Investment Banker

► What is your personal Beta? How do you come to that estimate?

► How would you spend $1,000,000 if it were given to you (besides investing it)?

► Which of your college achievements are you most proud of?

► What relevant (i.e. finance, economics, etc.) classes have you taken so far? What did you get out of each of those classes and which classes did you like best?

► How do you feel about the long hours in investment banking?

► When did you discover that you wanted to be an investment banker? How?

► Do you understand the level of commitment an investment banking job dictates?

► Give me an example wherein you had a lot of responsibility. Can I trust you with a critical project?

► Can you think of a time when you came up with a creative solution to a difficult problem?

► Tell me about a time when you were working with someone and who wasn't pulling his/her weight. How did you handle the situation?

► Discuss a difficult ethical decision you recently faced.

► What is your most challenging professional experience?

► What is the one thing that you wish you knew before working in investment banking?

► Give an example that demonstrates your analytical skills.

► Tell me something about you that is not on your resume.

► Suppose I were going to rank you and 30 of your peers on one quality, with the winner receiving something very desirable, such as one million dollars. If you are allowed to determine that quality, what would it be?

► What did you eat for lunch?

► How do you like Chicago?

► What do you like to do when you're bored?

► Think of the team you worked with, and give me a word that describes each team member.

► Are you more risk-averse or risk-seeking? Give me examples.

► Let's imagine you died and are giving a speech at your funeral. What would you say?

► While interviewing for a Chicago office, the interviewer tells you that he/she is getting the impression that you are more interested in the New York office. (You are.) What do you say?

► How long have you been with the bank and how has your experience been?

► What do you like/dislike most about working with this bank?

► How do you compare working here with other banks at which you have worked?

► What kind of responsibility does the typical Analyst/Associate receive?

► What differentiates a good Analyst from a great Analyst?

► What's your favorite deal that you've worked on at the bank?

► Can you tell me about your Associate training program?

► How do Analysts/Associates get staffed at your bank?

► On what types of deals are you currently working?

► How is the deal flow at the bank? In your group?

► Why investment banking rather than consulting? Sales & trading? Research? Finance positions within corporations/industry?

► What do you hope to accomplish over the summer?

► Which group do you want to work for inside investment banking and why?

► Which investment banks are in the "Bulge Bracket"?

► Rank the investment banking firms on Wall Street in your mind. What criteria are you using and why? Where do we fit? Who is our competition (in the major categories)? What differentiates our firm? What are our firm's strengths? Weaknesses?

► If you were the CEO of our firm, what major changes would you implement?

► Describe a typical day of an investment banking analyst.

► Do you understand the lifestyle issues associated with this profession? Why don't you have a problem with these issues?

► What is your greatest concern about investment banking?

► Walk me through the highlights of your resume. I'm interested in the decisions you have made.

► Why investment banking? Why our bank?

► How do you value a company?

► Why did you choose Kellogg?

► What other firms are you interviewing with and why? Are you interviewing with consulting firms also? What career opportunities are you exploring other than investment banking?

► What were your grades in college? What were your grades for the first semester at [Kellogg]? What was your GMAT score? Be ready to explain any weak points.

► What qualities would you consider most important for a career in investment banking? What are your greatest strengths? What are your weaknesses?

► What do you understand the responsibilities of an associate/summer associate to be?

► Describe an important current or recent event in the market?

► What questions do you have for me? (NOTE: Always have at least two questions prepared per bank.)

► What's the difference between a good investment banker and a great one? What kind of qualities do you look for when inviting Analysts to stay on board for a third year? What makes them stand out?

► What qualities do you have that helped you succeed in investment banking?

► What are Citigroup's goals? Are they looking to overtake Goldman or Morgan Stanley in some area, or are they content with simply doing business the way they have?

► How do you distinguish yourself from other bulge bracket firms?

► Where do you want to be 5 years from now?

► Why did you choose this career path?

► On a typical day in this position, what do you do? With whom do you interact?

► How do you manage work, family, and community involvement?

► Describe your typical first-year assignments.

► What is the most effective way to find employment in this field?

► Has the work changed recently due to technology, the marketplace, or competition, etc.?

► How did you find your job?

► How do you see this job changing in the future?

► Where does your work fit into the organization's objective and structure?

► Is there a "career path" that most professionals in this bank or group tend to follow?

► What is the demand for people in this occupation?

► What are the basic prerequisites for a job in this field?

► In your opinion, what would assist me in preparing for this career? (clubs, classes, experiences)

► What is your level of freedom to solve problems and take action on issues?

► What are the opportunities for advancement within the bank?

► What personal qualities or abilities are important to be successful in this job?

► What part of this job do you find most satisfying? Most challenging?

