Ready to Throw Every Other Investment Banking Interview Guide Out the Window? Good – Now You Can!
And yes, that includes the one released on M&I a year ago – in December 2008.
Ever since the guide was released last year I’ve been getting questions on whether or not a new version had come out.
The answer, up until now, was “no” because I was busy creating 43 hours of financial modeling videos and an entire Networking program – among other upcoming surprises.
But now it’s done and you can officially throw your old guide out the window – that’s how much better version 2.0 is.
What’s New
Back when I wrote about how interviews had changed recently (2009) I mentioned 5 key differences these days:
- They’re More Technical
- They Focus Heavily on Transaction Experience
- They Expect You to Know About Restructuring
- They’ll Give You Case Studies
- They Can See Through Your Fabricated Stories
And before that, I posted a video on how to tell your story and the 5 key mistakes you might be making in investment banking interviews.
The new interview prep program teaches you how to overcome each of these obstacles – and more.
Your “Story”
It’s always the most important interview question – which is why version 2.0 features a 30-minute long video tutorial on how to tell your story, as well as 4 story templates you can use for your own interviews, covering undergraduates, MBAs, working professionals, and both finance and non-finance backgrounds.
Don’t bother re-inventing the wheel – just take one of these templates, modify it as necessary, and put your own personal spin on it. And then watch the video tutorial for each template that shows you exactly how to do this.
Your Deals
Instead of just giving you an overview of how to talk about your transaction experience in interviews, I’m giving you 2 sample “deal discussion” audio clips and transcripts of two interviewees discussing their own deal experience – 1 sell-side M&A deal and 1 buy-side M&A deal.
Each one comes with a full critique and commentary, as well as instructions on how to modify the answers for IPOs, debt issuances, and other types of deals.
Sample Investment Banking Interviews
There’s no substitute for the real thing. Which is why you’ll also get 5 sample investment banking interviews – 2 “fit,” 2 technical, and 1 MBA-level interview.
And each one comes with a full video critique and analysis of what the interviewee did wrong and did right – and how you can improve your own answers.
400 Interview Questions & Answers
So we started out with 200 questions & answers last year. And now there are 400.
There are some additions on the “fit” side, but most of the new questions consist of:
- More Advanced Technical Questions – Each section is split into “basic” and “advanced,” but honestly even some of the new “basic” questions are pretty advanced.
- Restructuring, Distressed M&A, and Transaction Experience Questions – Good luck finding these anywhere else. I tried, and it wasn’t fun – these parts took a long time.
What do I mean by “more advanced”?
You can take a look at the sample advanced merger model chapter right here – but we go into topics like advanced purchase price allocation, how to use PIK in an LBO model, and the formulas for deferred tax asset/liability write-ups and write-downs in transactions.
Future Additions & More
Since the “guide” (it’s really more of a “program” but that doesn’t sound as cool) is now part of Breaking Into Wall Street, you’ll get future additions free of charge, and you’ll be able to ask questions and get answers on anything you don’t understand once you sign up.
The first addition – coming in 2010 – will be interactive quizzes you can use to test your knowledge and simulate real interviews.
After that, it’s up to you.
I’ll be running a few surveys and seeing what you want to see the most – and then adding it in the future.
What to Do Now
And if you have any questions, ask away – below in the comments or via email.
P.S.
If you signed up for the original interview guide and you have NOT yet received access instructions, please email us so we can straighten it out.
The import process was not 100% perfect because of expired email addresses, different names, etc. so please contact us so that we can get this fixed.
Break Into Investment Banking
Free Access to Exclusive Content for Members Only!
Sign up for The Banker Blueprint today and enjoy:
- Free Report: 37-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.
- Exclusive emailed bonus material.
- Free Banker Blueprint newsletter with more in-depth advice.
- Unlimited access to all articles, videos, and advice - and free updates whenever new content is added to the site.
Hi, I signed up for the Networking module, do I get access to the interview program or do I have to pay extra for it?
Kenny, I just checked and you should already have access to the interview program – let me know if you don’t.
How come i only have acess to the interview program both not both, like Kenny ???
Regards,
He signed up for the Networking program in the first week and won the interview guide as one of the bonuses that was given out in the first week.
Will there be an existing members discount?
If you’ve already signed up for BIWS networking or modeling the price will continue to be $47 even after this promotion ends – otherwise it’s the same as what’s listed here.
what is the coupon code to get that $47 price?
Thank you!
You have to already be a member of the financial modeling or networking programs to access the discounted price.
Help I’m a rising senior applying for FT positions – I worked for UBS private wealth this summer and want to switch to IBD. I know its competitive but I’m keeping my options open. I have a 3.3 from a top target and my ECs are club soccer, fraternity, investment club (treasurer). im applying to about 10 firms – is this a good list?
reaches: goldman, morgan stanley, lazard, blackstone
matches: citi, deutsche, credit suisse, evercore
safeties: houlihan, ubs
i feel that JPM, bank of america, barclays would not be a good fit for me after going through their website so im not applying there.
all for IBD – is this too reach heavy? help thanks!
