nic job package fall 2016 - nova investment club · resume, cover letter & various transcripts...

JOBPackage

Fall16

ApplyingtotheInvestmentBankingIndustry&Others

CONTENTS

1 The Application Process ....................................................................................................... 2

1.1 Research ....................................................................................................................... 2

1.2 Online Application ....................................................................................................... 2

1.3 Phone Interviews ........................................................................................................... 2

1.4 Assessment Centre ........................................................................................................ 2

1.5 Individual Interviews ..................................................................................................... 3

2 Companies & Application Deadlines ................................................................................... 3

2.1 Where to apply? ......................................................................................................... 3

2.2 When to apply? ........................................................................................................... 3

3 Curriculum Vitae & Motivation Letter .................................................................................. 6

4 Online Applications ............................................................................................................. 6

5 Interviews............................................................................................................................. 9

5.1 Investment Banking Interview Examples ....................................................................... 10

5.2 Boutiques Interview Examples ....................................................................................30

5.3 Our Tips .....................................................................................................................34

5.3.1 Interviews, preparing yourself ............................................................................34

5.3.2 Be on Time ..........................................................................................................35

5.3.3 Interview Attire ...................................................................................................35

5.3.4 Ethics in Applications ...........................................................................................35

6 Mindset ..............................................................................................................................36

Nova Investment Club The Application Process Job Package

1 THE APPLICATION PROCESS

Althoughapplicationprocessesarenotequalthroughoutfinancial institutions,theproceduresaremoreor lessstandardizedacross the industry.Whenapplying toan InvestmentBank,youcanexpectthefollowing:

1.1 RESEARCH

Beforeyouapply,makesureyouprepareyourselfproperly.Ifyoureadthroughthisbrochure,youwillunderstandwhichchallengescanbefoundineachphaseofanapplicationprocess.Ifyoudoyourhomework,yourchancesofbeingsuccessful increasesignificantly.Frompersonalexperience,everyonewhoiseitherfromNICorwhohasattendedtheMasteringYourOwnCareercoursecantellyouthatthepeoplefromtheindustryconsiderthisearlyphaseofanapplicationtobecrucial,bothtopassthroughtofollowingphasesandtobesuccessfulinthosesamephases.

Visitingcompanies’websites,attendingtoNICandNovaSBECorporateRelations’Officeseminarsandcompanypresentations, interactingwithpeoplewhoworkorhavedonean internship,canbeveryusefulforyoutounderstandwhichcompaniesyourelatethemostwith.Believeitornot,thisaspectisfundamental,asitcomesacrosstoyourinterviewerwhetheryourenthusiasmforthatcompanyistrueoryoujustwanttogetintoInvestmentBanking,regardlessoftheinstitutionitself.

Understandingwhichdivisiontoapplytoisalsoveryimportant.Companiestypicallyhaveadescription in their websites for every position but talking to older students might be moreenlightening.EveryonefromNICwhohasdonesoortheCareerServiceswillbemorethanhappytohelpyouwithyourdoubtsandtoputyouintocontactwithsomealumniwhoarewillingtohelp NOVA’sstudentssucceeding!

1.2 ONLINE APPLICATION

Thefirststepinyourapplicationismostprobablygoingtohappenonline.Atthispoint,youwilleitherdeliveryourCVandCoverLetter,orfillinonlineapplications(coveredinSection4).Itisalsovery frequent that you are asked to complete numerical, logical or verbal aptitude tests onlinedependingonthedivisionsyouareapplyingto.

1.3 PHONE INTERVIEWS

Ifyourapplicationisselected,youwilltypicallybefacedwithaphoneinterviewwithsomeonefromthedivisionthatyouappliedto(orsomeonefromHumanResources).Manytimestherewillbemorethanonephoneinterview.PleaserefertoSection5ofthisbooklettohaveaclearerideaofwhattypesofquestions(personal,competencyandtechnical)aremorefrequentatthisstageandthenextones.

1.4 ASSESSMENT CENTRE

If you are successful, the next step is generally an Assessment Centre (although somecompaniesdonotusethese),mostlikelyinMadridorLondon.Here,youwillmeetseveralemployeesfrom the company, as well as other applicants. It is common to see company presentations, doaptitudetests(quantitativeandverbal,veryoftenarepetitionofthoseyouperformedonline),groupexercises,andindividualpresentationstotheinterviewers.

Fall 16 Assessment Centre 2

Nova Investment Club Companies & Application Deadlines Job Package 1.5 INDIVIDUAL INTERVIEWS

Itishighlyunlikelythatyouwillbehiredforafull-timepositionorsummerinternshipwithoutbeingindividuallyinterviewed.Thisistypicallythelaststageofarecruitmentprocess,andperhapstheonewhereyouwillneedthestrongestpreparation.Inmanycompaniesyouwillbeinterviewedmorethanonceaswell.WeremindyouthatSection5providesyousomeusefulinformationforyoutobeprepared.

2 COMPANIES & APPLICATION DEADLINES 2.1 WHERE TO APPLY?

Moststudentsapplyonlyto3or4InvestmentBanks,eitherbecausetheyarethemostwell-known,wererecentlyonthenewsorsomeonefamiliarworksthere.Beingrealistic,theInvestmentBanking industry ishighlycompetitiveand thechancesofgettingagoodpositionwith justa fewapplicationsarerathersmall.Inthefollowingsubsection,weprovideyouwithalistofIBandFinancialServicescompaniesthatwebelievetobeverymuchworthconsidering.

Althoughthisguidewasbuiltonaninternationalframework,therearefantasticopportunitiesinPortugalaswell.AllthelargestcommercialbankshaveInvestmentBankingdivisions,TradingFloorsand recruit for many other finance-related positions, in departments such as Risk Management,CorporateFinanceorAssetAllocation.Besidesthelargestones,NovoBanco,BCP,CGD,MontepioandBPI, do not forget to consider Banco de Portugal, BiG, Haitong and other small Portuguese AssetManagers,FamilyOfficesandPrivateEquitycompanies.These,despitebeinglessknown,usuallyallowyoutogainincreasedexposuretoseniorassociates,givingyoumoreresponsibilities,whileofferingcompetitiveconditions.

Tofindoutinformationonhowtoapplytoeachofthesecompanies,justgooglecompanyname+ careers, i.e. google for “jpmorgan careers” and you will probably find the correct webpageimmediately in the first coupleof links.Most companieshavecareerwebsites, containinga lotofvaluableinformationaboutthedifferentprogramsanddivisions,sodoreadtroughinordertomakeamoreinformeddecision.

If youaim for something lessmainstream, thereareamyriadofhedge fundsandboutiqueinvestmentbankingfirms,whichyoucanapplyto.Thisisalsoagreatstartingpointofyourcareer,asseniormanagersattheseplacesusuallyhaveavastexperienceinbulgebracketbanks,andyouwilltypically be able to benefit from a closer relationship with the people you will be working with.However,therecruitmentprocessissomewhatdifferentfromwhatwasdescribedaboveandwillbeaddressedinSubsection5.2.

2.2 WHEN TO APPLY?

Below,youcancheckthedeadlinesforanumberofbanks,bothforfull-timepositionsaswellasSummerInternshipprograms.

Ingeneralterms,Januaryisdefinitelytoolate.Eitherifyouareapplyingforsummerinternshipsorfull timepositions,particularly in London,youcanexpect the typicaldeadlines tobearoundOctober,NovemberandDecember.ThismeansthatyouarehighlyencouragedtostartyourhomeworkbyearlySeptember,andconcludeyourapplicationprocesses(dependingonthedeadlines)

Fall 16 When to apply? 3

Nova Investment Club Companies & Application Deadlines Job Package

atmaximumbylateOctoberifyouwanttohaveaseriousshotataposition–rememberthateachyearthousandsofcandidatesapplytothesamepositionsyouareapplyingto.

Every year the website eFinancialCareers (http://www.efinancialcareers.co.uk/) lists the

applicationdeadlinesforanumberofbankslistedbelow.PleasealsonotethattheSymplicityplatform,managedbytheCareerServices,listsallcompanypresentationsoncampusandJobOffers.Althoughmostofthesewillalsobee-mailedtoyou,makesureyouconsultitonaregularbasis,andrememberthatevenifyouarenotspecificallyinterestedorattractedtosomeofthesecompanies,networkingisalwaysvaluable.

Firm GraduateDeadline InternshipDeadline HowtoApply Area

3iPLC NotyetOpen N/A Onlineform Investment Allianz Rollingrecruitment Expected27-Nov-2016 Onlineform Insurance

Amlin Unspecified N/A Applicationform&CV Insurance Aon Unspecified Unspecified Onlineform Insurance

ArdianInvestmentUKLtd Rollingrecruitment Rollingrecruitment CV&coverletter Various AXA 30-Nov-2016 30-Nov-2016 Onlineform Various

BankofAmericaMerrill 27-Oct-2016 24-Nov-2016 Onlineform Various Lynch

BankofEngland Expected31-Jan-2017 14-Nov-2016 Onlineform Various

BanquePictet&CieSA Rollingrecruitment N/A Onlineform Various Geneva

Barclays 17-Nov-2015 05-Jan-2016 Onlineform Various

BDO Rollingrecruitment Rollingrecruitment Onlineform Various BlackRock Expected06-Dec-2016 Expected15-Nov-2015 Onlineform Investment

BlackstoneGroup 30-Oct-2016 TBC Onlineform Various Bloomberg Rollingrecruitment Rollingrecruitment Onlineform Various

BMOCapitalMarkets Rollingrecruitment Unspecified Resume,coverletter& Various transcripts

BNPParibas 30-Nov-2016 30-Nov-2016 Onlineform Various

CanaccordGenuity Rollingrecruitment Rollingrecruitment Emailukandeurope Investment [email protected]

Catlin Rollingrecruitment Rollingrecruitment Onlineform Various

CentreviewPartners Rollingrecruitment Rollingrecruitment Onlineform Various Citigroup 11-Nov-2016 9-Dec-2016 Seewebsite Various

Commerzbank Rollingrecruitment Rollingrecruitment OnlineformwithCV&cover Various letter

CreditSuisse 20-Nov-2016 11-Dec-2016 Onlineform Various

Deloitte Rollingrecruitment Rollingrecruitment Onlineform Various DeutscheBankAG 13-Nov-2016 31-Dec-2016 Onlineform Various

Duff&Phelps Rollingrecruitment Rollingrecruitment Onlineform Various EuropeanInvestmentFund Various N/A Onlineform Investment

Evercore 28-Oct-2016 18-Nov-2016 Onlineform Investment FidelityWorldwide Expected25-Oct-2016 Expected06-Dec-2016 Onlineform InvestmentInvestment

FinancialConduct TBC(openinOctober) TBC(openinOctober) Onlineform Various Authority(FCA)

GeneraliGroup Rollingrecruitment Unspecified Onlineform Various

GICPrivateLimited(GIC) Rollingrecruitment Rollingrecruitment Onlineform Various Glencore 29-Oct-2016 Unspecified Onlineform Investment

GoldmanSachs 30-Oct-2016 04-Dec-2016 Onlineform Various


Nova Investment Club Companies & Application Deadlines Job Package

GRCHSmithHoward N/A N/A Investment

HiscoxInsurance TBC(openinOctober) TBC(openinOctober) Seewebsite Insurance HSBC 11-Dec-2016 10-Jan-2016 Onlineform Various

ICAP 28-Nov-2016 30-Jan-2017 Onlineform Various ING Various N/A Seewebsite Various

IONTrading Rollingrecruitment Rollingrecruitment SendCVto Various [email protected]

JPMorgan 27-Nov-2016 27-Nov-2016 Onlineform Investment

JefferiesInternational Various Various Onlineform Investment KPMG Rollingrecruitment Rollingrecruitment Onlineform Various

Lazard 31-Oct-2016 14-Nov-2016 Onlineform Investment Lloyds Unspecified Unspecified Onlineform Insurance

LloydsBankingGroup Unspecified Unspecified Onlineform Various LondonStockExchange Expected20-Dec-2016 Rollingrecruitment Onlineapplication VariousGroup(LSEG)

M&GInvestments Various Various Onlineform Investment MacquarieGroup 31-Oct-2016 11-Nov-2016 Onlineform Various

MandaraCapital RollingRecruitment N/A Onlineapplication Various McGraw-HillFinancial Various Various Onlineapplication Various

