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The most common type of test will happen like this: - You will be seated in a room alone with a laptop, with only Excel on it.- You will be given some assumptions, either on a separate page, or in an Excel file saved on the laptop.
Valuation Questions - Give me an overview of at least five valuation methodologies for a company. - What percent of total DCF value is usually in the Terminal Value? Capital Structure and Financing - If you were pitching to be an underwriter for an IPO, what would the table of contents of the pitch book look like?Speculate on a few things that may have happened to cause this outcome.- If convertible debt gets converted, what is the impact on the balance sheet?(Mention all the positives about London and how it is a financial center, multicultural, etc.) 3) What are your strengths and weaknesses? 13) What would you most like me to know that is not in your resume?Good strengths include being a hard worker, analytical, curious, being a good communicator, a good team player, resistant to stress, don't give up easily. (Answer can be that you grew up in an interesting place or an interesting experience you had.) 14) How competitive are you? Just add examples saying that you enjoy participating competitive activities such as sports, events, etc.) 15) Tell me about the time you worked the hardest in your life.- Which of the valuation methods will tend to lead to the highest valuation? What proportion did the Terminal Value contribute to the Enterprise Value? - What implications are there for cash dividend versus stock repurchase? - How can a company reduce its Debt/EBITDA ratio without increasing EBITDA or paying down debt? LBO questions - What is the IRR with an equity investment of £100m and exit equity value of £300m after three years? - Give an example of Circular Reference in an LBO model.
Accounting questions - Walk me through the impact of an asset write-down on the financial statements.
- Final warning: do NOT mention fluent English in your application. Interesting personal activities will give you an edge at building a relationship with the interviewer If a person lists as interests "jogging, travelling, and fishing", it will be hard for the interviewer to What is an investment bank modelling test?
A modelling test is similar to a case study; you are given assumptions, sometimes a brief description of the business, and then asked to perform some analysis.
6) What would your teachers or other students describe about you? What is the enterprise value if instead of paying out the dividend, you invest the $2 billion in a new project with an NPV of $3 billion?
(See strengths and weaknesses.) 7) Give me an example of an important goal, which you have set and tell me how you reached it. - In a world with taxes, if you issue debt for 1000 and pay it out as a dividend, how does it affect your enterprise value? M&A questions - What are the pros/cons on a stock vs. - Who would pay more to acquire a company - a financial buyer or a strategic buyer? - Why do accretive mergers still sometimes see a falling stock price?
- If a company changes from a LIFO to FIFO, how would that impact its financial statements?