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  Investment Banking Interview for Dummies [#permalink]
PostPosted: Thu Jan 29, 2009 1:08 pm 
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Answers to Frequently Asked Questions Regarding Investment Banking

About Investment Banking
* What are the different types of groups within an investment bank?
http://www.ibankingfaq.com/about-invest ... ment-bank/
* What is a boutique bank?
http://www.ibankingfaq.com/about-invest ... ique-bank/
* What is a bulge bracket bank and who are they?
http://www.ibankingfaq.com/about-invest ... cket-bank/
* What is an investment bank?
http://www.ibankingfaq.com/about-invest ... ment-bank/
* What is the general role of the Analyst?
http://www.ibankingfaq.com/about-invest ... e-analyst/
* What is the general role of the Associate?
http://www.ibankingfaq.com/about-invest ... associate/
* What is the general role of the Director/Senior Vice President (SVP)?
http://www.ibankingfaq.com/about-invest ... pdirector/
* What is the general role of the Managing Director?
http://www.ibankingfaq.com/about-invest ... -director/
* What is the general role of the Vice President (VP)?
http://www.ibankingfaq.com/about-invest ... of-the-vp/
* What is the typical hierarchy/ladder within an investment bank?
http://www.ibankingfaq.com/about-invest ... ment-bank/

Banking Lifestyle
* Are the hours really as bad as I've heard they are?
http://www.ibankingfaq.com/banking-life ... -they-are/
* As a banker, how much will I have to travel?
http://www.ibankingfaq.com/banking-life ... to-travel/
* How does the lifestyle differ at bulge bracket banks vs. boutiques?
http://www.ibankingfaq.com/banking-life ... boutiques/
* How does the lifestyle in New York differ from investment banking jobs elsewhere?
http://www.ibankingfaq.com/banking-life ... elsewhere/
* If the banking lifestyle is so tough, what's the upside?
http://www.ibankingfaq.com/banking-life ... he-upside/
* If the hours are so long, why don't banks hire more people?
http://www.ibankingfaq.com/banking-life ... re-people/
* Is it true that as an investment banker, I get free dinner every night?
http://www.ibankingfaq.com/banking-life ... ery-night/
* Is the number of hours the worst thing about investment banking?
http://www.ibankingfaq.com/banking-life ... t-banking/
* Will the lifestyle be better/worse in some groups than others?
http://www.ibankingfaq.com/banking-life ... an-others/

Exit Opportunities
* I'm thinking about Private Equity after my Analyst program. Will being in certain groups help me more than others?
http://www.ibankingfaq.com/exit-opportu ... an-others/
* What are my odds of getting into Private Equity, not having been an Analyst?
http://www.ibankingfaq.com/exit-opportu ... te-equity/
* What are some exit opportunities after being an Analyst?
http://www.ibankingfaq.com/exit-opportu ... -a-banker/
* What are some exit opportunities after being an Associate?
http://www.ibankingfaq.com/exit-opportu ... associate/
* What do Hedge Funds look for when hiring bankers?
http://www.ibankingfaq.com/exit-opportu ... g-bankers/
* What do Private Equity firms look for when hiring bankers?
http://www.ibankingfaq.com/exit-opportu ... g-bankers/

Misc
* Any good blogs out there about investment banking?
http://www.ibankingfaq.com/for-further- ... t-banking/
* Are there any good books about life as an investment banker?
http://www.ibankingfaq.com/for-further- ... t-banking/
* Can you recommend any books about finance and the technical aspects of investment banking?
http://www.ibankingfaq.com/for-further- ... nce-books/
* Should I take an investment banking course or training program?
http://www.ibankingfaq.com/for-further- ... g-program/
* What periodicals should I read to learn more about investment banking?
http://www.ibankingfaq.com/for-further- ... t-banking/
* Where else on the Internet can I go to learn about investment banking?
http://www.ibankingfaq.com/for-further- ... t-banking/

Interviewing - General

* Am I likely to be asked brainteasers in an interview?
http://www.ibankingfaq.com/general-inte ... inteasers/
* How can I get better at interviewing?
http://www.ibankingfaq.com/general-inte ... erviewing/
* How long is a typical interview?
http://www.ibankingfaq.com/general-inte ... cess-like/
* How many interviews will I likely have with each bank?
http://www.ibankingfaq.com/general-inte ... each-bank/
* I've heard that bankers are arrogant. Should I be arrogant in an interview to show that I will fit in?
http://www.ibankingfaq.com/general-inte ... ll-fit-in/
* If I am asked in an interview for my favorite movie, can I say Wall Street?
http://www.ibankingfaq.com/general-inte ... ll-street/
* If I don't know the answer to a technical question or get the answer wrong, should I ask for the correct response?
http://www.ibankingfaq.com/general-inte ... -response/
* Is it okay to be nervous in an interview?
http://www.ibankingfaq.com/general-inte ... interview/
* What are some signs than an interview has gone poorly?
http://www.ibankingfaq.com/general-inte ... ne-poorly/
* What are some signs that an interview has gone well?
http://www.ibankingfaq.com/general-inte ... gone-well/
* What if I'm asked a technical question to which I don't know the answer? How should I handle that?
http://www.ibankingfaq.com/general-inte ... ndle-that/
* What kind of questions can I expect?
http://www.ibankingfaq.com/general-inte ... -i-expect/

