And make sure you have the required attire i. If they do host a networking event, you need to attend and make a decent impression on everyone using the normal networking protocols. The most common format is to speak with between 3 and 6 bankers in back-to-back minute interviews.
The interviewers will span all levels, especially since Analysts and Associates no longer conduct on-campus interviews and have more flexible schedules than VPs and MDs. Regional offices might have around half those numbers, and you can also expect smaller numbers at middle markets , elite boutiques , and regional boutiques. Everyone wants to know the exact conversion rate to internship offers on a per-bank, per-team, per-city basis, but no one has that data.
Therefore, you should aim for at least Superdays if you want a good chance of receiving at least one offer. In terms of overall numbers , banks worldwide hire around a few thousand new IB Analysts each year. There are some exceptions to the second point; for example, superior technical skills can set you apart in highly technical groups and at elite boutiques.
This is why you need to spread a wide net and apply to many firms: you could get great results with one banker but terrible results with another one even if your answers are the same. Sometimes, other team members want to meet you, or they might recommend you to a different group. But there are exceptions, and some candidates end up winning offers after several weeks for various reasons scheduling, travel, other people turning down offers, etc.
You should send a separate email to each interviewer you spoke with and use this structure:. Since the rest of the IB recruitment process has become impersonal and automated, the Superday interview is your best chance to shine and present your personality. Unfortunately, too many students mistakenly approach it by memorizing thousands of interview questions and reciting the answers word-for-word.
If you legitimately need to review a certain fit, deal, or technical topic, or you feel that your story could be stronger, sure, you can spend time on those tasks. In his spare time, he enjoys memorizing obscure Excel functions, editing resumes, obsessing over TV shows, traveling like a drug dealer, and defeating Sauron. Free Exclusive Report: page guide with the action plan you need to break into investment banking - how to tell your story, network, craft a winning resume, and dominate your interviews.
Your email address will not be published. Table Of Contents. Superday U. Note: Though called Superday, it is not just one day. Superday often takes place on Friday or Saturday because the number of candidates is large, and each candidate can have many preferences that need processing in a day. For out-of-town candidates, investment banks often cover the flight and hotel cost for the trip.
Superday is not just an interview day, it is a series of events accompanying the Interview day. Though the event seems less official, it is still a part of the recruiting process. So your behaviors can be observed closely by recruiters. One little advice is instead of firing technical topics, you can find more interesting topics to hold a conversation.
Banking Prep Networking Guide Essential reading for growing and maintaining your network in the Financial industry - access those secretive job openings and win your interview offer! You are likely to face as little as three to as many as five interviews in just a day, with each interview lasting around 40 to 60 minutes. These interviews are often one-on-one or two-on-one with questions largely based on your industry or product group preferences.
Within 40 to 60 minutes, you should expect a number of questions not only in your strengths but beyond your interested industries as well. Specifically, interview questions will be around two main parts, including behavioral questions and technical questions. The former focuses on your resume, your experience, your strengths and your weaknesses, while the latter is used to test your technical capabilities such as accounting, finance, and valuation to assess if you are ready for the jobs at Wall Street.
A typical Superday could last an entire day, that means the interviewers are quite wiped out after a variety of interviews. Though less frequently, the interview day could even spill into the night. So you should show up prepared and try to keep the conversation interactive until the end.
The hiring decision at investment banking is a match process. Though you tick on boxes for your preferences, the bank just places you into your most suitable group based on your performance at the interview. Also, there is another type of matching process. If the two sides have a match, an offer will be made to the candidate.
Most of the firms, however, will put you into a general pool. The selection process will be a summary of the number of votes and comments of the interviewers with the assistance of the HR department. The process enables the recruiters to evaluate how a candidate fits into a certain group, allowing the firm to choose best candidates whom they believe deserve offers. If not, it can take longer, around one to two weeks depending on each firm.
After the Superday ends, you might belong to one of the following three categories:. After you learn about steps in Superday, the most important part is how you can overcome such an intense day. First, you should learn about the nature of a Superday interview.
