【海外人才招聘会】投行的面试问题清单

你是否在面试在一家投资银行的毕业生计划或暑期实习？哪些问题会在面试被问到？下面，我们从过去几年的权威指南、投资银行的面试问题中总结出了一份面试问题清单，让你能自信满满地面对投资银行的面试！

BofA: Summer analyst position, M&A

If I buy new property plant and equipment (PP&E) for $10m ($5m cash and $5m debt), what will happen to the balance sheet and cash flow?

Who will pay more for an acquisition, a strategic buyer or financial, and why?

Why would two companies in the same sector have different P/E ratios (one is lower, other is higher)?

BofA: Graduate position, technology

Tell me about yourself?

How do you ensure you meet delivery deadlines?

Have you ever failed to meet delivery deadlines?

What is Sql Server?

What’s the difference between Left Outer Join and R ight Outer Join?

Explain 3 features of Object Oriented Programming.

Barclays’ Investment Bank interview questions

Barclays: Graduate position, trading

How many footballs would fit into this room?

Why did you choose to pursue a career in banking?

If you were advising a client, would you advise them to short or long shares in our company at the moment?

Barclays: Internship, technology division

Why do bubbles not appear when sparkling water is closed?

Why, in this glass do the bubbles in the water sit at th e bottom?”

Tell me about your personal morals, what p*sses you off?

Barclays: Internship, trading and structuring

What’s 1/7 expressed as a decimal?

There’s a revolver, with two bullets in two chambers that are next to each other, and the rest of the four chambers are empty. The policeman spun the revolver and pulled the trigger at you, nothing happened. Suppose that you don’t want to die, would you prefer the policeman to spin the revolver again before the next shooting or shoot again directly?

Suppose I h ave a string and cut it into two pieces, what’s the probability that one piece is at least twice as long as the other piece?

So you study mathematics, tell me one the theorem you have learned in Discrete Mathematics [listed in coursework section of CV]?

What is VaR? What are its advantages and disadvantages?

Barclays: Internship, operations

Tell me about Barclays?

Tell me a weakness of yours?

Explain a time where you coped with working in a ‘difficult’ team environment. i.e. where you didn’t get on with members of your team.

Tell me how your previous work experience is beneficial in an investment banking environment.

Tell me about a time when you were required to be a leader.

Are you able to work with people of varying cultures? If so, explain why.

Barclays: Graduate position, IBD

How many lightbulbs are there in the UK?

How would you invest ￡1,000,000?

I have 45 socks in a drawer; 10 are blue, 15 are red, 20 are yellow. If I blindly pull out one sock at a time, how many attempts are needed to get a pair?

What have you done to prove your leadership skills?

Berenberg interview questions:

Berenberg: Summer research internship (pre-screening interview)

What did the FTSE close at yesterday?

You’ve pitched me a buy stock and a sell stock, so what about a hold?

Berenberg: Summer research internship (final round)

You say that equities are overpriced and due to collapse soon. How can you say that when that’s my job and what I do for a living, day in day out? I’m telling clients to buy certain stocks, are you saying I’m wrong?

So you’ve never lived out for uni? How would you survive if I sent you to Hamburg for 2 years?

Which daily newspaper do you read? Aside from the FT or WSJ. And why?

Berenberg: Graduate position, equity research

What can you do with an orange?

If you were an animal, which one would you be and why?

There is another candidate for the position. Should we interview him and decide who is better or would you prefer we make our hiring decision by flipping a coin?

Citigroup interview questions

Citigroup: Summer internship, private banking

If you had to re-design an orange- what would it look like?

Do you think China’s economy will continue to liberalise and by how much further?

What is your favourite Microsoft programme and why?

Citigroup: Graduate position, IBD

How did you convince a senior member of your team about the effectiveness of an idea you had?

What is the most significant recent development in the investment banking industry?

Tell me about a time when you were under immense pressure.

What do you think will be the emerging trends in consumer banking (yes, someone was asked this in an investment banking interview)?

Credit Suisse investment bank interview questions

Credit Suisse: Graduate position, IBD

Tell us about yourself?

Why our bank?

Tell us about your strengths?

Do you have any examples of times when you used your own initiative?

Where do you see yourself in next five years?

Credit Suisse: Internship, M&A

I have a cube made up of smaller cubes, 10x10x10. If I dip the whole thing in paint, how many cubes will have no paint on them?

Are you a Keynesian or a monetarist?

I have two frogs and their population doubles in size every second. It takes 60 seconds to fill up a room with frogs. How long does it take to fill up half the room?