Moelis&Company Rollingrecruitment Rollingrecruitment Onlineform Investment MorganStanley Closed 01-Dec-2016 Onlineform,CV,&coverletter Various

Nationwide Various Rollingrecruitment Onlineform Various Nomura 10-Jan-2016 10-Jan-2016 Onlineform Investment

NorgesBankInvestment 30-Sep-2016 N/A Onlineform Investment Management

OliverWyman Unspecified Unspecified Onlineform Various

PIMCO Expected31-Oct-2016 Expected31-Oct-2016 Onlineapplication Various PwC Various Various Onlineform Various

RBCCapitalMarkets 06-Nov-2016 01-Jan-2017 Onlineform Investment RBS 23-Dec-2016 27-Jan-2017 Onlineform Various

Rothschild 06-Nov-2016 30-Dec-2016 Onlineform Investment Santander Rollingrecruitment Rollingrecruitment Onlineform Various

Schroders Various Various Onlineform Various Smith&Williamson Rollingrecruitment Rollingrecruitment Onlineform Various

SociétéGénérale Rollingrecruitment Rollingrecruitment Onlineform Various StandardBank Various Unspecified Onlineform Various

StandardChartered Rollingrecruitment Unspecified Onlineform Various StandardLife Notyetopen Notyetopen Onlineform Various

StateStreet Unspecified Unspecified Onlineform Investment SunGuardSystemsLtd Various Various Onlineform Various

SwissReLtd Various Various Onlineform Insurance TDSecurities Unspecified Unspecified Onlineform Various

TowersWatson Rollingrecruitment Rollingrecruitment Onlineform Various UBS 06-Nov-2016 31-Dec-2016 Onlineform Various

UniCreditGroup 24-Jan-2016 Unspecified Onlineform Various WellsFargo Various Various Onlineform Various

Willis Unspecified Unspecified Onlineform Various Zurich TBC(openSept/Oct) TBC(openSept/Oct) Onlineform Insurance


Nova Investment Club Curriculum Vitae & Motivation Letter Job Package

Note that in the previous table there are no Portuguese institutions. That ismainly becausePortugueseinstitutions’recruitmentprocesstendtooccurlateronintheyearandtobemuchlessstandardizedaswell,notonlyregardingdeadlinesamongstthem,butalsodeadlinesyearonyear.Nevertheless themajority of Portuguese banksmentioned in the beginning of the Subsection, dorecruitonayearlybasis,soitisgoodtopaycloseattentiontothose,especiallyfromJanuaryonwards.

Agoodsitetokeepuptodatewithalltheinternationaldeadlinesishttp://www.graddiary.com/,orifyouwishtoreceiveinformationaboutvariousopportunitiesinthefinancialindustryorbeawareofongoingrecruitmentprocessesmakesuretosubscribetowww.targetjobs.co.uknewsletters.

3 CURRICULUM VITAE & MOTIVATION LETTER

Whileinsomeapplicationsyouwillbeaskedtofillinanonlineform,inmostofthemyouwillhavetouploadaCVandaCoverLetter.Thus,itisimperativethatbothareflawless.

If youarenotexperienced inpreparingCVsorwritingCover Letters,make sure that youputplentyofeffortandtimeontothese,sinceyoumightneedsomeattemptsbeforeyougettheholdofit.Remember that these twodocumentsareeverything thatyourpotentialemployer isgoing toknowaboutyou,beforepassingorfailingthefirststepofyourapplication.Keep inmindthat it ishighlyrecommendedthatyoutargeteachCoverLetterforeverycompanythatyouapplyto.Changingthe companynameanddivision is definitelynot enoughandHR’s caneasily spot that.Therefore,mentionthecompanyoneverycoverletter,whyandhowdoesitfitintoyourmotifs.

TheCareerServiceshasafreebookletthatprovidesyouwithallthehintsyouwillneedtowritesuccessfulCVsandCoverLetters.Makesureyougothroughthedocument,eitherifyouarecreatingyour first CV or if you feel that your current one needs improvement. Keep inmind that leadingInvestmentBanksareglobalrecruiters, i.e.youwillberunningforthesameplaceasthousandsofother recent graduates,which are typically older andmore experienced than the averageMasterstudentatNovaSBE.Thus,youshoulddefinitelyhighlightallyourextracurricularactivities,volunteerwork,contributionstoclubsandassociations,etc.–differentiationiskey!

TheCareerServicesisalsoavailabletohelpyouinperson.SimplyscheduleanappointmentwithsomeonefromtheofficenamelyJoanaRodrigues([email protected])andtheywillprovideyouwithmeaningfulinputonyourapplicationinstruments.Justmakesureyoudotheseappointmentsinduetimeandnotunderpressureofanimpendingdeadlinetogetherwithmanyothercolleaguesofyours. Withoutneedingtostresstheimportanceofthesetwodocuments inyourapplicationanyfurther,makesureyoutakeadvantageofthehelpbothNICandtheCareerServicescanprovideyou.

4 ONLINE APPLICATIONS

Aspreviouslymentioned, the first stepofanyapplicationoccursonline.Theapplication stylevariesfromcompanytocompanyandfromdivisiontodivision.Perhapsthemostcommonprocedureis to upload a CV, Cover Letter and possibly a Transcript of Records as well as responding someacademic,professionalandpersonalquestions.

Fall 16 Online Applications 6

Nova Investment Club Online Applications Job Package

Insomecases,youwillbeaskedtofillinanonlineform,whichcanalsoincludeanumberofotherquestionsbesidesyourpersonal information,eitherregardingthefirmorthebusiness itself.Someapplicationsareverylargeandcantakehourstocomplete,somakesuretoputsometimeasideforfillingthemin,justasyouwoulddotostudyforacourse.SeveralNICalumnisensethatbeingseriousabouttheonlineapplicationsactuallyhelpsyoutofocusandbemethodic,allowingyoutobemoreproductive.

Below, you can find a small list of questions that have been asked to students that havecompletedtheapplicationsinpreviousyears(amorecomprehensivelistisprovidedforeachcompanyinSection5).Pleasenotethatallthesequestionsthatyoumaybeaskedinaninterview,despitesomevariance between banks, aremost likely to target the same aspects like yourpersonal fit to thecompanyandtothebusinessareayouareapplyingto.Bearinmindthatinthecaseofboutiques,giventheirfocusedandsmaller-dimensionnature,thisfitmaybemuchmoreofadeterminantinthesuccessofyourapplicationthantoalarge,globalinstitution. Barclays

1. [WhyBarclaysforyou]Fromtheresearchyouhavedoneonourindustry,howdoesourfirmfitinwithyourcareeraspirations?(90wordsmax)

2. [WhyBarclaysasacompany]Fromtheresearchyouhavedoneonourindustry,howdoesBarclaysdifferentiateitselffromourcompetitors?(90wordsmax)

3. [Whythisbusinessarea]Describearecentdevelopmentintheindustry.Whatimplicationsmightthisdevelopmenthaveforourfirmorthedivisiontowhichyouhaveapplied?(90wordsmax)

4. [Whyyou]Whatmakesyousuitedfortheroletowhichyouapplied?(90wordsmax) BlackRock

1. [WhyBlackRockandbusinessarea]Whyareyou interested inacareeratBlackRockandchosenbusinessarea?(Pleaselimityouranswerto300words).

2. [Whyyou]Pleaseoutlineanypositionsofresponsibilityyouhaveheld,withinoroutsideofyour formal academic study. Describe the nature of your responsibilities and anyachievementsofwhichyouarepersonallyproud.(Thismayincludeclubs,societies,hobbies,voluntaryorpaidwork,travelorcareerroles).Pleaselimityouranswerto450words.

DeutscheBank

1. [Softskills]GivencurrentmarketconditionswhatdoyouthinkDeutscheBankshoulddotoremaincompetitive?(Max100words)

2. [Softskills]Whatextracurricularactivitieshaveyoubeeninvolvedinthatyouthinkwewouldbeinterestedinhearingabout?(Max100words)

3. [Why this business area] Briefly explain the main role of your division of choice, how itcontributes to the Bank andwhy you are interested inworking in this division. (Max 150words)

4. [Why this business area] What is the impact of the division you are applying to on theInvestmentBankingIndustry?

5. [Whythisbusinessarea]Brieflyexplainthemainroleofdivisionofchoice,howitcontributestotheBankandwhyyouareinterestedinworkinginthisdivision.(Max150words)

6. [Whyyou]Whatmakesyouastrongcandidateforthisdivision,consideringthekeyattributesthatwouldmakesomeonesuccessfulinthisbusiness?(Max100words)

7. [Whyyou] Please include any additional information to support your application, for exampleleadershipexperience,academicawards,professionalqualifications,personalcircumstances.



8. [Business Area] In your opinion, what are themain challenges for the Financial ServicesindustryandwhataretheopportunitiesforDeutscheBankinthecurrenteconomicclimate?

HSBC

1. [WhyHSBC]WhyareyouapplyingtoHSBC?2. [Whythisbusinessarea]Outlineyourknowledgeofthebusinessareayouhaveappliedto.3. [Whyyou]Whydoyoufeelyouaresuitablefortheprogramyouhaveappliedto?4. [Industry]Inyouropinion,whatarethetopthreerisksHSBCisfacinggloballyandwhy?5. [Softskills]Pleasedescribeasituationwhenyouhavechallengedsomeoneaboutadecision

oranactionyoufeltwaswrong.6. [Softskills]Tellusaboutatimewhenyouhaveworkedwithothersandachievedsuccessful

results.Whatwasyour role in the teamandwhat impactdidyouhaveonwhat the teamachieved?

7. [Softskills]Tellusaboutyourstrengthsandweaknesses.8. [Softskills]Describeadirectconflictyouhadwithsomeonesuperioratyourmostrecentjob?

JPMorgan

1. [Why JPMorgan & Industry] Why Financial Services as an industry and JPMorgan as acompany?(200words)

2. [Why this business area] Why Sales, Trading and Research as a business area withinJPMorgan?(150words)

3. [Softskills]PleaseexplainthekeyskillsyouhavedevelopedthatmakeyoupotentiallysuitedtoacareerwithJPMorganandtheareatowhichyouhaveapplied.Pleasebespecificandprovideconcreteexamplesfromabroadrangeofexperiencestodemonstrateeachskill.(250words)

MorganStanley (750charactermax.perquestion)

1. [Softskills]Whatskillswouldyouliketodevelopinordertobesuccessfulinthisrole?2. [Softskills]Describeanon-academicpersonalachievementthathassignificantly impacted

you.Howhasthisshapedyouintothepersonyouaretoday?3. [WhyMorganStanley&businessarea]WhyareyouinterestedinacareerintheInvestment

ManagementdivisionatMorganStanley?4. [Softskills&businessarea]Whichpersonalskillshaveyoudevelopedthatyouwouldregard

asbeneficialforarolewithintheInvestmentBankingDivisionofMorganStanley?5. [Businessarea]WhatattractsyoutopursuinganInternshipwithinInvestmentBanking?6. [Softskills]Describeasituationwhereyouachievedachallenginggoal.Howdidyouachieve

this?Whathaveyoulearnedfromthis?7. [Softskills]Giveanexampleofwhenyouworkedaspartofateam,toovercomeadifficult

situation.Whatwasyourcontributiontotheteamandwhatwasthefinaloutcome?8. [Softskills]Haveyoueverdonesummerand/orcharitywork?Ifyes,explainwhatyoulearned

fromitandwhatthemainchallengeswere.

UBS(1000charactermax.perquestion)

1. [WhyUBS]Please describe why you have chosen to apply to UBS?2. [WhyArea]Why did you choose the specific business area to which you have applied? Why

do you think you will succeed in this area?3. [Softskills]Describe the achievement of which you are most proud?



Ifyouwanttoknowmoreaboutacompanyorthedifferentdivisionswhenapplyingonline,thereareacoupleofwebsitesthatcancomeinhandy,besidesthecompanies’websitesofcourse,suchaswww.vault.comandwww.wallstreetoasis.com.