With a 3.3 you’re going to have a tough time getting most of those – I’d strongly suggest applying to smaller banks as well. To overcome a lower GPA you also need to network like crazy.
Hello M&I;
Please, let me ask you something.
I got a Master degree in Finance and worked for 1,5 for Transactions Services of a BIG4, and for more 1 year for a M&A in a Investment Banking.
I got 2 interviews in 2 Private equity firms, and for sure they will ask me why I want to move from IB to PE.
What should say? the truth?? less grunt work, more reasonable hours and higher payments? or should I say something different?
What do you think? what would be a reasonable answer to this questions?
PD… Congrats for your work, your articles is awesome.
You should say that you want to add more value to companies by being an investor rather than just an advisor… or something along those lines.
Hi M&I
I don’t carry a laptop or a kindle all the time.
So are the text parts of the guide downloadable or printable
once I subscribe? (or what about the videos?)
Plus I have some questions on my personals.
I’ve a BBA Finance with 3.88/4.0 GPA from a target school in HK.
(it’s a top-target in HK but don’t think so in US)
I’ve some in commercial banks but none in IB yet.
I’m planned to do a winter-stint at CS startn this winter for S&T.
What are my chances of breaking in to IB, especially NY?
Or any other recommendations?
Thanks!
Yes, everything is downloadable and you can download and print all the text portions as well.
Moving from HK to NY can be difficult and you’ll need to go through alumni / other connections to make it happen – but if you can get the CS name on your resume your chances improve quite a bit. It’s really all about networking when you’re trying to make that type of move.
I am a second year analyst already in banking at starting to interview for PE / HF positions. Do you think this would still be helpful for these types of interviews? Seems like it, but I wanted to make sure before I spent the money.
Let me know.
Thanks
I would review the samples on the page itself and see what you think – if you already know the more advanced technical questions and you don’t learn anything new in the deal discussions, probably not. Otherwise if those samples seem new to you, then it could be worth it.
Hi.
I’ve been introduced to this site from a friend and
was fascinated by all your work provided.
I’m not really a “finance” person, with an IT degree and
have been workn at an IT dept at Citi as a DBA.
I’m considering a move to IB in “Technology side(research/analyst)” or
the regular “IT” (doing IT Work) side.
Do you think this guide would be helpful for me as well?
Thanks.
Personally I would wait til you have interviews lined up first, unless you’re fairly confident that you’ll get them.
Hi Brian,
I have a telephone interview with UBS IB (Singapore) in the next few weeks and was wondering if your guide would be suitable preparation in the Asian context, as some of the sample technical questions referred to s338(h)(10) which is specific to the US I think (?).
Would you suggest any changes in preparation when it comes to IB interviews in Asia?
P.S. Your website is really very helpful :)
Some of the more advanced questions are US-specific, but 90% applies no matter where you’re interviewing. You’re also highly unlikely to get anything on 338(h)(10) in entry-level banking interviews, or even in full-time interviews – that is really obscure.
Interviews in Asia are honestly not much different – the main difference is they might ask you more about Asian markets or figure out why you really want to be there.
How technical do SA interviews get – should I know what EBITDA means or is that pretty unnecessary?
You definitely need to know what EBITDA means. SA interviews could be quite technical depending on your background – less so than full-time interviews but you still need to be prepared.
Hey M&I ,
is networking really important in IB ???
One of my close frd (Anson) , his uncle is the director in the investment banking divison in a top IB.
few weeks ago, Anson mentioned to his IB director uncle that i want to work in the investment banks, he gave me his uncle ‘s email and detail (telling me that if i want more information I can contact him).
The big uncle also said to me that i can include his name in my resume for reference. . .but i never talked to him or met him in person . . .i just exchanged a few lines in the email…
Later, i applied for a grad position in this bank that he is working at but unfortunately my application got turned down 3 days after the deadline.
I was wondering my application got turned down becoz
(1) i am in AUSTRALIA but i am applying a position in HONG KONG so the HR officer didnt give a shit to contact me so turn me down. :(
(2) my resume didnt look good ? or my grade didnt look good? i had upper second hons though ….
Moreover, shd i go meet the director uncle in person when i go bk to HK during the chinese new year ? I will be having a family dinner with my close frd (anson) anyway so I will definitly have a chance to see this Director !
I really want a job in IBs. what shd i do if i reli see him ? I duno more abt finance though … i read the news only in the weekend … what shd i talk to him ???!??!?!?
Regards,
HRATZC
Yes, networking is vital. Read this site.
You need to actually CONTACT that director first… so I’d definitely meet him in-person. Could be anything, but you need to meet him ASAP. Talk about things outside business.
You mentioned in this New Guide there are 400 questions and the old has 200 questions, so is it an additional 200 quesitons on top of the original 200?
Also, if we buy the old guide now, we can still receive the upgrade FREE of charge, correct?
The old guide is no longer available – but if you sign up for this one, yes, you will receive all future updates as well.
And yes, the 200 new questions are in addition to the 200 existing ones from before.
Why is question #9 in the basic accounting section different than before? (It was #7 in the accounting section in v1). Accrued Compensation is now being treated as an expense on the income statement. Is it more accurate to account for Accrued Compensation as an expense that affects the income statement?