Interviewing - Qualitative (Fit) Questions
* Are you interviewing for jobs other than investment banking?
http://www.ibankingfaq.com/interviewing ... t-banking/
* Do you have any questions for me?
http://www.ibankingfaq.com/interviewing ... ns-for-me/
* How long should I spend "walking through my resume?"
http://www.ibankingfaq.com/interviewing ... my-resume/
* How NOT to answer the question, "Why do you want to be an investment banker?"
http://www.ibankingfaq.com/interviewing ... nt-banker/
* If I am asked to "walk through my resume," where (when) should I start?
http://www.ibankingfaq.com/interviewing ... d-i-start/
* Walk me through your resume...
http://www.ibankingfaq.com/interviewing ... ur-resume/
* What are your long-term plans?
http://www.ibankingfaq.com/interviewing ... erm-plans/
* What are your strengths?
http://www.ibankingfaq.com/interviewing ... strengths/
* What are your weaknesses?
http://www.ibankingfaq.com/interviewing ... eaknesses/
* What do you know about our bank?
http://www.ibankingfaq.com/interviewing ... -our-bank/
* What NOT to ask...
http://www.ibankingfaq.com/interviewing ... ot-to-ask/
* While "walking through my resume," can I refer to the copy of the resume in front of me?
http://www.ibankingfaq.com/interviewing ... ont-of-me/
* Why do you want to be an investment banker?
http://www.ibankingfaq.com/interviewing ... nt-banker/
* Why do you want to work at our bank?
http://www.ibankingfaq.com/interviewing ... -our-bank/
* With what other banks are you interviewing?
http://www.ibankingfaq.com/interviewing ... erviewing/

Recruiting and Job Search

* How difficult is it to switch from law to banking?
http://www.ibankingfaq.com/recruiting-a ... o-banking/
* How important is it to have done a banking internship?
http://www.ibankingfaq.com/recruiting-a ... nternship/
* I'm still in school (undergrad or MBA). What is the typical recruiting process?
http://www.ibankingfaq.com/recruiting-a ... ergradmba/
* I'm trying to make the switch into banking from another career. How do I get interviews?
http://www.ibankingfaq.com/recruiting-a ... nterviews/
* I've had 10 interviews with a bank. Does everyone have to like me in order to get an offer?
http://www.ibankingfaq.com/recruiting-a ... o-like-me/
* What is the typical process for a lateral hire or someone outside the industry?
http://www.ibankingfaq.com/recruiting-a ... -industry/
* Will headhunters be helpful to me in my job search?
http://www.ibankingfaq.com/recruiting-a ... ob-search/

Resumes and Cover Letters
* Cover Letters
http://www.ibankingfaq.com/resumes-and- ... r-letters/
* How long should my cover letter be?
http://www.ibankingfaq.com/resumes-and- ... letter-be/
* How long should my resume be?
http://www.ibankingfaq.com/resumes-and- ... resume-be/
* I've read elsewhere that I need to tell my "story" in a cover letter. Why are you saying that they should be short?
http://www.ibankingfaq.com/resumes-and- ... -be-short/
* If I am responding to a job posting via email, do I need a separate cover letter?
http://www.ibankingfaq.com/resumes-and- ... er-letter/
* Resumes
http://www.ibankingfaq.com/resumes-and- ... s/resumes/
* Should I include interests on my resume?
http://www.ibankingfaq.com/resumes-and- ... my-resume/
* Should I include my GPA on my resume?
http://www.ibankingfaq.com/resumes-and- ... de-my-gpa/
* Should I include my SAT/GMAT scores on my resume?
http://www.ibankingfaq.com/resumes-and- ... at-scores/
* Should I include skills on my resume?
http://www.ibankingfaq.com/resumes-and- ... my-resume/
* What should I NOT state in a cover letter?
http://www.ibankingfaq.com/resumes-and- ... er-letter/


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  Re: Investment Banking Interview for Dummies [#permalink]
PostPosted: Thu Jan 29, 2009 4:40 pm 
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Thanks, A+++ post!


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  Re: Investment Banking Interview for Dummies [#permalink]
PostPosted: Thu Jan 29, 2009 6:28 pm 
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Great thread! Props!


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  Re: Investment Banking Interview for Dummies [#permalink]
PostPosted: Thu Jan 29, 2009 9:20 pm 
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Fantastic info ninkorn. Thanks! +1


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  Re: Investment Banking Interview for Dummies [#permalink]
PostPosted: Thu Jan 29, 2009 10:21 pm 
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great find! :)


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  Re: Investment Banking Interview for Dummies [#permalink]
PostPosted: Fri Jan 30, 2009 3:03 pm 
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Anyone that wants to be in banking should be reading Mergers & Inquisitions:

http://www.mergersandinquisitions.com/


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  Re: Investment Banking Interview for Dummies [#permalink]
PostPosted: Fri Jan 30, 2009 4:05 pm 
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wow! +1
Can anyone do the same for mc? :-D


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  Re: Investment Banking Interview for Dummies [#permalink]
PostPosted: Fri Jan 30, 2009 4:23 pm 
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billyjeans wrote:
wow! +1
Can anyone do the same for mc? :-D

Your wish is my command! http://managementconsulted.com/


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  Re: Investment Banking Interview for Dummies [#permalink]
PostPosted: Wed Feb 10, 2010 4:02 pm 
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great post... thanks

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  Re: Investment Banking Interview for Dummies [#permalink]
PostPosted: Mon Feb 22, 2010 6:20 pm 
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can we get this stickied in this forum? kudos btw.