Hasmentionedbeforeitisalsoverycommonthatyouareaskedtocompleteonlinequantitativereasoning,logicalandverbaltests.Beawarethatthesemaybeverycomplicatedifyoudonothavepropertraining,soitisworthspendingsometimepracticingitbeforetakingyourtests.Mostof these testsaremadeby IBM’sKenexa (http://www.psl.com/practice/),usedbyDeutscheBank, JP Morgan, Lazard, Nomura, Citi and BNP Paribas among others, or by CEB’s SHL(https://www.cebglobal.com/shldirect/en/practice-tests/),usedbyCredit Suisse,BankofAmerica,UBS, HSBC, Morgan Stanley, among others. Other types of test are also very popular in therecruitment processes of strategic consultancy firms. These tests, although very different fromKenexaorSHL,cangiveyousomeguidelines foryourposture in the interviews,howtoapproachcertainquestionsandthinkthroughdifferentproblems.Below,wegiveyousome links foryoutohavealookonsomeofthese,whichyoucanusetopracticeaswell,despitemostofthequestionsforIBstillbeinglesssubjectiveandfarmoredirectandcloseended.

Bain&Co. http://www.joinbain.com/apply-to-bain/interview-preparation/default.asp

BostonConsultingGroup http://careers.bcg.com/join/practice_cases.aspx

McKinsey&Co. http://www.mckinsey.com/careers/join_us/interview_prep

OliverWymanhttp://www.oliverwyman.com/careers/join-us/interview-preparation/practical-tips.html

5 INTERVIEWS

Theinterviewisdefinitelythemostimportantpartofanapplication,notjustbecauseitisthelastone,butalsobecauseitiswherethecompanygetstoknowthemostaboutyou.Itisthestepwhere,understandably,studentstendtobemorenervous.Inthissectionwelistafewexampleofinterviewsthatstudentswentthroughinpreviousyears,sothatyoucanhaveanideaofthetypeofquestionsthatyoumaybeasked(don’tforgetthoselistedintheprevioussectionaswell).Asyoucanimagine,thesetendtovaryaccordingtothedivisionyouarebeinginterviewedfor.Ifyouwouldliketoknowmoreaboutthestyleof interviewsforotherareasnotcovered inthissection,ortoreadthrough other candidates more recent interview experiences, you can visit Glassdoor(http://www.glassdoor.com/). There you can find endless amount of information apart frominterviews,especiallyforthebiggerintuitions,suchaspositions,companyreviewsorsalaries.Hereyouwillfindsomeinterviewprocessesfor:BancoBIG,Barclays,BlackRock,BPI,Citi,GoldmanSachs,LloydsBank,Haitong,HSBC,JPMorgan,MerrillLynch/BofA,MorganStanley,Nomura,SociétéGénérale,UBS,AffiliatedManagersGroup, TheBlackstoneGroup, EvercorePartners,GuggenheimInvestmentAdvisors,LazardFréres&CoandPerellaWeinbergPartners. Fall 16 Interviews 9

Nova Investment Club Interviews Job Package

5.1 INVESTMENT BANKING INTERVIEW EXAMPLES

The information regarding interviewswas provided by former studentswho participated inrecruitmentprocessesbetween2008and2016,thereforesomequestionsorremarksaboutcurrenttopics at the timemight be outdated. The structure we present in this bookwas based on theirexperienceanddoesnotmean itwillberepeated. Interviewstructuresandrecruitmentprocessesmaychangeeveryyear,sopleaseusethefollowinginformationonlyasaguideline.

Banco BiG Trading/StructureAnalystProgram–AssessmentCentre Youareaskedbothpersonalandtechnicalquestions.Bepreparedtodiscusscurrenttopicsandtoanswertosomebrainteasers. Personal/Competencybased

• QuestionsaboutCV. • Questionsaboutfavouritecourses. • Doyouinvestyourownmoney?Howwouldyouinvestitrightnowwitha1-yeartimeframe?

Technical

• Howwouldyoupriceanoption?Whichmodelsdoyouknow? • Whatvariablesareimportantwhenpricinganoption?Whatmethodsdoyouknowtoestimate

them? • QuestionsanddiscussionsonRisk&Diversification,optionpricingandVaR(ValueatRisk).

BNP Paribas (Lisbon) WealthManagementAnalyst1stround-HumanResourcesInterview

• WalkmethoughyourCV(tellmeaboutyourself,strengthsandweaknesses).• Tellmethecoursesyoulikedthemostduringyourundergraduatedegree.• Tellmethecoursesyoudidnotlikethatmuchandwhy.

2ndround-ManagingDirectorPersonal/Competencybased

• Tellmeaboutyourself(academicbackground,interpersonalskills).• Whydidyoudecidetogoabroadforthatparticularcountry/city?• Explainmewhatdidyoulearninthisparticularcourse.• Whatwouldafriendofyourstellmeaboutyou?

Technical

• Whatisthedeltaofanoption?• Ifyouperfectlydeltahedgeaplainvanillacalloption,areyouprotectedagainsteverychange

intheunderlyingspotprice?• Isbuyingacalloptionwithstrikezerothesameasbuyingtheunderlyingasset?• Twoplainvanilla-options,aputandacall,areexactlyATM.Whichonecostsmore?

Fall 16 Investment Banking Interview Examples 10

Nova Investment Club Interviews Job Package Barclays Barclaysrecruitmentprocessisoneofthefirststoend,mostAssessmentCentresforfulltimetakeplaceinSeptembersoifyouwanttoapplyyoushoulddoitonAugust/September. EquityResearchSummerInternship–1stPhasePhoneInterviewTheinterviewismostlycompetencybased.Youshouldexpectthefollowingquestions:

• QuestionsaboutmyCV • WhyBarclays?HaveyouappliedonlytoBarclays? • Canyoutellmerecentnewsthatyou’vereadonBarclays? • Wheredoyouseethe(investmentbanking)industryinthenextfewyears?Andwheredoyou

seeBarclaysinthatframe? • Whatdoyouthinkthatwillchangeinthedivisionyouappliedfor,aftercrisis? • Canyoutellmeasituationwhereyouhadtomanagerisk?Howdidyouhandleit? • Ifyouwereabouttostartanequityresearchprojectonafirm,whatwouldbethefirstthing

youwoulddo? TradingAnalystProgram–1stPhasePhoneInterviewTheinterviewiscompetencybased,willlastapproximately25minutes,anditisconductedbyanHRrepresentative.

• Tellmeaboutyourself. • WhyhaveyouappliedforanInvestmentBank? • WhyhaveyouappliedforBarclays?Wheredoyouseethe(investmentbanking)industryin

thenextfewyears?AndwheredoyouseeBarclaysinthatframe? • TellmeaboutarecentdevelopmentatBarclays. • WhyhaveyouappliedforaTraderposition? • Whydoyouthinkyoucansucceedasatrader?Whatskillsdoesatraderneed? • Whichdeskwouldyouliketobeplacedin?Why? • Tellmeasituationwhatyouhavetakenariskandhowyouhandledthatrisk. • Tellmeasituationwhereyouhadtomakesomeonechangetheirmind. • Tellmeasituationwhereyouimplementedanewideafromscratch. • Tellmeasituationwhereyouhaveputyourownneedsasidetohelpacolleague. • Tellmeasituationwhereyouhavehadanimpactwhenworkinginateaminyourinternships. • Tellmeasituationwhereyouhavedisagreedwithacolleagueandhowdidyousortitout. • Tellmeasituationwhereyouhavearrivedinthemiddleofaconflictandwhatwasyourstance. • Whatdoyouliketodoinyoursparetime?

Trading/StructureAnalystProgram–AssessmentCentre TheAssessmentCentreofBarclaysinLondonisratherdifferentthanmostAssessmentsfromotherbanks.Firstlyyourgroupcanhaveupto30othercandidatesandtheprocesswillconsistonseveralinterviews.Eachdeskcurrentlyrecruitingisrepresented(e.g.:equity,commodities,FX…)andpeaks,from the 30 candidates present, which ones they want to interview. The interviews are mostlytechnical,sobewellprepared.



FXStructuringDeskExample

• TellmeaboutyourCV. • WhatdidyoulearnonyourDerivativescourse? • WhataretheinputsoftheBlack-Scholes? • ExplaintheeconomicintuitionbehindtheBlack-Scholes. • IfIsellacallXYZtoaclientandintheendtheEURUSDisXorYdoesthebankwinsorloses?

Tip:delta-hedge • HowcanIavoidlosinginsomesituations? • HowcanIhedgethiscallX,whichpositionsdoIhavetomake? • Whyisitanoptionwithmorevolatilitymoreexpensive? • Whatisyourmarketfellingrightnow?

BrainTeaser:Youhaveaninfinitenumberoflampsandtheyareallswitchedoff.Youstartonthe1standyouswitchthemononebyone(i.e.allofthem).Thenyoustartonthe2ndandyouchangetheswitchevery2lamps(i.e.youchangetheswitchofthe2nd,4th,6th…).Thenyoustartonthe 3rdandyouchangetheswitcheverythreelamps(i.e.youchangetheswitchofthe3rd,6th,9th…).Youkeepdoingthis…Intheend,whichonesareon?

BarclaysFundSolutionsExample

• Imagineastructuredproductsocomplexthatyoucan’tevenpriceit(youhavetoaskittoaquant).ExplainmewhatareGreeksandhowyouwouldcalculateinthiscasewithoutaclosedsolution.

• IfresearchtellsmetoputmoreweightintoUSequitieswhatshouldIdo? • Discussionregardingmargins,beta,alphaseeking,etc.

BrainTeaser1:Youhaveatunnelandyouhave4peoplethatwanttogothroughthattunnel.Theytake10,6,2and1minuterespectivelytocross.Thereisonlyonelamp,whichtheyneedtocrossthetunnelandtheyalwayshavetobetwo.Howcantheycrossthetunnelin17minutes?

BrainTeaser2:Arabbitisclimbingnsteps.Hecanclimboneortwostepsatatime.Howmanydifferentpossiblewaysofclimbingdoeshehave?

BrainTeaser3:Youhavez=x^n.Calculatez’(n).

BrainTeaser4:Howmuchis5/32exactly?

IBD

• Whatwasyourbiggestachievementthisyear? • WhatdoyouknowaboutIBDandBarclays? • Howimportantisethicinyourlife? • Providesomeinsightaboutatimeinyourlifeinwhichyouhadtoleadateam.

BlackRock PortfolioManagementGroupAnalystProgram–1stPhasePhoneInterview Thephoneinterviewcoversthetypicalquestionsonsituationsandmotivation,whyyouareapplying,etc.Youarealsoaskedwhyyouareapplyingtothebuysideinsteadofthesellside.PortfolioManagementGroupAnalystProgram–AssessmentCentre Theassessmentisdividedintotwoindividualinterviews,anindividualcaseandagroupcase.Thegroupwilllikelyconsistonabout4people. Fall 16 Investment Banking Interview Examples 12

Nova Investment Club Interviews Job Package IndividualInterviews

The individual interviews will mostly focus on your CV and your personal experiences andcompetencies. Be prepared to talk about trading and markets. They will take around 40/45minuteseach.Exampleofquestions: • Doyouenjoytakingrisk? • Howhaveyoumanagedsomethingthatwentwrong? • WhyBlackRock? • WhyFixedIncome? • Whichareasinsidefixedincomeareyoumostinterestedin?Andwhichrole? • Buysidevs.sellside? • Howdoyoudealwithdifferentopinions? • Howdoyoudealwithsomeonethatisnotworkingalongthegroup? • TellmeaboutthesituationinPortugal. • WouldyousellPortugalorItaly’syields?

IndividualCase

YouaregivenfourcompaniesfromtheEnergyandOil&Gassectorandyouhavetochooseoneforthe fund. Important details are the investment horizon, firm fundamentals and the economicenvironmentthatsupportyourtrade.ForeachcompanyyouaregivenseveralBloombergscreenswith information on ratios, sectors the company is into (e.g. gold, oil, aluminum, etc.), adescriptionofthefundamentalsthatdriveeachcommodity,andtheeconomicsentimentoftheeconomy/investors.Youhave45minutestochooseoneandpreparea5minutepresentation.Inthe end, be prepared to support your choice and to talk about the current macroeconomicsituation.

GroupExercise

ThegroupisgivenabookwithseveralfundsthataresoldbyBlackRockandadescriptionofthreeindividuals(withdifferent incomes,ages,familystatus,andotherspecificities).Thenthegrouphas45minutestodiscusstheoptimalportfolioallocationforeachindividualbetweeninstrumentswithdifferentriskprofilesandtopreparea5-minutepresentation.

