Sunday, March 29, 2015

Investment Banking Superday Explained in Plain English


You will likely face a varied range of bankers from analyst level to MD. But given you are within touching distance of a $100,000+ offer, the interviewer-sheet will be stacked towards the senior side, which means less junior bankers than first rounds and definitely no HR reps.

Numbers wise, you could face anywhere from as little as 3 interviews to as many as 7 or more.

As you can imagine a true banking Superday can last anywhere from 3 hours to the good part of an entire day. And sometimes they can even spill into the night.

But fear not. Banks tend to err on the side of less is more, because it's an insane logistical task to organize more than 5 interviews per student and overall it's a surprisingly exhausting use of bank resources.

We are referring to senior bankers' time here of course - not the $20 an hour analysts! Note the sliding scale with respect to range, interviews and length; the bigger the bank and the recruiting drive, the greater the range/ interviews/ length. No wonder BBs (bulge brackets) are the source of infamous Superday war stories then, as opposed to the middle market i-banks and lower end boutique investment banks.

Why does the focus of each superday banking interview differ?

Different interviewers will be staffed with testing you on different things. This is often decided based on their level.

Consequently students can experience 40 minutes of technical questions when interviewing with Analyst Chuck Chuckford and 40 minutes of "Tell me about yourself" mind numbing questions during MD Larry Larryson's hour of power.

Let's break it down very clearly though...

The younger monkeys (analysts & associates) will throw down the technical questions gauntlet as they try to objectively assess you for brains. Think McGee in NCIS. If you've got some finance and accounting study or worse - a banking internship - under your belt expect to be pushed a lot harder than someone with a liberal arts major.

Although the technical finance questions might hurt, the investment banking accounting interview questions won't - they're comparatively easy.

Meantime the graying apes (MD Larryson and the other BSDs) will go 'fit' and 'you' crazy as they try to answer the question "Would Richard make a strong member of the team and do I want to work with him?". For this think Gibbs in NCIS. But don't forget Larry will also enjoy asking you (with a deadpan face) "How many 128-slide pitch books would fit in a chartered Lear Jet to Greenland?"*. In other words, interviews with the graying apes will often involve both technical and fit questions. The Masters of the Universe will give you a taste of everything!

Finally, it's worth noting that multiple interviews at the one bank can also overlap in both theme and the specific questions asked. This is done on purpose. Just like a computer-driven personality test, this process of repetition allows bankers to spot inconsistencies in your answers over time when they share notes at the end of the day.

Were you actually lying about your leadership experience at Chucky Cheese? Either way they'll find out.


Richard is the head writer for Inside Investment Banking - a one-stop shop of advice for students just like you who want to know how to get into investment banking without a 4.0 GPA from Harvard or nepotistic connections on Wall Street.

Created by a team of 5 young bankers, Inside Investment Banking contains all the real insider advice you need to write killer banking resumes, answer tough interview questions, network with bankers and much more.


You can read more Free Tutorials on Investment Banking Recruiting just like the one above by visiting https://insideinvestmentbanking.com now.

Article source: ezinearticles.com

Sunday, March 22, 2015

Superday Banking Interviews Vs The Rest - What's the Difference?


What's the difference between Superday investment banking interviews and normal final round interviews?

Both are final round interviews, but that's where the similarities end.

Some banks will do the simple second round interview which involves a panel of 2-3 bankers grilling you with all the common investment banking interview questions. i.e. an MD, associate and analyst squaring up against you non-stop for 45 minutes to an hour in a small dimly lit room! It's an hour of hell, but then it's over.

By contrast other banks like to do a series of 1-1 and 2-1 interviews in one day...hello, investment banking Superday.

The questions are the same, but the interview format is different and the day longer...much longer! Plus there can be all sorts of add ons like group lunches, aptitude tests and slight electric shock therapy. Oh and superday dinner!

It's hard for me to advise you on which type of final round interview you will get, because it differs from bank to bank, and from country to country.

But generally speaking, Superdays are the norm and simple second round IB interviews the exception. For those of you outside the major IB regions, we've been seeing a shift towards Superdays there too (e.g. SE Asia) as more and more banks adopt the American approach to IB recruiting.

