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Any advice on successful preparation for an Investment Banking Summer Analyst interview?

Veteran

Brent Jones New York, NY

7 April 2014 12 replies Interviews

Answers

Advisor

Tom Arnaiz, CISA, CISSP Richmond, VA

Brent,

Congratulations on the analyst position! The one thing that I learned early in my career is that as you make a "milestone accomplishment" along the way, write it down (no matter how small the milestone). That way, when you get to your final review, you have an outline and source of items that you can prioritize, and highlight the key milestones and learning opportunites accordingly.

Also, don't wait until your review is due, try to start working on it your first week and update with your accomplishments a little at a time. Then, the final is more like a revision and edit session.

Lastly, seeking informal feedback is one of the best things to do. I find that team members that do that once every week or two are able to keep taking advantage of their strengths and quickly perform remediation of any challenges. That said, don't be afraid to show a balanced view stating that you were not perfect on a few items, but mainly show how you fixed those imperfections (e.g. I wasn't the strongest in excel, but I obtained training outside of work to understand advanced functionality and now I have provided support to X number of colleagues). This shows team playing, a "can do" attitude, and a willingness to learn from imperfections and leverage your skills. As a reviewer, no one expects absolute perfection - internships are as much about learning as they are about doing a job. The key is to demonstrate your learning, advancement and internalization of feedback to be better.

Sounds like you are on the right track and thinking along the right lines. If you have questions, please don't hesitate to reach out. Best of luck to you!

21 May 2014 Helpful answer

Advisor

19 May 2014 Helpful answer

Veteran

Brent Jones New York, NY

Hi everyone,

Thanks for the great advice. I will definitely take everything into consideration while preparing for final interviews. I recently landed the summer analyst position, but could use some advice come time for final reviews. Thanks again!

Respectfully,
Brent

12 May 2014 Helpful answer

Advisor

Craig Bush Boston, MA

Have a couple of friends to do/did this. They'll want to know about your quant skills and the ability to model P&L. I'd study the market that you're applying for and memorize some of the financials, and be prepared to list some of them. Perhaps even think about some deal scenarios. They'll like that. They'll challenge you much like you'd find during the day-to-day, perhaps even attempt to through you off during the interview.

They like smart, slightly aggressive younger people (mostly men). I have a female friend from Wharton who worked for an IB. The male culture was so pervasive and brutal that she left. Everything is a negotiation with the boss. They just like it that way.

Good luck and don't expect to sleep for the next several years. You'll make a lot of money and if that's your thing, more power to you. However, once you have this on the resume, there's all sorts of options.

8 April 2014 Helpful answer

Advisor

Morgan Lerette Glendale, AZ

Brent,

I can't speak to this position directly but when I interview people I want to see they:

1) Know the company. What does it do? What does it pride itself on? I.e. JP Morgan prides itself on recruiting and hiring veterans and its its asset management.

2) Know the job. What does a Day-in-the-life for the positon look like? It is a metrics driven job? I.e. As I understand it, this bank actively manages assets making regualr trades on the fringes of a protfolio with the bulk of the funds in secure investments such as mutual funds and stocks with dividends.

3) Know how you are the best person for the position. You have shown you do research. Now hit them with how you have worked in analysis in the past either in the military or in your studies. I nice anecdote is good here. I.e. when I was in the Marines, I analyzed the supply routes in Ramadi to identy the safest route to move cargo. This led to a reduction in loss of materiel by XX% compared to the previous unit.

Hope that helps a bit.

MCL

7 April 2014 Helpful answer

Advisor

Wesley Calhoun New York, NY

Brent, I know I'm late to the party, but as a Banking recruiter in NYC, 75% of my job is preparing folks for finance careers in NYC. If you have any questions about resume advice, interview tips, or what the market looks like please do message me! Thank you for your service, and I hope everything panned out nicely for you.

Best,

Wes Calhoun, CSP

Veteran

Brent Jones New York, NY

Hi Tom,

Thank you so much for the great advice. I will definitely keep a weekly log to track my progress throughout the program. That's a tremendous way to stay prepared for evaluations. I'll be sure to ask for feedback on performance throughout the program as well. Thanks again for the great advice!

I'll be sure to keep you posted on my progress throughout the summer, and more than likely ask for some pointers once I'm fully emerged. Have a great day!

Respectfully,
Brent

Advisor

Andy Brucia Seattle, WA

This is more generic, but....

Answer the questions asked. Sometimes people start answering then get off track- very normal but make sure you get back to answering the question asked.

Perfectly OK to reflect on a question for a few seconds.

Listen to them. One of the old tricks of interviewing well is getting them to talk more than you are. Listen to what they say carefully. Engage people.

When you've answered the question, stop talking. I know that sounds dumb, but knowing when to shut up is a good skill.

I always have a couple good questions, specific ones about the role and the company that show real thought and interest.

Good luck!

Advisor

Dr. William Grigsby Curwensville, PA

Brent,

I interviewed for this position with JP Morgan and this was my experience. The first question was the standard: “walk me through your resume.” Instead of highlighting a couple items, I fumbled through the answer by going item by item down my resumes. I should have been prepared for this question, but I wasn’t. If I had it all over again, I would have only mentioned direct experiences and kept it short

The second question was to describe the relationship between the income statement, balance sheet, and cash flow statements. I was prepared for this internship interview question and gave a solid, but canned answer.

The third question revolved around the growth of a small business that I interned for the previous summer. I interned at a wire service provider and did accounting for them. The JP Morgan guys asked me how fast I thought the wire service was going to grow over the next five years. They then asked me what the annual growth to achieve this would look like.

Hope this helps you,

Email me if you would like additional help icllc@outlook.com.

Advisor

Richard Buck Patterson, NY

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Date: May 21, 2014
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Time: 8:00am – 1:00pm

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Richard Buck

Veteran

Brent Jones New York, NY

Hi Craig,

Thanks for the heads up. I really appreciate the advice, and the insight on the IB work environment is extremely helpful.

Veteran

Brent Jones New York, NY

Hi Morgan,

Thanks for the great advice. I'll be sure to keep those tips in mind while interviewing.

-Brent

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