BPI (Switzerland) AnalystProgram–AssessmentCentreInterviewTwointerviewerswillassessyourpersonalityandproblemsolvingskills,withquestionssuchas:

• Ifyouhad100millioneuros,wheredidyouinvestthem?Why?• Howdoyouthinkthemarketwillevolveinthenextquarter?Whatassetswillappreciateand

depreciatemoreandwhy?• WhatisthevaluetodayofUSD/EURandUSD/CHF?• What is thebigdifference, in youropinion, between theworkof an assetmanager anda

financialadviser?• WhatisthecurrentyieldoftheUS10-yearbondsandthebundto10years?• Itmakesthedistinctionbetweenvalueandgrowthstock?• Ifyouhadinvestedinastockthatsuddenlybegantofell,whatwouldbeyourreaction?


Nova Investment Club Interviews Job Package BPI (Lisbon) AnalystProgram–AssessmentCentre BPI’sanalystprogramisverypopularamongPortuguesegraduates,althoughtheydoacceptforeignstudent’sapplicationsaswell.FirstyouhavetosendtheCVandacoverletter.Ifyouareacceptedyouhaveafirstroundofinterviews,mainlypersonalandtechnical.Ifyoumakeitthroughthefirstroundyou will spend a day together with other candidates visiting BPI’s Asset Management, which isessentiallythelastround. Thefirstroundisdividedintotwoparts,interviewandanalytical: Interview

Twointerviewerswillassessyourpersonalityandproblemsolvingskills,withquestionssuchas: • Whoareyou? • WhyBPI? • Wheredoyouseeyourselfin10years? • Biggeststrengths? • Anymajorgoalinlife? • SomequestionsregardingaspecificexperienceonyourCV. • There might be a period where there won’t be any questions, just an open conversion

regardingsometopicyoupreviouslymentioned,acurrenteconomicissue,etc.After,theywillposeyouadozenofbrainteasersandaskyoutothinkoutloud(Youarenotallowedtouseacalculator)

• Thereare50golfballsinabag,25yellowandtheremainderwhite,howmanyyouhavetotakeoutwithoutlookingtoassureyouhavedifferentcolors.

• Presentvalueof5000€intwoyearsdiscountedat1.5%ayear. • 47x12 • Astockgoesdown3%onthefirstdayand7%onthesecond,howmuchcanitstillgodown

onthe3rd? • Youhaveaperfectlybalancedtwo-panweightingscaleand12equalweightedsnookerballs

exceptforone,howdoyoufinditwiththeminimumamountofweightinspossible.Withthesameamountofweighins,howmanyequalweightedballscanyouhaveinorderforittobepossibleforyoutofindthedifferentone.

AnalyticalandMarketKnowledge

Thissectionisdividedintwoparts(Youarestillnotallowedtouseacalculator).ThefirstonebeingasmallGMATaliketest,with20minutesfor12questions.Thesecondbeingisanunlimitedtimequestionnaire,withbothquick and compositionbrain teasers, and a coupleofmacro analysisquestions. • HowmanypharmaciesarethereinPortugal?Explainhowyougottoyouranswer. • What’syourviewontheGreekcrisis?Howdiditstart? • Come up with a business idea. How would you grow that business to be financially

sustainable? • DistancefromLisbontoPontaDelgada? • Heightof25deAbrilbridge. • EURUSDexchangerate. • BPI’ssharevalue? • Goldspotprice


Nova Investment Club Interviews Job Package SecondRound

AftermakingitthroughthefirstroundyouareinvitedtocomeandspendafulldayatBPI’sAsset Managementheadquarters.Throughoutthedayyouwillvisitadozenofdifferentdivisionsandlistentoahalfanhourpitchabouteachone.It’sanopenpresentationsoquestionsanddoubtsthatyoumighthavearewelcomed.Takenotes,sinceattheendoftheday,youhavetofill insomequestionsabouteachsectionaswellasrankingthemaccordingtoyourpreferences.

Citi PrivateBankingAnalystProgram–1stPhasePhoneInterviewPersonal/Competencybasedquestions

• WhyCitibank? • WhyPrivateBanking? • WhydoyouthinkyoucouldfitCitiPrivateBanking? • Tellmeaboutaprojectyouwereinvolvedinthatwentwrongandwhy? • Tellaboutonemajorweaknessyouhaveinworkingterms?Pleaseavoidcommonclichésas

theywillnotbeaccepted. • WhatisinyouropiniontheitemonyourCVthatyouaremostproudof? • Whydoyoulikegolfing?Andwhataboutfootball? • WhyErasmus? • WhyNova?

Currenttopics

• PleaseresumebrieflyyourperceptionofthecurrentsituationofEUsovereigndebtcrisis. • Whatdoyouthinkwillbethemainimpactsfromthatonthefuture? • Howdoyouthinkthe2008crisiswasresponsibleforleadingtothissituation? • Tellmeaboutmajorchangesthathappenedinthefinancialindustryrecently. • HowisthesituationinPortugal? • Provide 3 concrete measures you think could help solving it out (A - as a Portuguese

governmentofficer;B-asamemberoftheECB). Technicalquestions

• Howwould youmeasure the effects of allocation, selection and currency attribution in aportfolio?

• Whatarethemajortypesofriskaportfoliomanagershouldhedgeagainst?How? • Pitchmeanassetclassinwhichyouwouldbebullishrightnow?Andbearish?

InvestmentBankingAnalystProgram–Assessmentcentre Itisdividedinfourparts:

• NumericalTests • HalfanhourtoreadFT,pick3articlesanddiscusswithassessors. • One hour to prepare a Case Study. Few time to read and a lot of things and prepare a

presentation.Chooseonefrom3suppliersof rawmaterialsgivenwhatclientswant,price,time,typesofcoffees.Discusswithassessors

• Twopersonalinterviews • WhyCiti?Whatisspecialaboutyou? • Picksomeonetotalkwith.


Nova Investment Club Interviews Job Package Goldman Sachs Sales&TradingSummerInternship–AssessmentCentre TheACconsistsoffourinterviews.Youareaskedbothpersonalandtechnicalquestions.Bepreparedtodiscusscurrenttopics.Personal/Competencybased

• QuestionsaboutCV. • Whyareyouapplyingforthisposition? • Questionsaboutfavouritecourses. • Doyouprefersalesortrading? • Whydoyouthinkyouwouldbegoodinsalesortrading? • Whatwasthebiggestmistakeyoudidrecently?

Technical

• Whatkindofoptionhasarisk-returnprofilesimilartotheoneofabond? • Howtomakehedgingofdifferentpositionsusingoptions(e.g.: ifyouhaveanoilcompany

howshouldyouprotectyourselffromfluctuationsinthepriceofoil)? • Conversationabout securitization,howandwhybanksdo it. Sometimes interviewers start

explaining some topicandyoushould try toaskpertinentquestionsandmakesomegoodpoints.

• Howwouldyoupriceanoption? • TelefonicaandPTaretwocompanieswithastockpriceof30(andweareassumingsimilarmarket

capitalizations).Thepriceofacalloptiononanyofthesecompaniesis15.Ifthetwocompaniesmergewhatisthepriceofacalloptiononthemergedcompany?Discusstheresult.

• ConversationaboutBusinessmodelofsecuritiesdivision. • ExplainingtheSolowModelwithbothtechnologicalprogressandnot,comparingitwiththe

Harrod-Domar.Whatistheoptimalsavingrate?Discusstheimplicationsofthismodel. • ExplainingtheIS-LMmodel.ExplainingmonetarypolicyinthecontextoftheIS-LMmodel.What

arethedrawbacksoftheIS-LMmodel?Whyismonetarypolicyneutralinthelong-run? CurrentTopics

Questionsaboutcurrenteconomicandfinancialnews(e.g.:GreekandPortuguesedebtcrisisandhowcoulditimpactonthesustainabilityoftheEuropeanUnion).

Sales&TradingAnalystProgram–AssessmentCentre TheACconsistsofthreeinterviews.Youareaskedbothpersonalandtechnicalquestions.Bepreparedtodiscusscurrenttopicsandtoanswertosomebrainteasers. Personalquestions

• TellmeaboutyourCV/thesis/internship. • Doyouprefersalesortrading? • WhyGS?

Technicalquestions

• Whichoneismoreexpensive:acalloraput?Why? • Howwouldyouhedgealongpositioninswaps(payingfloating)ifyourviewisthatInterest

Ratesaregoingup,usingoptions? • Discussthesmileeffect



• ASpanishcompanyisgoingtobeboughtbyoneoftwocompanies:eitheraSpanishoneoraFrenchone.Whichoneiswillingtopaymoreandwhy?

• WhatisaHedgeFund?Tellmeaboutthestrategiestheyuse. • Ifyouhave€1MilliontoinvestinaHFinwhichwouldyouinvest? • DiscusshowcanyoudoarbitragewithavolatilitycurveontheUSDYEN.

BrainTeasers

• Whatistheangleofaclock’stickerswhenits11:50? • Ifyouhave300socksinadrawer(100white,100blueand100black)howmanydoyouneed

totakeouttohaveatleastonepair?Andtohaveabluepair? CurrentTopics

• Giveyourviewonthecurrentsituation. • DiscussthespreadbetweentheWTIandtheBRENT.

SecuritiesDivision–Global FundProductsOff-Cycle InternshipProgram–1st,2ndand3rdPhasePhoneInterviews Inyourfirstphoneinterview,youshouldexpecttoanswerbothpersonalandtechnicalquestions,whileyouintroduceyourselfandwhileguidingtheinterviewer(inthiscaseaStructurer)throughyourCV. Tip:TrytomentionfinalprojectsthatyouhavedoneincourseslikeHedgeFunds,andtotalkaboutyourThesis,ifadequate.Theytendtobeimpressed.Intheend,theinterviewergivesyou30minutestoaskquestions. In your second phone interview, you should expect to answer personal, competency based andtechnicalquestions,suchas:

• Doyouhaveanyexperiencewithfactormodels?Canyoutellmeaboutit? • Doyouseeyourselfmoreinassetmanagementordoyouseeyourselfmoreinderivatives?

Youarealsoaskedtosolvesomebrainteasers:

• Imagineasmall1x1x1cube.NowIgetalotofthoseandmakea10x10x10cube.Idipitinabucketofpaintandthentakeitout.Howmanycubesarenotpainted?

• Iridemybiketoworkandback.Inthemorninggoat12km/handattheendofthedayIcomebackat8km/h.Whatismyaveragespeed?

• Imaginethatatmybusstopthereare2bussesperhour.Onestopsat20minutespasteachhourandtheotherat40.IfIgotherewithoutcheckingthetime,howmuchtimedoIwaitforthebusonaverage?

Inyourthirdphoneinterview,youshouldexpecttoanswerpersonal,competencybasedandtechnicalquestions,suchas:

• Whydoyouwanttoworkhereandwhydoyouthinkyou'resuitable? • SoIknowyouhavebeentalkingtomycolleaguesaboutwhatwedohere,socouldyoutell

mewhatyouunderstood? • Specificquestionsregardingpastinternships(inthiscase,technicalquestionswereasked). • Doyoufeelcomfortablewithexcel?(Probablysomethingneveraskedforasummerposition)

Intheend,theinterviewergivesyousometimetoaskquestions.


Nova Investment Club Interviews Job Package Haitong ThementionedassessmentcentretookplaceatBESibeforeHaitong’sacquisition.Thereforesomechangesintherecruitmentprocessmightbeimplemented. IBD-M&AAnalystProgramLisbon–AssessmentCentreTheACconsistsinfourinterviewsinarowwithfourM&Adirectors(onepersector)andcommonquestionsareabout:

• Academicpath • Extracurricularinterests • Companyvaluationknowledge • M&Aingeneral • ComputationofFCFsanddiscountrateestimationproblems

HSBC Markets/TradingAnalystProgram–1stPhasePhoneInterview Thefirstphaseconsistsinafirstphoneinterview.YoushouldexpectquestionsonyourcompetenciesandmotivationandonHSBC. Competencybased

• WhyHSBC? • Whythisindustry? • Whatskillsdoyoupossessthatmakesyouthinkyouwouldbesuitedfortherole? • Wouldyouconsideritisreasonableinsomeoccasiontotakeaprofitattheexpenseofaclient? • Doyouconsideryourselftrustworthy? • Doyouthinkothersconsideryourselftrustworthy? • Whatskillsdoyouthinkaleaderhas? • Givemeanexampleofatimewhenyouhadtoleadateam.Howdidyoumanagethisteam

successfully? • Tellmeaboutaleaderyouadmire. • Whatskillsdoyouthinkafollowerhas? • Doyouconsideryourselfaleaderorafollower? • Describeatimewhenyouhadtopresentapersuasiveargument. • Tellmeatimeyouhadtoputyourneedsasidetohelpacolleague. • Tellmeasituationwhereyoufacedanethicaldilemma.Howdidyousolveit?

