Investment Banker

If you have prior investment banking experience the interviewer will be much more likely to want to spend a lot of time talking about your experience in detail. The most important thing to take away here is: Do not write down deal experience on your resume unless you are very confident you understand everything that happened in the deal process (within the obvious limitations of your rank within the company). If an interviewer starts asking you questions you don't know, then it could mean the end of your interview process with that bank.

The interviewer will also want to know if you did any sort of valuation modeling for the deal. If so you'll need to really understand how the company functions (the economics of the industry, how the company makes money, how investors value the industry) and how you valued the company (DCF, multiples, etc.). Make sure you know why the company wanted to sell itself, raise debt or equity, acquire companies, or be bought by other companies. Be able to connect corporate valuation with corporate strategy.

Yes, I am from the [Insert College], but I think I can offer experience that other students can't. I chose this college mainly because it was in-state and had lower tuition. I've definitely learned a lot and have been stretched far beyond simply the confines of academics by having to support myself through college. I've taken full advantage of all of the academic resources the school has to offer.

Being from a non-core school, I have a bit of a chip on my shoulder. I know I have to prove myself. I intend to use this as motivation to work hard and demonstrate my ability. And also, I know I'm a good analyst. I think my track record speaks for itself, moving from a regional office to the best group at [insert bank].

NOTE: Be careful of how you come off when saying this. Be humble but confident. Speak of your accomplishments specifically, and what makes you a good asset, but don't talk about "how great you are." If you need to illustrate that you have ability, come from an absolute rather than relative place. Say "I am skilled at X" rather than "I am better than almost anyone at X."

You should really know this question well, it is guaranteed to be asked. When you answer this question, your goals should be: 1) Display your personality and let the interviewer get to know you better; 2) Walk through your life decisions/accomplishments and how it has shaped you; and 3) Convince your interviewer that you are truly interested in investment banking and you have the skills necessary to be a successful analyst.

A majority of interviews will start out with the interviewer asking you to "walk me through your resume." This gives the interviewer a chance to read over your resume and also to get to know you. This is a situation in which you can talk about your background, and also use an opportunity to make your case for why you want to be a banker. Give the interviewer a story that shows your achievements and how everything fits together for you to be a successful investment banker. Make sure to point out how each job has let you take on more responsibility, or required you to acquire more finance/business knowledge than the one before it. Be clear about the progression of your career and why investment banking is the best logical next step for your development.

Above, I recommend that you start with where you grew up. However, make sure to spend a majority of your time talking about your most recent job experience and the classes you are taking in college. You should avoid pointing to or verbally referencing your resume when answering this question-the story should stand on its own entirely without the resume. This is your first impression, and this is difficult to do properly, so make sure to practice this repeatedly until you get it right! Plan to spend about three minutes or so on this story (no more than five minutes).

As someone trying to break into the industry, this is the most important question that you can be asked. And even if you are not asked this explicitly, other questions will likely try to elicit from you the same information. Most people trying to get a banking job have the intellectual abilities to be a banker. The question is do they have the attitude, the mindset, the willingness to sacrifice and the attention to detail. There are a range of answers that will help you portray that you have both the ability and attitude to be a banker. Here are a few:

- I've always enjoyed the aspects of my past jobs/classes in school that involve corporate finance.

- I like the fast paced environment of banking as I've always excelled in pressure situations.

- I am excited to be able to work on many projects at the same time and the fact that I'll never be bored.

- I can't wait to be in an environment where I'll always be learning.

- Even though I know I'll be playing a junior role for a number of years, I like that ultimately I will be able to help advise senior management of companies.

- I enjoy reading about M&A transactions in the newspaper.

- All of the bankers that I have met are really smart and I want the opportunity to work with them and learn from them (just make sure you say this one with a straight face)

Whatever responses you give, make sure that you can back them up with actual stories and details from your experiences.

Somewhat similar to the last question (Why do you want to work here?), you need to demonstrate your knowledge of the bank. You might talk about a deal or two that you've heard or read with which the bank has been involved. Or, if you know the bank is strong is certain product areas (such as M&A or leveraged finance) or industry coverage, then mention that. Perhaps the bank focuses on cross-border deals or deals in emerging markets.

By no means will you be expected to be an expert but you should be able to talk about a few things. If you don't know anything, rather than make something up and sound stupid, be honest. Say something like, "I really don't know many specifics, and one of the reasons that I'm really excited to interview with you is to learn more." If you can ask the interviewer about the bank, then you can learn some things for your next interview, for when you are asked the same question.

I want to make a lot of money/I want a house in the Hamptons/I want to date models, etc.

Yes, everyone in banking is in it for the money. Anyone who says otherwise is delusional or lying. But, you still can't say it in an interview.

I love working all night…

Yes, you can say you want to be challenged. But NOBODY likes working on pitchbooks at 3:00 am and you won't either.

I want to learn how businesses work so I can advise CEOs.

Two issues here. First, the typical banker knows (a little about) finance but nothing about operations and how businesses really operate. Second, as an Analyst or Associate, it will be years before you will be advising CEOs, if ever.

