【海归求职】面试投行的十大最经典的Technical问题

投资银行面试题目一、自我介绍在投资银行面试中，第一个问题通常是要求进行自我介绍。

这是一个展示个人能力与经历的机会，同时也是给面试官留下深刻印象的重要环节。

以下是我在投资银行面试中的自我介绍：我是XXX（你的名字），非常荣幸能够参与XXX（公司名）的面试。

我拥有XXX（相关背景）的学士学位，并在XXX（相关经历）中积累了丰富的实践经验。

在过去的XXX（年数）里，我专注于XXX （相关领域）的研究和实践，并通过参与项目和培训不断提升自己的专业能力。

我熟练掌握XXX（相关技能），并具备团队合作和解决问题的能力。

我对投资银行行业充满热情，并希望能够加入XXX（公司名）的团队，为公司的发展做出贡献。

二、为什么选择投资银行这个问题旨在考察面试者对投资银行行业的理解和认可程度。

以下是我对于为什么选择投资银行的回答：我选择投资银行是因为对于金融市场的热爱和个人追求。

投资银行是金融市场中的核心力量，能够参与并推动重大交易和项目的完成。

我相信，通过在投资银行工作，我将有机会接触到各种复杂的金融产品和财务模型，同时也能够锻炼自己的团队合作和解决问题的能力。

投资银行行业具有较高的挑战性和竞争性，但同时也给予了优秀人才很多发展机会。

我希望能够在这个行业中实现自己的职业目标，并为金融市场的发展做出贡献。

三、解释并分析一个财务报表这是一个常见的投资银行面试题目，要求应聘者解释并分析一个财务报表。

以下是我对该题目的回答：首先，我会选择公司的年度财务报表进行分析，以获取公司的整体财务状况。

然后，我会从财务报表中提取重要的数据和指标，例如营业收入、净利润、总资产、负债情况等。

接下来，我会比较不同年度的数据，观察公司的财务状况是否有明显变化。

在分析财务报表时，我会关注以下几个方面：1. 盈利能力：通过分析净利润、毛利率和净利润率等指标来评估公司的盈利能力。

2. 偿债能力：通过分析总资产、负债情况和债务水平等指标来评估公司的偿债能力。

【海归招聘】面试真经• 投行篇2 | 一网打尽所有投行面试涉及的行业知识Technical + Soft Skill！投行内部行业知识问题大汇总Why Investment Banking1、I see you’ve worked mostly in wealth management before –why are you looking to switch into banking now?I want to understand the bigger picture and how and why large companies make decisions rather than just working with individual investors. Working on transactions and making an impact is more interesting to you than giving individual advice to high net worth individuals (or institutions).2、What’s your greatest fear about investment banking?Do not give an actual, legitimate fear (losing your friends/significant other, gaining weight, working too much, hating your life, getting laid off, etc.). Instead, it’s best to go with something more innocuous like, “Doing a lot of work on deals and not always getting to see them through to the conclusion because anything could cause a large transaction to collapse” or having concerns about the deal f low if the market is poor.3、That guy over there is from Wharton/Harvard/LSE and has perfect grades –why should I hire you over him, given that you’re much less impressive?Bankers hire people who 1) Are smart 2) Can do the work and 3) Are likeable. In ad dition to meeting all of those criteria, you’ve also done well in the real-world and have stellar recommendations to back you up –plus, since you don’t come from a “bluechip” background you’re more motivated to succeed than the Harvard guy.‘He does have impressive credentials. But at a bank, you want someone who’s smart, can do the work, and is easy to get along with. I’ve done well in school and am working on an Honors Thesis right now, and I have great recommendations from my 2 previous bosses in my Sales & Trading internships. And I spend most of my free time sky diving and going on adventures in different countries. So while he may bequalified on paper, in banking it all comes down to real-world experience and what kind of camaraderie you have with ev eryone. I’m confident that I excel in both of those areas –and since I’m not from a privileged background, I’m even more motivated to succeed than someone who is.’Understanding Investment Banking1、Can you tell me about the different product and industry groups at our bank?This one is bank-dependent and will differ for boutiques, middle-market firms and bulge brackets – so you need to research it before your interview.Common product groups include Mergers & Acquisitions (M&A), Leveraged Finance (LevFin) and Restructuring; you could also consider Equity Capital Markets and Debt Capital Markets “product groups” but that one is debatable.Common industry groups include Healthcare, Retail, Industrials, Energy, Natural Resources, Financial Institutions, Gaming, Real Estate and Technology, Media & Telecom (TMT).Not all banks are structured this way – Goldman Sachs, for example, does not have product groups and instead handles all types of deals in its industry groups. A lot of boutiques focus only on M&A and/or Restructuring and ones that are small enough are not even split into industry groups.2、What’s in a pitch book?It depends on the type of deal the bank is pitching for, but the most common structure is:1.Bank “credentials” (similar deals they’ve done to “prove” their expertise).2.Summary of a company’s options (“strategic alternatives” inbanker-speak).3.Valuation and appropriate financial models (for example, if you’re pitching foran IPO you might show where the IPO proceeds would go).4.Potential acquisition targets (buy-side M&A deal) or potential buyers (sell-sideM&A deal). This is not applicable for equity/debt deals.5.Summary and key recommendations.Discussing Transaction Experience1、Walk me through one of the deals listed on your resumeExample 1 (A sell-side M&A deal):One of the deals I worked on was the sale of a $1 billion market cap consumer retail company. They specialized in food and beverages and sold to the US and European markets. Their revenue was around $800 million with $200 million EBITDA, growing at around 5% per year. They were interested in selling because of a string of recent acquisitions in their market, and felt they could get a premium valuation. They engaged us to run a broad sell-side process with financial and strategic buyers.Example 2 (IPO):One deal I worked on was the $200 million IPO of a Chinese Internet company on the Hong Kong stock exchange. They had revenue of around $50 million, EBITDA of $10 million, and were growing very quickly, around 50% per year. They were going public to raise funds so that they could expand beyond China and get into other markets, and we were the lead underwriter on the deal.Brain Teaser Questions1、What is the angle formed by the hands of the clock when it is 1:45?142.5 degrees. If we just think of the clock hour hand at 1 and the minute hand at the 45 position (near 9 o’clock), that is 120 degrees since they are 4 “numbers” apart, and each number on the clock represents 30 degrees (360/12).However, recall that the hour hand has already moved by the time the minute hand has reached the 45 position –it is now closer to 2 o’clock. 45 represent ¾ of an hour, so the hour hand will have moved ¾ of 30 degrees, or 22.5 degrees. If we add them together, we see that 120 + 22.5 = 142.52、You have a hose along with a 3 liter bucket and a 5 liter bucket. How do you get exactly 4 liters of water?First, fill the 3 liter bucket and pour it into the 5 liter one.Then, re-fill the 3 liter bucket and pour it into the 5 liter bucket until it’s full – that leaves 1 liter in the 3 liter bucket and 5 in the 5 liter bucket.Then, pour out the 5 liter bucket so nothing is left and pour the 1 liter of water from the 3 liter bucket into the 5 liter bucket. Finally, fill the 3 literbucket completely and pour it into the 5 liter bucket – since it already has 1 liter of water, you’ll get exactly 4 liters.。

