Vault _Guide面试指引

Customizedfor:Jackson([e-mail])©2002VaultInc.FINANNTERVPRACVAULTFINANCEINTERVIEWSPRACTICEGUIDEDAVIDMONTOYAANDTHESTAFFOFVAULTCustomizedfor:Jackson([e-mail])Copyright©2002byVaultInc.Allrightsreserved.Allinformationinthisbookissubjecttochangewithoutnotice.Vaultmakesnoclaimsastotheaccuracyandreliabilityoftheinformationcontainedwithinanddisclaimsallwarranties.Nopartofthisbookmaybereproducedortransmittedinanyformorbyanymeans,electronicormechanical,foranypurpose,withouttheexpresswrittenpermissionofVaultInc.Vault,theVaultlogo,and““theinsidercareernetworkTM””aretrademarksofVaultInc.Forinformationaboutpermissiontoreproduceselectionsfromthisbook,contactVaultInc.,150W.22ndSt.,5thFloor,NewYork,NewYork10011,[phone].LibraryofCongressCIPDataisavailable.ISBN1-58131-170-2PrintedintheUnitedStatesofAmericaCustomizedfor:Jackson([e-mail])ACKNOWLEDGEMENTSVaultwouldliketoacknowledgetheassistanceandsupportofMattDoull,AhmadAl-Khaled,LeeBlack,EricOber,HollingerVentures,Tekbanc,NewYorkCityInvestmentFund,AmericanLawyerMedia,Globix,Hoover's,GlennFischer,MarkFernandez,RaviMhatre,CarterWeiss,KenCron,EdSomekh,IsidoreMayrock,ZahiKhouri,SanaSabbaghandotherVaultinvestors.Manythankstoourlovingfamiliesandfriends.SpecialthankstoDeborahAdeyanjuandEvanCohen.ThanksalsotoH.S.Hamadeh,ValHadjiyski,MarcyLerner,ChrisPrior,RobSchipano,EdShen,andTyyaN.TurnerandtherestoftheVaultstafffortheirsupport.Customizedfor:Jackson([e-mail])VaultFinanceInterviewsPracticeGuideTableofContentsINTRODUCTION1PracticeMakesPerfect..................................3““Fit””Questions........................................4Sample““Fit””QuestionsandAnswers.......................6CommonlyAskedBasicFinanceQuestions..................8CORPORATEFINANCEANDM&A17SkillsforCorporateFinance/M&A........................19CorporateFinance/M&AQuestions.......................21SALES&TRADING69SkillsforSales&Trading...............................71Sales&TradingQuestions..............................73RESEARCH/INVESTMENTMANAGEMENT89SkillsforResearchandInvestmentManagement.............91ResearchQuestions....................................94FINANCEGLOSSARY113VisittheVaultFinanceCareerChannelat——withinsiderfirmprofiles,messageboards,theVaultFinanceJobBoardandmore.xiCAREERLIBRARYCustomizedfor:Jackson([e-mail])VisittheVaultFinanceCareerChannelat——withinsiderfirmprofiles,messageboards,theVaultFinanceJobBoardandmore.1CCAARREEEERRLLIIBBRRAARRYYFINANINTERVPRACINTRODUCTIONCustomizedfor:Jackson([e-mail])InvestmentBanking/CorporateFinanceInterviewPrepThissessionprepsyouforquestionsabout:••Mergers&acquisitions••Valuationmodels••Accountingconcepts••Personalityfitforinvestmentbankingandcorporatefinancepositions••Andmore!Sales&TradingInterviewPrepThissessionpreparesyouforquestionsabout:••Capitalmarkets••Macroeconomics,includingimpactofdifferentpiecesofeconomicdataonsecuritiesprices••Tradingstrategies••Interestrates••Securitiesincludingequities,fixedincome,currencies,options,andotherderivatives••Personalityfitforsales&tradingpositions••Andmore!Vaultbringsyouanewservicetohelpyouprepareforyourfinanceinterviews.Your1-hourlivesessionwithaVaultfinanceexpertwillincludeanactual30-minutefinanceinterview,whichwillbeimmediatelyfollowedbya30-minutecritiqueandQ&Asessionwithyourexpert.VaultLiveFinanceInterviewPrepDoyouhaveaninterviewcomingupwithafinancialinstitution?UnsurehowtohandleafinanceInterview?Formoreinformationgoto([e-mail])PracticeMakesPerfectThisbookisdesignedtosupplementtheVaultGuidetoFinanceInterviews.Werecommendthatyoupurchaseandreadthatbookbeforereadingthisone,especiallyifyouhavelittleornofamiliaritywithfinanceorthefinancialservicesindustry.Wehavecompiledalistofactualquestionsaskedduringfinanceinterviews,alongwithsomesuggestedanswers.It’’simportanttostressthatthesearesuggestedanswers——wedon’’trecommendthatyoumemorizeandrecitetheresponseswehaveprovidedverbatim.Rather,youshouldusetheseforreference.AguidetothisguideFinanceinterviewsaresometimesconductedbymembersoftheHRteam,sometimesby““lineprofessionals””(i.e.actualbankers,traders,orfinancedepartmentmembers),andoccasionallybyvariouscombinationsofHRandlineprofessionalsinteaminterviewsituations.Whilethereiscertainlyoverlapamongthetypeofquestionsaskedinaparticulartypeofinterview,wehaveorganizedthisguideandthequestionsintofourbroadcategories.••Fitquestionsandgeneralfinancequestions.Thesequestions,foundinthisIntroductionchapter,arecommonlyaskedofallfinanceinterviewcandidates.Theyareintendedtotestajobseeker’’sbasiclevelof““fitness””forafinancepositionintermsoftemperament,interestinfinancialmarkets,andbasicfinanceknowledge.••Corporatefinance/M&Aquestions.Thesequestionsarethosecommonlyfacedininvestmentbankinginterviews,aswellasthosefoundininterviewsforaninternalcorporatefinanceposition.Thissectionwillbehelpfulforthosepursuingacareerincommercialbankingaswell.••Sales&tradingquestion