What the banks are looking for in the interview

WHAT THE BANKS ARE LOOKING FOR IN THE INTERVIEW

The first year interview process will work something like this. You will submit resumes and cover letters to the banks by December. They will make their closed list determinations usually by January and will notify you. You will also concurrently be bidding using the bidding system. You can get an interview either way, but if you make it onto a closed list that means that the bank has shown at least passing interest in you.

In the interview itself, the banks are looking for you to show at least some of the following. Different banks prioritize these factors differently (they are in no particular order below), but you will need to prepare all of them.

Smart

Technical and quantitative ability?

Knowledge of finance and accounting?

Judgment

Why have you made the choices that you have made in your life?

Why have those choices lead you to banking and this firm in particular?

Intellectual curiosity

What drives and interests you?

What challenges you?

Commitment

How committed are you to the industry, the firm, and/or the lifestyle?

How are you going to react to a problem that arises at 3:00am when the project is due the next morning?

Personality and fit

The airport test - could the interviewer spend ten hours in Cleveland with you?

How are you going to react to a problem that arises at 3:00am when the project is due the next morning?

Team player

Do you play well with others?

What are you willing to do for your teams?

Culture

How do you blend with the overall culture of the firm?

Will you feel and be "at home" at this firm?

Presence and poise

How will you do in front of the client?

Overall potential

Will you be a successful associate?

Are you vice president material?

You will want to blend all of these factors into your story to demonstrate all of them to some degree. Additionally, the banks will want to know your weaknesses. Banking is a demanding job, so the banks will want to know what they are getting in hiring you. This means that they will be willing to drill down on your answers until the point they make you uncomfortable. You need to be prepared for this.

OVERVIEW OF A TYPICAL FINANCE INTERVIEW

30 minutes

2 on 1: typically two professionals interviewing one student

They will likely ask you your undergrad GPA, as well as GMAT and SAT scores

There are three main questions each interview will address without necessarily asking the question specifically:

Question 1: Walk me through your resume: you have two minutes to highlight the major educational and career steps you have taken. At each step, highlight what you learned from that step and why you made the jump to the next step. You should explain each item in a way that convincingly shows it helped prepare you to be a good finance professional (for example, this experience taught me [teamwork skills, analytical skills, problem solving skills, etc]) By the time you have walked them through your resume, it should seem as though your whole career has prepared you to be a very good finance professional

Question 2: Why do you want to be an [investment banker, etc]?: have bulleted reasons: I want to be an investment banker for 3 reasons: 1 xxx, 2, yyy, 3 zzz. Again, this needs to be consistent with your resume

Question 3: Why do you want to work for our firm? This is the hardest to answer because the firms seem so similar when you first start learning about them. Each firm says it believes in teamwork, meritocracy, professionalism/excellence, client- focus, and each firm only hires "the best of the best." In fact, the firms are different but those differences are subtle. The best way to answer this question is to ask this question of the firms' recruiting teams and other alumni. "What do you think makes your firm unique among global investment banks?" WRITE DOWN WHAT THEY SAY. When asked in the interview, repeat what they told you. Make it credible by supporting with examples, if possible.

When possible, support every answer you give with an example to make your story more convincing. Excellent examples come from your experiences in teams, solving problems, and from conversations you've had with the firm's professionals.

The rest of the interview will cover some of the questions listed in the next section. Some firms focus on analytics while others are mostly "fit". Even if they don't ask you these three questions specifically, make sure you work-in the answers to these questions.

Most SOM students could learn to do the work of a finance professional. Firms want people who 1) enjoy doing the work; 2) want to do it long-term; and 3) get along well with their people. "Fit" is key.

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eBook	Getting a Job in Investment Banking


Table of Contents WHAT THE BANKS... Financial links	WHAT THE BANKS ARE LOOKING FOR IN THE INTERVIEW WHAT THE BANKS ARE LOOKING FOR IN THE INTERVIEW The first year interview process will work something like this. You will submit resumes and cover letters to the banks by December. They will make their closed list determinations usually by January and will notify you. You will also concurrently be bidding using the bidding system. You can get an interview either way, but if you make it onto a closed list that means that the bank has shown at least passing interest in you. In the interview itself, the banks are looking for you to show at least some of the following. Different banks prioritize these factors differently (they are in no particular order below), but you will need to prepare all of them. Smart Technical and quantitative ability? Knowledge of finance and accounting? Judgment Why have you made the choices that you have made in your life? Why have those choices lead you to banking and this firm in particular? Intellectual curiosity What drives and interests you? What challenges you? Commitment How committed are you to the industry, the firm, and/or the lifestyle? How are you going to react to a problem that arises at 3:00am when the project is due the next morning? Personality and fit The airport test - could the interviewer spend ten hours in Cleveland with you? How are you going to react to a problem that arises at 3:00am when the project is due the next morning? Team player Do you play well with others? What are you willing to do for your teams? Culture How do you blend with the overall culture of the firm? Will you feel and be "at home" at this firm? Presence and poise How will you do in front of the client? Overall potential Will you be a successful associate? Are you vice president material? You will want to blend all of these factors into your story to demonstrate all of them to some degree. Additionally, the banks will want to know your weaknesses. Banking is a demanding job, so the banks will want to know what they are getting in hiring you. This means that they will be willing to drill down on your answers until the point they make you uncomfortable. You need to be prepared for this. OVERVIEW OF A TYPICAL FINANCE INTERVIEW 30 minutes 2 on 1: typically two professionals interviewing one student They will likely ask you your undergrad GPA, as well as GMAT and SAT scores There are three main questions each interview will address without necessarily asking the question specifically: Question 1: Walk me through your resume: you have two minutes to highlight the major educational and career steps you have taken. At each step, highlight what you learned from that step and why you made the jump to the next step. You should explain each item in a way that convincingly shows it helped prepare you to be a good finance professional (for example, this experience taught me [teamwork skills, analytical skills, problem solving skills, etc]) By the time you have walked them through your resume, it should seem as though your whole career has prepared you to be a very good finance professional Question 2: Why do you want to be an [investment banker, etc]?: have bulleted reasons: I want to be an investment banker for 3 reasons: 1 xxx, 2, yyy, 3 zzz. Again, this needs to be consistent with your resume Question 3: Why do you want to work for our firm? This is the hardest to answer because the firms seem so similar when you first start learning about them. Each firm says it believes in teamwork, meritocracy, professionalism/excellence, client- focus, and each firm only hires "the best of the best." In fact, the firms are different but those differences are subtle. The best way to answer this question is to ask this question of the firms' recruiting teams and other alumni. "What do you think makes your firm unique among global investment banks?" WRITE DOWN WHAT THEY SAY. When asked in the interview, repeat what they told you. Make it credible by supporting with examples, if possible. When possible, support every answer you give with an example to make your story more convincing. Excellent examples come from your experiences in teams, solving problems, and from conversations you've had with the firm's professionals. The rest of the interview will cover some of the questions listed in the next section. Some firms focus on analytics while others are mostly "fit". Even if they don't ask you these three questions specifically, make sure you work-in the answers to these questions. Most SOM students could learn to do the work of a finance professional. Firms want people who 1) enjoy doing the work; 2) want to do it long-term; and 3) get along well with their people. "Fit" is key. back to top Next page
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