IBankingFAQ » Interviewing – Qualitative (Fit) Questions

While “walking through my resume,” can I refer to the copy of the resume in front of me?

Andrew — Mon, 29 Oct 2007 20:58:31 +0000

No. Even if you have a copy of your resume in front of you, you should be able to talk about your background and experiences without referring to your resume. Referring to, or worse, reading off of your resume makes it seem like you don’t even know your own history.

What NOT to ask…

Andrew — Thu, 25 Oct 2007 22:49:35 +0000

How much money did you make last year?/How much money will I make?/How were bonuses last year?/How much vacation will I get?…
No explanation needed…I hope.

What is the lifestyle like?/How many hours will I be expected to work?/Is there face time at this bank?
Any questions regarding lifestyle and hours, risk giving the interviewer the impression that you are not willing to work hard. Now, if you are interviewing at a boutique and the interviewer has already talked about how good the lifestyle is here, then it may be okay to ask these things. But if you are interviewing at a bulge bracket bank or the like, don’t ask about lifestyle.

What do you know about our bank?

Andrew — Thu, 25 Oct 2007 22:24:40 +0000

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.

How NOT to answer the question, “Why do you want to be an investment banker?”

Andrew — Thu, 25 Oct 2007 21:56:55 +0000

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.

How long should I spend “walking through my resume?”

Andrew — Thu, 25 Oct 2007 21:18:05 +0000

You should plan on spending 3 – 5 minutes talking about your background. If you notice that the interviewer looks bored, then speed it up. If the interviewer looks engaged, then be more detailed. Some interviewers will let you finish your story before asking questions and others will interrupt you repeatedly.

If I am asked to “walk through my resume,” where (when) should I start?

Andrew — Thu, 25 Oct 2007 21:17:21 +0000

It’s really up to you and whatever you think tells the best story. Some people start with where they grew up. Others start with college or their first job out of college while more experienced or older individuals might start with Business School or other graduate program. Just keep in mind that your most recent experiences are going to be more relevant so don’t get bogged down with stories of your first lemonade stand or how well you invested your Bar Mitzvah money.

What are your weaknesses?

Andrew — Tue, 16 Oct 2007 03:46:46 +0000

Even more so than the question about strengths, it’s unusual to be asked about your weaknesses. There is no good way to answer this question so the best advice is to try to move on as quickly as possible. Obviously you don’t want mention real weaknesses (I’m dumb, I’m lazy, I require 12 hours of sleep a night). You also don’t want to say things that make you look silly like “I work too hard” and you can’t say you don’t have any weaknesses because you’ll come off as too arrogant. So try to think of something relatively innocuous that also might highlight a strength. For example, “I can get occasionally get impatient with peers/coworkers who don’t have the same abilities as me or don’t show the same commitment that I do.” Or, “Sometimes I can be so focused with or driven by the task on hand that I wind up tuning out other aspects of my life.” You can also usually say something like, “I think my skills are very good compared with my peers but, of course, I’m new to investment banking, and I obviously need more experience. Experience which I’m confident I’ll get working for you…”

Occasionally, a really difficult interviewer will ask you for 3 weaknesses, knowing that your first 2 will be bullshit answers. To which I would respond that my major weakness is, “I’m really bad at bullshit interview questions.”

What are your strengths?

Andrew — Tue, 16 Oct 2007 03:46:25 +0000

This is one of those generic interview questions that you are less likely to get in banking interviews. If you do get this question, this is one of your best opportunities to make your case that you’d be a good banker. Some of the skills that you probably want to highlight include your analytical/quantitative skills (especially for an Analyst), communication skills (especially for an Associate), ability to learn quickly, detail orientedness and ability to work really hard. You should definitely be prepared to back up what you state as your strengths, using one or two concrete examples from past jobs or school.

What are your long-term plans?

Andrew — Fri, 12 Oct 2007 22:24:34 +0000

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.

Are you interviewing for jobs other than investment banking?

Andrew — Fri, 12 Oct 2007 22:23:47 +0000

This can be another tricky one. If you are interviewing out of undergrad or B-School, I would emphasize that you are only interviewing with investment banks or at least that banking is by far your main focus. If you are trying to switch careers, interviewers are going to understand that getting a job in banking is more difficult and that you may need to cast a wider net. In these instances, I think that as long as you state that banking is your top choice, it’s okay to mention that you are interviewing with other institutions, provided that they are in finance and require similar skill-sets (e.g. equity research, corporate banking, etc.) Whatever you do, don’t state (even if it is true) that you are looking at banking, consulting, hedge funds, private equity and also considering going to cooking school. You’ll come across as unfocused and not serious about being an investment banker.