reserve list of people you can contact in case meetings are canceled which they will be , and that you have all the necessary phone numbers, email addresses, and bio information with you.

August: Continue to get referrals and focus on the most helpful contacts. September: Move to in-person informational interviews and think about weekend trips.

October: Plan for your first weekend trip early in the fall. November: Follow-up with everyone youve already met, and plan for your 2nd weekend trip to occur just before recruiting starts. December: During your second weekend trip, you need to make sure youre on the interview list everywhere.

January February: As you move through interviews, continue networking and setting up in-person meetings. Nothing about this is difficult you just need to be persistent and do work each day rather than saving it all for the end. Networking Strategy 2: Cold-Calling Cold-calling is even simpler than developing relationships because you dont need to develop a relationship you just need to call boutique banks repeatedly and ask for a job.

Here are the steps: 1. Your pitch for a cold-call is just a sentence version of your story, plus a request for an interview at the end. I wanted to get some information from you on how best to secure a [Name the Position] position at [Bank Name].

Is now a good time to speak? Even though this is short, you are likely to screw up unless you practice this a few times first. Try it in front of the mirror, and then practice for real by cold-calling companies in a different region from your own, or banks you dont care about.

If you happen to get their contact information somehow, sure, go ahead and call but focus on the smaller places. If you want names of local firms in your area, The Networking Ninja Toolkit has the names and contact information for 10, banks, private equity firms, and hedge funds. Either use the list there, look at this WallStreetOasis thread on regional boutiques, do some Google searches, or ask a friend with Capital IQ access to run searches for you.

Before calling, verify that everything is up-to-date and that all the banks and people still exist. But dont go crazy with refinement breadth is more important than depth with cold-calling.

If you get the main line, ask for a banker by name. If you get sent to voicemail, hang up, call the secretary back, say you got disconnected, and ask for the bankers direct line or cell. Do not take no for an answer until you speak with someone who makes recruiting decisions.

Answer any negative remark with, So, youre in charge of recruiting there?

They dont need anyone? Answer their objections head-on by offering to work for free, asking if they ever hire multiple people, seeing if they still dont need anyone, and checking back every few weeks. If theyve said no to you consistently over a year, then its time to move on and stop bothering with them. If you run out of local firms to contact, expand your scope and travel to other cities in your state or country that have more opportunities.

Most of them will say no, but if you approach enough of them, eventually someone will cave in and say yes. Cold-Calling Your Way Into Wall Street If hardly anyone understands how to develop relationships and set up informational interviews, even fewer people understand how to properly cold-call. The biggest mistakes you can make are not being aggressive enough and not being persistent enough.

Theres no such thing as too aggressive unless you show up to a banks office with a flamethrower and demand to speak to the MD this is not Grand Theft Auto. Are You a Ninja Yet? Networking always takes time and effort, but if you follow everything you learned here youll be able to silently assassinate your enemies and ninja your way into investment banking.

Pick one. For developing relationships, heres your quick-start guide: 1. Make a List of Names Get these from your alumni database by searching for investment banking or specific firm names, and by asking family, friends, student groups, and professors; use Capital IQ if you have it. Write a 5-Sentence Email Template List your school or workplace in the subject; the body should have sentences introducing yourself and stating how you found them, then 1 sentence suggesting an informational interview, and a final sentence giving specific dates and times youre available.

Send Out Emails Take the template you just created and customize it for the names you found in step 1. Follow-Up After 7 Days If you dont hear back within a week, send another email to each person to follow-up and remind them of your request. For cold-calling, heres your quick-start guide: 1. Write Your Elevator Pitch And yes, you should write it down. Make Your List Find as many firms as you possibly can ideally over Call Firms Per Day Start with per day, verify the information before calling, and deliver your pitch from step 1.

Do not give up until you reach a real banker or someone in charge of hiring. You have to keep calling firms and checking back every few weeks even if they say no initially. These guides will get you up to speed and out there networking ASAP there are more details that go into the process, but the goal here is a quick-start action plan.

But if youre reading this guide, you dont need to write a resume at all you can just use templates Ive already made for you and modify them as necessary. The Rule of 3 No matter how much experience you have, you cant list everything. Focus on key fulltime jobs, internships, or activities where you held a leadership role. Bankers have short attention spans working hours a week and reviewing hundreds of resumes, they cannot remember all 27 different student groups you were in. Project-Centric vs.

Start both with a summary sentence giving your overall results, and then go into specific projects, clients, deals, or tasks you completed. You know the importance of your first impression in that initial minute interview and your performance in the interviews that follow.

You could prepare to dominate your competition, gain an unfair advantage, and land one of the limited investment banking opportunities available, by investing in the Investment Banking Interview Guide 4. I know you will make the right choice so that you start landing six-figure job offers with investment banks — places that just might make your friends a bit jealous when they hear about your success!

It is never too early to start preparing for the most important interview of your career. Gain Instant Access to the Secure Members' Area now, and you will receive an email with login instructions within a few short minutes. In case the Investment Banking Interview Guide 4.

You have nothing to lose, and a rewarding career in finance to gain. Business philosopher Jim Rohn once said, "We must all suffer from one of two pains: The difference is, discipline weighs ounces while regret weighs tons. My hope is that you do everything you can to ace your interviews and that you never have to live with the knowledge that there's something you could have done to succeed, but didn't.

Sign up now , and I'll see you on the other side. Investment Banking Interview Guide 4. Prepare for "Fit" Questions Efficiently — you can use and re-use the same stories to answer virtually any qualitative question, and we teach you how to do it.

Most interview guides throw a lot of information at you, but they make two big mistakes: When you cut away all the nonsense, two topics matter more than anything else in investment banking interviews: Technical knowledge is required to win offers. Highlights of the Investment Banking Interview Guide 4. The Quick Start Guide gives you 4-hour, 2-day, and week-long prep plans, so you know what to focus on with limited time. If you have more time than that, great — but get the fundamentals right first!

Get Case Study Practice with our 17 Excel-based case studies. Crush Your Technical Questions with conceptual explanations and rules of thumb in all the main technical categories: Each guide comes with full explanations of the concepts, interview questions and answers, Excel files, annotated diagrams, and more.

You can use these tutorials to answer ANY technical interview question calmly and confidently. We have a team of experienced investment bankers standing by to respond to your questions, comments, and emails days per year, for as long as you need.

Unconditional Month Money-Back Guarantee: You Need to Understand the Concepts — Not Just the Answers Banks and other finance firms now want to see conceptual understanding rather than memorized answers, which is why we give you extensive explanations for all the concepts before we dive into the questions and answers.

You'll learn how to tell your story like a master novelist with our 18 step-by-step templates. Module 1: Action Plan and Quick Start Guide. Module 2: How to Tell Your Story in Interviews.

Module 3: Fit Questions and Deal and Market Discussions. Module 4: Technical Questions and Answers.

Investment Banking Interview Guide 4.0

These files concisely demonstrate all the mechanics, from the fundamental concepts to their actual application to real-life deals. These short tutorials summarize the most important points for each topic and explain how to use the written guides, questions and answers, and Excel files efficiently.

Module 5: Interactive Quizzes. These cover the core technical topics and expand on the questions and answers covered in the technical sections of the Interview Guide in Module 4. There are many trick questions! Module 6: Case Study Exercises. A minute case for Illinois Tool Works U.

Equity Exercise: Just click on the links below to check out a few samples of what's inside: Want Even More Details?

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