DC Advisory

DC Advisory: Internship, Frankfurt

How can you get from FCFF to FCFE?

Please create a one pager about a company in one hour.

Deutsche Bank interview questions

Deusche Bank: Graduate position, sales and trading

Your client is a hedge fund that requires you to analyse a certain subsector of the FTSE 100 to identify trading strategies based on volatility. How do you approach the analysis?

How do you construct an exchange traded fund (ETF) and what factors do you ta ke into consideration when you’re doing so?

Do you believe there is a bubble in the bond market?

Deutsche Bank: Graduate position, global capital markets

How would you rate us against our competitors?

Wouldn’t you be better suited to working for another or ganisation?

What exactly does the word ‘success’ mean to you?

Deutsche Bank: Graduate position, risk

Would you say that you are a trustworthy person?

Do your friends trust you with their secrets?

What types of secrets do they share with you?

Where do you see yourself in 5 years?

Why are man holes round?

Are there enough hours in the day?

What is the square root of 1?

Petrol, or diesel – which is more combustible? Why?

Goldman Sachs interview questions

Goldman Sachs: Internship, M&A

Walk me through an LBO analysis.

What factors can lead to the dilution of EPS in an acquisition?

If you are in a business that wants to preserve cash, what type of inventory accounting method would you use (LIFO or FIFO) in a time of rising prices, and why?

What is Minority Interest and why do we add it in the Enterprise Value formula?

Briefly walk me through a discounted cash flow analysis. (including WACC).

Why can’t you use EV/Earnings or Price/EBITDA as valuation metrics?

Estimate the value of the tie industry in the UK.

What are your best skills? Why would they be applicable?

Discuss a deal you have read about recently.

Who is the most famous and influential person you would like to meet and why?

Why Goldman Sachs?

Goldman Sachs: Graduate position, securities

When you heat a sausage in the microwave, the tear is always lengthwise. Why is that?

How could you set up a recursive function so that a really smart language / compiler could evaluate the function and never run out of memory?

KPMG interview questions

KPMG: Graduate programme, restructuring, Frankfurt

When a firm has a market share of 50% in Germany and 30% in Europe, what is the market share of the firm in Europe without Germany?

You are given 100 million Euro to set up your own bank. Which customer segment would you focus on, and which strategy would you use for that?

JPMorgan interview questions

JPMorgan: Summer internship, sales and trading

Give an example of a time you encountered a difficult question whilst working in a group

What is the biggest risk you have ever taken in your life?

What do you see yourself contributing to this organization, in both the short and long term?

JPMorgan: Summer internship, M&A

Why are you looking for an internship in Investment Banking?

Why do M&As happen?

What are your 3 main strengths?

What is your greatest weakness?

What motivates you?

JPMorgan: Associate interview, M&A

You look at the clock. It’s 3.15pm. What’s the angle between the clock hands?

What is the sum of the numbers from one to 100?

What is the expected value of a roll of a dice?

JPMorgan: Off-cycle internship, FX sales

Tell me about your educational background.

Which are the most important/interesting subjects within FX markets at the moment?

If you could pick whichever investment you wanted, were would you put your money today?

What do you think a position within FX Sales would entail?

Lazard interview questions

Lazard: Graduate interview, M&A

Should charities be taxed?

You’ve been captain of your sports team and are obviously used to being in charge. How will you feel about being at the bottom of the food chain here?

Do you agree with the private equity model of buying cheap, cutting costs and selling high?

Man Group interview questions

Man: Summer internship, asset management

Can you estimate UK GDP?

You’ve have estimated the average salary as ￡40k. Can you now estimate the largest mortgage an individual can obtain when buying a house. Let’s say the interest rate is 5% on a 20 year mortgage.

Calculate the square root of 69

Macquarie interview questions

Macquarie: Internship, IBD

Name me a company you would invest in and why.

What are three ways of valuing a company?

What’s 456 x 3?

Macquarie: Graduate position, IBD

How many weddings are there in Germany in a year?

How tall is the Citypoint building?

Describe yourself in three words.

What is your biggest flaw?

Mitsubishi UFJ interview questions

Mitsubishi: Graduate position, fixed income trading

What are the risks associated with owning a bond?

How do you hedge interest rate risk on a bond?

How does liquidity affect the bid-offer spread on a bond?

Mitsubishi: Graduate position, trading

What is the square root of 135?

Over the phone I was asked: ‘Which is the main CDS index?’