【海归人才网】无死角投行校园面试攻略：秘籍在手，投行我有！要做好准备，首先要了解投行面试的内容及针对的skills。

投行面试问题分为两种：technical和fit 。

Tech问的是投行基本知识，以此了解interviewee是否真的对金融感兴趣，是否下过功夫pick up这些课堂上学不到的知识，是否真正懂而不是不懂装懂，以及思路是否清晰。

Fit问题则问的是interviewee过去的经历和why banking，以此判断你的性格是否适合投行的节奏，是否有团队合作精神，是否对投行真正感兴趣，是否能胜任投行的活。

Technical问题都包括哪些，要如何准备，及准备到什么程度？投行面试所问的tech问题其实是非常基本和普通的问题，并没有什么tricky 的地方，也没有consulting或marketing面试的brain teaser。

每个学校的finance club应该都有一个list，或者google一下“investment banking inter view questions”，Vault Guide也有一本《Finance Interviews》。

将从这些资源中所的到的问题都加在一起，做成自己的list，再通过mock interview不断加入自己没有想到，没有准备过的问题（可以在每次mock后问一下interviewer他/她有没有被问到过没有准备到的问题），最终得到的这个list，就基本囊括投行面试会问的tech问题了。

有了这个list之后，假期中就要一一攻克，做到真正理解每个问题和答案，而不是简单的背诵和复述。

每个问题知道答案后都要问自己why，理解每个答案背后的推理和理由，回答的时候一并给出。

每个问题也都要能够举一反三，联会贯通，从最简单的概念开始，推到答案可能包含的新的问题。

举例来说，什么是WACC？如何计算（主线问题）？那cost of equity怎么计算（分线一）？market premium怎么决定？beta是什么意思？levered beta和unlevered beta之间怎么互相转换？两家公司（会给出条件）哪家的beta会比较高？如何公司在中国要考虑什么？在伊拉克呢？cost of debt怎么算（分线二）？WACC线是什么形状（分线三）？why？WACC线在什么地方达到最低点？Why？一样的两家公司，Public和Private的WACC哪个高（分线四）？Why？。

