不看会后悔的最新投行面试经典70题

什么,你收到了Morgan Stanley的面试通知?

恭喜你,即将经历地狱式的一天!

一个由数名资深投行家组成的面试委员会将把你和你的简历挖到比头发丝还要细。

各大投行在面试中的风格堪称一致,例如高盛的面试会要求你100%熟悉自己的简历,如果你在简历中写着在2年前上过一门C++编程课,你最好认真地回顾一下相关的知识,高盛可是真的会问你C++的事情哦!

无论你收到的是哪一家投行的面试,现在就开始迈出关键的第一步吧!

我们搜集了有史以来最全的投行面试问题和回答思路。

→_→ 拿好这70个投行问题,认真准备的人运气不会太差!

 

‘Why banking’Question
1、I can see you’re entrepreneurial, but you want to work in banking. Why is that?2、What attracts you to a career in banking?3、What kind of lifestyle do you expect to have in banking?

4、Why have you chosen banking over consulting?

5、Do you know what you’re letting yourself in for?

6、What would you be doing if you weren’t in finance?

7、Do you know about the investment banking lifestyle? Why don’t you have a problem with it?

‘Why this bank’Question

针对这类问题,建议跟这家投行雇员聊一聊工作体验,这家投行的理念和战略。

找不到network可以联系这家投行的员工?这并不会让你减分。一家投行往往会把他们信奉的准则写在官网上,至于具体的业务战略,可以在投行官网的投资者关系这一栏找到他们最近一个季度和年度的报告,里面的管理层讨论会详细地披露这家投行经营状况和战略。

同时可以查阅‘Seeking Alpha’(http://seekingalpha.com/insight/earnings-center/transcripts)这个网站,用这家投行CEO的名字来检索到他们的投资者电话会议记录,在Q&A环节可以看到其他投行分析师关于公司战略的提问。

8、What are some of the most significant deals our bank has completed in the last 12 months?9、What is our current stock price?10、What do you think this bank’s biggest regulatory threats are at the moment?

11、What do you see as the strengths and weaknesses of this business/division?

12、What differentiates our firm?

13、Who’s our major competitor? How do we measure up?

14、Tell me everything you know about our business model.

15、Which area of our business is strongest?

16、Who’s our CEO?

‘Why this job’Question

回答这个问题的技巧不在于表达你有多热爱这份工作,而是你能够给这份工作带来什么,也就是站在招聘者的角度来回答。更具体的说,就是你在过去的经历如何帮助你更好地完成这份工作,你最好对这份工作的岗位要求有细致了解,这样回答起来会更加简洁有力。

17、What do you think this position requires, and how well do you match those requirements?18、Why should we hire you?19、What do you think this job entails?

 The Brainteasers

回答完以上3 WHY问题,还不能松一口气,接下来就要进入让人头疼的brainteasers环节,各种无厘头的脑筋急转弯,比如第20个问题中的”中国有多少只猪?”。一位前高盛的投行家认为,回答的诀窍就是方法和态度比答案本身更重要。

 

投行会在这一个环节中观察你思考问题的过程,看你是否能在短时间内灵活地提出一个解决思路,而每一个问题在本质上都没有固定答案。

20、How many pigs are there in China?

 

这个问题很像咨询面试中的market sizing case,没有固定答案。需要注意的是估计的思路,可以从供给方和需求方来考虑这个案例。

不过需求方可能更容易用常识估算。不过你要是能记住双汇母公司万洲国际在招股说明书中关于市场占有率和销售额的数据,可能会更对投行的胃口。

21、A snail climbs a 10 foot pole. It climbs three feet every day and sleeps at night. While sleeping, it slides down by one foot. When does it reach the top?

