MCINTIRE INVESTMENT INSTITUTE - UVACollab : Gateway · PDF fileInternship and Interview ......
Transcript of MCINTIRE INVESTMENT INSTITUTE - UVACollab : Gateway · PDF fileInternship and Interview ......
MCINTIRE INVESTMENT INSTITUTE AT THE UNIVERSITY OF VIRGINIA
Internship and Interview Workshop
Prepared by J. Wulkan| Nov. 7, 2013
McIntire Investment Institute 1
“The best defense is a good offense”
… Machiavelli
McIntire Investment Institute 2
AGENDA
McIntire Investment Institute 3
Your Options
Networking
Interview Techniques
Sample Questions
(SOME OF) YOUR OPTIONS: INVESTMENT BANKING, CONSULTING, FINANCE
McIntire Investment Institute 4
IB PAYS THE MOST, HAS THE MOST EXIT OPPORTUNITIES CORPORATE PROVIDES BEST WORK/LIFE BALANCE
McIntire Investment Institute 5
Fewest Hours (40-50) Most Hours (100+)
Least Pay ($55-70k) Most Pay ($130k)
Finance / management at major corporate
Consulting Investment banking
Typically work 40 hours per week
Wide range of work, all with
one company
Geographies include entire United States
Rotational programs provide
broader experience
Typically work 60-70 hours per week
Specialize in one field,
work with many companies
Geographies include entire United States with frequent
travel
Typically work 90-110 hours per week
Can specialize in product, industry or remain broad
Highly concentrated in
New York
Highly finance-focused
EACH HAS ITS OWN PROS AND CONS
McIntire Investment Institute 6
Finance / management at major corporate
Consulting Investment banking
Pros: Better work-life balance
Start / stay with the company you love
More internal promotion opportunities
Broader range of projects
Cons: You focus only on one
company
Harder to sell yourself as a “hard worker”
Fewer exit opps
Pros: Better work-life balance
Excellent b-school exit opportunities
Exposure to C-level people
Brand-name firms are broadly recognized in all fields of
business
Cons: Travel can become tiresome
Fail to build hardcore finance skills
Harder jump to buy-side
Pros: Excellent buy-side exit
opportunities
Excellent valuation skills
Exposure to C-level people
Ability to sell yourself as a “hard worker”
Cons: No work-life balance
Bankers viewed as poor problem solvers
Pigeon-holed to certain industries or products
NAMES YOU SHOULD KNOW (WHO RECRUIT AT UVA)
McIntire Investment Institute 7
Finance / management at major corporate
Consulting Investment banking
WHAT SHOULD MY GOAL BE FOR THE SUMMER?
McIntire Investment Institute 8
First Year Second Year Third Year Fourth Year
Takeaway: Don’t stress too early about jobs; enjoy the free summers you have
Goal: Enjoy summer
Ideas: Travel
Coach a team Work at local
company *Volunteer
Goal: Get full time job
Ideas:
Return offer Leverage FT offer
Re-recruit in different field
Goal: Intern in your chosen field
Ideas: IB internships
Consulting internships Rotational internships
Goal: Get any internship
Ideas:
Local companies Local funds
Diversity programs at major
companies
NETWORKING: GETTING THE FIRST ROUND
McIntire Investment Institute 9
INTERVIEWS ARE HARD TO GET
McIntire Investment Institute 10
• How not to network: – Skipping info sessions – Trying to talk to everyone at the
sessions – Forcing conversation – Asking “too much”
• How to network: – Attend lots of info sessions – Focus on one person with whom
you are sharing a genuine conversation
– Always follow up with short thank you emails
“Never tread lightly. Leave a deep impression wherever you go.” … K. Rafferty
150-400 resumes
35 interviews
3 offers
SAMPLE FOLLOW-UP EMAIL
Person X, Thank you for taking the time to talk to us last night at Company X’s information session. I really appreciated the chance to talk to the firm’s representatives. I’d love to follow up with a brief phone call to ask a few more specific questions I had. Please let me know if you have availability later this week. Thank you for all your help, Candidate X