What are banks trying to work out about you during final rounds?

Whilst first round interviews help them decide whether you are 'normal' and in possession of half a brain, final round interviews are more about figuring out whether you can match wits with an MD and whether you will get along with the team.

ie during final rounds the bank is not simply trying to flush out the Ben Stillers (basic smarts), instead it's trying to identify the Neos...the Chosen Ones (MD-level smarts and team fit). Because final rounds are the last line of defense between your inexperienced ass and a fat paying job, expect the rearguard to put up a helluva bigger fight here than they did during first rounds.

Said differently, final rounds are going to be tough! They'll make first round banking interviews look like easy street.

At the end of the day though, you might only experience subtle differences in the types of questions bankers ask during final rounds as compared to first rounds - but don't forget the standards and follow-up questions will always contrast starkly.

Richard is the head writer for Inside Investment Banking - a one-stop shop of advice for students just like you who want to know how to get into investment banking without a 4.0 GPA from Harvard or nepotistic connections on Wall Street.

Created by a team of 5 young bankers, Inside Investment Banking contains all the real insider advice you need to write killer banking resumes, answer tough interview questions, network with bankers and much more.


You can read more Free Tutorials on Investment Banking Recruiting just like the one above by visiting https://insideinvestmentbanking.com now.


Article source: ezinearticles.com



Sunday, March 15, 2015

Investment Banking Phone Interview - The Good, the Bad and the Ugly


First of all we'll say it up front - we hate the phone interview. We think it's to be avoided if you can possibly help it. Treat it like you would an offer from Billy Bumford in Back Office for a Resume Pass - "thanks, I guess".

The formal investment banking phone interview (not to be confused with investment banking informational interviews) can take place during formal recruiting if you don't go to a target school or you didn't quite make the cut for a face-face interview; or if you have taken up the Uzbekistan Sachs option (applying from abroad)! Whether it's conducted by investment banking HR (6/10) or a junior banker who went to your school (4/10) it's bad.

With half of communication gone (non-verbal) it's stupendously harder to build rapport and yet this is the #1 key to interview success - in our opinion. Plus there's all the misunderstandings, pregnant pauses and other bitter tasting side effects of phone conversations to deal with.

But the efficiency is beautiful for both the bank and you, and the chance of getting an 'interview' consequently higher - i.e. a 5 minute phone interview is 10 times easier to secure than a 30 minute in-person chat.

Plus you can cheat with notes, which will allow you to deliver a 10/10 story, answer questions about the bank and market with nous, and destroy any technical questions that come your way - you can have a freaking computer and calculator on standby if you want. Although you should be able to do all of this without crib notes, because eventually you will have to do a face to face interview!!

Regardless of whether you like it or not, you need to practice for the investment banking phone interview, because it is a different beast to in-person interviews in terms of content, format and style. I know this may sound extreme to many of you - and feel a little stupid - but you should arrange a mock interview with a friend over the phone to practice.

Or try out BankonBanking's mock investment banking interview service if you want a more authentic experience.

How would we sum up the phone interview?

It will be a shortened version of normal first round interviews - so prepare as normal, but expect the bad boy questions like "Tell me about yourself", "Can you explain this part of your resume", "Why investment banking", and "Why us" to pop up. As with ordinary first round interviews there shouldn't be a huge technical focus - but prepare for the basics.

Final thoughts? Stand up, smile like a douchebag, get passionate, pump & dump, shout RECO and do all that other stuff you saw in Boiler Room and you'll be fine.

Richard is the head writer for Inside Investment Banking - a one-stop shop of advice for students just like you who want to know how to get into investment banking without a 4.0 GPA from Harvard or nepotistic connections on Wall Street.

Created by a team of 5 young bankers, Inside Investment Banking contains all the real insider advice you need to write killer banking resumes, answer tough interview questions, network with bankers and much more.

You can read more Free Tutorials on Investment Banking Recruiting just like the one above by visiting https://insideinvestmentbanking.com now.


Article source: ezinearticles.com