 

这条蛇在第五天早上离洞口只有2英尺了,而白天可以爬3英尺,所以这条蛇会在第五天过去三分之二的时候到达洞口。

22、You have eight red socks and 11 blue socks in a drawer. They are identical but for the color. You must select your socks in the dark. How many socks, at a minimum, must you take out of your sock drawer before you have a matching pair? 答案是三次。

Current Market Knowledge Question

下面是关于目前金融市场(current market knowledge question)的一些常见问题,主要针对sales & trading和research 部门的面试。由于市场瞬息万变,这些问题没有约定俗成的惯例回答。建议每天关注金融时报、华尔街日报上面的最新市场指标,对于市场方向建立自己判断,并备好关于投资方向的见解。

23、What is the Dow Jones Industrial Average/FTSE as of today’s opening bell?24、What is the Bank of England base rate/Fed funds rate as of this morning?25、What are the opportunities and dangers for this business?

26、Why would you or would you not invest in Apple?

27、What are your opinions on the Greek crisis?

28、Where are the 1-year, 5-year, and 10- year Treasury yields?

29、Would you invest in UK real estate now?”

30、What do you think is going to happen with interest rates over the next six months?

31、What has the market been doing? Why? What do you think it will do in the coming 12 months?

32、Tell me about some stocks you follow. Why should I buy them?

33、What does the yield curve look like now?

34、What major factors drive M&A? What are the major factors driving M&A in your sector? How do you see them evolving in the next year?

35、Where is the market (for bonds/equities/FX) going?

36、How would you hedge against the risk of a Greek default?

37、How would you invest $1m now?

众所周知,外资投行门槛非常高。投行面试不仅仅聚焦在上期文章中所提到的“Why Investment Banking” 以及“The Brainteasers”,还需要考察你过去的实习工作经历,你的专业知识以及价值观,综合判断你是否已经具备了进入投行工作的基本素质。

Past Experience Questions

此环节推荐使用S.T.A.R.法则来叙述你在学校的实践活动以及实习工作的经历。

STAR即 Situation Task Action Result的缩写,具体含义是:

Situation: 事情是在什么情况下发生Task: 你是如何明确你的任务的Action: 针对这样的情况分析,你采用了什么行动方式

Result: 结果怎样,在这样的情况下你学习到了什么

38、Walk me through a deal you did in the past six months.

39、Walk me through your CV/resume.

40、Why did you leave your last position?

41、What have been your failures and what have you learned from them?

42、What are your proudest accomplishments?

Technical Investment Banking Questions

 

终于,经过几轮面试,你终于来到了技术面环节(technical investment banking questions),大波专有名词及专业知识向你袭来……

43、Define Beta44、Define CAPM45、What is accretion and dilution?

46、If two companies are trading at the same trailing P/E multiple, are they also trading at the same trailing EV/EBITDA multiple?

47、Walk me through a DCF…

48.  What are the different methods of valuation and what are their pros and cons?

49、How are the 3 financial statements linked?

50、What is working capital?

51、Walk me through the major line items of a Cash Flow Statement

52、What is DDM?

53、Which is higher – the cost of equity or the cost of debt, and why?

54、Why should a company prefer equity finance to debt finance?

The Culture Questions

 

金融危机后,越来越多的投行认识到卓越不仅仅意味着赚钱,所以面试中会更多涉及投行自己的价值观以及面试者如何应对道德上的两难之境。面对这一类问题,建议大家提前关注投行年报中的CEO letter和官网career page中现有员工的发言,并提前准备几个自己如何应对道德困境的事例。

55、When have you worked in a bad team? Which steps did you take to make it better?56、What is the most ethical decision you’ve ever had to make?57、Give me an example of a person you think has integrity and explain why.

58、Give me an example of a person you think is credible and explain why.

59、How would you describe your leadership style?

60、What would you do if you did not have to work for money? How does that relate to this job?

61、Have you ever had to bend the rules to get the job done. Why was that?

62、Can you describe a situation in which you made a mistake and had to admit it to peers?

63、What kinds of people do you find it easiest to work with? Why?

64、How do you handle stress?

65、What is one word that describes you best?

66、How would your classmates/colleagues describe you?

67、What’s the last book you read?

68、What is the riskiest thing you’ve ever done?

69、How would you spend $1m besides investing it?

70、Where do you see yourself in five years’ time?

 

最后这个问题,要注意100万美元其实是一个很小的数目,有些项目的投资门槛是很高的,所以必须要考虑100万美元以内的可投资标的额有哪些。

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