► Are there other sources of information you might suggest to students interested in this field?

► What advice do you have for students who are considering this career path?

► What impact does the state of the economy have on your job, workload, and deal flow?

► What is the most valuable lesson you have learned since coming out of school?

► What industry/product group do you work in? Which are offered in your office?

► What are the current drivers in this industry for M&A? How is it different now than it has been in the past?

► What announced deals are have you worked on? What are some of the key considerations in these deals?

► What attracted you to investment banking originally?

► How much responsibility will I take on when I join the bank?

► What are some of the exit opportunities from banking? (Ask Analysts, they very aware of this issue. This question only applies to individuals interviewing for analyst positions.)

This is your opportunity to

(1) show you know a little about the bank and

(2) kiss the ass a bit of the person with whom you are interviewing. Just don't go overboard with #2.

If you have friends that work for this bank, say so, and mention that they are really enjoying their experiences. If you are interviewing with a bulge bracket bank, mention how you are excited about the prospect of getting a broad experience and learning about different products or industries. If you are interviewing with a boutique, talk about how you like the idea of a smaller firm, where you might have more responsibility and more interaction with clients and senior bankers. Without a doubt (unless this is the first person with whom you've ever met), state how you've really liked all of the people from this bank that you've met before.

If you have previously had the opportunity (for example, in prior interviews or at recruiting receptions) to ask other bankers from this firm (or better yet, this particular interviewer) why they like working at this bank, then by all means recycle these answers! If they say the culture is great, you say you want to work here because the culture is great. If they say dealflow is strong, you say you want to work here because the dealflow is strong. You get the idea…

The advantage of equity finance for a company - raising money by selling shares - is that this money does not have to be repaid. However, new shareholders usually get to have a say in how the company is run.

Despite these rights, equity is often seen as a risky choice for investors as they will lose all their money if the company doesn't prosper. If it does well, on the other hand, they may see their stake multiply in value many times over.

Debt finance - money raised through loans - must be repaid eventually by a company, usually with interest, but lenders won't be able to exert as much influence as shareholders over how the company does business.

The debt of a reliable company is usually seen as a safe investment, but fixed repayment schedules means that there are few opportunities for large returns.

In your response, highlight that investment banking is a very competitive and lucrative area, offering tremendous growth opportunities. Talk about the latest industry trends and how they impact businesses in the bank's specialty. Talk about the opportunities presented recent mergers and acquisitions and the challenges due to by the sub prime crisis. Has Lehman Brothers responded appropriately? What are your thoughts on JPMorgan and Bear Stearns? Be prepared to discuss the firms on the front page of today's Wall Street Journal.

You need to convince the interviewer that you have the necessary drive, capabilities, and personality best suited to become a successful investment banker. Gaining the trust and respect of the recruiters is very important for cracking these interviews. Talk about the company's position in the industry and how it differs from that of other Wall Street listed firms - both bulge bracket and boutique.

► Hard Worker: I am a very hard worker-I like to do what it takes to get the job done. I like to lead through example, and even when the overall hours are going to hurt, I'm definitely not someone that's going to complain.

► Attitude: I have a positive attitude. I enjoy working with other people and am courteous and fun to be around. Within investment banking, I know what I'm getting myself into and know that the hours are going to be tough, but I'm definitely a person that doesn't complain and will be fun to work on a deal team with.

► Networking: I try to build my network of business contacts every time I have the chance. I'm smart enough to know that there is always something important to learn from others.

► Be ready to explain any line on your resume.

► Are you a leader or a follower? Give me an example of your being successful in each role.

► What was your favorite class so far? Why?

► What classes are you currently taking to get ready for the summer?

► What are your 5-10 year (long-term) career plans?

► What are your proudest accomplishments? What was your most challenging professional experience?

► What do you do to relax?

► Tell me a joke.

► Who has influenced you the most, besides family members?

► Say you are at a meeting with a client and your Managing Director is giving a presentation. You suddenly notice a mistake in some of the calculations, which you have prepared. Do you mention it? When? What do you say?

► What is one skill that you think is most relevant to investment banking?

► Based on your course load and work experience, you seem to like marketing. Why are you interested in finance?

► What is one word that describes you the best?

► How would your classmates describe you? How would you characterize yourself in a group dynamic?

► Highlight your quantitative accomplishments.

► Describe an ethical decision you had to make.

► If you were a vegetable, what vegetable would you be and why? (This is not a joke! This question actually gets asked.)

► What's your favorite book?

► As an Associate, what tasks would you like to spend most of your time doing? What percent of each day do you see yourself spending on those tasks?

► Describe a time that you failed. Why did you fail, and what did you learn?