Candidates will be pushed up to limit. Compared with earlier interviews, Superday requires much more mental and physical stamina. Getting into Investment Banking is a long journey, in which you have to prepare both physical and mental health. Throughout the Superday, thorough preparation enables you to keep your energy up under the high-pressure space.
You will be likely to face a varied range of levels from Analyst to Managing Director. Yet most of the time, the interviewee sheets will be stacked towards the senior side. That means there are less junior bankers than the first round, and literally no HR representatives in the Superday. Regarding seniority, while younger bankers — vice presidents and associates — tend to ask tricky challenging questions about techniques, older interviewers — managing directors, senior vice presidents — prefer asking behavioral questions to technical ones.
Nonetheless, there is not literally always a clear-cut, so you can be asked any types of questions. What are the Interview Questions? Investment banks will evaluate your skills, your technical knowledge, and how you are interested in the position you apply for. Many questions are designed to test these competences.
Simply put , interview questions will be around 2 main parts:. You can visit our interview questions articles for analyst and associate roles for more details.
The day usually consists of anywhere from 3 - 20 interviews for multiple hours. Many bulge bracket firms will do 3 - 5 half hour interviews back-to-back with different professionals from the group that you are applying to. Another thing to keep in mind is that candidates in this final interview are often some of a firm's top candidates, with the amount of offers being handed out often being in the single digits.
Read more about the final interview process at the Big 4 at this article. Below are a list of common IB questions you can expect during this final interview process. These are common investment banking interview questions in any round, so you should definitely be ready for them in this final round. Listed below are some sample questions and answers. Read more at this guide. Here's a complete guide to answering the why investment banking question.
The reality is you need to tailor the question to yourself. It varies with your background, how substantive you want to get, and what follow-up questions you want the interviewer to ask. No matter what, the answer here should be well rehearsed as well as the scenarios that could follow. The Income Statement shows a company's revenues, costs, and expenses, which together yield net income. The Balance Sheet shows a company's assets, liabilities, and equity. The Cash Flow Statement starts with net income from the Income Statement; then it shows adjustments for non-cash expenses, non-expense purchases such as capital expenditures, changes in working capital, or debt repayment and issuance to calculate the company's ending cash balance.
It is used as the discount rate in a discounted cash flow analysis to calculate the present value of a company's cash flows and terminal value. It reflects the overall cost of a company raising new capital, which is also a representation of the riskiness of investment in the company. Generally, some interviews will focus on the technical, others on the behavioral, and then some that mixing it up and keep you guessing.
The key to the interview process is to make the same positive impact in your first interview straight through the last interview. It usually takes several hours, with a break somewhere in between, and by the end many candidates find themselves worn out, and sloppily stumble through the last interview or two - which often results in getting rejected.
The marathon nature of these interviews is what makes it difficult, but if you know your answers and can keep your energy up you should be in good shape. The fastest way to get a response is to let HR of the bank know that you have another offer at another bank. Here's some insider advice from a fellow WSO member.
To get the full breakdown, read the discussion in our forum. To see a more detailed breakdown of the final process at Goldman Sachs, reference this article. Having been on the 'other' side of the table for many super day interviews over the last few years, I can tell you that 'perfect' answers sometimes are required and sometimes are a turn-off.
It all depends, to be honest. The super days are somewhat of a crapshoot for candidates, so in order to get yourself an offer, you need to make the effort to attend as many of them as you can. To get you into the mind of an interviewer on a super day, specifically an associate or VP, you need to realize a few things:.
As an interviewee, what you have to do is get one or two of the folks who interview you to bring you up as a strong candidate during this call. Usually, HR will be on this call as well and they will more-or-less run the call's overall structure but the associates and VPs have most of the say on who gets offers and who stays on the shortlist of those who may get offers should the first set of candidates pass.
One thing to note about HR is that they will almost always start the call out with how the female and minority candidates did in the interview process. If any of them did well, there will be a full-court press to get the offers and get them to accept the offers. The other candidates may get one or two initial offers between them but most likely may have to wait a few weeks before hearing anything definite back as they have effectively been pushed to the side for the time being. I have seen this happen countless times with some of the strongest candidates around who we really wanted to give offers right out of the gate.