As I have grown in my career, I have had the opportunity to work in various jobs and have been able to converse with people involved in a variety of career tracks in different fields. Among these are law, education, entrepreneurship, medicine, non-profit organizations, investment banking, and sales and trading. Based on these experiences and contacts, I decided that the most appealing field to me was investment banking.

In particular, I believe investment banking offers the best environment for growth and development in the areas of finance, economics, and accounting-all important areas for business. Banking offers a tremendous amount of training, a steep on-the-job learning curve, a competitive work environment, and talented people to work with. As a result, I believe it offers the best opportunity to enhance my skill set and apply it on a real-life and current basis. Furthermore, I enjoy situations that involve analyzing strategies, environmental conditions, structure, and future opportunities. There is no other industry that I know of that offers a first-year graduate with the amount of responsibility that investment banking offers. I can't think of a better way than to hit the ground running right out of school.

The best advice my father gave me was "whatever you do, put yourself in a position to succeed." And I think right out of college, investment banking offers the best experience available for people who want to work in the corporate arena, hands down. I know the work was going to be tough and the hours excruciating, but I enjoy the pressure and challenge to deliver that seems to come up on a daily basis. Also, in my view, finance is unpredictable and exciting; I enjoy the fact that there is never a typical day.

I think for me the work is rewarding. Nowhere else out of college will you get a better corporate experience. The work will always be challenging and you're going to be working with some of the brightest people. This fosters a competitive environment in which you are almost forced to grow professionally on a daily basis.

I think that's one of the main reasons I want to come to New York: the competition. One of the great advantages working out of New York is the networking opportunities available with so many bright, hard-working young professionals around. Chicago will always be my home, but New York is the center of the financial world and I want to get the best experience possible.

Most recently, I had to work as part of a team for my Management and Organizational Analysis class. We organized the teams at the beginning of the semester and were required to create a business idea. From there, we issued various reports on strategy, structure, and culture, and developed a presentation and final report encompassing the development plan for this business. I discovered that working in a group can be challenging due to differences in working styles and personalities. Conflicts can arise and team dynamics are hard to manage. As a team member, I sometimes would take lead roles of organizing research assignments, meeting times, and the production of a final product. However, I helped others and received help in return. Each member contributed in his or her own manner-someone would invariably step up when the need arose-and there was always a system of checks and balances.

This is a bit of a tricky question. You obviously want to demonstrate you are committed to investment banking but you don't want to come across as obviously disingenuous by stating that banking is the only job you'll ever want to do. If you are interviewing for an Analyst position, I don't think you need to be committed to banking for the long-term (since being an Analyst position is a 2-year position). I would mention that you are really excited about and committed to becoming an Analyst and that you want to learn as much as possible, get as much experience, etc. while you are an Analyst. But I think it's okay to say that you'll see what happens after your Analyst position is up (i.e. going to business school, moving on to other jobs like private equity or hedge funds, etc.)

If you are interviewing for an Associate position, then you need to demonstrate a little bit more commitment to banking. I would definitely recommend stating that you see yourself as a banker for the foreseeable future (call it 3-5 years). However, I don't think that you need to state that you are certain to be a banker for the rest of your life but I wouldn't say that that is out of the question either.

Five years is a long way down the road, but I know that finance will always have a grip on me. I could see myself in investment banking for the long-term, but that would have to depend on my performance and my family situation. I would definitely like to stay in financial services, using the skills I've learned and continuing to build solid and meaningful professional relationships.

NOTE: You want to demonstrate that you are committed to investment banking, but you don't want to be disingenuous by stating that banking is the only job you'll ever want to do. If you're interviewing for an analyst role, you don't need to demonstrate that you are committed to investment banking long-term; bankers are in a two-year program, and then they're out. Be sure, however, to mention that you are very excited about becoming an analyst and that you want to learn as much as possible, get as much transaction experience as possible, etc.

On the other hand, if you're interviewing for an associate position out of MBA school, you will need to demonstrate commitment to investment banking.

I want to work for Goldman Sachs because I want the best overall experience possible. I want to work with people who are smarter than I am, so that I will be continually challenged to become better at what I do. Also, I believe that, hands down, Goldman Sachs would offer me the best deal experience. Goldman invented and has since revolutionized, many times over, what defines an "investment bank." Only Goldman Sachs can offer a superior deal flow across all products and markets.

When it comes down to it, the work is rewarding and I enjoy it. My internship this summer definitely affirmed that I want to do investment banking at least for a couple of years. Although I will be making a 2-year sacrifice outside of work, I enjoy the challenge to execute and I can't see my see myself working for a better firm than Goldman Sachs. This is a sacrifice I am most prepared to make for the sake of my career and professional development.

I am currently only interviewing at investment banks; I am not interested in any other field at the moment. At the moment I am only interviewing at 2 other investment banks.

NOTE: Whether it's true or not, we strongly recommend that you state that you are only interested in investment banking. If the interviewer finds out you are evaluating other fields, he may question how serious you are about banking. Also, if you can name the other firms you are interviewing with, feel free to do so. But make sure not to fabricate any other interviews. Wall Street is a small place and bankers have friends at almost every other bank. There is a very good chance your lie will be caught, and it will be an embarrassing end for your chances with that bank.