_________________
Wharton/Lauder Round 1 - dinged w/o interview
Chicago Round 1 - dinged w/o interview
Columbia Round 1 RD - dinged w/o interview
Yale Round 1 - dinged w/o interview
INSEAD Round 1 - interview invite 11/5, admit 12/18
LBS Round 1 - dinged w/o interview
Oxford Round 1 - interview invite 10/30, admit 12/11, ATTENDING 2010


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  Re: Investment Banking Interview for Dummies [#permalink]
PostPosted: Fri Feb 26, 2010 11:06 am 
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Thanks Nink. Absolutely superb guides for GMAT Club and VC btw. Do you have plans for any guides for other areas -- perhaps management consulting?

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If you liked my post, please consider a Kudos for me. Thanks!


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  Re: Investment Banking Interview for Dummies [#permalink]
PostPosted: Sun Feb 28, 2010 9:31 pm 
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Any chance that you can compile a similar guide for hedge funds as well? Thanks a bunch.


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  Re: Investment Banking Interview for Dummies [#permalink]
PostPosted: Thu Mar 04, 2010 10:12 am 
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Wow, quite a plethora of info. I guess I have to worry about getting into school first, then I'll stop back here.


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  Re: Investment Banking Interview for Dummies [#permalink]
PostPosted: Fri Mar 05, 2010 3:35 pm 
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This is intense - thanks. Also check out http://www.careers-in-finance.com/ib.htm


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  Re: Investment Banking Interview for Dummies [#permalink]
PostPosted: Sun Mar 07, 2010 5:29 pm 
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mrblack wrote:
Any chance that you can compile a similar guide for hedge funds as well? Thanks a bunch.


Really tricky - not any where near as homogenous and much less reported. Ginetta & I are planning to put something together, but we haven't worked out what and when. If I could get kwam, I could do S&T, Ginetta has good Buy Side coverage, so... stay tuned.


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  Re: Investment Banking Interview for Dummies [#permalink]
PostPosted: Sun Mar 07, 2010 7:02 pm 
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Wow, this is definitely a great post!!


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  Re: Investment Banking Interview for Dummies [#permalink]
PostPosted: Thu Mar 11, 2010 1:34 am 
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jb32 wrote:
Anyone that wants to be in banking should be reading Mergers & Inquisitions:

http://www.mergersandinquisitions.com/


This is a very good site. If you're really serious about it you can invest in their financial modelling course and interview guide. I'm especially impressed with the former and feel that so far I've learned quite a lot.


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  Re: Investment Banking Interview for Dummies [#permalink]
PostPosted: Fri Mar 12, 2010 9:13 am 
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I am having a hard time visualizing the day to day activities of bankers who are industry groups. If you're not doing pitchbooks, what happens the rest of the time? Also, don't people in product groups also do pitchboks? Or do they give this function do the industry groups to do while they are busy doing valuations?

Lastly, what group does underwriting fall? Is it under M&A?

Quote:
What are the different types of groups within an investment bank?
Broadly speaking, there are two types of groups within a typical investment bank (or investment banking division): product groups and industry groups (also called sector groups or domains). The three most well known product groups are mergers and acquisitions (M&A), leveraged finance (lev fin) and restructuring. Bankers in product groups have product knowledge and tend to execute transactions (respectively, M&A transactions, leveraged buyouts (LBO’s) and restructuring transactions/bankruptcies).

Bankers in industry groups cover specific industries and tend to do more marketing activity (pitching). Industry bankers tend also to have more of the relationships with companies’ senior management than do product bankers (though some senior product bankers have excellent relationships as well). Examples of common industry groups include FIG (Financial Institutions Group), Healthcare, Consumer/Retail, Industrials, Energy and Utilities, Natural Resources, TMT (Telecom, Media and Technology), Gaming and Lodging and Real Estate. Often subgroups exist within the broader group. For example, a Healthcare group may be segregated into biotechnology, medical devices, managed care, pharma, etc. Though not covering a specific industry, one other group that falls under the category of “industry” groups is Financial Sponsors. Bankers in a Financial Sponsors group cover (have relationships with and market their services to) private equity firms.


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  Re: Investment Banking Interview for Dummies [#permalink]
PostPosted: Fri Mar 12, 2010 1:37 pm 
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You do what the VP is told to do by the MD. Much comes out of the daily meetings, so in the afternoon revisions, modeling and other items come up.

During the day you make the analysts do eating challenges.


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