My advice post-Superday is to reach out to an interviewer you believe you made a solid connection with and stay on him or her over the next few weeks and months. In the age of the pandemic, however, many firms are conducting all their interviews and super days virtually, and some banks are not providing job offers as quickly.
Regardless of how super day takes place, those interviewing can prepare themselves to make a good impression by following these tips and tricks. The clothes you wear will make an impression, said Marisa Mackey Palmer, a career blogger and senior lecturer at the University of Wisconsin.
Palmer, who's a graduate of Columbia Business School , went through a super day that resulted in landing a job at Lehman Brothers. Before moving into higher education, Palmer spent 10 years on Wall Street. You are the stewards of your client's capital and value. Investment bankers want you to be personal and affable but also serious about this responsibility. As a result, Palmer suggested men wear classic-cut suits and avoid trendy styles.
Women, she said, should wear modest, classic skirt suits. Pant suits are acceptable, too, but Palmer said she prefers skirts because they seem more traditional to her. Even if it's hot outside, you should always wear closed-toe shoes, she said. While, by design, there might be some surprising questions or situations that the banks will want to see you confront, there are some questions you can anticipate, Billian said.
For instance, you can expect to walk interviewers through your resume, discuss successes and failures, and explain why you're pursuing investment banking and what interests you about this specific investment bank. You should prepare two to three success stories and one failure that can be used as examples in responses to different questions, Billian said, and know what these anecdotes say about your approach to leadership, teamwork, and emotional IQ.
Don't be shy about preparing answers. You don't want to sound rehearsed, but you should have an idea of what you will say, said Judy Panagakos, senior career coach at Early Stage Careers and formerly of JP Morgan Chase, where she worked for 31 years, ran recruiting for several programs, and conducted final selection committees to extend offers.
In fact, technical skills will only take you so far. Billian remembered interviewing a young woman, who earned high marks in the technical portion of her interviews, but she told the hiring committee that she wouldn't go to lunch with anyone. Needless to say, she didn't get the job. In addition, Panagakos tells those interviewing to think about how they'll react if they're stumped by technical question sets.
Palmer said you can expect case study questions related to valuing a company or building an LBO leveraged buyout model. Panagakos recommended checking out Wall Street Oasis to help practice. You need to know why you've chosen to pursue a career in investment banking and be able to explain this succinctly. More importantly, you need to explain why you want to work for the particular bank you're interviewing with.
Many people are too vague when answering this question, Billian said. Instead of just saying you like the culture, Billian suggested pointing to the bank's mission statement, name-dropping an alum who worked there and inspired you, referring to your previous interviews, describing something you appreciated during recruitment, or reflecting on recent positive headlines about the bank.
For example, Palmer said, turn around and ask the interviewer what brought them to investment banking and this bank once you've explained your side of the story. At the end of the interview, when the hiring manager asks if you have any questions for them, ask them to share a success story from their time at the bank or about the bank's strategy for dealing with a macroeconomic trend, Billian suggested as a couple examples.
Competition is fierce, so it's important that you're memorable for all the right reasons at the end of a super day. Palmer interviewed with a New York real estate investment firm during recruitment at her school. While the recruiter was still on campus, Palmer returned home, wrote a handwritten thank-you note expressing how much she wanted the job, and immediately returned to the interview site to deliver it in person.
You should always send a thank-you note either by snail mail or email. In her note to the recruiter, Palmer expressed thanks, described her desire to work with the firm, and reiterated what she thought made her the best candidate. Staying focused for multiple hours can be challenging. Billian advised people to eat well before the interviews and have water nearby. By many accounts, the interviewers take on different roles during super day.
Some are friendly, while others might be stoic because they want to test your learning agility and ability to adapt, Billian said.
On the main day of the Super Day, candidates will be interviewing with several different bankers from the company, often in one-on-one or two-on-one interviews. A Superday is the final step of the interview process for internships and on-cycle analyst/associate roles in investment banking, right before offer letters. Definition: Superday is the final step/interview round in the recruiting process for analyst and associate roles at Investment Banking.