【海外人才招聘会】投行的面试问题清单你是否在面试在一家投资银行的毕业生计划或暑期实习？哪些问题会在面试被问到？下面，我们从过去几年的权威指南、投资银行的面试问题中总结出了一份面试问题清单，让你能自信满满地面对投资银行的面试！BofA: Summer analyst position, M&AIf I buy new property plant and equipment (PP&E) for $10m ($5m cash and $5m debt), what will happen to the balance sheet and cash flow?Who will pay more for an acquisition, a strategic buyer or financial, and why?Why would two companies in the same sector have different P/E ratios (one is lower, other is higher)?BofA: Graduate position, technologyTell me about yourself?How do you ensure you meet delivery deadlines?Have you ever failed to meet delivery deadlines?What is Sql Server?What’s the difference between Left Outer Join and R ight Outer Join?Explain 3 features of Object Oriented Programming.Barclays’ Investment Bank interview questionsBarclays: Graduate position, tradingHow many footballs would fit into this room?Why did you choose to pursue a career in banking?If you were advising a client, would you advise them to short or long shares in our company at the moment?Barclays: Internship, technology divisionWhy do bubbles not appear when sparkling water is closed?Why, in this glass do the bubbles in the water sit at th e bottom?”Tell me about your personal morals, what p*sses you off?Barclays: Internship, trading and structuringWhat’s 1/7 expressed as a decimal?There’s a revolver, with two bullets in two chambers that are next to each other, and the rest of the four chambers are empty. The policeman spun the revolver and pulled the trigger at you, nothing happened. Suppose that you don’t want to die, would you prefer the policeman to spin the revolver again before the next shooting or shoot again directly?Suppose I h ave a string and cut it into two pieces, what’s the probability that one piece is at least twice as long as the other piece?So you study mathematics, tell me one the theorem you have learned in Discrete Mathematics [listed in coursework section of CV]?What is VaR? What are its advantages and disadvantages?Barclays: Internship, operationsTell me about Barclays?Tell me a weakness of yours?Explain a time where you coped with working in a ‘difficult’ team environment. i.e. where you didn’t get on with members of your team.Tell me how your previous work experience is beneficial in an investment banking environment.Tell me about a time when you were required to be a leader.Are you able to work with people of varying cultures? If so, explain why.Barclays: Graduate position, IBDHow many lightbulbs are there in the UK?How would you invest £1,000,000?I have 45 socks in a drawer; 10 are blue, 15 are red, 20 are yellow. If I blindly pull out one sock at a time, how many attempts are needed to get a pair?What have you done to prove your leadership skills?Berenberg interview questions:Berenberg: Summer research internship (pre-screening interview)What did the FTSE close at yesterday?You’ve pitched me a buy stock and a sell stock, so what about a hold?Berenberg: Summer research internship (final round)You say that equities are overpriced and due to collapse soon. How can you say that when that’s my job and what I do for a living, day in day out? I’m telling clients to buy certain stocks, are you saying I’m wrong?So you’ve never lived out for uni? How would you survive if I sent you to Hamburg for 2 years?Which daily newspaper do you read? Aside from the FT or WSJ. And why?Berenberg: Graduate position, equity researchWhat can you do with an orange?If you were an animal, which one would you be and why?There is another candidate for the position. Should we interview him and decide who is better or would you prefer we make our hiring decision by flipping a coin?Citigroup interview questionsCitigroup: Summer internship, private bankingIf you had to re-design an orange- what would it look like?Do you think China’s economy will continue to liberalise and by how much further?What is your favourite Microsoft programme and why?Citigroup: Graduate position, IBDHow did you convince a senior member of your team about the effectiveness of an idea you had?What is the most significant recent development in the investment banking industry?Tell me about a time when you were under immense pressure.What do you think will be the emerging trends in consumer banking (yes, someone was asked this in an investment banking interview)?Credit Suisse investment bank interview questionsCredit Suisse: Graduate position, IBDTell us about yourself?Why our bank?Tell us about your strengths?Do you have any examples of times when you used your own initiative?Where do you see yourself in next five years?Credit Suisse: Internship, M&AI have a cube made up of smaller cubes, 10x10x10. If I dip the whole thing in paint, how many cubes will have no paint on them?Are you a Keynesian or a monetarist?I have two frogs and their population doubles in size every second. It takes 60 seconds to fill up a room with frogs. How long does it take to fill up half the room?DC AdvisoryDC Advisory: Internship, FrankfurtHow can you get from FCFF to FCFE?Please create a one pager about a company in one hour.Deutsche Bank interview questionsDeusche Bank: Graduate position, sales and tradingYour client is a hedge fund that requires you to analyse a certain subsector of the FTSE 100 to identify trading strategies based on volatility. How do you approach the analysis?How do you construct an exchange traded fund (ETF) and what factors do you ta ke into consideration when you’re doing so?Do you believe there is a bubble in the bond market?Deutsche Bank: Graduate position, global capital marketsHow would you rate us against our competitors?Wouldn’t you be better suited to working for another or ganisation?What exactly does the word ‘success’ mean to you?Deutsche Bank: Graduate position, riskWould you say that you are a trustworthy person?Do your friends trust you with their secrets?What types of secrets do they share with you?Where do you see yourself in 5 years?Why are man holes round?Are there enough hours in the day?What is the square root of 1?Petrol, or diesel – which is more combustible? Why?Goldman Sachs interview questionsGoldman Sachs: Internship, M&AWalk me through an LBO analysis.What factors can lead to the dilution of EPS in an acquisition?If you are in a business that wants to preserve cash, what type of inventory accounting method would you use (LIFO or FIFO) in a time of rising prices, and why?What is Minority Interest and why do we add it in the Enterprise Value formula?Briefly walk me through a discounted cash flow analysis. (including WACC).Why can’t you use EV/Earnings or Price/EBITDA as valuation metrics?Estimate the value of the tie industry in the UK.What are your best skills? Why would they be applicable?Discuss a deal you have read about recently.Who is the most famous and influential person you would like to meet and why?Why Goldman Sachs?Goldman Sachs: Graduate position, securitiesWhen you heat a sausage in the microwave, the tear is always lengthwise. Why is that?How could you set up a recursive function so that a really smart language / compiler could evaluate the function and never run out of memory?KPMG interview questionsKPMG: Graduate programme, restructuring, FrankfurtWhen a firm has a market share of 50% in Germany and 30% in Europe, what is the market share of the firm in Europe without Germany?You are given 100 million Euro to set up your own bank. Which customer segment would you focus on, and which strategy would you use for that?JPMorgan interview questionsJPMorgan: Summer internship, sales and tradingGive an example of a time you encountered a difficult question whilst working in a groupWhat is the biggest risk you have ever taken in your life?What do you see yourself contributing to this organization, in both the short and long term?JPMorgan: Summer internship, M&AWhy are you looking for an internship in Investment Banking?Why do M&As happen?What are your 3 main strengths?What is your greatest weakness?What motivates you?JPMorgan: Associate interview, M&AYou look at the clock. It’s 3.15pm. What’s the angle between the clock hands?What is the sum of the numbers from one to 100?What is the expected value of a roll of a dice?JPMorgan: Off-cycle internship, FX salesTell me about your educational background.Which are the most important/interesting subjects within FX markets at the moment?If you could pick whichever investment you wanted, were would you put your money today?What do you think a position within FX Sales would entail?Lazard interview questionsLazard: Graduate interview, M&AShould charities be taxed?You’ve been captain of your sports team and are obviously used to being in charge. How will you feel about being at the bottom of the food chain here?Do you agree with the private equity model of buying cheap, cutting costs and selling high?Man Group interview questionsMan: Summer internship, asset managementCan you estimate UK GDP?You’ve have estimated the average salary as £40k. Can you now estimate the largest mortgage an individual can obtain when buying a house. Let’s say the interest rate is 5% on a 20 year mortgage.Calculate the square root of 69Macquarie interview questionsMacquarie: Internship, IBDName me a company you would invest in and why.What are three ways of valuing a company?What’s 456 x 3?Macquarie: Graduate position, IBDHow many weddings are there in Germany in a year?How tall is the Citypoint building?Describe yourself in three words.What is your biggest flaw?Mitsubishi UFJ interview questionsMitsubishi: Graduate position, fixed income tradingWhat are the risks associated with owning a bond?How do you hedge interest rate risk on a bond?How does liquidity affect the bid-offer spread on a bond?Mitsubishi: Graduate position, tradingWhat is the square root of 135?Over the phone I was asked: ‘Which is the main CDS index?’What are the odds of getting two sixes in a row after throwing a fair dice twice?What would you invest in if your holding period was 1year, 3 years and 10 years?Morgan Stanley interview questionsMorgan Stanley: Internship, investment banking division (IBD)What’s the most important: Money, honour, or knowledge?What’s the square root of 341?Why should we not give you the job?Which other investment bank, apart from Morgan Stanley, do you like the most and why?Is political risk in Eastern Europe a serious threat for banks?Briefly walk through a discounted cash flow analysis (including WACC).What is the formula for enterprise value?What is minority interest and why do we add it in the enterprise value formula?Which will place a higher value on the company, equity comparables (trading comps) or M&A comparables (transaction comps) and why?A company makes a $100 cash purchase of equipment on Dec. 31. How does this impact the three statements this year and next year?Tell me how would you value a company? Which are the most used financial tools in this area?Why cannot we use EV/Earnings or Price/EBITDA as valuation metrics?What factors can lead to the dilution of EPS in an acquisition?Why do we subtract cash in the enterprise value formula?Morgan Stanley: Operations, one year placementWhere do you see yourself after this placement (if you g ot it) in 5 years’ time?Name a time you have had to make a tough decision. How did you deal with this?Name a time you have been entrepreneurial. What did you learn from this?Société Générale interview questionsSocGen: Graduate job, project financeWhat is a common ratio used in project finance and how do you calculate it?Why is the DSCR used and what range do you expect it to be in?What is the credit rating for high yield?Why use a project finance structure as opposed to corporate finance?SocGen: Internship, equity structuringWhat the delta of an option when it is at the money (ATM)?What will happen to the price of the option if there is an increase in interest rates?What is the price of an option if the volatility tends towards infinity? And what if the expiry date tends towards infinity?UBS interview questionsUBS: Internship, equity researchHow would you go about valuing a company?Tell me about some time when you’ve had to overcome adversity?How far do you see yourself going in the bank?UBS: Graduate position, wealth managementHow do you price options?If you would have to open an Rep Office, how would you advertise that?When did you show entrepreneurial spirit?What are your current views on the economy and investing?。