What are the odds of getting two sixes in a row after throwing a fair dice twice?

What would you invest in if your holding period was 1year, 3 years and 10 years?

Morgan Stanley interview questions

Morgan Stanley: Internship, investment banking division (IBD)

What’s the most important: Money, honour, or knowledge?

What’s the square root of 341?

Why should we not give you the job?

Which other investment bank, apart from Morgan Stanley, do you like the most and why?

Is political risk in Eastern Europe a serious threat for banks?

Briefly walk through a discounted cash flow analysis (including WACC).

What is the formula for enterprise value?

What is minority interest and why do we add it in the enterprise value formula?

Which will place a higher value on the company, equity comparables (trading comps) or M&A comparables (transaction comps) and why?

A company makes a $100 cash purchase of equipment on Dec. 31. How does this impact the three statements this year and next year?

Tell me how would you value a company? Which are the most used financial tools in this area?

Why cannot we use EV/Earnings or Price/EBITDA as valuation metrics?

What factors can lead to the dilution of EPS in an acquisition?

Why do we subtract cash in the enterprise value formula?

Morgan Stanley: Operations, one year placement

Where do you see yourself after this placement (if you g ot it) in 5 years’ time?

Name a time you have had to make a tough decision. How did you deal with this?

Name a time you have been entrepreneurial. What did you learn from this?

Société Générale interview questions

SocGen: Graduate job, project finance

What is a common ratio used in project finance and how do you calculate it?

Why is the DSCR used and what range do you expect it to be in?

What is the credit rating for high yield?

Why use a project finance structure as opposed to corporate finance?

SocGen: Internship, equity structuring

What the delta of an option when it is at the money (ATM)?

What will happen to the price of the option if there is an increase in interest rates?

What is the price of an option if the volatility tends towards infinity? And what if the expiry date tends towards infinity?

UBS interview questions

UBS: Internship, equity research

How would you go about valuing a company?

Tell me about some time when you’ve had to overcome adversity?

How far do you see yourself going in the bank?

UBS: Graduate position, wealth management

How do you price options?

If you would have to open an Rep Office, how would you advertise that?

When did you show entrepreneurial spirit?

What are your current views on the economy and investing?

投行英文面试财务部分经典问题

1.Walk me through the 3 financial statements? ?The 3 financial statements are the Income Statement, the Balance Sheet and the Cash Flow Statement ?Income Statement gives the company’s revenue and expenses and goes down to Net Income, the final line of the statement ?The Balance sheet shows the company’s Assets (its resources such as cash, inventory and PP&E) as well as its Liabilities (such as Debt, Accounts Payable) and finally Shareholders Equity. A = L + OE ?The Cash Flow Statements begins with Net Income, adjusts for non-cash expenses and working capital changes and then lists cash flow from investing and financing activities; at the end, it reports the company’s net change in cash 2.How do the 3 statements link together? ?To tie the statements together, Net Income from the Income Statement flows into SE on the balance sheet, and into the top line of the cash flow statement ?Changes to the balance sheet appear as working capital changes on the cash flow statement, and investing and financing activities affect balance sheet items such as PP&E, Debt and SE. ?The cash and SE items on the balance sheet acts as “plugs” with cash flowing in from the final line on the cash flow statement 3.Where does depreciation appear on the Income Statement? ?It could be a separate line item, or it could be embedded in the COGS or Operating Expense – every company does it differently 4.What happens when Depreciation goes up by $10 on the statements? ?Income Statement – Operating Income would decrease by $10 and assuming a 40% tax rate, Net Income would then decrease by $6 ?Cash Flow Statement – The Net Income would in turn be reduced by $6, but the $10 depreciation is a non-cash expense that gets added back, thus overall cash flow from operations goes up by $4 (-$6 + $10 = +$4) ?Balance sheet – PP&E goes down by $10 on the Assets side because of the depreciation and Cash goes up by $4 from the changes in the cash flow statement ?Overall the assets are down by $6, Net Income is down by $6 which implies that SE is down by $6. Both sides of the balance sheet foot out. 5.If Depreciation is a non-cash expense, why does it affect cash balance? ?Depreciation is tax-deductible and since taxes are a cash expense, depreciation affects cash by reducing the amount of taxes the company pays 6.What happens when Accrued Compensation goes up by $10? ?Assuming accrued compensation is now being recognized as an expense, Operating Expenses on the Income Statement goes up by $10, Pre-tax Income falls by $10 and Net Income Falls by $6 (assuming a 40% tax rate)

