Bankers don’t expect you to know everything, but they do expect you to have done some research – otherwise you won’t seem interested and they’ll give the offer to someone else. Required fields are marked *. Thanks! I would certainly try to spin it that way in interviews. But if don’t mention it, he might find out anyway, and the other guy I talked to might get pissed off. Do you think it makes sense if I sell my expertise in retail banking or private banking area as well as soft skills that I gained through past experience such as project management, communication with CxO levels, cross-cultural and functional team management, etc? It’s a little bit of a niche group. building models, learning valuation methods, etc. I don’t know of others though I’ll let you know if I come across other names. 6 Banker Interview Questions and Answers . Is the Breaking Into Wall Street site down? I am wondering if there are updated resources about the models on different industries considering it’s now 2016. Do they reference Big 4/Mngmt Consulting firms in their reports? The quality of your work is dictated by how badly you want to perform, and how interested you are in your work. Everyone lumps investment bankers together, but that’s not really how banks operate. Going forward, more companies might start to focus on security for mobile devices and solutions that protect everything from desktops to laptops and mobile devices to web-based applications. For example, an Internet company might project revenue based on unique visitors and conversion rates rather than # of products sold to customers; a key metric might be EV / Unique Visitors, especially if it’s unprofitable. Also mention a dominant recent trend. Your information will not be shared. And are they generally analysts (who are recent alum) or people higher up? And how can you get up to speed on all the accounting and valuation differences, recent deals, and everything else if you only have a few days – or a few hours – to prepare? A: You hear presentations about the different groups and afterward you attend a short mixer of some sort. but generally you don’t see RAROC and so on. Investment Management: Trends on where money is going will be important to mention (types of investments and the level of overall net new money). Apply to Vice President of Finance, Investment Banking Analyst, Vice President and more! And who knows, maybe you’ll land a real estate, mining, airlines, or healthcare interview to make things more fun as well. We respect your privacy. The financial sector is greatly affected by policy updates and regulations, so you might even be staffed on government presentations. I always wanted to do IB, but so far I only pulled off internships in Big 4 transaction services, smaller boutiques and consulting. A: I went to a top four school and did my investment banking networking through the alumni who were active in campus recruiting. UBS New York, NY. Financial Institutions Groups (FIG): How They're Different, How the Industry is Divided, and Key Tips on FIG Valuation and Interview Questions. Author Andrew Posted on October 25, 2007 July 6, 2009 Categories Interviewing - Qualitative (Fit) Questions as usual. He earned his B.A. I apologize for the long comment, but I hope you can help me. Thank you so much in advance. If you can ask the interviewer about the bank, then you can learn some things for your next interview, for when you are asked the same question. 1. 22. I received a 3rd year lateral offer in FIG from a Leveraged Finance group. Some of the reports on those sites are too specific to be helpful – the “Outlook” or “Overview” ones for entire industries are the best. Can you please guide me on what reasons can one potentially use to exit FIG? Thanks very much in advance! the economies of scale poses a risk to exchanges. Join 307,012+ Monthly Readers Mergers & … Or would I be limited in my exit opportunities to the buyside? What are the differences with them valuation wise? You might want to demonstrate your passion in tech in your interviews. Merger models can be more complicated (deposit divestitures etc.) Thanks in advance! I think if I started coming up with specific reasons to join non-FIG industry teams, I would lose my authenticity. If they get along fine, I would not bother contacting the senior person if the other person didn’t like you and/or minds you contacting his/her senior. Talk about what fascinates you re. An MBA doesn’t teach you anything practical (for the most part). Kudos to both Luis and Brian. I’m assuming most FIGs are based in New York, but are there any that are housed elsewhere? So much business in places like London and New York depends on financial firms that understanding them in-depth and having contacts there can make a big difference in almost any field – if you start your own company one day in one of those cities, guess who your main customers might be? 15 days ago. Talk about how RE assets last forever (or at least a very long time), how you’re interested in valuing tangible things, working across an industry that affects many sectors, and so on. The reality is that the valuations are different in calculation, but not in approach. 1. Offer to drop by a coffee shop/pub close to his offer. Apologies, can you elaborate a little more on how I can focus on my Lev Fin experience? I am trying to network with a boutique doing only FIG. But maybe you have a distant relative who is in the business, or maybe one of your friends started working at a big energy company recently – you can take something small like that, spin it, and turn it into a “I had always been interested in tech, and still am, but recently I started talking to [Person Name], who made me really interested in energy…” story. Any advice to someone who has no specific industry knowledge in tech? Since the first round went very well, I think it’s fine to email and call him once. Do Investment Bankers go into Hedge Funds (and what are their roles and opportunities) ? Thanks Nicole! That is an example of an asset management valuation, and you can see the metrics and multiples they use: P / E, EV / EBITDA, and EV / AUM (Assets Under Management). Learn vocabulary, terms, and more with flashcards, games, and other study tools. However, none of us here asking about construction industry. How does staffing work in financial institutions groups (FIG)?, Hi Brian, Thank you for the very informative article! If you can’t find relevant metrics, just get the purchase price for the deal and get the financial metrics yourself by looking at the acquired company’s annual report on their investor relations site. Apologies for the long post. You could look at our courses or start with the YouTube channel here: I am a huge fan of your website. Have you been following banks? Do you have any resources I can look at to understand the industry as a whole (not necessarily from a technical aspect)? But that’s the best way to get this information quickly assuming that you don’t have access to Capital IQ, Factset, or other tools that bankers have. Not really, no. Definitely doesn’t sound like the place for college grads to start their careers. Thank you in advance! During the program you will have the opportunity to become an important member of the Investment Banking Group, joining small transaction teams, and providing financial advisory services to the firm’s clients… economics focus and strong academic performance, with a sound knowledge in Corporate Finance Ideally previous internships in Investment Banking … Do not attempt to BS something on the spot here – and don’t say something silly like, “I’m interested… because… it’s so interesting!” (yes, I’ve heard that one before). do you have an insight for me? I would like to exit both IB and the FIG industry as fast a possible. If the WSJ and searching online don’t give you good results, you could take another approach and find equity research instead. Q: Interesting to note all that. That’s a good point, though the Deal Profile does sometimes have larger international deals. Investment banking, debt restructuring, and raising capital are among the services offered to FIG clients. How do you think the commercial banking background helps me to apply for top MBA ? Some banks actually internalize trades and take away this trade volume from exchanges. :). You still need a great story, you still need to know why you want to do investment banking, and you still need to know what it’s like being an investment banker. Ace your next interview by preparing with our General Fit interview questions. I was hoping to seek views on what could potentially be classified as “understandable” reasons for leaving FIG? If you’re in the financial institutions groups (FIG), however, you have a much better story in terms of getting into strategy / corporate development roles at financial institutions. Like the industry and M&A research reports above? Can you explain to me why a bank’s / insurance companies’ market value is close to it’s book value? Investment Banking Interview Guide Access the Rest of the Interview Guide Bank & Financial Institution Questions & Answers We created this section of the interview guide because we kept getting questions on what to expect when interviewing with specific industry groups. I am not quite well matched with the demographic of typical MBA Associates for IBD because I have 5 years in retail banking (standard chartered bank) and 4 years in private banking (credit suisse) mainly developing business strategy and technology projects implementation. Cant get anything on it regarding interviews. Valuation is completely different – in some sectors. I have a junior analyst interview coming up but don’t have direct RE IBD experience. No I have not heard of it. The issue isn’t really fintech, the issue (beyond the odds) is that you need not only good deal experience and technical knowledge but also good brand names to have a high chance in the process. 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