一、经典问题1、为什么要做投行2、你做好了做投行的准备没3、你觉得你适合做投行么4、你在实习期间的感悟5、你准备怎么去做投行6、你的专业背景有啥适合做投行的二、更经典问题一个项目最重要的是什么？1.行业前景2.公司的未来前景和可持续盈利能力3.独立性和合规性问题做投行最重要的是什么？**ED说过：1.沟通能力2.财务和法律基础3.行业分析能力4.学习能力***HR说过：1.沟通能力2.韧性3.学习能力**又说了，诚信和品德也很重要二、专业问题1.实习**时间，你对投行的认识投行的作用：在于综合协调其他中介机构的意见，根据自己的尽职调查结果，为公司上市制定合理的改制方案和上市方案，为推动企业执行；讲个好故事，将拟上市公司从丑小鸭变成美丽的天鹅，卖个好价钱1.投行与pe的区别Pe作为投资者，投行仅是中介机构，确切的讲，投行是为pe等投资者服务的。

具体区别：投资阶段更靠前，投资行业范围更广泛，投资时间更长线，对企业提供的增值服务更贴切，这是PE的价值所在。

2. BS，IS和CFS三个表哪个最重要1.资产负债表：反映企业在某一特定日期财务状况的（静态）会计报表，通过该表了解企业资产（负责）总量及结构、投资者（老板）所拥有的权益。

2.利润表：反映企业在一定会计期间的经营成果的（动态）会计报表，可以一目了然从表中看到经营业绩形成过程，收入来源、成本费用消耗、净利润等。

3.现金流量表：反映企业在一定会计期间现金和现金等价物流入和流出的会计报表。

表中项目从不同角度反映企业业务活动的现金流入与流出，弥补了资产负债表和利润表提供信息的不足（了解净利润的质量）。

以上“三表”既有侧重又相互补充，真正要说出那张表最重要，一定没有唯一的答案，一定是因（使用者立场）人而异。

1.如何从报表看公司财务是否舞弊（报表看公司财务的问题）1.与同类公司或与公司历史比较，毛利率明显异常；2.货币资金和银行贷款同时高企；3.应收账款、存货异常增加；4.估算的应交所得税余额与实际余额相比相差甚远；5.现金净流量长期低于净利润。

一、经典问题1、为什么要做投行2、你做好了做投行的准备没3、你觉得你适合做投行么4、你在实习期间的感悟5、你准备怎么去做投行6、你的专业背景有啥适合做投行的二、更经典问题一个项目最重要的是什么？1.行业前景2.公司的未来前景和可持续盈利能力3.独立性和合规性问题做投行最重要的是什么？**ED说过：1.沟通能力2.财务和法律基础3.行业分析能力4.学习能力***HR说过：1.沟通能力2.韧性3.学习能力**又说了，诚信和品德也很重要二、专业问题1.实习**时间，你对投行的认识投行的作用：在于综合协调其他中介机构的意见，根据自己的尽职调查结果，为公司上市制定合理的改制方案和上市方案，为推动企业执行；讲个好故事，将拟上市公司从丑小鸭变成美丽的天鹅，卖个好价钱1.投行与pe的区别Pe作为投资者，投行仅是中介机构，确切的讲，投行是为pe等投资者服务的。

具体区别：投资阶段更靠前，投资行业范围更广泛，投资时间更长线，对企业提供的增值服务更贴切，这是PE的价值所在。

2. BS，IS和CFS三个表哪个最重要1.资产负债表：反映企业在某一特定日期财务状况的（静态）会计报表，通过该表了解企业资产（负责）总量及结构、投资者（老板）所拥有的权益。

2.利润表：反映企业在一定会计期间的经营成果的（动态）会计报表，可以一目了然从表中看到经营业绩形成过程，收入来源、成本费用消耗、净利润等。

3.现金流量表：反映企业在一定会计期间现金和现金等价物流入和流出的会计报表。

表中项目从不同角度反映企业业务活动的现金流入与流出，弥补了资产负债表和利润表提供信息的不足（了解净利润的质量）。

以上“三表”既有侧重又相互补充，真正要说出那张表最重要，一定没有唯一的答案，一定是因（使用者立场）人而异。

1.如何从报表看公司财务是否舞弊（报表看公司财务的问题）1.与同类公司或与公司历史比较，毛利率明显异常；2.货币资金和银行贷款同时高企；3.应收账款、存货异常增加；4.估算的应交所得税余额与实际余额相比相差甚远；5.现金净流量长期低于净利润。

