入職花旗銀行Citi Group 投行部，拆解面試流程

By SJ on May 4, 2017

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：

 

第一輪面試

第一輪的面試官是2個投行分析師（Analysts），是分別與他們一對一面試。與analysts面試的主要內容就是technical問題，出題範圍大概有四類：

  1. 解釋一個DCF模型
  2. Accounting問題
  3. 如何計算CAPEX（資本支出）
  4. 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。

面試題目：

  • Self-introdction
  • 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?

相信一眾讀者已經看到一頭霧水，SJ小編亦是！所以是時候好好地準備了。

 

 

第二輪面試

第二輪的面試官是VP，主要內容就是行為（behaviour）的問題。主要問題包括：

  • 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.

 

有的時候你的回答可能並不能撩起面試官對你的興趣，甚至你會發現面試官已經快要skip你了。這種非常時期，如何使出緩衝危機？

以下是經驗之談：

“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。

最後的這個簡單提問，明顯地讓他對我的態度有所轉變，讓我成功進入下一輪。

 

 

Superday

案例分析

50分鐘準備，30分鍾group presentation，之後還有Q＆A環節。會有一個十幾頁的資料，看完後要要在背面寫上自己的論點和論據。是根據信息分析相應企業的境況，結合Citi業務本身回答相關問題。會有不同的scenario，你要根據回答。因為case很長，寫完後計算數據的時間就很緊，所以合理分配時間非常重要。

 

 

Director面試

面試官是Director或是以上職級：

    1. 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?
    2. What happens to your DCF when depreciation increases by $500million at a 20% Tax Rate?
    3. 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)?
    4. Company A has $300mm in EBITDA and it grows at 15% for five years. What is their EBITDA at the end of year 5?
    5. Just know your resume, and assume you will be grilled on every line *emphasis on the GRILLED*
    6. 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?
    7. [Why do you want to go back to Asia?]
    8. Why Citi?
    9. [Why do you go to US to stduy?]
提示：

  1. 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;
  2. 根據Director的背景來問問題，可以適當地拉近距離;
  3. 和如此資深的面試官溝通，不要被他們的頭銜和氣場震住。心態非常重要，就當和朋友一樣來溝通反而更自然舒服，更容易被記住以及產生好感;
  4. 不要總想著你可以用technical來贏得好感，這些在投行里數年工作經驗的人對tehnical如數家珍，他們更注重的是你這個人是否有趣，是否可塑。
 

Financial Times Newspaper

30-40分鐘，揀選你覺得最重要的三篇新聞，分析它對Citi的正面和負面影響。
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：

  • 意大利總統下台
  • 韓國薩德
  • 石油價格回升
 
Chinese test
30分鐘翻譯一篇文章，文章內容主要來自會議記錄（因為作為初級分析師，很多時候各種會議等都需要我們來記錄整理的，所以相當於提前熱身了）。

 

SJ結語

有無讀者可以解答下啲technical問題？

緊貼SJ，入職投行更近一步。

 

原文轉載至 WallStreet Tequilla

 

 

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