不论是投行网申申请的开放式问题（open question）还是面试，绕不过去的一个问题就是为什么想要加入投行（ ‘why banking’）。投行业可不是个钱多事少的轻松活，如果你是刚要迈出校园的应届毕业生，投行招聘官想要确定你真的知道自己想要进入的是怎样一个辛苦的行当。
1、I can see you’re entrepreneurial, but you want to work in banking. Why is that?
2、What attracts you to a career in banking?
3、What kind of lifestyle do you expect to have in banking?
4、Why have you chosen banking over consulting?
5、Do you know what you’re letting yourself in for?
6、What would you be doing if you weren’t in finance?
7、Do you know about the investment banking lifestyle? Why don’t you have a problem with it?
‘why this bank’question
好啦，在对这个行业表完忠心，就要考验你对面试的这家投行的了解，也就是为什么选择这家投行（‘why this bank’）的问题。针对这类问题，最好是跟这家投行雇员聊一聊工作体验，这家投行的理念和战略。
另外，你也可以看看 ‘Seeking Alpha’(http://seekingalpha.com/insight/earnings-center/transcripts)这个网站，用这家投行CEO的名字来检索到他们的投资者电话会议记录，在Q&A环节可以看到其他投行分析师关于公司战略的提问。
8、What are some of the most significant deals our bank has completed in the last 12 months?
9、What is our current stock price?
10、What do you think this bank’s biggest regulatory threats are at the moment?
11、What do you see as the strengths and weaknesses of this business/division?
12、What differentiates our firm?
13、Who’s our major competitor? How do we measure up?
14、Tell me everything you know about our business model.
15、Which area of our business is strongest?
16、Who’s our CEO?
‘why this job’question
17、What do you think this position requires, and how well do you match those requirements?
18、Why should we hire you?
19、What do you think this job entails?
20. How many pigs are there in China?
这个问题很像咨询面试中的market sizing case，没有固定答案。需要注意的是估计的思路，可以从供给方和需求方来考虑这个案例。
21、A snail climbs a 10 foot pole. It climbs three feet every day and sleeps at night. While sleeping, it slides down by one foot. When does it reach the top?
22、You have eight red socks and 11 blue socks in a drawer. They are identical but for the colour. You must select your socks in the dark. How many socks, at a minimum, must you take out of your sock drawer before you have a matching pair?
current market knowledge question
下面是关于目前金融市场（current market knowledge question）的一些常见问题，主要针对的是sales&trading和research 部门的面试。这些问题没有约定俗成的惯例回答，毕竟市场每天都在变。
23、What is the Dow Jones Industrial Average/FTSE as of today’s opening bell?
24、What is the Bank of England base rate/Fed funds rate as of this morning?
25、What are the opportunities and dangers for this business?
26、Why would you or would you not invest in Apple?
27、What are your opinions on the Greek crisis?
28、Where are the 1-year, 5-year, and 10- year Treasury yields?
29、Would you invest in UK real estate now?”
30、What do you think is going to happen with interest rates over the next six months?
31、What has the market been doing? Why? What do you think it will do in the coming 12 months？
32、Tell me about some stocks you follow. Why should I buy them?
33、What does the yield curve look like now?
34、What major factors drive M&A? What are the major factors driving M&A in your sector? How do you see them evolving in the next year?
35、Where is the market (for bonds/equities/FX) going?
36、How would you hedge against the risk of a Greek default?
37、How would you invest $1m now?
past experience questions
简历面试（past experience questions）环节，你最好用S.T.A.R.法则准备好自己学校、实习的经历，用几个例子来说明你当时面临的情况和任务，你是如何行动的，最后取得了什么成果。
38、Walk me through a deal you did in the past six months.
39、Walk me through your CV/resume.
40、Why did you leave your last position?
41、What have been your failures and what have you learned from them?（你最大的失败是什么这个问题简直是个深坑，职小问后面也会专门聊聊这个问题应该怎么回答）
42、What are your proudest accomplishments?
technical investment banking questions
终于，经过几轮面试，你终于来到了技术面环节（technical investment banking questions），Beta、DCF，CAPM、EBITDA各种专有名字满天飞，即使是金融专业的同学，估计也是上完课就忘了个精光。
Beta tells you how much the price of a given security moves relative to movements in the overall market. A Beta of 1 means that if the market moves, the stock moves in unison with the market. A Beta < 1 means that if the market moves a certain amount, the stock will move less than that amount. A Beta >1 means that if the market moves a certain amount, the stock will move more than that amount.
CAPM is the capital asset pricing model, and it is a model designed to find the expected return on an investment and therefore the appropriate discount rate for a company’s cash flows.
45、What is accretion and dilution?
Accretion is asset growth through addition or expansion. Accretion can occur through a company’s internal development or by way of mergers and acquisitions. Dilution is a reduction in earnings per share of stock that occurs when additional shares are issued or the stock changes into convertible securities.