AboutHSBC

• TellmeaboutarecentdevelopmentatHSBC. • Tellmehowyouseethisevent'sevolutioninthefollowingweeks.

FinanceSummerInternship–1stPhasePhoneInterview ThephoneinterviewisconductedbyanHRrepresentative.Typicalquestionsandtopicsdiscussedinclude:

• WhyHSBC? • HSBCvs.Competition(Differentiation) • WhyFinance? • Somethingyoudidn’tlikebuthadtodo.



• Workexperience&whatcanitbringtotheFinanceDivision. • Challengingprojectingroup. • Situationwithoutanyguidancefromthebeginning. • Describesituationswhereyouhadtoworkinteam. • Longhours&youradaptability. • Doyouworkwellunderpressure?&HowwouldInoticeyou’reunderpressure? • Tellmeaboutatimeyouusedanalyticalskillstosolveaproblem?• Hardordifficultdecisionyouhadtomake?• Challengesyoubelieveyouwillhavewhenyoustarttheprogram?• Tellmeaboutyourstrengths?AndWeaknesses?

IBDGlobalTransactionAnalystProgram–1stPhasePhoneInterviewThephoneinterviewlastsabout20minutesanditisconductedbyanHRrepresentative. Typicalquestionsinclude:

• DoyouknowanyrelevantnewsconcerningHSBC? • HowisHSBCdistinctfromitscompetitors? • Howdomanagetobalanceyoupersonalandworklife? • Tellmeaboutadealyoufollowedclosely. • TellmeaboutadealHSBCparticipatedin. • WhyM&A?

MarketSizingquestions:

• Howwouldyouestimatethesizeofacountry’stiremarket? JP Morgan EmergingMarketSalesSummerAnalyst–AssessmentCentre TheACconsistsof4interviews.Usuallyyouwillnotbeaskedtechnicalquestions.Typicaltopicsinclude:

• YourCV. • Theroleofasalesman. • Salesvs.structuring. • CurrentsituationinPortugal/Europe. • JPMorgan(Example:doyouknowthenameoftheChiefInvestmentOfficer?)

Sales&Structuring-AssessmentCentre TheAssessmentconsistsonnumericaltests(similartotheonesyouareaskedtosolveonyouronlineapplication)and interviews. Interviewsarecompetencybased.Usually youarealsoasked to solvesomebrainteasers. Personal/Competencybased

• WhyJPMorgan? • Besideswhat’sonyourCV,whatdoyouhavetooffer? • IfyouhadanofferfromGoldmanSachsandonefromJPMorganandGSpaidmorewhichone

wouldyouchoose?



• Whysales/structuring? • Tellmeabaddecisionyouregret. • Tellmeaboutagroupworkandyourrole.Tellmetheoutcome. • Tell me about a time when you persuaded someone into something. What were your

arguments? • Tellmeaboutsomethingthatdidn'tgoasplanned.Whatwereyourdecisions? • Tellmeaboutastrategythatyou'vedesignedandimplemented. • Tell me about a time when you were working in a group and the argument turned

unfavourabletoyourside.Whatdidyoudo? Recenttopics:

• HowistheeconomicsituationinPortugal?Isitgoingtodeteriorate? BrainTeaser:

• Youhave2stringswiththesamelengthandalighter.Bothstringstake60minuteseachtoburncompletely,howevertherateofdeteriorationisnotconstantalongitslength(e.g.after30minutesifnothalfburnt)andisalsodifferentbetweenthetwostrings(e.g.:after10minutesthereisonethathasburnedmorethantheother).Howdoyoumeasure45minutes?

• Youhaveacubemadeof1000smallercubes.Youpainttheentirecubeallaround.Howmany

cubeshaveatleastonefacepainted? Lloyds Banking Group GraduateProgram-VideoInterviewVideoInterview(Pre-recorded).Youhave90secondstoanswereachquestion.Moreover,youhave30secondstoprepareforeachanswer.Personalquestions

• WhyLloyds?• Atimethatyouusedyourinitiative?• WhatdidyoulearnaboutLloydswhilepreparingforthisinterview?• Achallengethatresultedinapositiveoutcome?

GraduateProgram-AssessmentCentre AssessmentCentre(InnovationLab).Startsinthemorningandendsintheafternoon.Itconsistsinanice-breakingactivitythenaninterviewwithtwoseniormanagers.Theinterviewisstructuredinthreesteps:PersonalQuestions

• Howdoyoudealwithanunsatisfiedcustomer?• Givemeanexampleofatimewhenyouhadtomakeadifficultdecision.

TechnicalQuestions

• Whatarethemajortrendsinthemarketnow?• Whatdoyouthinkarethemajortrendsinthebankingindustry?• Canyoudescribethebalancesheetofabank?• Whatarethemajordifferencesbetweenacommercialandaninvestmentbank?• Whatistheprincipalregulatoryframeworkforbanks?


Nova Investment Club Interviews Job Package WrittenassessmentItisapaperbasedversionofthesituationaljudgmenttestofthefirststep.Itistwenty-thirtyminuteslong.GroupassessmentCandidatesaredividedingroupsof4/5people.Eachgroupisinvitedtodiscusshowtobethebestbankforacustomer.Inthemeantime,each90secondsoneoftheassessorsgivesthecandidatesacardcontainingachallengeforthebankingindustry,likebig-dataorcybersecurity.After30minutes,thecandidatesarerequiredtoprepareapresentation. Merrill Lynch/BofA IBDM&AAnalystProgramMadrid–1stand2ndPhasePhoneInterviews The1stand2ndphaseinterviewsareextremelysimilar.Ineachoneyouhave2interviewsof30/45minuteseach.TheinterviewswillbeconductedbothinEnglishandSpanish,sobesureyoumasterBusinessSpanishvocabulary.Theinterviewsstartwithacoupleofpersonalquestionsandyoumaybeasked to talk about a deal you followed closely or current topics. Finally, the vastmajority of theinterviewwillbetechnicalbased.Typicalquestionsmayinclude: Personalquestions

• Guidemethroughyourresume. • Whatdidyoudoonyourinternship? • WhyMerrillLynch? • WhyM&A? • WhySpain?

CurrentTopics

• Tellmeaboutadealyoufollowedclosely. • TellmeaboutadealMLparticipated. • TellmeaboutthePT/VIVO-Telefonicadeal. • WhatarethebiggestSpanishcompanies? • TellmethelargestcompaniesonIBEX. • DoyouknowthesizeofTelefonica(intermsofProfits)?

TechnicalQuestions

Usuallyonthetechnicalparttheinterviewerwillstartbyaskingthevaluationmethodsyouknowandthenhewillchooseoneandtherestoftheinterviewwillbespentfocusingonthatmethod.Theinterviewerwillalsoprovideyouwithexercisesforyoutosolve. • Whattypesofvaluationmethodsdoyouknow? • Youaresellingacompanyandthepossiblebuyersare:acompetitorandaPrivateEquityfirm.

Whichonewillpaymore? • Guidemethroughacashflowstatement/netincomestatement. • Whichtypesofmultiplescanyouusetoperformavaluation? • IstheP/Eagoodmultiple?

IBDM&AAnalystProgramMadrid–AssessmentCentre TheAssessmentCentreconsistsof4parts:numericaltests,groupdynamicsexercise,individualinterviewsandanindividualcase.


Nova Investment Club Interviews Job Package NumericalReasoningTests

Thesameastheonesyouareaskedtosolveontheonlineapplication(SHLtype). GroupDynamicsExercise

Thefollowingsituationispresented:abankwantstoincreaseitsCharityactivitiestoimproveitsbrandimage;itsmaingoalistoraiseXamountofmoneytogivetooneofthreeorganizations.Youareaskedtodiscussbetweenthegroupwhichorganizationtogivethemoneytoandhowtoperformthefundraiser(howtoorganize,howtopublicize,etc.).Youhave15minutesdodiscussandpreparea5-minutepresentation.

IndividualInterviews

Twointerviewsof30/45minuteseach,thefirst15minutesyouareaskedtotalkaboutyourCVand personal competencies and motivations. The last 30 minutes you are asked technicalquestionsandquestionsonthecurrentsituationofSpainandPortugal.Similartotheonesonthe1stand2ndphases. • Talkaboutanethicproblemyouhad. • WhyIBD?Whynotconsulting? • Pickadeal,explainwhichoneandwhy?

IndividualCase

Youaregiven informationregardingacompanythatwantstogrowthroughacquisitionsand3possible acquisition candidates (the information includes: history, markets they operate,challenges, balance sheets, etc.). You have 15 minutes to read and choose one of the threecandidatesandthenyouhavetopresentyourchoiceandsupportit.

Morgan Stanley SummerInternship–1stPhasePhoneinterviewTheinterviewisfocusedonyourpersonalcompetenciesandmotivations:

• WhatareyoumostproudofonyourCV? • Whydidn’tyoudoanyinternshipsofar? • Thefactyouhavenotdoneaninternshipaffectsyouwithrespecttoyourcolleagues.What

canyouoffertocompensatethis? • YouwereinLondononlytwoweeksandyouhadtoprepareapresentationforacompanythat

wantedtoselloneofitsdivisions.Howwouldyoustructureyourindex? • MakeaDCFofVIVO. • Howisabank’scapitalstructure? • Whatisleverage? • What valuation methods do you know? Which are the ones who provide the highest

valuations? • Whopaysmore?StrategicBuyerorFinancialBuyer? • WhyMorganStanley? • Giventhefactyou’vebeeninMcKinsey,whydoyouwantIBD? • WalkmethroughyourCV • Whatisyourfavoritecountry? • DCF–whydoyoudividby1-t • WhyEV/EBIDTAandnotEV/EBIT?(Pharmaceuticalcompanies) • WhyistheratioEquityValue/EBITDAwrong?



• How should Terminal Value be calculated? Using Gordonmodel or Exit Multiple? Private

Equity(EM) • Whattypesofdebtexist?(SubordinatedDebt) • Multiples... • Whatcompanieshavehigherbetas? • ViewsaboutSpanishCrisis

SummerInternship–2ndPhasePhoneinterview

• Howtovaluatebanks?(DDM) • TellmetwoimportanteassumptionsbehindaDCF? • WhyshouldnottheDCFmethodbeusedtovaluateabank? • WhoisMorganStanley’sCEO? • WhyMorganStanley? Tip:intheendmostinterviewersgiveyoutimetoaskquestions.Haveatleast2questionspreparedbeforehand.

Sales&TradingGraduateProgram–1stPhasePhoneinterview Thefirstphasewouldconsistintwophoneinterviews.Questionsareusuallysimilarandtheinterviewsarepersonalandcompetencybased.Youshouldalsobeprepared toanswerquestionsoncurrentrelevanttopicsandsimpletechnicalquestions.Typicalquestionsinclude:

• Tellmeaboutyourself(university,work,whatyouliketodo). • Guidemethroughyourresume. • Tellmeasituationwhenyouworkedinateam. • Tellmeaboutaconflictinateam. • Tellmeaboutacreativeideayouputintopractice. • Tellmeaboutacreativeideatoimprovesomething. • Whatisneededforateamtoworkwell? • Tellmeaboutatrickysituationwithaverysimplesolution. • Tellmesomethingyouareproudof. • Tellmeaboutasituationwhereyouhadtomanagealotofdata. • Tellmeasituationyouranalyticalskillsweretested. • Whatdidyoudoinyourinternship(ifyouhaveone). • WhyMorganStanley? • WhyTrading? • Whyareyougoingtobeagoodtrader? • Whichrole(trader,structure,salesorresearch)andtheassetclassyouprefer?

Currentsituationandgeneralmarketknowledge

• WhatdoyouthinkaboutthesituationinEurope? • Commentonthemarketandatrade. • Tellmeaboutastock. • Howisthestockmarket?