【海归求职】面试真经• 投行篇| 秋招开始前准备好这些面试问题，不让人印象深刻都难！内附回答方法投行内部Technical面试问题大汇总Basic Valuation Questions1、What are the 3 major valuation methodologies?Comparable Companies, Precedent Transactions and Discounted Cash Flow Analysis.2、What are the most common multiples used in Valuation?The most common multiples are EV/Revenue, EV/EBITDA, EV/EBIT, P/E (Share Price / Earnings per Share), and P/BV (Share Price / Book Value per Share).3、What are some examples of industry-specific multiples?Technology (Internet): EV / Unique Visitors, EV / PageviewsRetail / Airlines: EV / EBITDAR (Earnings Before Interest, Taxes, Depreciation, Amortization & Rental Expense)Energy: EV / EBITDAX (Earnings Before Interest, Taxes, Depreciation, Amortization & Exploration Expense), EV / Daily Production, EV / Proved Reserve QuantitiesReal Estate Investment Trusts (REITs): Price / FFO per Share, Price / AFFO per Share (Funds From Operations, Adjusted Funds From Operations)Basic DCF(Discounted Cash Flow) Questions1、Walk me through a DCFA DCF values a company based on the Present Value of its Cash Flows and the Present Value of its Terminal Value.2、What’s the relationship between debt and Cost of Equity?More debt means that the company is more risky, so the company’s Levered Beta will be higher – all else being equal, additional debt would raise the Cost of Equity, and less debt would lower the Cost of Equity.3、Which has a greater impact on a company’s DCF valuation – a 10% change in revenue or a 1% change in the discount rate?You should start by saying, “it depends” but most of the time the 10% difference in revenue will have more of an impact. That change in revenue doesn’t affect only the current year’s revenue, but also the revenue/EBITDA far into the future and even the terminal value.Basic LBO (Leveraged Buyout) Questions1、Walk me through a basic LBO model.Step 1:Making assumptions about the Purchase Price, Debt/Equity ratio, Interest Rate on Debt and other variables; you might also assume something about the company’s operations, such as Revenue Growth or Margins, depending on how much information you have.Step 2: Create a Sources & Uses section, which shows how you financethe transaction and what you use the capital for; this also tells you how much Investor Equity is required.Step 3: Adjust the company’s Balance Sheet for the new Debt and Equity figures, and also add in Goodwill & Other Intangibles on the Assets side to make everything balance.Step 4:Project out the company’s Income Statement, Balance Sheet and Cash Flow Statement, and determine how much debt is paid off each year, based on the available Cash Flow and the required Interest Payments.Step 5:Make assumptions about the exit after several years, usually assuming an EBITDA Exit Multiple, and calculate the return based on how much equity is returned to the firm.2、Why would you use leverage when buying a company?To increase your returns. Any debt you use in an LBO is not “your money” –so if you’re paying $5billion for a company, it’s easier to earn a high return on $2 billion of your own money and $3 billion borrowed from elsewhere versus $3 billion of your own money and $2 billion of borrowed money. A secondary benefit is that the firm also has more capital available to purchase other companies because they have used leverage.3、What variables impact an LBO model the most?Purchase and exit multiples have the biggest impact on the returns of a model. After that, the amount of leverage (debt) used also has a significant impact, followed by operational characteristics such as revenue growth and EBITDA margins.4、What is an “ideal” candidate for an LBO?“Ideal” candidates have stable and predictable cash flows, low-risk businesses, not much need for ongoing investments such as Capital Expenditures, as well as an opportunity for expense reductions to boost their margins. A strong management team also helps, as does a base of assets to use as collateral for debt. The most important part is stable cash flow.5、How do you use an LBO model to value a company, and why do we sometimes say that it sets the “floor valuation” for the company?You use it to value a company by setting a targeted IRR (Internal Rate Return) (for example, 25%) and then back-solving in Excel to determine what purchase price the PE(Private Equity) firm could pay to achieve that IRR.This is sometimes called a “floor valuation” because PE firms almost always pay less for a company than strategic acquirers would.。

