投行面試五花八門，applicants 需要準備充足才有可能突圍而出。2017年最新的花旗銀行（Citi Group）面試全過程：
- Merger & Acquisition
因為是電話面試，所以身邊可以放一些notes或是貓紙。應付這類的technical questions最好的方法就是提前prep，越早越好，越熟越好。投行所問的technical questions也變幻莫測，越來越flexible。單靠以死記硬背的方法未能應付所有問題，需要多花時間進行mock interview，了解知識體系，深入了解資本市場的運作和邏輯。
- What kind of work do you hate most?
- Example of teamwork?
- Have you ever build some financial models?
- How to valuate，DCF Model, LBO
- What are some multiples (eg. EBITDA)
- A company’s ROE is …,is that high or low, how can you approach that
- What are the three valuation methods and can you walk us through them.
- How would a depreciation increase affect your DCF valuation?
- If your accounts receivable was increasing faster than your accounts payable, how would that affect your DCF value?
- Why does depreciation give you more earnings even though it’s an expense?
- If you issue $100M in debt, how would that affect your three financial statements? How do you get from share price to Enterprise Value?
- How would you go from basic shares to diluted shares?
- When you’re looking at Google Finance, what type of shares/sharecount would you see?
- Have a list of investments, where they trade on the dollar, par value, maturity and interest rate. Have EBITDA and CapEx, determine which is the best investment.
- Where can you find EBITDA?
- Have EBITDA, EBITDA multiple, and a list of investments. Which investments are safe in a liquidation? What happens to the price they trade on the dollar? What happens to equity prices?
- Why do you restructure? Why refinance? When would you file a Chapter 7 bankruptcy and what does it mean? Chapter 11?
- Walk me through your resume
- If I give u the offer ticket，will u take it right now?
- Compare different banks
- Why [IBD]
- Why Citi
- Why [HK]
- Walk me through your CV
- What do you see yourself in 5 years？
- Give me an example that you successfully deliver a result.
- Tell me about a time where you showed leadership
- What is the most competitive work situation you have experienced? How did you handle it? What was the result?
- What is the riskiest decision you have made? What was the situation? What happened?
- What kinds of challenges did you face on your last job? Give an example of how you handled them.
- What projects have you started on your own recently? What prompted you to get started?
- What sorts of things have you done to become better qualified for your career?
- What was the best idea that you came up with in your career? How did you apply it?
- When you disagree with your manager, what do you do? Give an example.
“面試到後來，面試官也沒有問我進階的問題，開始進入閒聊的階段。說時快，面試官就問了“Do you have any question for me?（你有什麼問題嗎？）”
我當時感覺到他可能對我沒有什麼興趣，也變得緊張。我就問了他Why Citi，反守為攻，讓他能夠說一些比較personal，而且他自己比較感興趣的話題。剛好，面試官是從Credit Suisse跳到了Citi，我就問他為什麼他做這樣一個轉變。看得出他也剖白了內心的看法，我就說我完全同意你的想法，然後再解釋我已經準備好了的 “Why Citi” 的答案。
- Two companies are identical in every way except Company A uses the Treasury Stock Method, whereas Company B does not. What’s the effect on their Enterprise Value?
- What happens to your DCF when depreciation increases by $500million at a 20% Tax Rate?
- When incurring dilutive securities, do you use the total dilutive securities outstanding (i.e. all options in existence) or just the ones that one may exercise(i.e. options that are in the money)?
- Company A has $300mm in EBITDA and it grows at 15% for five years. What is their EBITDA at the end of year 5?
- Just know your resume, and assume you will be grilled on every line *emphasis on the GRILLED*
- If you have a 7×7 Rubics Cube, dropped it into a bucket of paint, and then took it out, how many cubes would have 3 sides painted? 2 sides painted? 1 side painted? No sides painted?
- [Why do you want to go back to Asia?]
- Why Citi?
- [Why do you go to US to stduy?]
- 面試之前一定要做好功課，通過各種途徑 (i.e. LinkedIn, 網站profile) 了解面試官背景;
Financial Times Newspaper
1) What interests you?
2) What are the key issues?
3) What are the impacts on Citi and its clients?經驗之談：“因為我是讀politics的，而很幸運的是當時的世界政局都很混亂，英國脫歐，韓國部署薩德，特朗普競選成功，所以新聞都和政治有關。我選的新聞有：
原文轉載至 WallStreet Tequilla
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