Technicalquestions

• Ifyouknowastockisat10andwillbeat15intheendoftheyearwhatdoyoudoandusingwhichinstruments?

• Questionsonoptionsandfutures.


Nova Investment Club Interviews Job Package IBDGraduateProgramAnalyst–1stPhase Thefirstphasewouldconsistgenerally intwophone interviews,whereyouwillbeaskedpersonalquestions regardingwhyyouareapplyingandwhetheryouhave the rightprofile.Beprepared todiscussyourCVandtoanswersometechnicalquestionsaswell.Youshouldalsobereadytodiscusscurrenteconomic/businesstopics.Typicalquestionsinclude:

• ElevatorPitch • WhyInvestmentBanking? • WhyMorganStanley? • Whydoyoufeelyouhavetherightprofileforthisarea/job? • Whatdoyouthinkyourjobwillconsiston?Whatkindofworkdoyouthinkanalystsdo? • LookingatyourCV,whatistheachievementyouaremostproudof? • Whatareyourweaknesses? • TellmeaboutarecentdevelopmentinthePortuguese/Europeaneconomicsituation. • WhatisitaboutyouthatisnotonyourCV? • Imagineyouhadanideaforacompanyandyouwantedtolaunchit.Youneedcapital.How

canyougetthecapitalneededtostartthecompany? • Imagine youwere presentedwith a proposal to acquire the company from a syndicateof

buyers.Howdoyouinferonwhetherthebidisfairornot? • ProvidesomedetailaboutoneoftheexperiencesinyourCV.

Exampleoftechnicalquestions:

• HowwouldyoustructureapitchbookforadealMSisapplyingfor? • Howwouldyouevaluateapharmaceuticalstar-up? • PleaseguidemethroughanIncomeStatementofaluxuryproductsgroup. • Whichmodelsofvaluationdoyouknow? • Iftimewasanissue,howwouldyouquicklyfindthevalueofyourcompany? • Imaginethesyndicatewasmadeupof17investorsandeachoneisgoingtobuyanequalshare

ofthecompanyfor1.7millionEurosaddingupto100%ofthecompany.Howmuch isthevalueoftheoffer?Explainyourcomputationsoutloud.

• GivenachartinwhichtheyaxelhasPERandxaxelhasRoE,pleasedistinguishtwocompaniesaccordingtothedifferentaxels.

• Whentwocompaniesmerge,isthePERaccruedordiluted? Relevanttopics:

• MS likes to emphasize the greater sustainability of its strategy over its competitors. Thissustainabilitycomesfromchoosingusuallytoadvisetargetcompaniesratherthanbidders.

• Theybelievewhatdistinguishesthemfromcompetitionisthequalityofitsemployees.Theyespeciallyhighlightthestrongteamorientedcultureandthefactthatemployeesaregivenresponsibilitiessincedayone.

Intheend,theinterviewergivessometimetoaskquestions. Sales&TradingSummerAnalyst–AssessmentCentre TheACusuallyconsistsin4parts:personalinterviews,individualpresentation,groupdynamicexercisesandnumericalreasoningtests.


Nova Investment Club Interviews Job Package Personalinterviews: Threeinterviewsofhalfanhoureach.CandidatesareaskedtotalkabouttheirmotivationsandtheirCV.Typicalquestionsinclude:

• Describeyourselfin2minutes. • WhySales&Trading?Whysalesandnottrading? • WhyMS?IfyouhavetochoosebetweenMSandotherbankwhatwillbethekeydecision

factors? • Doyouhaveaspecificassetclassinwhichyouwanttowork?Why?Whynot? • Tellmeasituationinwhichyouhadtocreatesomethingnew. • Tellmeasituationwhenyoufeltfrustratedandhowyoudealwiththat.

Youshouldbepreparedtoanswerquestionsregardingcurrentissuessuchas:

• WhatisgoingoninPortugal?DoyouthinkPortugalandSpainwillbebailed-out?Whatwillbe

the consequences of that?Why is Portugal in this situation?How can they overcome thisproblem?HowcantheEUovercomethisproblem?

• Whatisthefutureoftheeuro? • Whatdoyouthinkwillhappenthisyear?HowwilltheFedandtheECBbehavethisyear?

IndividualPresentation

Youhave20minutestoprepareanindividual10-minutepresentationtoajury.Intheendyouhavetoanswertoacoupleofquestions.Exampleofpresentations: • Youaregiventwonewspaperarticlesandaskedtopresentyourviewinthemarketforthe

shortrun.Hereyoushouldmakeananalysisoftheeconomicoutlooketc.andyoumaysuggesttrades.

GroupDynamicsExercise

Inagroupof5youarepresentedaseriousoftasks.Example:

• First you are given 5 minutes to come up individually with 3 business ideas related totechnologyandimport/exports.Then,thegroupisgiven30minutestochoose4andpreparea 2-minute presentation about them. In the end the group will be faced with questionsregardingtheirideas.Tip:offertocheckandmanagethetime.

NumericalReasoningTests

Similartotheonesyouhavetodoinyouronlineapplication(20minutestoanswer20questions).Tip:takeyourowncalculatorincaseyouareallowedtouseit–youareaccustomedtoworkwithitanditisusuallyfasterthantheonesprovidedbythebank.InaSummerACitismorelikelytheywilltestyourgeneralknowledgeofcurrentaffairsratherthantechnicalskills.Readnewspapersandthebank’seconomicoutlooks.

InterestRatesTradingGraduateProgram–AssessmentCentre TheACconsistsin5interviews.Youareinterviewedbytradersfromdifferentdesks,sobepreparedtoanswertechnicalquestionsregardingdifferentassettypes.Examplesofquestions: Personal

• Whatisyourdissertation/thesisabout? • Tellmeasituationwhereyouranalyticalskillswereputthetest. • TellmeaboutatimewhenyouhadtouseEconometricstoworkwithalargedatasample. • WalkmethroughyourCV.



• Whatskillsshouldatraderhave? • Tellmeaboutatimeyouhadtoconvincesomeone.

CurrentTopics

• WhatisthecurrentsituationofPortugal/Europe? WhatdoyouthinkaboutinflationintheUS/EU?

• Givemeanideaforatrade. • WhatwasthepriceofMSshareyesterday? • WhatistheovernightrateintheUSandEU? • WhatistheactualtermspreadofGermany? • Ifyouweretobuyahousenowwouldyouprefertopayfixorfloatrate?

TechnicalQuestions

• Whatdrivesinterestrates? • WhatisthenormalshapeofaYieldCurve?Why?Caninvert?Why? • Whatmeasurescanbeusedtoevaluatetheriskofabond? • Whatisriskier:a2-yearbondora10-yearbond?Andifithascoupons? • Calculatetheforwardsgivenasetofspots. • CarryandRolloverinSWAPS • ForwardsandSWAPS • Giveexamplesofflattenersandsteepenersandhowtousethem.

BrainTeaser

• Howmuchis49x49? Trading/StructuringGraduateProgram–AssessmentCentre TheAssessmentCentreisusuallydividedingroupsof10-12people.Itisdividedin4parts:tests,presentation,groupdynamicexerciseandinterviews. NumericalReasoningTests

Thesameyouareaskedtodoonyouronlineapplication(SHLtype). Tip:takeyourowncalculatorincaseyouareallowedtouseit.


Youaregiven10minutestopreparea10-minutepresentation.Withthehelpof2articlesonacurrenttopic(e.g.:China)youaresupposedtodoapresentationina“ResearchMacro”style,andproposetrades.Bepreparedtoanswerquestions intheendofthepresentationregardingthemacroeconomicandmarketsituation.

GroupDynamicsExercise

Groupsofabout5people,youaregiven5minutestoindividuallycomeupwith3businessideas(for instance that focus on technology and internationalization). Then the group is given 20minutes to decide the 4 best ideas and prepare a 2minutes’ presentation to the jury. In thefollowing10minutesthejurywillmakequestions.

Interviewsthreeinterviewsof30minuteseach.Typicalquestionsmayinclude: Personalandcompetencybased

• Tellmeaboutyourself. • Tellmeaboutyourthesis. • Whathaveyoulearnedinyourmasters?



• WhyMS? • Whytrading/structuring? • Whatmakesagoodtrader?

Currentsituationandmarkets

• Tellmeaboutthecurrentsituationinthemarkets. • TellmeaboutPortugalandSpaineconomicsituation. • WhatmayhappenifSpainisbailedout? • Tellmeatradeyouwouldliketotry. • Tellmea1-yearanda5-yeartrade. • Explainmethecrisis. • Whatistheroleoftheratingagencies? • HowwerethesubprimemortgagessoldasAAA? • DoyouthinktheEurowillcollapse?

Technicalquestions

• Questionsonderivatives–payoffs,callvalue,delta,variationofdeltawithimpliedvolatility,etc.

Nomura EquityDerivativeSalesAnalystProgram–AssessmentCentre(Lisbon) Youshouldexpecttwointerviewsof30minuteseach. FirstInterview Personalandcompetencybased

• TellmeaboutyourselfandyourCV. • Whatcoursesdidyoutakeinyourbachelorsandyourmasters? • Whydoyouthinkyouareagoodfitforthisposition? • Whatwasthelastbookyouread? • Whatdoyoudoinyoursparetime? • Whatisyourexcelknowledge?DoyouknowwhatdoestheVlookupfunctiondoes? • CanyouprogramonVirtualBasic?


• Whatwouldyoudoifyouwereinthegovernmentnow? • WhatisthemarketcapofPTandBPI? • HowaretheS&P500thegoldandtheEUR/USDtradingtoday? • Ifyouhave1millioneuros,inwhatwouldyouinvest?

Technicalquestions

• Whatfactorsaffectthepriceofanoptionandhow? • Whatisdelta? • Whatisgamma? • Whatisthemarketcapofacompany? • Drawmethepayoffofaput. • Drawmethepayoffofaputspread.


Nova Investment Club Interviews Job Package Brainteaser

• Youhavetwoenvelopes;onehastwicethecashoftheother.Youtakeoneandyouget500€.Wouldyoudoitagainifyouhavethechance?Why?Whynot?Explainyourrationale.

SecondInterview Personalandcompetencybased

• TellmeaboutyourselfandyourCV. • Doyouthinkyouareagoodseller?Sellmesomethingthatishereinthisroom. • Howmuchis11/18?


• Whatisthecurrent3-monthand6-monthEuribor? • Ifyouhave100USDhowmanyJPYdoyouhave?AndCHF?

Technicalquestions

• Howdoyoupriceabond? • Whatisdurationandconvexity? • WritemetheBlack-Scholesformula. • Doyouknowwhatabutterflyis?Drawmethepayoff. • Whenisthemaximumgammaofanoption?

Société Générale IBDM&A–1stInterview Thefirstphaseconsistsof3phoneinterviews.Interviewsmaycontainpersonalandtechnicalquestionsandcases. Personalquestions

• WhyM&A? • DoyouonlywantM&A? • WhySocGen? • TellmeaboutyourCV. • Areyoupreparedtoworklonghours? • DoyouknowhowtouseBloomberg? • If on your first day your boss gave you a ton ofwork andwanted everything by the next

morning,andyoucouldn'tpossiblyfinishit–whatwouldyoudo? Recenttopics

• Tellmeaboutarecentdeal. Technicalquestions

• Makemeapitchforabuy-sidetransaction. • Whattypeofvaluationmethodsyouknow? • ExplainmetheCAPM. • ExplainBasel(WhatisTier1ratio?Whatarerisk-weightedassets?)


Nova Investment Club Interviews Job Package MarketSizingandBrainTeasers

• EstimatehowmanylightbulbsthereareinAustralia. • EstimatehowmanyshoerepairersthereareinLondon. • Yougotothesupermarketandpay21€.Youbuybread,milkandbutter.Thebuttercoststwice

asmuchasthemilk.Thebreadcoststwiceasmuchasthemilk.Howmuchdoesthebreadcost?

• WhydoyouthinkintheLondontube,inthemorning,therearemoreescalatorsgoingupthandown?

CaseExample1

Youaregiventhefollowingdata:risk-weightedassets,netincome,P/Eofcomparablecompanies,costofequity.YouareaskedtocalculatetheROEandaperpetuity.Thenyouaresupposedtovaluethecompanywithdifferentmethodsandexplainwhytheresultsaredifferent.

