Presentation - Queen`s University Investment Counsel

January 6, 2018 | Author: Anonymous | Category: Business, Finance, Derivatives
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Overview of Finance Recruiting March 20, 2013

Legal Disclaimer The information in this document is for EDUCATIONAL and NON-COMMERCIAL use only and is not intended to constitute specific legal, accounting, financial or tax advice for any individual. In no event will QUIC, its members or directors, or Queen’s University be liable to you or anyone else for any loss or damages whatsoever (including direct, indirect, special, incidental, consequential, exemplary or punitive damages) resulting from the use of this document, or reliance on the information or content found within this document. The information may not be reproduced or republished in any part without the prior written consent of QUIC and Queen’s University. QUIC is not in the business of advising or holding themselves out as being in the business of advising. Many factors may affect the applicability of any statement or comment that appear in our documents to an individual's particular circumstances. © Queen’s University 2013

What is Finance? Sell Side

Trading, Treasury and Markets

Buy Side

Investment Banking

Alternative Investors

Traditional Institutional Investors

Recruiting Programs INVESTMENT BANKING ANALYST •

Advisory (M&A, Divestiture, Restructuring), Capital Raising (DCM, ECM)



Product Groups: M&A, DCM, ECM. Coverage groups: Metals & Mining, Oil & Gas, Real Estate, Diversified, TMT



Typically 2-year program, with an option to sign back as a 3rd year, then direct promote to Associate



Many people choose to pursue MBA, Private Equity, Corporate Development

CAPITAL MARKETS ANALYST •

Helping clients with capital market transactions – Sales, Trading, Structuring, Securitization, Macro Strategy, CIO •

Often, DCM, ECM, and Research are under it too



Fixed Income (Bonds, MBS), Currencies (FX Cash, Options, Structuring), Commodities (Physical, Paper, Derivatives, Structuring), Equities (Cash, Options, Structuring)



Typically up to 1 year rotational program with an offer to a specific desk if offered– NOT GUARANTEED

INVESTMENT MANAGEMENT •

Portfolio management, relationship investment, private equity



CPPIB, OMERS, OTPP, Birch Hill, ONCAP

Recruitment Preparation Before recruiting season: Recruiting Checklist •

Reach out to 3rd and 4th years that have secured positions in finance roles (your objective should be to learn more about the industry and job)



Consider reaching out to alumni from committees and conferences you may be involved in



Sign up to be a volunteer for Career Launch for September 2013 (applications are sent out during the summer by the BCC)



Get educated about the industry (See interview prep resources)



Ask for Mock Interviews (QUIC or from peers)



Possibly attend recruiting info sessions (keep in mind that these are targeted to 3rd and 4th students)

Interview Prep Resources •

Interview guides including Vault Guides (available through myCareer), WSJ Guides



Weekly QUIC Meetings and website resources



General market news (FinancialTimes, WSJ, The Economist, Factiva)

November 2012 (3rd years going on Winter exchange) MONDAY

5

TUESDAY

6

WEDNESDAY

7

THURSDAY

FRIDAY

1

2

8

9

SATURDAY

SUNDAY

3

4

10

11

CIBC Info Session Info Sessions

12 TD Info Session

19

13 UBS Info Session

20

14 Scotiabank Info Session

21

Morgan Stanley Info Session Info Sessions

22

16

17

18

24

25

Credit Suisse Info Session

23

First Round Interviews

Goldman Sachs Info Session Info Sessions

26

15

Final Round Interviews

27

28

29

30

BMO Winter Application Due Select Winter Term Banking Applications Due

Note: Not all banks are represented (CPPIB and Deloitte Financial Advisory hire in early September; boutique firms hire throughout the semester

December 2012 MONDAY

TUESDAY

WEDNESDAY

THURSDAY

FRIDAY

SATURDAY

SUNDAY

1

2

3

4

5

6

7

8

9

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Select Winter Term Banking Applications Due

17

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Select Winter Term Banking Applications Due

24

25

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28

Credit Suisse Winter Application Due Select Winter Term Banking Applications Due

31

January 2013 MONDAY

TUESDAY 1

WEDNESDAY 2

THURSDAY 3

FRIDAY 4

SATURDAY

SUNDAY

5

6

11

12

13

18

19

20

Select Winter Term Banking Applications Due

7

8

9

10

Info Sessions and Applications Due

14

15

16

17

Final Round Interviews (Toronto)

First Round Interviews (Queen’s / Phone)

21

22

23

Super Saturday

24

GS Superday in NYC

28

29

30

31

25

26

27

Interview Process 1st Round Interview •

Takes place on campus, usually one interviewer, between 15-30 minutes



Focussed on behavioural and basic technical questions



Screening stage to gauge fit with firm culture

2nd Round Interview (“Superday”) •

Takes place in office, meet various employees of all ranks, 3-4 hours •



Interview with 1-2-3 employees at the same time

Focused on technicals; there is a behavioural component to every way you answer a technical question •

Technicals are the pre-requisite; behavioural gets you the job

Interview Process Tips •

Arrive early 10-15 minutes early; the interview starts when you are in the lobby waiting



Notify your interviewers in advance if there is a chance you will be late due to other interview rounds(avoid if possible) •



Round 1 and 2 interviews may fall within the same day; manage your schedule accordingly