Just curious because I am going over the new guide and this change caught me off guard.
That change was in response to feedback that the question was confusing. Basically, Accrued Compensation can never go up by itself “in a vacuum” – there has to be some kind of change on the Income Statement for Accrued Compensation to go up. Which makes it different from, say, Inventory, which goes up or down without impacting the Income Statement immediately.
It is actually very minor but I got a lot of emails about this one so changed the wording of the question.
Great guide! Glad to see you’ve updated it.
Quick question – I go to a total non-target and hoped to break into BB or MM IB this year, but unfortunately did not land any offers. I’m currently juggling two other offers with hopes of getting into either MM (or maybe even BB) IB down the road. The one is with a very, very small investment bank that no one has probably ever heard of (think less than 10 people) as an analyst. The other is with a valuation group at one of the Big Four accounting firms.
I’m torn because the one is an actual investment banking job (but with a no name company), and the other is not quite investment banking, but with a well-known and respected company in the business community.
Which would be a better choice for my career in your opinion? I hope to possibly go to business school someday too, if that makes a difference.
I would still go with the boutique if you want to get into banking eventually – generally it’s harder to move from Big 4 to bulge bracket than it is to move from boutique to bulge bracket.
Hey M&I
i am about to purchase the breaking into the wall street guide but before that i want to know whether i can download the documents and print it out ?
Everything can be downloaded / printed.
Internship on financial planning look gud on the resume or its a joke for applying IBs ?
Better than nothing, though not as good as IB/PE/HF etc.
I just finished an internship at an unknown boutique and have also just graduated from a West coast target (whatever that means 8] ). The bank’s deal flow is not so hot and they have only offered to continue to retain me with lunch expense for the immediate future.
What do you think next years hiring market will be like? Should I lay low at the unknown boutique and wait for ‘just-in-time’ hiring opportunities in the new year? Otherwise I will pursue some more technical positions in engineering. I’ve got a low engineering GPA but have had sales and trading experience before.
I think the market will continue to improve next year – I’d say it’s really up to you and your own financial situation. If you can afford it, sitting there at the unpaid internship while pursuing better options is probably a better idea – if you can’t, then finding something paid even if in another industry is a better option.
USD 47 is a steal! Though I have no use for the guide, I was impressed by the sample questions for the merger model section – shamefully I did not know the answer to a couple of them as had never come across the concepts in my transactions.
Do you have plans to write more articles on IB life in general, as oppose to breaking into the field, as I have noticed a slurry of articles on the latter recently. I still browse through a lot of your older articles, for a laugh, when I am feeling down at the desk…
Anyway keep up the good work and happy holidays!
Yup, more articles on life are coming next year. Honestly I’m running out of stuff to say about breaking into the industry anyway, so the focus will shift to case studies / interviews from here on out.
Hi Brian,
Great videos and articles–thank you so much! I am tempted to sign up for everything but yeah it is a hefty sum for me, so I want to clarify these with you first:
1. I feel that the interview questions and networking etiquettes may evolve over the years, and I really appreciate that you update your product frequently. But it sounds like you are not working in the industry anymore, at least not directly involved, how do you keep the information up to date?
2. If I sign up for the modeling workshop first, do I get the interview guide at a discount?
Thanks,
Rebecca
1. Updates are determined based on surveys of existing customers and what everyone wants to see, as well as interviews to determine what has worked and what needs to change. Fundamental interview and networking strategies don’t change that much, though some of the details may be different depending on the time period.
2. Yes, you will be able to sign up at a discount once you sign up for the modeling course and join the site.
Bought it!
Thanks Kevin – and, if you’re available to it, I’d also like to email/correspond with you more and ask you for some additional tips – if that’s okay.
It’s okay too if you can’t…I imagine you must get a gajillion requests! But if you can, my email should be visible to you as site admin.
The only things missing from it was a description of what to wear to an interview (which I think you’ve covered in posts before)…and if you’re gonna put that in the guide you may as well also teach ppl how to tie their shoe laces :P
Many thanks and congratulations on easily THE best IBD guide out there.
Hey there glad to hear it. For what to wear to an interview, just a suit + tie if you’re male is fine. You can reach out to Kevin directly via MC and ask him/Jerry your questions there:
http://managementconsulted.com/contact-form/
Hi,
I have been reading your articles for long and now got an offer from a BB. Thx a lot, seriouly!
I have previously accepted verbally an offer from a regional boutique. Could you give some advice on how to decline the previous offer and still keep good relationship? Do I need to reveal the BB’s name?
Thx!
Just email them and say, “I enjoyed meeting everyone at your firm and truly appreciate the offer, but I have decided to pursue full-time employment elsewhere.” No matter what you say they will be upset, nothing you can do about that… definitely don’t mention the other bank’s name.
Hello,
I purchased this guide, but I don’t know how to access it once I’ve purchased it… This is a downloadable guide, correct? Where can I find instructions on how to access it?
Thanks,
Jackson
Jackson,
You should have received a username and password. It is actually a membership site, although there are parts that you can download. If you cannot access it, you can email the team right here for assistance: http://breakingintowallstreet.com/biws/contact