McIntire Investment Institute 11
INTERVIEW TECHNIQUES: HOW TO STAND OUT
McIntire Investment Institute 12
THIS STUFF IS IMPORTANT…
McIntire Investment Institute 13
IMPRESS EVERYONE YOU TALK TO
McIntire Investment Institute 14
• How not to interview: – Looking at the ground – Saying “I don’t know” – Not understanding the position you’re interviewing for – Not thanking the interviewers
• How to interview: – Make strong eye contact, and SMILE – Saying “I’m not quite sure, but let me see how far I can get and I’d love to hear the
answer after” – CRUSHING the “why this firm” question – Sending follow-up emails to all your interviewers
“No one can make you feel inferior without your consent.” … E. Roosevelt
SAMPLE QUESTIONS
McIntire Investment Institute 15
RESOURCES FOR PREPARATION
McIntire Investment Institute 16
GENERIC QUESTIONS
McIntire Investment Institute 17
Behavioral (fit): Why this industry? Why this firm? What specifically about this position interests you? Give an example of a time you worked in teams. Give an example of a time you lead a team. Why should we hire you given all the other strong candidates we’re interviewing? Why did you choose UVA? Why did you choose to do Commerce? Why didn’t you choose to do Commerce? What class did you do worst in and why? How would your best friend describe you in three words?
FOCUS MORE ON FIT, SOME CASE QUESTIONS
McIntire Investment Institute 18
Finance / management at major corporate
Behavioral (fit): This program is rotational… what part of the firm do you most / least want to work in and why? What is our company’s competitive advantage? What about our culture excites you the most?
Technical: Usually a case question similar to a problem you’d work on at the company Sometimes basic questions about what is going on in the news Sometimes basic questions specific to finance
STRONG FOCUS ON CASE QUESTIONS, KNOW YOUR MATH
McIntire Investment Institute 19
Consulting
Behavioral (fit): What is consulting? How do you perform on projects where there is no immediate deadline? *If I was stuck with you at O’Hare airport snowed in, would you annoy me? *If I put you up front of a COO / CFO, how will you respond?
Technical: What is 14% of 70? What is the market size for diapers in the entire United States? Client X wants to release a new product in Industry Y. What should they consider?
What else should I consider? What else?
STRONG FOCUS ON FINANCE QUESTIONS, VERY PREDICTABLE
McIntire Investment Institute 20
Investment banking
Behavioral (fit): WHY INVESTMENT BANKING??? Give an example of a time you pulled an all-nighter / worked hard. How did you perform? Give an example of a time you failed. Give an example of attention to detail.
Technical: Walk me through a DCF. Walk me through how to calculate WACC. If two companies have identical capital structures, what makes one a better candidate for restructuring? What are the most common valuation methodologies?
Which gives the highest value? Lowest value?
APPENDIX: LIST OF BANKS BY TYPE
McIntire Investment Institute 21
STRONG FOCUS ON FINANCE QUESTIONS, VERY PREDICTABLE
McIntire Investment Institute 22
Bulge Brackets (all)
Goldman Sachs J.P. Morgan Morgan Stanley Credit Suisse Deutsche Bank Barclays Citi Wells Fargo Bank of America / Merrill Lynch UBS *Jefferies Group *Suntrust Robinson Humphrey
Boutiques (some)
Blackstone (NY) Lazard (NY) Centerview (NY) Greenhill (NY) Evercore (NY) Moelis & Co. (NY / CA) William Blair & Co. (IL) Perella Weinberg Partners (NY) Houlihan Lokey (NY) R.W. Baird (IL) Rothschild (NY) Harris Williams & Co. (MA / VA)
*This list is not intended to imply a ranking by market share, prestige, pay or any other metric. This is simply the order in which we remembered these firms. **List is not intended to be exhaustive