投行面试经典问题
投行面试中可能会问到的问题非常广泛，但有一些经典问题可能会被经常问到。

以下是一些投行面试的经典问题：
1. 自我介绍：请简要介绍一下你自己，包括你的背景、技能和工作经验。

2. 为什么选择投行：投行是一个竞争激烈的行业，请谈谈你为什么想加入投行。

3. 职业规划：在未来的五年或十年里，你希望自己在职业生涯中实现什么目标？
4. 对投行的理解：请谈谈你对我们公司的理解，以及你为什么认为自己适合这个行业。

5. 团队协作能力：在投行工作中，团队协作能力非常重要。

请谈谈你过去在团队中的表现，以及你是如何处理与团队成员之间的关系。

6. 压力应对：投行工作常常伴随着高强度的工作压力。

请谈谈你如何应对压力，以及你在过去的工作中是如何处理高强度的工作任务的。

7. 分析能力：请举一个例子，说明你是如何分析一个复杂的商业问题的，并得出结论。

8. 沟通能力：在投行工作中，沟通能力是非常重要的。

请谈谈你过去在沟通中的表现，以及你是如何处理与上级、客户和同事之间的沟通的。

9. 项目执行：请举一个例子，说明你是如何在项目中起到关键作用的，并帮助项目取得成功。

10. 问题解决能力：请举一个例子，说明你是如何解决一个复杂的商业问题的，并给出解决方案。

这些问题只是一些经典问题，实际上在投行面试中可能会问到更广泛的问题。

在准备面试时，建议做好充分的准备，了解公司的文化、业务和行业，以便更好地回答面试官的问题。

【海归招聘会】独家奉献投行面试10大必问问题及详细解答Accounting & Financial Statements1. If a company incurs $10 (pretax) of depreciation expense, how does that affect the three financial statements?如果一家公司有了一个10刀的折旧费用（税前），这会怎么影响3个财务报表？This is the most common version of this type of question. Note that the amount of depreciation may be a number other than $10. To answer this question, take the three statements one at a time.First, the income statement: depreciation is an expense so operating income (EBIT) declines by $10. Assuming a tax rate of 40%, net income declines by $6. Second, the cash flow statement: net income decreased $6 and depreciation increased $10 so cash flow from operations increased $4. Finally, the balance sheet: cumulative depreciation increases $10 so Net PP&E decreases $10. We know from the cash flow statement that cash increased $4. The $6 reduction of net income caused retained earnings to decrease by $6. Note that the balance sheet is now balanced. Assets decreased $6 (PP&E -10 and Cash+4) and shareholder’s equity decreased $6.You may get the follow-up question: If depreciation is non-cash, explain how this transaction caused cash to increase $4. The answer is that because of the depreciation expense, the company had to pay the government $4 less in taxes so it increased its cash position by $4 from what it would have been without the depreciation expense.Valuation1. What are the three main valuation methodologies?三个估值的主要方法是什么？The three main valuation methodologies are (1) comparable company analysis, (2) precedent transaction analysis and (3) discounted cash flow (“DCF”) analysis.2. Of the three main valuation methodologies, which ones are likely to result in higher/lower value?三个估值的主要方法中，哪一个会产生最高/低的值？Firstly, the Precedent Transactions methodology is likely to give a higher valuation than the Comparable Company methodology. This is because when companies are purchased, the target’s shareholders are typically paid a price that is higher than the target’s current stock price. Technically speaking, the purchase price includes a “control premium.” Valuing companies based on M&A transactions (a control based valuation methodology) will include this control premium and therefore likely result in a higher valuation than a public market valuation (minority interest based valuation methodology).The Discounted Cash Flow (DCF) analysis will also likely result in a higher valuation than the Comparable Company analysis because DCF is also a control based methodology and because most projections tend to be pretty optimistic. Whether DCF will be higher than Precedent Transactions is debatable but is fair to say that DCF valuations tend to be more variable because the DCF is so sensitive to a multitude of inputs or assumptions.3. How do you use the three main valuation methodologies to conclude value?你怎么运用三个主要的估值方法来计算公司估值？The best way to answer this question is to say that you calculate a valuation range for each of the three methodolog ies and then “triangulate” the three ranges to conclude a valuation range for the company or asset being valued. You may also put more weight on one or two of the methodologies if you think that they give you a more accurate valuation. For example, if you have good comps and good precedent transactions but have little faith in your projections, then you will likely rely more on the Comparable Company and Precedent Transaction analyses than on your DCF.Discounted Cash Flow1. Walk me through a Discounted Ca sh Flow (“DCF”) analysis.请叙述一下贴现现金流分析。

所有行业面试中常问的10大问题当你接到期待的面试电话，你会很高兴你属于申请这份工作的前2%的候选人！正如就业市场专家公司总裁Robert Meier透露的那样，“98%的求职者在最初的简历筛选中被淘汰，只有前2%的求职者”能够参加面试。

那么该如何把握接下来的面试呢？在你开始准备工作之前，你需要了解面试中会遇到什么问题。

以下是求职者在不分行业的情况下被问到的十大一般面试问题。

1.自我介绍你对这个直截了当的问题的回答可以揭示很多。

在介绍自己的同时，强调一些方面，比如作为学校足球队的一员，这些方面表明了你的纪律、韧性和团队合作等宝贵品质。

所以，仔细想想，并以一种能展示你优点的方式来展示你的教育、兴趣和经验。

然而，要注意不要过于注重细节。

2.你的长处和短处是什么？面试官希望通过你对这个问题的反应来了解你的自我意识水平。

无论你是否了解自己的优势所在，如果你能孤立弱点并将其转向对你有利的方向。

你可以把你的灵活性、团队精神、对细节的关注等作为你的积极特质。

但是，请小心地跨过自信和傲慢之间的细线。

谈到你的弱点，提出一个可以被认为是积极的特质，并改变观点。

比方说，你倾向于关注最微小的细节，这会给你带来时间管理问题。

面试官可能会问，你该如何纠正这一点。

一个理想的回应是，根据手头项目分配的时间，努力平衡自己的一丝不苟。

3.你为什么想要这份工作？这个问题可以用很多不同的方式重新表述，但基本的问题是你对公司和工作的了解。

这是一个展示你对公司有多感兴趣以及对这个职位有多了解的机会。

不要搞砸公司的事实；谈谈工作中让你最兴奋的方面，以及你认为如何为这个角色增加价值。

4.你为什么辞去上一份工作？如果你的前一家公司给了你解雇通知单，回答这个问题的最好方法是诚实地承认。

不要忘记添加你从这种情况中学到的东西以及你是如何在问题领域工作的。

在你自愿离职的情况下，你可以说你想走出舒适区，挑战自己。

除此之外，你还可以想象，空缺职位恰恰提供了让你兴奋的挑战。

投资银行业面试问题全攻略在进入投资银行业的职场之前，面试是必不可少的一关。

投资银行业的岗位竞争激烈，拥有准备充分的面试技巧和对可能被问到的问题有所了解非常重要。

在本文中，我们将为您提供投资银行业面试问题的全攻略，帮助您在这一关键环节中脱颖而出。

1. 个人背景和技能在投资银行业的面试中，一般会首先问及您的个人背景和技能。

这些问题旨在了解您的教育背景、工作经验和专业技能。

以下是一些常见的问题：- 您可以谈一谈您的教育背景吗？（如学校、专业）- 您的工作经验对投资银行业的职位有何帮助？- 您在哪些专业技能方面有所专长？回答这些问题时，您可以重点介绍与投资银行业相关的学习背景、实习经验和专业技能，并强调如何将这些经验和技能应用于该行业。

2. 行业知识和趋势投资银行业的岗位需要对市场、经济和相关规定有一定的了解。

招聘者通常会考察您对行业的认识程度以及对行业趋势的预测能力。

以下是一些常见的问题：- 您对投资银行业有什么了解？- 您认为当前的投资银行业趋势是什么？- 您如何看待金融监管对投资银行业的影响？回答这类问题时，您需要展示您对投资银行业的广泛了解，可以引用一些具体的数据和实例来支持您的观点。