Have firms prioritized in advanced into 1-3 tiers; do not want to create inconveniences for your potential top choice employer •

Some firms are more flexible are accommodating schedules than others (recognize the difference)

General Tips Wining and Dining •

Different form of interview but remains just as serious



Don’t be late; turn off cell phone; wear interview attire



Let the host lead in ordering appetizers and drinks; avoid “messy” meals



Do not speak with food in your mouth, take small bites as you will be likely asked many questions throughout the dinner



Be careful on consumption of alcohol; limit to 1 or 2 drinks for the evening, know your limits- reputation/job is on the line

Attire •

Conservative colors: white, blue, black



Men: polished dress shoes, dark socks, conservative color ties that are well-put together, less cologne is better



Women: conservative dress shirts or plain blouses (preferably solid colored and non-patterned), black or charchoal suit, skirts should be appropriate length (slightly above knee), heel height should be ~2.5 inches max (solid black, closed-toe shoes are preferred)

Travelling •

This should be accommodated by your interviewer (bus, train, plane, hotel)



Make sure to send receipts shortly following second rounds, along with thank you notes •

Follow-up if did not receive reimbursements in polite manner (can take some time)

Post-Interview Etiquette and To-Dos Within the First 24 Hours after Final Round Interviews •

Send follow-up e-mails if you are comfortable doing so and feel a strong connection with particular interviewers •

This makes more sense for smaller offices such as a smaller global bank in Toronto



These e-mails should be customized and personalized in order to carry any meaning



However, follow-up e-mails are not required and many recruiters prefer not to receive any



Follow-up phone calls or personalized cards are extremely risky and mostly seen as overly-aggressive

Within the First 48 Hours



Typically, 80-90% of finance offers will be given within 2-3 days of the final round interview



Ensure your phone never runs out of batteries! Voice mail and caller ID are also absolute necessities

Within the First Week •

If you have not heard back after a week, you are likely on the waiting list or rejected



Following-up for the last time after a week to inquire on the status of your application should be fine



Otherwise, just stay calm!

Offer Acceptance and Considerations Offer Timelines •

Deadlines to accept an offer can range from a few seconds to a month but will typically range from a day to a week •



Global banks are typically less flexible and more likely to expect faster responses from candidates

Be careful to network and connect more strongly with recruiters in groups you would like to join (ie. M&A or TMT)

Celebrate but Never Renege •

Do not accept an offer verbally if you have no intention of officially signing with the firm



Absolutely never sign an offer and renege to sign somewhere else as it will ruin your reputation



Make an effort to attend acceptance parties

Other Considerations •

For summer programs, global banks have 8-10 week programs and domestic firms typically have 16 week programs



Return offers for summer analysts will typically be given during the last 2 weeks and will typically last for a few days

Rejection Recovery Alternative Avenues for Summer Hiring •

Different firms may recruit in January and not November



Different opportunities with smaller boutique investment banks or investment managers are always available



Roles at commercial banks, marketing firms, and various corporations exist so be creative!

Re-Recruiting for Full-Time Positions •

Although more challenging, full-time recruiting is always available



Most firms will begin informal recruiting for full-time hires as early as the summer, typically in July and August



Retaining strong connections becomes imperative at this stage



There will often be exclusive information sessions hosted during the summer



Be subtle with your intentions when recruiting during the summer work weeks

Appendix

Types of Interview Questions Broadly speaking there are 3 types of questions, market-based, behavioural, and technical. Market Questions •

Read as much as you can, as often as you can, stay on top of current and events and the market and develop your own opinions



Have 3 stock picks, 1 short, 1 LBO, a recent M&A deal, and a recent IPO that you can speak about in detail



Have a well thought out view on the overall economy but also have somewhat of a view on the many parts of the economy – major economies, commodities, housing. Make sure these tie in with your overall view



Have a solid understanding of all things Europe, quantitative easing, and how the financial crisis occurred

Behavioural •

Do not make the mistake of thinking these questions do not require preparation



The answer you give to “Tell me about yourself?” or “Walk me through your resume” is likely to be your first impression on your interviewer and one of your most important answers



Know strengths and weaknesses, 3 for each but the more you have the better. Also this question is often asked indirectly



Try to have a series of experiences or stories about yourself that highlight important qualities that you can speak to for a range of different questions, If you find something that is also relatable to



I have found it beneficial to write out stories and important answers and practice saying them out loud

Types of Interview Questions II Technical Questions •

Technical questions are designed to test your knowledge of finance, to expose the way you think and solve problems, and even to see how you deal with stress



How you answer a technical question can be more important than getting the right answer



You will receive technical questions you do not know the answer to no matter how well prepared you are







Do not try an make something up that makes no sense



Ask the interviewer questions if you feel more information could help you or are in need for clarification



If you still do not know, be honest and explain how you would consider approaching such a problem



Often your interviewer will lead you to the answer, this can be a painful process, stay calm and collected and do not get thrown off for the rest of the interview

There are some common technical questions which you need to have a solid understanding of and a well polished answer, these are all mentioned in the guides •

What are the 3 ways to value a company?



Walk me through a DCF/LBO/Accretion – Dilution analysis



How do I calculate WACC, UFCF, LFCF, EV



Understand multiples, accounting questions; linking of financial statements



How do you value a privately held company?

You may be asked mental math, brain teasers and logic problems as well, again how you approach the question is the most important

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