The Interview Process At Top Investment Banking Firms

The Finance Industry

The finance industry has always been competitive, and one of the most important factors in getting a job is to make a good impression in your interview. If you are not able to portray in your interview as someone who can do the job and will fit in at the company, you stand very little chance of getting hired, no matter what your experience, credentials or references are.

There are normally two parts to the hiring process: the fit part(where the firm gauges whether one fits into their group’s culture) and the technical part(where one is being judged upon one’s analytical and technical skills). Normally, firms visiting B-School campuses look for these qualities through the group discussion and personal interview processes.

Group Discussion

Competitive World

This involves a group of about 5-8 candidates discussing an assigned topic or case. Many campus recruiters use group discussion as a screening method in the selection process. It is a methodology used by a firm to gauge whether a candidate possesses certain personality traits and/or skills that it desires in its employees. Normally, the group of candidates is assigned a topic or a situation, given a few minutes to think on it, and then asked to discuss it among themselves for a certain length of time.

Formats of Group Discussion

The various formats of a group discussion include, but are not limited to:

• Unstructured group discussion
• Debate on a topic
• Case Study discussion with role-playing
• Case Study discussion to reach consensus
• Case Study discussion to work out a business proposal

Competencies to be assessed

Competencies

Following is the list of competencies that a leading financial services firm with global scale and reach looks out for in management graduates at various B-Schools in India:

DELIVERY OF RESULTS: The ability to drive individual and team performance to exceed expectations and achieve business goals

Positive Indicators Demonstrates attempts to plan approach to meeting during preparation time Demonstrates awareness of appropriate prioritization in order to deliver required output from the meeting Organizes actions during meeting effectively to ensure achievement of set objectives Motivates others, optimizing resources to achieve goals Suggests actions to resolve problems raised Manages time effectively, achieve objectives Ability to identity clearly steps required to put ideas into action (e.g. next steps plan)

Negative Indicators Demonstrates lack of structure or formation of planned approach in advance of meeting Demonstrates a lack of awareness of prioritization required in order to deliver Haphazard approach to planning and organizing actions during meeting. Overlooks specific meeting objectives Does not involve others or use encouraging words to support team in achieving goals Avoids taking action to resolve identified problems Makes poor use of time available; does not achieve objectives Demonstrates lack of awareness of stops needed to make ideas a reality

DRIVE & INNOVATION FOR IMPROVEMENT: The commitment to challenge and question current practices and seek improvement to maximize value add, optimize cost and minimize risk
Positive Indicators Identifies a variety of ways to communicate the changes (across both within the firm and to clients) Suggests ideas for next steps Identifies a range of ideas Identifies creative / innovative solutions Considers the short, medium and long term in the planning Considers associated risks and identifies contingencies Makes links between the problems in the case study	Negative Indicators Offers limited methods to communicate to the business Does not discuss next steps / provides limited suggestions Provides a limited range of ideas about the current problems Ideas are basic / unoriginal Does not consider the short, medium and longer term Does not consider sufficient risks Does not Identify links / trends In case study material

LEADERSHIP: The ability to articulate a vision and harness / engage resources to achieve objective while role-modeling corporate values
Positive Indicators Clearly articulates ideas for the way ahead Proposes ideas in a confident manner Adopts an authoritative approach in the presentation Outlines the vision for the future Offers ways to gain business engagement / buy in for ideas	Negative Indicators Does not identify areas for a smooth integration process Does not offer ideas in a confident way Does not lead the presentation / is hesitant in the delivery Does not explain the process for the future Does not identify how to engage the business / gain their support Lacks confidence, becomes flustered when questioned

RELATIONSHIP MANAGEMENT: The ability to relate one-on-one at all levels (up, down and across) with internal partners and colleagues as well as external clients and suppliers
Positive Indicators Discusses the needs/rationale to communicate the system integration / merger across the business Identifies method(s) to communicate the changes to the business Builds rapport with the team Influences the audience with their team Puts forward ideas in an enthusiastic / inspiring manner	Negative Indicators Does not identify the need/rationale to communicate to the business Does not suggest ways to communicate with the business Does not attempt to build rapport Does not Influence the team with their suggestions

Personal Interview

Personal Interview

The personal interview is a critical step in the selection process and is aimed at knowing a candidate more intimately – assessing the clarity of thinking process, future goals and the “fit” with the company. They can also turn out to be an opportunity to “sell”oneself.

The interview allows one not only the chance to put a face and personality to the name and credentials on one’s application file, but also to express one’s academic, personal, and professional accomplishments, experiences, and intentions.The competencies that this global financial services firm focuses on during the interview process are:

COMPETENCY

CORPORATE PERSPECTIVE What attracted you to apply to XYZ Company? What research did you undertake before reaching a decision to apply? In your view, what are the attractive and unattractive features of a career in banking? How does this compare with other industries you may have considered? How do you keep up to date with developments in the business world Describe a recent banking related story you have seen In the media: Why was this interesting to you? What impact might this have on the relevant support function / area of the bank?

PERSONAL DEVELOPMENT (OF SELF & OTHERS) Describe a time when you were able to provide help / support to someone you worked with: How was this achieved? What was your impact? Give me an example of a time where you stretched yourself and / or others to achieve a certain goal. What were your findings? If you were in a similar situation again, what would you differently? How do you get feedback from people regarding your performance? What do you do with this information? Have you ever not managed to complete something you would have liked to? Describe the circumstances What did you learn from this experience?

RELATIONSHIP MANAGEMENT Describe a time when you worked with a group of different personalities, including yourself: What was your role in that team? Did the team demographics work and how were they managed? Describe a time when you had to present unpopular or misunderstood Information: Did you succeed in influencing those being presented to? How? Tell me about the most difficult customer situation you have had: How did you approach / resolve the situation?

LEADERSHIP What characteristics make a good leader? Why? Tell me about someone who you think displays these qualities How do they motivate and inspire others? What leadership roles have you undertaken in university / work / the community Describe their impact / scope Have you ever been part of a team that was struggling for direction? What did you do to regain focus? What role did you undertake to achieve this?

DRIVE FOR INNOVATION & IMPROVEMENT Tell me about a project / assignment or work experience you found particularly challenging What Issues did you have to overcome along the way? What contingency plans did you have in place? Give me an example of when you took the initiative to make something happen What were the implications of your actions? How did you approach the situation?

DELIVERY OF RESULTS Tell me about a time where you have been required to plan a project end-to-end: What were your considerations? What obstacles did you have to overcome along the way? Did you have any contingency plans in place? Provide an example of when your time schedule was upset by unforeseen circumstances: Did your priorities / approach change? Did you meet the deadline? If so, how? If not, why?

A majority of MBA’s don’t have their story down and cannot elaborate on why they came to a B-School, or why they want to work in a particular industry. The best candidates are clearly able to describe their background and career history, and subsequently make a pitch about why they are interested in a firm, all in the span of a minute or less. Another problem plaguing many students is that they apparently cannot elaborate their strengths – they have them, yet they cannot sell them. There  is  also  a lurking threat  of  blowing one’s trumpet too much – so one has to ensure that he / she is not making any claims for competency that cannot be backed up with relevant experience.