3. 金融建模和分析能力投资银行业的工作往往需要进行金融建模和风险分析。

招聘者通常会就您的金融建模和分析能力提问。

以下是一些常见的问题：- 您有进行金融建模和分析的经验吗？- 请描述您最近的一个金融建模项目。

- 您如何评估风险和回报？回答这些问题时，您可以重点介绍自己的项目经历，说明您在金融建模和分析方面的能力，并与具体的案例进行结合。

4. 解决问题和团队合作能力在投资银行业，能够解决问题和良好的团队合作能力是非常重要的。

招聘者通常会就您的解决问题的能力以及在团队中的角色提问。

以下是一些常见的问题：- 您在以前的工作中如何解决一项困难任务？- 请讲述一个您在团队中发挥重要作用的经历。

- 您如何处理与同事之间的合作冲突？回答这类问题时，您可以重点突显自己的解决问题的能力和在团队中的积极作用，强调您的沟通和合作能力。

面试必问10大问题及答案(最全)面试必问10大问题及答案1、请你自我介绍一下你自己?回答提示：一般人回答这个问题过于平常，只说姓名、年龄、爱好、工作经验，这些在简历上都有。

其实，企业最希望知道的是求职者能否胜任工作，包括：最强的技能、最深入研究的知识领域、个性中最积极的部分、做过的最成功的事，主要的成就等，这些都可以和学习无关，也可以和学习有关，但要突出积极的个性和做事的能力，说得合情合理企业才会相信。

企业很重视一个人的礼貌，求职者要尊重考官，在回答每个问题之后都说一句“谢谢”，企业喜欢有礼貌的求职者。

2、说说你最大的缺点?回答提示：这个问题企业问的概率很大，通常不希望听到直接回答的缺点是什么等，如果求职者说自己小心眼、爱忌妒人、非常懒、脾气大、工作效率低，企业肯定不会录用你。

绝对不要自作聪明地回答“我最大的缺点是过于追求完美”，有的人以为这样回答会显得自己比较出色，但事实上，他已经岌岌可危了。

企业喜欢求职者从自己的优点说起，中间加一些小缺点，最后再把问题转回到优点上，突出优点的部分，企业喜欢聪明的求职者。

3、你对加班的看法?回答提示：实际上好多公司问这个问题，并不证明一定要加班，只是想测试你是否愿意为公司奉献。

回答样本：如果是工作需要我会义不容辞加班，我现在单身，没有任何家庭负担，可以全身心的投入工作。

但同时，我也会提高工作效率，减少不必要的加班。

4、你对薪资的要求?回答提示：如果你对薪酬的要求太低，那显然贬低自己的能力;如果你对薪酬的要求太高，那又会显得你分量过重，公司受用不起。

一些雇主通常都事先对求聘的职位定下开支预算，因而他们第一次提出的价钱往往是他们所能给予的最高价钱，他们问你只不过想证实一下这笔钱是否足以引起你对该工作的兴趣。

回答样本一：我对工资没有硬性要求，我相信贵公司在处理我的问题上会友善合理。

我注重的是找对工作机会，所以只要条件公平，我则不会计较太多。

回答样本二：我受过系统的软件编程的训练，不需要进行大量的培训，而且我本人也对编程特别感兴趣。

【海归招聘】投行四大面试9大Tricky Questions答题思路顶尖投行四大咨询公司的面试环节总离不开几条考验你的临场反应的tricky questions,Tricky Questions 答题思路你的弱点事什么？你觉得为什么我们不会招聘你成为我们的员工？这是一个很难的题目。

虽然申请者可以经过提前准备来得到正确的答案，但是很多候选者依然表现不如理想。

第一，不要说你没有任何的缺点，这样会让人觉得很奇怪，而且这也是不正确的。

第二，不要说一些笨蛋的话，比如说“kryptonite”，这不会让你的面试官感到愉快的。

第三，不要说类似“我工作太过于勤劳了”你要描述你真正的缺点，否则你的面试官眼睛会不停的围着你打转。

回答这个问题的关键是选择一下关键点，你可以通过自己努力去改进的。

选择一下看起来是缺点，但是通过自己努力可以变成优点的。

你觉得你的最大的失败是什么？这里是另外一个难题。

面试官想了解你曾经的失败，但是跟愿意知道你从失败中学习到什么。

不要对你的工作能力贬低。

比如说：不能说我的公司金融课程不及格，因为这很难变成你的优点的在描述你失败那一部分时候要尽量保持简短，然后把问题转变成你从失败中学习到什么。

如果你要描述两个失败，选择一个发生在过去的事情，因为这样可以让你有更多时间从中学习。

如何你选择的是刚刚发生在上周末的事情，你很难说服别人你在类似的事情里面从中学习，并取得成功了。

对于所有的优点以及缺点的问题，一定要牢记以下基本点。

不要选择一些缺点是会影响你公司声誉或者财务的运作的为什么你的GPA这么低？这是一个压力测试题目，无论如何不要承认你的GPA低，或者因为GPA低而感到抱歉。

不要企图找借口除非你是有特别的原因才会让你GPA这么低的（双亲过世，受到严重的伤害）表现出你已经充分准备好，随时进入金融行业，并且准备放弃所有的社交生活。

或许你的GPA不是4.0但是你依然为自己感到自豪，因为你觉得你拥有别人并没有的技能。

不管你现在是不是在找工作，这篇短文你先收藏好，文章内容会比较长，因为我会跟大家去讲面试当中最高频的十个问题，错过了你可能再也看不到这么详细的面试技巧了。

01/让你自我介绍千万不要啰嗦一大堆的去复述简历，面试官听了只会是浪费时间，好的介绍就三个核心。

第一：你的标签，你过往的核心的行业经验和工作经验就是你的标签。

第二：你的优势，你具备什么样的优势，和这个岗位的匹配度是什么样子的。

（等他问你的时候就被动了）。

第三：你的意愿，你为什么而来，也可以说一下你上家公司离开的原因，主动打消面试官的顾虑。

这里一定要提醒大家，自我介绍不要光顾着自己说，也要为后面的面试掌握主动权，比如说你可以讲到某段业绩的时候，你可以说，如果您对这部分感兴趣，后面可以跟您详细来讲一讲。