46、If two companies are trading at the same trailing P/E multiple, are they also trading at the same trailing EV/EBITDA multiple?
47、Walk me through a DCF…
A DCF proposes that the value of a productive asset equals the present value of its cash flows. You’ll also need to talk about relative valuation multiples, in which you value a company similar to its peers based upon measures like enterprise value/revenue, enterprise value/EBITDA, and the price/earnings ratio.
48. What are the different methods of valuation and what are their pros and cons?
The three methods are DCF, public comparables (comparing other publicly traded companies) vs. transaction comparables (similar companies that have been involved in previous transactions). Each has its advantages: a DCF shows the maximum a company is worth – not just the value the markets assign to it. The transaction comparables take into account the synergies that can be expected to flow from a deal. For more information, see this tutorial from NYU Stern. Click here for more information on company valuations.
49、How are the 3 financial statements linked?
The bottom line of the income statement is net income. Net income links to both the balance sheet and cash flow statement.
In terms of the balance sheet, net income flows into stockholder’s equity via retained earnings. Retained earnings is equal to the previous period’s retained earnings plus net income from this period less dividends from this period.
In terms of the cash flow statement, net income is the first line as it is used to calculate cash flows from operations. Also, any non-cash expenses or non-cash income from the income statement (i.e., depreciation and amortization) flow into the cash flow statement and adjust net income to arrive at cash flow from operations.
Any balance sheet items that have a cash impact (i.e., working capital, financing, PP&E, etc.) are linked to the cash flow statement since it is either a source or use of cash. The net change in cash on the cash flow statement and cash from the previous period’s balance sheet comprise cash for this period.
50、What is working capital?
Working capital is the amount of liquid assets a company has on hand. It amounts to current assets and cash minus current liabilities.
51. Walk me through the major line items of a Cash Flow Statement
The cash flow statement is divided into three subsections: cash from operating activities, cash from investing activities, and cash from financing activities.
Cash from operating activities can be reported using the direct method (uncommon) and indirect method (the predominant method). The indirect method starts with net income and includes the cash effects of transactions involved in calculating net income. Essentially, cash from operating activities is a reconciliation of net income (from the income statement) to the amount of cash the company actually generated during that period as a result of operations (think cash profits vs accounting profits). The adjustments to get from accounting profit (net income) to cash profits (cash from operations) are as follows:
Net income (from income statement)
+ non-cash expenses
– non-cash gains
– period-on-period increases in working capital assets (accounts receivable, inventory, prepaid expenses, etc.)
+ period-on-period increases in working capital liabilities (accounts payable, accrued expenses, etc.)
= Cash from operations
Net Change in Cash Over the Period = Cash Flow from Operating Activities + Cash Flow from Investing Activities + Cash Flow from Financing Activities
52、What is DDM?
53、Which is higher – the cost of equity or the cost of debt, and why?
The cost of equity is almost always higher than the cost of debt. This is mostly because debt holders have less risk than equity holders of not getting their money back and are therefore willing to accept lower returns. – Debt is secured against a company’s assets and is therefore less risky for the creditor, which can seize those assets if the company defaults. If a company goes bankrupt, debt holders receive proceeds of the liquidation ahead of equity holders. And debt holders receive interest on their investment in all situations (whereas equity holders are only paid dividends if the company is doing well). It helps too that debt s tax deductible.
54、Why should a company prefer equity finance to debt finance?
Equity financing is less risky (you won’t have to pay it back). You’ll have more cash on hand. You won’t have to channel profits into loan repayment. Your equity investors will have a longer term view. Your company will have more credibility. And you might get to tap your investors’ network to help you develop the business.
The culture questions
在金融危机后，投行们越来越多地认识到卓越不仅仅意味着赚钱，所以面试中会更多涉及投行自己的价值观以及面试者如何应对道德上的两难之境。这部分最好的准备就是去读投行年报中的CEO letter和官网career page中现有员工的发言，并且准备好自己如何处理价值观的例子。
55、When have you worked in a bad team? Which steps did you take to make it better?
56、What is the most ethical decision you’ve ever had to make?
57、Give me an example of a person you think has integrity and explain why.
58、Give me an example of a person you think is credible and explain why.
59、How would you describe your leadership style?
60、What would you do if you did not have to work for money? How does that relate to this job?
61、Have you ever had to bend the rules to get the job done. Why was that?
62、Can you describe a situation in which you made a mistake and had to admit it to peers?
63、What kinds of people do you find it easiest to work with? Why?
64、How do you handle stress?
65、What is one word that describes you best?
66、How would your classmates/colleagues describe you?
67、What’s the last book you read?
68、What is the riskiest thing you’ve ever done?
69、How would you spend $1m besides investing it?
70、Where do you see yourself in five years’ time?