Next year I'll be applying for summer internships within this area, currently penultimate with B.Comm. Was just wondering if any of the elder posters had experience with those firms/interview processes and how it was. DB, UBS, big4 all that. Thx
two experiences I had: during undergraduate I applied for the chase (now jpm) Credit training program which was a rotation through the trading desk. I sent in my resume through my career services group and got picked for an interview (say a 10% selection if that). I interviewed face to face with two people. then from there I went on a round robin of interviews in NYC for about 3 hours. then from there one more interview. from there the decision was made, and I didn't mAke the cut that time. I worked for Goldman Sachs real estate investment banking unit after graduate school. unlike others I didn't secure a summer internship and get offered a job from that. But I can speak on the interview process. the process was about the same for GS except I had or phone interview. then I met with two people in Dallas. then I had a round robin in NYC. then one more interview after that with the managing director of the group. the early interviews were get to know you. round robin was a mixture of technical and behavioral questions while meeting with associates, VP and director level. I was very direct and confident and said things like "I'd for in this way at this RE IB desk or at a competitor and be xyz level in 3 years etc. a lot of it to me was if I could fit such culture.
As far as marks, I've got a 74 WAM (tick below Distinction Average), I've heard there are thresholds for for DB, UBS, JPM and all that, but I've got good extra-curicular stuff with sport/volenteering, woudl that be sufficient to get an interview? As far as the technical questions would you remember any examples? Leaning towards equity research type roles.
the technical questions I received were all related to real estate (ie what is a cap rate? where is market heading) or in regards to fixed income (what is duration ? what does it mean?) then I had to calculate which bond has a higher current value given a situation. in other words it was company specific. like the other poster I also worked for a boutique bank after the market blew up in 2008
Got a ton of friends who interned at investment banks and I'm going to start at HSBC as summer intern this summer. But I interviewees at UK though so I think the process is very different. PM me if you want more details.
I'll be looking into more equity research type roles so I'm assuming it'd be technical aspects of valuation? Like DCFs, industry risk that sorta thing?
that sounds about right for equity research. but what you should do is network your way into that shop and talk to someone about what kind if questions s/he had. I've always worked on the fixed income side.
I tried applying for equity research but they never seem to hire many people, even for BBs, because they always seem like a cost center. Got into a private bank research division, and it was absolutely tiny.
Writing is by far the most important skill set. After that, understanding of the industry, ability to effectively convey your ideas, and modeling/accounting. Equity research is essentially a sales job. If you can't sell your ideas to sales or clients, you won't get far. As far as entry level positions: show a genuine interest in and understanding of whatever group you are applying for. You'll be writing in the style of your senior analyst and your models should already be built unless it's a brand new group.
That's sick, I got interviews at anz for an internship through uni in this upcoming summer, any tips Panda?
i think the main thing for me is to really be diligent with your prep work, do alot of behavioural/situational questions, and try and get your answers down, at least for me just having a framwork of what i wanted to go with, had an interview with VGI, like a boutique IB and absolutely bombed it LOL. I'm not sure if they'd ask more technical based questions given it's ANZ, the IB's tend to grill you more with that from what ive heard but just know your stuff and the division you're going for. But at the end of the day just try and be natural, they'll either like you or they won't, one of my friends thought about it as you gotta convey your in hot demand/the interview doesnt mean much, he ended up at goldmansachs with like a thousand offers haha, some qs from memory how are you working in teams why company x? what motivates you who are you outside of university/studies what does it mean to be a leader what do u consider weaknesses how do you balance time What finance figures do you admire why finance/etc just tryna get a sense of you as a person I guess