02/你为什么能够胜任这份工作不要只强调我来了能干什么，面试官不是来听你吹牛的，重点要放在我以前干过什么，我干的怎么样，这里用到prep法则。

以销售岗位为例，你可以这么说，我觉得我自己和咱们公司的岗位非常的匹配，我很适合这份工作。

我过去有超过五年的销售经验，业绩证明了我的销售能力，过去两年我的业绩连续排名第一。

我积累了很多金融方向的客户，也正是咱们公司大力发展的方向。

我相信自己一定能够胜任这个岗位，并且能够产出很好的销售业绩。

03/你接不接受加班千万不要献媚的说我随便加，将来吃亏的就是你自己了。

要表明自己的态度，并且进一步了解公司的加班情况才是重点。

你可以这么说，我一直就是一个高效工作的人，我相信自己有能力在有效的时间达成工作要求。

如果项目或者紧急工作需要我，我肯定要加班的，而且咱们公司发展速度那么快，如果我不多投入，肯定会落伍的。

对了我正好想了解一下，咱们公司加班频次怎么样呢，是不是可以调休呢。

04/你最失败的一次经历是什么这个问题一定提醒大家别卖惨！别卖惨！更重要的是要:总结+反思+已经改变。

要运用起承转合，讲好一个反败为胜的故事或者哪怕这件事的结尾是失败的。

一、经典问题1、为什么要做投行２、您做好了做投行得准备没3、您觉得您适合做投行么4、您在实习期间得感悟５、您准备怎么去做投行6、您得专业背景有啥适合做投行得二、更经典问题一个项目最重要得就是什么?1、行业前景２。

公司得未来前景与可持续盈利能力３.独立性与合规性问题做投行最重要得就是什么?＊＊ED说过:1.沟通能力２、财务与法律基础3、行业分析能力４、学习能力*＊＊ＨR说过:1、沟通能力２、韧性3。

学习能力＊＊又说了,诚信与品德也很重要二、专业问题1.实习＊＊时间,您对投行得认识投行得作用:在于综合协调其她中介机构得意见,根据自己得尽职调查结果,为公司上市制定合理得改制方案与上市方案,为推动企业执行;讲个好故事,将拟上市公司从丑小鸭变成美丽得天鹅,卖个好价钱1.投行与ｐe得区别Ｐｅ作为投资者,投行仅就是中介机构,确切得讲,投行就是为ｐe等投资者服务得。

具体区别:投资阶段更靠前,投资行业范围更广泛,投资时间更长线,对企业提供得增值服务更贴切,这就是PE 得价值所在。

2。

BS,ＩS与ＣＦS三个表哪个最重要1.资产负债表:反映企业在某一特定日期财务状况得(静态)会计报表,通过该表了解企业资产(负责)总量及结构、投资者(老板)所拥有得权益。

2、利润表:反映企业在一定会计期间得经营成果得(动态)会计报表,可以一目了然从表中瞧到经营业绩形成过程,收入来源、成本费用消耗、净利润等、3。

现金流量表:反映企业在一定会计期间现金与现金等价物流入与流出得会计报表、表中项目从不同角度反映企业业务活动得现金流入与流出,弥补了资产负债表与利润表提供信息得不足(了解净利润得质量)。

以上“三表”既有侧重又相互补充,真正要说出那张表最重要,一定没有唯一得答案,一定就是因(使用者立场)人而异、1.如何从报表瞧公司财务就是否舞弊(报表瞧公司财务得问题)1、与同类公司或与公司历史比较,毛利率明显异常;2。

货币资金与银行贷款同时高企;3.应收账款、存货异常增加;4.估算得应交所得税余额与实际余额相比相差甚远;5。

投行常见面试问题一、经典问题1、为什么要做投行2、你做好了做投行的准备没3、你觉得你适合做投行么4、你在实习期间的感悟5、你准备怎么去做投行6、你的专业背景有啥适合做投行的实习**时间，你对投行的认识投行的作用：在于综合协调其他中介机构的意见，根据自己的尽职调查结果，为公司上市制定合理的改制方案和上市方案，为推动企业执行；讲个好故事，将拟上市公司从丑小鸭变成美丽的天鹅，卖个好价钱二、更经典问题一个项目最重要的是什么？1.行业前景2.公司的未来前景和可持续盈利能力3.独立性和合规性问题做投行最重要的是什么？**ED说过：1.沟通能力2.财务和法律基础3.行业分析能力4.学习能力***HR说过：1.沟通能力2.韧性3.学习能力**又说了，诚信和品德也很重要招股说明书的亮点充分尽职调查基础上客观真实、完整的披露发行人的基本信息，不过于渲染企业的盈利模式亮点要写透风险部分最重要，发行人基本情况是基础，业务与技术是难点，同业竞争与关联交易是审查要点，财务部分是分析点，募集资金是未来发展的亮点企业的盈利模式亮点要写透。

优秀企业的盈利模式应具备这么几个特点：核心竞争力有门槛，大市场，可复制（产品线延伸的可复制性及销售区域的可复制性），难模仿，可延伸（产业链的延伸，即由制造环节向服务延伸或向特许权外包延伸等）。

要从以上五个方面来写明盈利模式的亮点。

门槛可能有多种，可以是技术门槛，也可能是渠道门槛，还可能是认证周期的门槛，甚至可以是消费习惯（如携程）。

如果没有技术门槛，则至少这个企业应具备明确的先发优势。

如携程、如分众。

债券和投行的关系相同点：实现资金融通，帮助企业直接融资不同点：1.融资方式债务融资和权益融资2.项目周期不同3.发行门槛不同3发行市场不同职责，实习期间遇到什么问题，以及自己是如何处理的，学到了什么为客户创造最大的价值，在此基础上实现自身的最大价值，具体的职责包括1.完成项目负责人布置的任务2.及时与发行人沟通相关问题和控制项目进度3.团队协作项目中最可能出错的地方在哪里，对企业新出现的问题没有及时发现，导致后果不断扩大。