投资银行真对MBA生的面试问题及参考答案

投资银行真对MBA生的面试问题及参考答案 Source: EfinancialCareers Below are a collection of real questions that were asked of investment banking candidates at the MBA level, along with suggested answers that they later put together. If you find yourself on a ‘superday’ interview at a big bank, you can bet that you’ll be asked at least of few of these questions. Disagree with an answer? Let us know in the comments below. Explain an LBO (leveraged buyout) to my grandmother, who knows nothing about finance An LBO is a transaction in which a party purchases a business and brings it private. The transaction is funded using a large portion of debt. Three main characteristics of LBOs – 1) high debt, which is intended to be paid down, 2) incentives, managers are given greater stake in business, 3) private ownership, many LBOs go public again once debt has been paid down. If a company was looking to raise debt or equity, what are the 3 most important questions to ask? 1) Whether they will generate enough cash flows to cover interest obligations. How many multiples in excess of current interest payments is their operations generating in cash flow? 2) What is their current capital structure and can they bring on more debt and leverage the company further without being too levered versus industry and peers so that their credit rating and stock price isn’t negatively impacted. 3) What is the current equity value? If the stock price is appropriately valued or has a potentially high value, then equity might be better. How does FED change the interest rates? The FED can adjust the Federal Funds Rate which is the interbank overnight rate at which the FED lends money. The lower the Federal Funds Rate, the lower real interest rates. The FED can also adjust the money supply through the purchase or sale of government bonds, whereby affecting inflationary expectations which will adjust nominal interest rates. What would be the difference between the interest coverage rate of a senior board vs. junior debt? Interest coverage rate is operating income divided by interest expense (EBIT/interest). This basically measures how much leadway a company has between its earnings and interest payments (a hurdle they must keep jumping to avoid default). In event of bankruptcy, the senior debt would have to be paid before the junior. However, when using the interest coverage ratio to analyze a company’s ability to keep up with their debt payments, I would look at the EBIT divided by ALL forms of debt as a failure to make payments for any form of debt results in default. How does Net Income flow into the Balance Sheet, Income Statement and Statement of Cash Flows? The Net Income on the bottom line of the income statement gets added into the retained earnings on the balance sheet. The net income from the income statement is also the starting line of the statement of cash flows.

投行的经验招聘“套路”

投行的经验招聘“套路” 在理想的状态下，投行应该只通过直接招聘即校园招聘获取其所需的人力资产，但由于企业因迅速扩张的需要而从事跨区域和跨国度的经营活动，使其不得不开辟更多的招聘途径以获取其所需的人力资本。另一方面，投行在锲而不舍地培养嫡系明星的同时，对市场上的明星也“虎视眈眈”。这就需要企业进行间接招聘即经验招聘。经验招聘是企业获取人才的另一重要方式，包括内部招聘和外部招聘。内部招聘主要通过企业内部人员调动、晋升来实现；外部招聘主要通过员工推荐、猎头服务、广告招聘等方法来实现。经验招聘不仅满足了企业对人才的即时使用性、及时性的需求，同时也为企业带来了新鲜的知识和经验。一般来说，经验分为行业经验和专业经验。在投行，行业经验会被优先考虑，专业经验次之。这是由于行业经验一定程度上是只有通过直接实践才能获得的知识，而专业经验可以通过书本等间接方式获得，且易于被培训。如在中金的时候，我们发布了一则人力资源部产品经理的招聘广告。招聘信息如下：招聘岗位：人力资源产品经理资历要求： 1、本科以上学历； 2、有良好的量化分析能力； 3、有投行或者咨询等专业服务公司的从业经验； 4、英文水平良好； 5、有人力资源部经验者优先。招聘信息发布后，我们收到了各种各样的简历。有一位应聘者居然介绍了他丰富的惠普产品销售经验，原来他误把HR看成了HP。也有人发邮件询问，为什么人力资源部门招聘，人力资源工作经验仅仅是同等条件下优先考虑的一个要素，而非必要条件。这则招聘信息确实有悖常理。依照传统习惯，合适的人力资源经理应该是：人力资源专业，本科以上学历；五年以上人力资源工作经验。然而在投行，很难想象只符合这些条件的人就可以胜任人力资源产品经理。