CaseExample2

Youaregiventwoindividualbalancesheets,onefromthebuyerandonefromtheseller.Youareaskedtodotheindividualbalancesheetsandtheconsolidatedafteracquisition.

IBDM&A–1stPhasePhoneInterview Thisphaseconsistsonaphoneinterview.ThequestionstendtofocusonpersonalexperiencesandyourknowledgeaboutSocGenandthemarket. Personalandcompetencybased

• WhatdoyouhavetooffertoSocGen? • Whatdoyouexpectfromthisinternship,andhowdoyouseeyourselfinfiveyears? • Tellmeaboutagroupworkyouhavedone. • Tellmeaboutatimeyoufeltunderpressure. • Tellmeaboutatimeyoudemonstratedleadership. • Tellmeaboutatimeyouhaveshownintegrityandprofessionalism. • Tellmeaboutsomecommunicationproblemyouhad. • Tellmeaboutatimewhenyoushowedproactivenessandimagination/creativitytosolvea

problem. • WhyM&A? • WhySocGen?

MarketOverview

• Tellmeaboutarecentdeal. • TellmeaboutarecentdealSocGenparticipatedin.

IBDM&A–AssessmentCentre(Paris) Intheassessmentusuallyyouareintegratedinagroupof15people.Itisdividedin3parts:interviews,numericaltestsandgroupdynamicsexercise. Interviews

MainlyrelatedtomotivationandpersonalcompetenciestoworkinM&A.Typicalquestionsinclude:

• WhyM&A/IBD? • WhySocGen? • Tellmeaboutatimeyouworkedinagroup.



• Tellmeaboutatimeyoudemonstratedleadership. • Tellmeaboutatimeyouhadtosolveaproblemunderpressure. • WhydoyoufeelyouhavewhatittakestoworkinM&A? • Whatarethequalitiesnecessarytobeagoodanalyst?Doyouhavethem? • WhyParisandnotLondon? • Canyouworkforlonghours?Andunderpressure?Howdoyoubalanceyourwork/personal

life? SocGenandthemarkets TellmeaboutadealSocGendid?

• WhySocGenandnotBNPParibasorotherbiggerbank? • HowdoestheM&Abusinesswork? • Whatarethemaintasksofananalyst? Tip: If the interview isdoneby someoneof theHRdepartment try tokeep it simple, theyarenotexpertsinM&Aandmaybeannoyedifyoutrytoshowhowmuchtechnicalknowledgeyouhave.

NumericalTests

Similartotheonesyouarerequiredtodoonyouronlineapplication. GroupDynamicExercise

Inagroupof8peopleyouhave15minutestodiscussandpreparea5minutepresentation.Notall of the participants present, and the team is responsible for choosing them. Example of adynamic: youwork on the ECB and you have to convince the Heads of State of themembercountriestocutspendingon€300Billiononthenext3months. Tip:Trytoparticipateandhavesomeweightonthediscussionforinstancebybringingnewideasorbycontrollingthetime.Alsoargumentonother’sideasandbringthemuplater,showsthatyoulistenandthatyouareateamworker.

CreditSales–1stPhasePhoneInterview ThefirstphaseconsistsinaphoneinterviewwithanHRrepresentative.Typicalquestionsmayinclude:

• Whydidyouapplytocreditsales? • Tellmeaboutatimewhenyouwereinadifficultsituationwithalotofpressure. • Tellmeaboutatimewhenyouhadcommunicationdifficulties. • Tellmeaboutatimewhenyouhadacreativeideaandputitintopractice. • Tellmeaboutatimewhenyoushowedintegrityandprofessionalism. • Tellmeaboutyourhardestsubjectatuniversityandwhatdidyoudotoovercomeit.

Tip:don’tlie!Theinterviewerwilllikelymakequestionsaboutthestoriesyoutell. UBS PrivateWealthManagement–StructuredProductsSummerInternship–AssessmentCentre TheACconsistsof4parts:numericaltests,groupdynamicexercise,individualinterviewandpresentation. NumericalReasoningTests

Youhavetoanswer40questionsin35minutes.Thetestissimilartotheonesyousolveinyouronlineapplication(SHLtype).Fromthe13candidatespresentontheACthe10withthebestscoremoveforward.


Nova Investment Club Interviews Job Package GroupDynamicExercise

Thegroupisgivenacaseaboutacompany.Eachmemberhasadifferentrole inthecompany(e.g.:theheadofaspecificdepartment).Youhaveanannualbudgetof$100Mtobeallocatedanditcannotbeshared.Everyonewillthentrytosupportwhythebudgetshouldbeallocatedtohis/her department .In the end, the group is supposed to reach an agreement. You have 10minutestoanalyzethecase,eachonehas2minutestopresentitscaseandfinallythegrouphas15minutestodiscuss.

Individualinterview

Theinterviewwillfocusonyourmotivationandcompetencies:

• WhyUBSWealthManagement? • Tellmeaboutarewardingsituationonyouracademiclife. • Tellmeaboutaconflictsituation.Howdidyouovercomeit? • Tellmeaboutafrustrating/disappointingsituation. • Tellmeaboutasituationwhenyouworkedinateam.


Youaregivenacasestudyaboutacompany.YouarethenaskedtodoaSWOTanalysis.Youhave30minutestoreadthecaseandpresent. Tip:Whenyouarepreparingacasethe interviewerwillprovideyouwitha lotofunnecessaryinformation.Youshouldbeabletopicktheinformation,whichisgoingtobeimportantforyoursolutionofthecase.

PrivateWealthManagement–StructuredProductsSummerInternship–1stPhasePhoneInterview ThefirstphaseconsistsinaphoneinterviewwithanHRrepresentative.Typicalquestionsmayinclude:

• WhyUBS? • Whydidyouchoosethisbusinessarea? • Provide examples where you have: worked in a team; shown commitment to working in

banking;beenmotivatedtocompleteatask,andwhenyouhavemotivatedothers;whenyouhavebeensuccessfulincompletingatask;whenyouhavebeendisappointedinfailingatask;whenyouhadtosellanidea/something;hadproblemswhereworkinginateam

• Whatisyourroleinateam?

5.2 BOUTIQUES INTERVIEW EXAMPLES

Interviewingwithboutiquesimpliesamorethoroughpreparationthanformajorinvestmentbanks,namely,fortworeasons.First,thesefirmstendtointerviewamuchsmallerpoolofcandidates,andtheyexpectyoutobeawareofthefactthatbeingthereisaprivilege.Thistranslatesintoamorefocusednatureoftheirquestions,aswellastoamuchmorecarefultreatmentoftheculturalfitissues. Second,astheydonotusuallysufferfromthe‘bureaucracysyndrome’oflargeorganizations,theirrecruitmentprocessesaremuchmoreflexibleintermsofquestionsposed,andyoushouldexpectmeetingasignificantnumberofpeoplefromvariousranksoftheorganizationasyougothroughyourrecruitmentprocess. Thissaid,itbecomesevidentthattheseinterviewsareagreatopportunityforbothself-improvementandfornetworking–evenifyoudonotsucceed.Ononehand,youwillbefacedwithtechnicalandcompetencyquestionsthatare,ifnotmorethan,atleastastoughasyouwouldfindininterviewingforlargeinvestmentbanks,andthusthisisanexcellentlearninglandmark. Fall 16 Boutiques Interview Examples 31

Nova Investment Club Interviews Job Package Ontheotherhand,thefactthatyouareabletocontactwithpeoplewhoareprimeexpertsintheirindustryandwell-connectedgivesyouanedgetoestablishrelationshipsthat,ifwellnurtured,mayproveveryusefulinthefuture. Themainreasonwhyyoushouldbeinterestedinapplyingtotheseboutiques(besidesthosealreadymentioned) is very simple: these are powerful names in their respective industries, and havinginterned/workedwiththemisagreatadditiontoyourCV!Moreover,youtypicallygettoparticipatehands-ononprojects rather than justdoingerrands for your superiors, andget,byall reports, anextremelyvividcontactwiththedynamicsbetweentheseveralranksoftheorganization.This,inturn,resultsinyougettingatruefeelofthecultureandhowitfitsyou. Inthefollowingtextyouwillfindsomequestionsthatourresearchhasduguptobeconsistentshow-upsatinterviewswiththeseboutiques.Thesearedividedinthreemainareas:PrivateEquity,M&ABoutiques,andAssetManagers. Affiliated Managers group Personal/Competencyquestions

• WhydidyoudecidedtostudyEconomics/Management/Finance?WhydidyouchooseNOVASBE?

• Howdoyoumakedecisions?Howfastdoyoumakedecisions?Doyoulikemakingdecisions(i.e.,responsibility)?

• What are the advantages of managing institutional money?What are the advantages ofmanagingretailmoney?Whatarethedifferences?

• Whynototheralternatives in financialmarketssuchas investmentbankingorconsulting?(Could also be asking you for a distinction between asset management and investmentbankingintheirsales/tradingdivisions)

• Whataretheadvantagesofworkingforaprivatecompany? • Whatisthegreatestchallengeyouseeourfirmfacinginthenearfuture? • Do you simulate investment portfolios (Atrium Portfolio Challenge, competitions by

brokeragefirms,etc.)?Whatideasareyoutestingatthemoment? Technicalquestions

• Howwouldyoubuildafinancialmodel? • Whatisthebeststrategywhenadvisingclients:tobepersistent,ortobeflexible?

Tip:Becarefulaboutyouranswer’scompatibilitywiththefirm’sculture! • Howdoyouvaluecompanies?Whichmethod(s)doyouuse?Whatistherationaleforyouto

useyourselectedmodels? • Whatkeyindicatorsdoyoulookatwhenanalysingastock?(couldalsobeaboutotherasset

classes) • Wouldyousaythisisagoodtimetobuyortosell?Dependingonyouranswer,whatandat

whatprice? • IfIgaveyou$200Mtoinvestwitha3-yearhorizonandexpecteda7%minimumreturn,where

wouldyouinvestin?Howmuchriskwouldyoubewillingtotake? • Whatdo you think about theEU/US/Emergingmarkets economicprofile?Howwould you

investintheseregions?Insidetheseregions,doyouseeanysectorsparticularlyworthlookingatinmoredetail?

Fall 16 Boutiques Interview Examples 32

Nova Investment Club Interviews Job Package The Blackstone Group Personal/Competencyquestions

• Whatqualitiesdoyouthinkmakesomeonesuccessfulinbusiness? • Whatdoyouthinkaresomegoodinvestmentsinaneconomicdownturn? • BasedonyourCV,whatdoyouthinkconcernsusaboutyou?Knowingwhatyouknowabout

yourself,whatwouldconcernusmostaboutyou?Howdoyoutrytoimprove? • BlackstoneisbothaprivateequityfirmandprovidesM&Aandrestructuringadvice. • Whywouldyoubebetterintheareayouappliedtoandnotontheother? • Describetheprojectorsituationthatbestdemonstratesyouranalyticalabilities.Whatwas

yourrole? • Whatdidyoulikeanddislikeaboutyourpastworkingexperiences?

Technicalquestions

• Whatarethepros/consonastockvs.cashacquisition? • WhatpercentoftotalDCFvalue isusually intheTerminalValue?Whatproportiondidthe

TerminalValuecontributetotheEnterpriseValue?Why?Whatconcernsarethere? • Wouldyourvaluationapproachchangedependingonthesideofthetransactionyouare(i.e.,

buyingversusselling)?Ifyes,why? • WhatistheIRRofanequityinvestmentof£100millionandexitequityvalueof£300million

afterthreeyears?Givemethecalculationformula. • Ifconvertibledebtisconverted,whatistheimpactonthebalancesheet? • Ifyoucouldchooseonepubliccompany(withwhichyouare familiar!) to takeprivateand

makeaportfolio firm,whichonewould itbe?Tellmetherationalebehindyourproposedtransaction.

Evercore Partners Personal/Competencyquestions

• Ifyourassociatekeepsgivingyoumoreworkthatyoucanhandleandtreatsyouunfairly,howwouldyouhandlethesituation?

• Describeasituationthatrequiredyoutodoanumberofthingsatthesametime.Howdidyouhandleit?Whatwastheresult?

