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避尘巷

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投行面经 (M&A)  

2010-09-08 07:32:31|  分类: 面霸 |  标签: |举报 |字号 订阅

  下载LOFTER 我的照片书  |

大五的Sem2开始了,对我来说大学生活也就剩2个学期了!这几年的校园生活很精彩,发生了很多事,有好的也有坏的,有很多感言,但就不要在这里一一细说了。。。

现在看看周围的同学,每人都有自己的轨迹并朝着自己的理想而奋斗。。。在这里真心地祝福所有人。。给暂时迷茫的同学们:只要你锲而不舍你肯定会实现你的人生理想!路是靠一步一步脚踏实地的走出来的!

btw,周三去了Melbourne Uni Careers Fair,场面相当夸张,只能说这年头的人才市场对学生来说是残酷的。作为一个暂时脱离苦海的人,我觉得我应该和大家分享一下自己的经历,所以跟网上很多人一样我也写个面经吧,希望大家能少走歪路(我当时没有怎么问过过来的人,所以浪费了很多时间,受了很多刺激!~~)

 

Application(i.e. Big Four Accounting, Commercial Bank or Investment Bank)

1。CV要控制在一页内(尤其是申香港美国英国的)

2。CV要Professional(排版,语句etc etc)

3。回答Application里question的时候要认真不能马虎(no grammar & spelling errors)

4。不能把答案copy & paste进你所有的申请 - importantly,回答的时候千万不能答非所问!!!!

5。以前问过JPMorgan悉尼的HR,她说她主要还是看申请者如何回答申请表上的问题+overall experience来区分每年澳洲1500+applications的~so~成绩并不是最主要的!!(third year average 80+就行了)

 

Online Assessment 笔试

1。一个好的application + CV一般会有机会被邀请参加网上测试

2。这年头95%的公司都在用SHL的题目(Numerical, Verbal, Abstract Reasoning)- 只有DB用了个别的公司的题集

3。有些人会上网google题集,这应该会有点帮助,但我觉得只要在做的时候仔细点就行了

4。Numerical - 个人觉得要先看题再看Case Info,有可能时间上会有问题,多练练就行了!

5。Verbal - 平时多读报纸的就行了

6。Abstract Reasoning(看图形找规律)- 很难拿满分的。。。。。

 

First Round Interview or Phone Interview 第一轮面试/电面

1。个人不知道四大和商业银行的第一轮的面试方式,所以就谈谈自己的一些IB interview experience

2。去面试之前要读几遍自己的CV,面试官一般都会从你CV上的经历开刀

3。去之前了解一下他们公司的业务状况(申请投行收购合并部的还得查一下最近市场上的M&A or IPO新闻)

4。穿得干净点,professional一点,要低调,不要穿着Zegna Suit + Hermes Ties - 投行的人平时很多穿的都很随便的,他们也只有在要见客户的时候才打扮打扮的

5。别的p话我也就不多说了 - i.e.不要紧张etc etc。。。所以就说一下First Round的基本流程吧

6。几乎所有的IB Interview都以面试官自我介绍开始的 - i.e. his name, job title, education, years working for the firm。。。很简短,而且要把这些信息给记住!!在Merrill Lynch面试结尾的时候一个墨西哥banker问我:'Can you repeat what we have said at the beginning of the interview - i.e. number of years we have worked for ML, where have we worked before joining ML and our job title etc etc'。。。当时狂晕,但幸好还是记住了

7。第一个问题 (95%可能性)- ‘请介绍一下你自己’ - 这时候要把你CV上的经历都过一遍 - 这很重要,这个问题想看的是你的表达能力 - 怎么样在很短的时间内推销你自己!所以在面试前一定要过一遍你自己的CV!Here, speak slowly and confidently...do not oversell yourself, just reveal your experience - your true experience, and no bulls**t here...

8。一些General/behavioural questions:

- Why investment banking? - 百分之百会被问到的! (a harder version - why IB/M&A but not management consulting? by Macquarie) - i said - after winning the campus round of the JPMorgan IB competition, i enjoy the work that you do - i.e. research + analysis + strategy ---> utilising the stuff you have learnt in uni....also, say that you love working in a team with ambitious and motivated people!!!

- Why our firm? (要了解他们的公司,要突出他们公司的优势 - small firm: a small team allows you to take greater responsibility etc etc; larger firm: big corp affords grad the opportunity to transfer divisionally & geographically etc etc)

- Can tell me a time when you are working in a team and you have shown leadership/initiative/resolved conflicts (100%的出现可能性)- 回答的时候要联系到你CV里的经历 - 这个问题很重要 - 去面试的时候要想好你该怎么对付这种问题!

