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投行面试认真准备的人运气不会太差,拿好这70个投行面试问题和问答

来源:五百丁 作者:五百丁小编

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什么,你收到了高盛的面试通知?恭喜你,即将经历地狱式的一天,一个由数名资深投行家组成的面试委员会将把你和你的简历挖到比头发丝还要细。别着急,职小问搜集了有史以来最全的投行面试问题和回答思路。


拿好这70个投行问题,认真准备的人运气不会太差,一定会在面试中无往不利的!


各大投行在面试中的风格堪称一致,像是高盛的面试要求你100%熟悉你的简历,如果你在简历中写着在3年前上过一门JAVA编程课,你最好祈祷还记着老师的谆谆教诲,高盛可是真的会问你JAVA的事情哦。


‘why banking’question


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。


所以回答‘why banking’这个问题的时候,最好详细具体并且是原创的,避免落入千篇一律的空话。


你可以在回答中谈及你曾跟哪位投行前辈聊过天(如果这位前辈也在这家投行工作就更好了),对方的投行经历如何激发了你的决心。谈谈你对投行业的热情,比如解释为什么投行比咨询更加吸引你,比起空洞的战略拟定,你更偏好可以量化的金融模型。


如果你有过创业或者企业的经历,你也可以解释说这段经历让你可以更好地应对客户。例如一位德意志银行伦敦投行部TMT组的总监,就是以一家科技公司的创始人的身份成功进入投行。


这个过程中,你可能遇到以下提问,总得来说你需要表白自己在充分认识到投行的辛苦之后,仍然对投行业无怨无悔的热爱:


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。


找不到network可以联系这家投行的员工?别着急,职小问还准备了替代方案,一家投行往往会把他们信奉的准则写在官网上,至于具体的业务战略,可以在投行官网的投资者关系这一栏找到他们最近一个季度和年度的报告,里面的管理层讨论会详细地披露这家投行经营状况和战略。


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


回答这个问题的技巧不在于表达你有多热爱这份工作,而是你能够给这份工作带来什么,也就是站在招聘者的角度来回答。更具体的说,就是你在过去的经历如何帮助你更好地完成这份工作,你最好对这份工作的岗位要求有细致了解,这样回答起来会更加简洁有力。


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?


the brainteasers


回答完以上3WHY问题,可不能松一口气,接下来就要进入让人头疼的brainteasers环节,各种无厘头的脑经急转弯,比如第20个问题中的”中国有多少只猪?"。一位前高盛的投行家认为,回答的诀窍就是方法和态度比答案本身更重要。


投行想在这一个环节看到你思考问题的过程,看你是如何灵活地提出一个解决思路的,每一个问题是没有固定答案的。


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。


不过需求方可能更容易用常识估算。不过你要是能记住双汇母公司万洲国际的在招股说明书中关于市场占有率和销售额的数据,可能会更对投行的胃口。


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?


这个问题要特别注明一下,你或许认为这条蛇一天真正前进的距离只有2英尺,所以爬完10英尺的洞需要5天,一个只要10秒就能回答的问题。


那你就掉入陷阱了!这条蛇在第五天早上离洞口只有2英尺了,而白天可以爬3英尺,所以这条蛇会在第五天过去三分之二的时候到达洞口。


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?

答案是三次。


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。


所以最好每天没事儿在金融时报、华尔街日报上面背背最新的市场指标,对于市场方向建立自己判断,并且备好一系列的投资方向。


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?


最后这个问题,要注意100万美元其实是一个很小的数目,有些项目的投资门槛是很高的,所以必须要考虑100万美元以内的可投资标的额有哪些。


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。


别怕,职小问下面技术流一一为你解析正确答案,并且贴心地附上了英文版本,再也不用担心不知道怎么用英文描述金融名词啦。


43、Define Beta


对于非金融行业的同学来说,Beta是什么鬼,能吃吗?Beta衡量的是一只特定证券价格波动与市场价格波动之间的关联性。Beta为1就代表这只股票会随市场同步波动。Beta小于1意味着当股市波动时,这只股票的波动小于市场波动幅度;Beta大于1则相反。


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.


44、Define CAPM


CAPM是资本资产定价模型的简称,这个模型是用来寻找一项投资的预期回报,从而为一家公司的现金流找出合适的折现率。


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?


增值( accretion)是指资产增长或扩张,可以通过一家公司内部增值或者并购实现。稀释(dilution)是指当每股收益因为增发股票或者可转债行权而减少。


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?


这里要区分EV/EBITDA和P/E的统计口径是如何不同的。PE和EV/EBITDA反映的都是市场价值和收益指标间的比例关系,只不过PE是从股东的角度出发,而EV/EBITDA则是从全体投资人(包括股东和债权人)的角度出发。


P/E的统计口径是股票价格/每股净利润,EV/EBITDA是指企业价值(也就是企业市值+负债总额-现金总额)/息税摊销折旧前利润。所以与P/E相比,EV/EBITDA不受税率和资本结构的影响


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?


估值的三个经典大法是DCF、可比公司估值法以及可比交易估值法。DCF的优势是可以展示一家公司最多能值多少钱,而不仅仅是市场现在给予的估值。可比交易估值法则考虑了如果进行兼并收购,之后协同效应可以产生的价值。可比公司估值法则准确反映了现有市场环境下,这家公司应该拥有的估值。


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?


这么长一段话,如果不是提前准备的话,进了面试室只有傻愣的份儿。核心就是抓住利润表哦,利润表中的净利润是链接三张表的桥梁,净利润既会出现在资产负债表中的所有者权益-留存收益这一部分,也会出现在现金流量表的第一行,是调节现金流量的起点。而资产负债表中现金资产的变化又紧紧和现金流量表的明细结合在了一起。


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


我知道非会计专业出身的你肯定看不懂,所以还是含着泪把这段背下来吧。


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?


感受一下高盛研究部对于DDM的酷炫解释,文科生表示收到了10000+点伤害,嘤嘤嘤……不过是要能够理解,在各大投行面试官前面必定是大大的加分项啊~


53、Which is higher – the cost of equity or the cost of debt, and why?


一般来说,股权融资的成本是高于债券融资成本的,毕竟债权人拥有优先清偿权,风险是小于股东的。此外呢,债权融资因为利息可以在税前扣除,意味着一家企业收入中用于付利息的那部分可以不纳企业所得税,也让债权融资的成本更低。


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?


对于企业来说,股权融资的风险无疑是更低的(毕竟股权融资来的钱,不用还啊),企业会有更多可用资金,不用为了还债而调节利润。而且股权投资者更有耐心,公司也可以利用现有股东的资源去发展。


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?

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