• Howdoyouprioritizeprojectsandtaskswhenschedulingyourtime?Givemesomeexamples. • WhatwouldlikemetoknowmostthatisnotinyourCV? • What is theachievementyou feelmostproudof? (Canalsoask for theoneyou feel least

proudof) • Givemeoneexampleofasituationwhereyoustoodupforwhatyoubelievedinanddidnot

followthecrowd.Whatwasyourthoughtprocessandwhydidyoufeelsostronglyaboutit? Technicalquestions

• Can1+1=3?(Hint:synergiesandvaluecreationwithM&A) • Whatdoesapitchbookcontain? • WhattypeofanalysisdoesM&Arequire?Givemeanexamplewithacompanyyouknowwell. • WalkmethroughtheLBOModel.Whatisarevolvingcreditfacility? • Howwouldyoudeterminemergersynergies? • Whywouldtwocompanieswith identicalearnings inthesame industryhavedifferentP/E

multiples?


Nova Investment Club Interviews Job Package Guggenheim Investment Advisors Personal/Competencyquestions

• Doyouinvestyourownmoney?Ifyes,whatwasyourbiggestgain?Whatwasyourthoughtprocess?(Canalsoaskaboutyourworstgain,whyithappenedandwhatyouwouldhavedonedifferentlyinhindsight)

• Tellmeabouta timewhenyoutookarisk.Howdoyouthinkabout/what isyourattitudetowardsrisk?

• Whatarethemostimportantthingsyouobtainedinpreviousjobs/experiencesthatmakeyouagoodinvestor?

• Whatisyourinvestmentstyle/bias? • Consideringthecurrentmarket,inwhatindustrywouldyouinvestin,andwhy? • Whyourfirm?Whatresearchdidyouundertakebeforeapplyingtoourfirm?Whodidyou

talkto?Whatdoyouknowaboutourfirm? • Whichelectivesareyoutaking?Why?

Technicalquestions

• Whatisyouroutlookontheglobaleconomy(namethemainregions,theiroverallcontribute,etc.)?Whichsectorsorregionswouldyourecommendinvestingintoandwhy?

• Whatismark-to-market?Whatdoyouthinkaboutit?Howdoesitimpactouractivity? • Tellmethreesectorsinwhichyouwouldgolong.Andshort? • Whatdoyouseebeingthemacroeconomicimpactofaninterestratecutfromthe • People’s Bank of China? How would it affect a portfolio with these characteristics? (the

interviewerwillmentionsomesectorsorregions,andthepoint isforyoutotakeanassetmanager’sperspectivewiththeeconomicsknowledgeyouhave)

• Tellmeaboutdifferentinvestingstyles. • WhatwouldyoudoifIgaveyou$100Mtoinvest?Whatwouldchangeifitwasjust$1M? • Brainteasers are also to be expected (especially involving calculations and mathematical

quizzes). Lazard Fréres & Co. Personal/Competencyquestions

• Tellmeaboutaprojectthatyouexecutedandhowitreflectsyoursearchforexcellence.Whathardshipsdidyouencounter?Whatwastheoutcome?

• Tellmeaboutatimewhenyouhadtodeliveraprojectundertimepressure. • WhyM&A?WhyLazard?Whynotalargeinvestmentbank? • Haveyoueverhadto“sell”anideatoyourclassmatesorfriends?Howdidyoudoit? • Didtheyacceptyouridea? • Whichcharacteristicswouldmakeyouabletoworktowardsasuccessfulcareerwithus? • Howwouldyourfriendsdescribeyou?Howwouldyourcolleaguesdescribeyou?

Technicalquestions

• Howwouldyougoaboutvaluingacompany? • I have a company under financial distress due to heavy debt load. Which restructuring

measureswouldyouproposeandwhy? • Walkmethroughthetechnicalaspectsofadealwhichyoufollowedclosely.



• WalkmethroughthetechnicalaspectsofadealLazardwasrecentlyinvolvedin. • WhatdifficultieswouldyouexpecttofindwhendoingM&Ainemergingmarkets? • Whichmethodofvaluationismorerobust?Whatarethepros/consofeachmethod?

Perella Weinberg Partners Personal/Competencyquestions

• Whatthreecharacteristicswouldbestdescribeyou? • WhyPerellaWeinberg? • Whydidyouchoose(locationofofficeyouappliedto,e.g.London)? • Inthisindustry,weoftenworkforalargenumberofhours.Howdoyoucopewithstressand

longworkinghours? • Describetheprojectorsituationthatbestdemonstratesyouranalyticalabilities.Whatwas

yourrole? • Whatpersonaltraitwouldyouliketoimproveon?Whathaveyoubeendoingtoachievethat?

Technicalquestions

• Walkmethrough6typesoffirmvaluationsindetail. • DiscussthebenefitsofthedifferentComparablesAnalysisandwhichyieldshighestmultiples.

Whydoesthathappen? • WhatisthepurposeofanLBOandwhattypeofclientisitgearedtowards? • SomeDebtquestions,mostlyaboutdebtstructureandpayoutpreference in thecaseofa

bankruptcy(agencycostsandsignallingcanbepowerfulintellectualinsights) • TalktomeaboutaM&Adealonlastyear’sTop10(measuredinUSD$Billion).Whatwasthe

rationaleforthetransaction?Howdiditcreatevalueforshareholders? • WouldyouuseEnterpriseValue/NetIncomeasamultiple?Whichonewouldbepreferable

andwhy?

5.3 OUR TIPS Ifyouhaveaninterviewinthenearbyfuture,feelfreetocontactNICortheCareerServicesandwe’lljointlyhelpyouasmuchaswecan.TheNovaInvestmentClubandtheCareerServiceswishesyouthebestofluckinyourapplications.Donothesitatetocontacttheclubmembersortheofficeifyouneedfurtherassistance. 5.3.1 Interviews, preparing yourself

Thereisacleardistinctionbetweenthefitandtechnicalpartsoftheinterviews.Forthefitpart,bereadytoanswerquestionsaboutyourself,yourpastdecisions,yourhobbies,strengthsandweaknesses.Whendoingthis,pleaserememberthatwhatyourinterviewerisfocusingonisnotontheeventitself,butwhatwasyourthoughtprocessandhowthatcanrevealafitbetweenyouandthecompany’sculture.BereadytodefendanythingthatyouwriteinyourCV.Alwaysbereadytomakeyourpitch(30secondsmaximum).

Fall 16 Our Tips 35


Inthisfitpart,companiestrytounderstandifyouareinterestedandmotivated.Takenoteof

thefollowingactionsthatcanleadyoutoasuccessfulinterview:

1. Findaveryspecificreasonwhyyouwouldliketoapplyforthecompanythatisinterviewingyou, preferably a distinguishing factor, something that no other company has. This issomethingthatyou’dliketoincludeinyourcoverletteraswell;

2. Readthroughafewpagesofthecompany’slatestFinancialReport(itwillgiveyouhintsonthecompany’sperformanceforthelatestyears,aswellasfuturestrategicguidelines–ifyouknowwherethecompanyisheading,youwillimpressyourinterviewer);

3. Makesureyoufollowthecompany’smostimportantrecentnews.AneasywaytodothisistouseGoogleNews(news.google.com)andsearchforthecompanyname,filteringthroughtheTopStories,foragivenperiod.BloombergandThomsonReutersarealsogreatplacestogetthisinformation;

4. Assoonasyouknowwhoisgoingtointerviewyou,findasmuchinformationasyoucanabouthim (use Facebook or LinkedIn). Knowing details about his past work experience or hisfavouritebookscanhelpyou.

Asforthetechnicalparts,youshouldnotbetooworried.Nova’spreparationputsyouatthe

samelevelasothercandidatesfromotherTopEuropeanBusinessSchools.Itisveryunlikelythatyouwillbeaskedverydifficulttechnicalquestionsthatyouarenotabletoanswer.Still,webelieveitisimportanttoprepareafewissuesbeforeaninterview,whicharemorerelatedtothemarketfeelingthantotechnicalities:

1. Haveaviewonthestockmarketfornextyear;2. HaveaviewontheIBindustryfornextyear;3. Haveaviewontheeconomyforthenextyear(GDP,interestrates,inflation);4. IfyouapplytoIB,knowthebiggestIPOsinthecurrentyear;5. IfyouapplytoM&A,knowthebiggestdeals;6. IfyouapplytoSales/Trading/AssetManagement/Research,haveastockpickready(meaning

astockthatyouwouldbuyinstantly,plusareasoningbehindit);7. Reviewtherelevantcoursesandtopics,sotobereadytoasktheoreticalquestions,whichare

thebasistoworkonagivendivision.

Assomecompaniesprovidesuggestedinterviewpreparation,youshouldalwayssearchfortheirrecommendationsandpractice.Belowweprovidesomedirectlinks.

JPMorganhttp://careers.jpmorgan.com/student/jpmorgan/careers/europe/advice/tips/prepinterview

GoldmanSachshttp://www.goldmansachs.com/careers/blog/posts/ask-the-recruiters-interview-tips.html

MorganStanley http://www.morganstanley.com/about/careers/iq.html

5.3.2 Be on Time

It isadvisedtoarrive10to20minutesearly,takingintoaccountthatyouhavetofindthecorrectwaitingroomfortheinterview,checkinwiththereceptionist,andprobablyfilloutadditionalforms.Makesurethatnolast-minutedelayscauseyoutobelate.However,youshouldnotarrivetooearly,sinceyou’llhavetofigureoutwhattodowhileyouarewaiting,achoicewhichisobserved.

Fall 16 Our Tips 36

Nova Investment Club Mindset Job Package 5.3.3 Interview Attire

It is always important todressprofessionally for a job interview.As a ruleof thumb,menshouldwearanavyordarkgreysuit,awhitelongsleeveshirt,abelt,darksocks,conservativeandpolishedshoesand tie (if youhaveproblemswithknots, search ‘professional tie knot’onYoutubeandyouwillcertainlyfindsomethingappropriate),professionalhairstyle, limitedaftershave,neatnails.Asafemale,you should wear the same type of suit with trousers or below-the-knee skirt, coordinated blouse,conservativeshoes,professionalhairstyle,lightmake-up,neatnailsandlimitedjewellery.Pleaseavoidtightclothing, bringing gums, and don’t forget to cover tattoos and piercings. The way you dress for aninterview is foryour interviewer,a reflectionofwhatapotential clientof the firmmay findwhenmeetingyou,sobeatyourbest! 5.3.4 Ethics in Applications

In order to avoid jeopardizing job opportunities or damaging your School’s and your ownreputation,youshouldkeepsomebasicprinciples inmindwhenapplyingfora jobandafterbeingacceptedforaposition.

Whendescribingpastexperience,neverstatefalseinformationorprovidedishonestdetails,evenifyoufeelthatitgetslessinteresting.Whenacceptingajob,evenifitisfromyoursecond-choiceemployer,youshouldtellsubsequentemployersthatyouhavealreadycommittedtoothercompany.

Evenifnotforpureethicalreasons,wordgoesaroundprettyfast inthesemeans,andyoushouldprotectyourselffromwhatcouldbeablowonyourcareer.

6 MINDSET

Competition is fierce. Every year thousands of students apply to the Investment BankingIndustry,particularlyinLondon.Theinvestmentandextensionofrecruitmentprocessesnowadays,makeitlessimportantforrecruiterstoknowwhereyoustudiedandthegradesyouhad,especiallyonceyoumakeittotheinterviewstages.Atthatpoint,allthecompanywantstoknowiswhocanaddthegreatestvaluetotheirworkteams.

A thing is for certain, theonewhoputs the greatest amountof effort, has amuchhigherchancetogetinvitedforaposition.Youmightnotbethebestbutyoucanalwaysbethehardestworking.Preparationdoesgetyoufar,buttosucceedagenuineinterestandpassionforthepositionisfundamental!

Beambitiousandmethodic.Don’tstressduringanyphaseoftheprocessandjustbeyourself.Behumbleandalwaysatthetopofyourgame.Youmightgetcalledforanumberofinterviews,butthatatanypointmeansthatyouarealreadygoingtomakethecut.

Don’teverthinkthatadeclinemeansthatyouareabadcandidate.Trytoabsorbasmuchasyoucan,learnfromyourmistakesandgrowwitheveryexperiencetosucceedinthefollowing.Andonceyoumakeit,makesuretocelebrate,butdonotforgetthatitisjustthebeginning.

Fall 16 Minset 37

nic job package fall 2016 - nova investment club · resume, cover letter & various transcripts...

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