- Do you follow the financial press? Can you tell me about a recent transaction? - 讲一下你对市场的看法or最近市场上的动态etc就好了 - 面试前我还在学校用了Bloomberg Terminal来查资料 - DTOP Function里面有M&A league table ranking - then select the firm you are applying to, and find out their recent M&A transactions。。。然后要考虑一下那个M&A交易的strategic rationale!i.e.最近很火的 中铝vs力拓 + RIO & BHP的JV etc etc。。。

- Tell me about your volunteer experience/student club & society experience/past work experience - 要记得推销自己!!- 讲点teamwork skills etc....

- What have you gained from your past work experience?

9。一些技术性的问题:

- How do you value a company? - answer: DCF, multiples, sum of all parts, real options etc

- What are the line items in a DCF model? - answer: NI(1-tax)+Dep-Capex-change in WC

- Who do you get beta? - answer: bloomberg info - take regression

- What if it is a private company, so how to get the beta? - answer: bottom-up beta - i.e. using comparable firm's betas etc 

- How to get WACC? - straight forward question

- Which multiple is good? answer: depends on industry

- Why PE ratio isn't great? answer: capital structure differences and growth opportunities and etc etc etc...

- When will a M&A transation be PE dilutive/accretive? - answer: cash offer --> EPS accretive etc etc 

- Which of the follow asset is more suitable for a LBO transaction? - Tollway or an IT company? Answer: Toll-way - stable CF and lower business risk - therefore, can increase the financing risk by doing LBOs

- What is 199 X 198 equal to? 

More and more........some are really really hard.....

有些technical的问题很难,如果真的不懂的话就说没学过,千万不要在这时候Bullshit

一般来说Behavioural的问题占了75%

 

Final Round/最后轮面试

1。首先每个公司的流程都不一样 (Macquarie和Deutsche Bank的是和2个MD面一轮,Goldman一天面5轮总共10个MD面试+前一天还要和15个analysts+associates共进晚餐,JP一天面6轮总共5个bankers+2case studies,UBS一天面2轮+1case study)

2。Final和First round差不多,就是技术问题更少一点!

3。Typical questions:

- Why did you choose your course/your uni?

- Where do you see yourself in 5 years' time? (不要给冠冕堂皇的答案 - i.e.还会继续为你们公司效力etc。。。应该这样回答: I am not exactly sure, but I look to do a MBA in the States, or I may work in Asia, these are all the options that I will be considering etc etc)

- What is your favourite subject?

- What do you do apart from study/work?

- What have you learnt from Uni?

- What are you weaknesses?(这时候要会一点Bullsh*t,要讲一个貌似是缺点的优点~~i.e. I think I often push myself too hard - i.e. trying to do many challenging things at once, maybe I think things would turn out better if I take a step back etc etc)

- What is your idol?

- What is your strength - be humble, and say i.e. I put in 100% for everything that I do,,,,or,, i work well with people - give example etc etc - i.e. JPMorgan IB Competition etc etc...

最BT的还是GS的 - 问了45分钟的Behavioural questions。。。

 

4。Management consulting type questions(only at GS)

- Estimate the number of passengers (inflow&outflow) at Sydney airport every year

- Estimate beer consumption (in litres) in Australia per year

这类型的题目很interesting,慢慢做就行了,面试官看的是你逻辑思维能力 - 如何把复杂的问题一步一步地解决。。

到了Final Round的时候一般来说就是看天数了。。。他们喜欢你就会要你,不喜欢那也不能强求(他们似乎喜欢能自我反省,知道自己优势和劣势的人 - i.e. self-reflection,喜欢自信但不自大的applicant)。。。还想说的是 - be confident!不要觉得IB的人多么牛,他们也只不过是为企业家服务的高级打工仔!(我面试的时候就是抱着这个心态的!)- 用毛主席的话 - 战略上藐视敌人,战术上重视敌人!!

条条大路通罗马,是金子总能发光的!我一直对自己说失败是为了将来更好的机会而做准备!去年和今年年初被JP,UBS,Credit Suisse reject之后曾一度气馁,但我一直没有放弃,一努力地想证明自己的人生价值。。。(现在我暂时做到了这一点,所以也要向下一个目标而努力了!)

So, hard work + persistence + ambition + confidence will eventually pay off! It is only a matter of time...

从被投行reject到reject投行是一段漫长痛苦的经历,真的是付出了很多,所以希望年底在高盛的IBD能好好工作不能留遗憾。。。

md....都10点了要去准备明天tut了。。。。。。

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