HSBC投行实习面试自我介绍

HSBC投行实习面试自我介绍昨晚面的，一位男士，标准的伦敦音。他打来先恭喜我通过了online test，然后告诉我如果能通过这次的电面的话下一轮就是final的assessment center了。他说这个电面主要就是问一些behavioral questions，希望我尽量用详细例子回答，还说由于他们时间很紧，可能会在我没答完面试问题前就打断我。还告诉我他是用电话的免提功能，所以声音听起来会有点远，要是我听不清可以跟他说，他会大声shout的~ 还有如果我答问题的时候觉得他那边很沉静、没反应的话不用担心，那是因为他在一边听一边做笔记。原本一开始我有点紧张，可是听完他这一堆背景介绍后就放心了很多，然后就正式开始了~ 他一开始就直接问面试问题，没让我面试自我介绍。题目未名bbs上一个同学面经里说的一样，估计是每天用的都是同一套题，我是昨晚九点面的，后来十一点多看到那个同学的面经。 1．你是如何鼓励和帮助团队成员实现他们的目标的？我讲完后他又追问了一个细节问题。 2．团队工作中如果有成员没有尽他的责任，导致影响团队的表现，你如何处理？ 3．你是如何聆听别人不同的意见的？

4．你有没有和人相处不愉快的经历？你如何处理？ 5．你对于汇丰的暑假实习有什么期望？你认为你会学到些什么？我回答的过程中有好几次说的都有点跑题，答不到重点上，他都比较友善的提醒我，并且重申他的问题。问完后他告诉我这次面试的结果会在7到10天内通知我。最后问我有没有什么问题，我原本准备的是问他汇丰暑假实习具体会有些什么工作，可是被他在第五题抢先问我了，一时想不起来其他的就只好问了一个关于汇丰竞投工行IPO的问题（我申请的是投行部），然后说不知道问他这个面试问题会不会不恰当。他很客气的说他其实是HR部门的人，具体的业务也不太了解，如果我被邀请参加AC的话，到时会有投行部的人在，我可以再向他们请教。整体感觉还是比较positive的，我觉得最重要是在回答的时候，所举的例子除了能体现面试官想考察的那些素质外，还可以突出一些自己其他方面的卖点，让他从不同的侧面了解自己。还有就是记住面试官的名字，汇丰一般在面试前都会先给你发电邮确认面试的细节，面试官的名字会提前告诉你，他打来时你就可以先主动跟他问好。最后我想感谢一下HiAll的许轶老师，我参加了他们上周末的投行培训班=，许老师针对我们每个人不同的情况帮我们改简历，还在我正式面试前请专业的老师免费帮我进行

国内投行专业面试常见问题

一、经典问题 1、为什么要做投行 2、你做好了做投行的准备没 3、你觉得你适合做投行么 4、你在实习期间的感悟 5、你准备怎么去做投行 6、你的专业背景有啥适合做投行的二、更经典问题一个项目最重要的是什么？ 1.行业前景 2.公司的未来前景和可持续盈利能力 3.独立性和合规性问题做投行最重要的是什么？ **ED说过：1.沟通能力2.财务和法律基础3.行业分析能力4.学习能力***HR说过：1.沟通能力2.韧性3.学习能力 **又说了，诚信和品德也很重要二、专业问题

1.实习**时间，你对投行的认识投行的作用：在于综合协调其他中介机构的意见，根据自己的尽职调查结果，为公司上市制定合理的改制方案和上市方案，为推动企业执行；讲个好故事，将拟上市公司从丑小鸭变成美丽的天鹅，卖个好价钱 1.投行与pe的区别 Pe作为投资者，投行仅是中介机构，确切的讲，投行是为pe等投资者服务的。具体区别：投资阶段更靠前，投资行业范围更广泛，投资时间更长线，对企业提供的增值服务更贴切，这是PE的价值所在。 2. BS，IS和CFS三个表哪个最重要 1.资产负债表：反映企业在某一特定日期财务状况的（静态）会计报表，通过该表了解企业资产（负责）总量及结构、投资者（老板）所拥有的权益。 2.利润表：反映企业在一定会计期间的经营成果的（动态）会计报表，可以一目了然从表中看到经营业绩形成过程，收入来源、成本费用消耗、净利润等。 3.现金流量表：反映企业在一定会计期间现金和现金等价物流入和流出的会计报表。表中项目从不同角度反映企业业务活动的现金流入与流出，弥补了资产负债表和利润表提供信息的不足（了解净利润的质量）。以上“三表”既有侧重又相互补充，真正要说出那张表最重要，一定没有唯一的答案，一定是因（使用者立场）人而异。 1.如何从报表看公司财务是否舞弊（报表看公司财务的问题）

中信投行部面试

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