Interview questions
Like it or not, at some stage you will be asked some pretty standard questions. In fact many of these questions are so standard that even HR departments will expect you to have a prepared answer. You’ve got to NAIL IT.
Make sure you don’t stereotype yourself into a ‘sportsman’, a ‘musician’ etc – do make sure you discuss different aspects of your personality.
What are these questions? Read on…
A gentle beginning
Q: ‘Tell me a little bit about yourself?’
Q: ‘Why University X?’
Q: ‘Why a Y degree?’
Q: ‘What extra-curricula activities are you involved with?’
Fil says: ‘Open conversational questions: keep focused and keep track of the time.’
Is this for you?
Q: ‘Why banking/investment management?’
Q: ‘Why this institution?’
Q: ‘Why this division?’
Fil says: ‘They are looking to see whether you really know what you are letting yourself in for. Can you handle the hours? Be honest and be enthusiastic.’
Personality:
Q: ‘What are your strengths/weaknesses? Why?’
Q: ‘What has been your most challenging situation to date and how did you react?’
Q: ‘Describe a challenge where you have had to use initiative and creativity?’
Q: ‘Describe a time where you have set high targets for yourself? Did you achieve them?’
Q: ‘Describe a recent team challenge that you have been involved with?’
Q: ‘Describe a time when you led a team?’
Q: ‘Discuss your GAP year?’ (If relevant)
Fil says: ‘I’m sure many people groan when they read these questions. Turn them into your advantage by being prepared. Lack of experience is a weakness for most intern candidates but this will be expected at this stage.’
You may be required to answer these questions in a telephone interview. Be organized: have prepared answers in front of you, be in a quiet environment, be ready to take the call and make sure you are not interrupted. Focus on pro active vocabulary and don’t ramble.
Industry questions
The interviewers will treat your interview in a similar manner to how they treat graduate applications. By showing you are aware of current events and are interested, you highlight yourself as one of the best candidates.
Follow one sector, e.g. retail, engineering companies, oil etc. Be confident of discussing this sector. It will also provide you with a manageable project.
Typical questions…
Investment banking interns:
Q: What is investment banking? M&A?’
Q: ‘How would you value company X?’
Q: ‘What is a PE ratio?’
Q: ‘What is an IPO? An LBO?
Q: ‘What research will you be asked to do?’
Q: ‘Discuss a recent M&A deal that you have found interesting? This institution?’
Financial markets interns:
Q: ‘What is trading?’
Q: ‘What is the FTSE 100? Nasdaq 100?’
Q: ‘What is a stock?’ Bond?’
Q: ‘What is the difference between a trader and a salesman?’
Q: ‘Can you sell me this sweet?’
Asset Management interns:
Q: ‘What is asset management?’
Q: ‘Describe the role of a Fund Manager?’
Q: ‘How would you value company X?’
Q: ‘Can you name 5 FTSE 100 companies?’
Q: ‘Name a company that you think has a small amount of risk associated? Why?
I have no idea what this all means!! Don’t worry; a little homework and you’ll be away. If you get asked a question that you don’t understand then admit it.
How? Use the following links: LINK to sites and books. If you have any friends or family in banking then ask them.
Ask questions
You will be expected to ask questions and frankly if you don’t it will look like you are not interested or don’t care. Very easy to skip this bit because you want to get out!
Questions to ask should be of the following nature:
- If there is any information about yourself which you have not yet portrayed – make sure you get it across. It is your last chance.
- Ask questions which relate to what you will be doing on your internship. What will I do on a day to day basis?
- Ask questions which relate to the institution that you applied to which cannot be found on their website. What is the structure of this team? How does the culture of this institution compare to others?
Numerical questions
Best to show some examples…
Qn: Add the sum of 1 to 100 inclusive.
Ans: Pair numbers 1 and 99, 2 and 98, 3 and 97 etc. That is 49 pairs that add to 100. Then add 100 and 50 (they weren’t used in pairings).
Thus answer = (49 * 100) + 100 +50 = 5050
Qn: If the time on a clock is 3:15, how many degrees are there between the short and the long hand of the clock?
Ans: The hour hand will be a quarter of the way round between 3 and 4. Since the angle between each hour marker is each 30 degrees (360/12).
Thus answer = (0.25 * 30) = 7.5 degrees.
Qn: You are standing next to a river and you have 2 jugs, one 5L and one 2L. Using only these 2 jugs obtain exactly 4L of water? You are allowed to tip water out of either jug.
Ans: Fill 5L jug, pour into 3L, empty 3L jug, pour what’s left in 5L jug into 3L jug, fill 5L jug, pour in 3L jug – thus you have 4L left in 5 jug.
Top 5 stinker questions
- How many people have you slept with?
Fil says: An unbelievable question!!!! Please note this is extremely rare and a dis-credit to the industry – you always get one idiot. If you get asked this question; then simply ask the interviewer to move on to more relevant questions. Make sure you report the incident.
- How many times a week do you go out drinking?
Fil says: Ditto.
- Name 3 uses for a tennis ball that do not involve movement?
- If you had to describe yourself as an animal, what would you be?
- Tell me a joke?
Please be in touch if have heard any worse, email stinkers@askfil.com.
