金融领域投行面试常见问题汇总

Bank of America·美银美林

BofA: Summer analyst position, M&A

1. If 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?

如果我花1000万美元购买新的物业厂房和设备（PP&E），支付500万美元现金和借债500万美元，我的资产负债表和现金流会有什么变化？

2. Who will pay more for an acquisition, a strategic buyer or financial, and why?

战略投资者家和金融家，谁在收购中会付出更多？为什么？

3. Why would two companies in the same sector have different P/E ratios (one is lower, other is higher)?

为什么同行业的两家公司会有不同的P/E比率（一个较低，一个较高）？

BofA: Graduate position, technology

1. Tellme about yourself?

谈谈你自己吧。

2. How do you ensure you meet delivery deadlines?

你如何保证满足交货期限？

3. Have you ever failed to meet delivery deadlines?

你是否曾经无法满足交货期限？

4. What is SQL Server?

什么是SQLServer？

5. What’s the difference between Left Outer Join and Right Outer Join?

左外连接和右外连接的区别是什么？

6. Explain 3 features of Object Oriented Programming.

请解释面向对象编程的3种功能。

Barclays’ Investment Bank·巴克莱

Barclays: Graduate position, trading

1. How many footballs would fit into this room?

这个房间能放下多少个足球？

2. Why did you choose to pursue a career in banking?

为什么选择投身银行业？

3. If you were advising a client, would you advise them to short or long shares in our company at the moment?

如果你给一个客户提供建议，你会建议投资我们公司的股票是长期持股还是短期持股？

Barclays: Internship, technology division

1. Why do bubbles not appear when sparkling water is closed?

为什么关闭气泡水的时候没有泡沫出现？

2. Why, in this glass do the bubbles in the water sit at the bottom?

为什么这个玻璃瓶中的气泡出现在水的底部？

3. Tell me about your personal morals.

谈谈你的个人道德观。

Barclays: Internship, trading and structuring

1. What’s 1/7 expressed as a decimal?

1/7表示为十进制是什么？

2. 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?

有一个左轮手枪，在两个腔室彼此相邻两颗子弹，剩下的四个腔室是空的。警察把手枪上膛，并朝你扣动了扳机，但什么也没有发生。假设你不希望死，你是希望警察在下一次射击前再上膛一次，还是直接再开第二枪？

3. What is VaR? What are its advantages and disadvantages?

什么是风险价值？它的优缺点各是什么？

Barclays: Internship, operations

1. Tell me about Barclays?

谈谈巴克莱。

2. Tell me a weakness of yours?

告诉我一个你的缺点。

3. 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.

举一个你应对不和谐的团队工作的例子。比如，你和团队成员相处不是很融洽。

4. Tell me how your previous work experience is beneficial in an investment banking environment.

请告诉我你以前的工作经验如何帮助你在投行的工作。

5. Tell me about a time when you were required to be a leader.

举一个你的领导力的例子。

6. Are you able to work with people of varying cultures? If so, explain why.

你能否和不同文化背景的人一起共事？如果可以，请解释原因。

Barclays: Graduate position, IBD

1. How many lightbulbs are there in the UK?

英国有多少灯泡？

2. How would you invest £1,000,000?

你会怎么投资100万英镑？

3. Ihave 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?

一个抽屉里有45只袜子，10只蓝色，15只红色，20只黄色。如果我一次随机抽取一只袜子，需要多少次才能凑成一对？

4. What have you done to prove your leadership skills?

请举一个例子证明你的领导能力。

Berenberg·贝伦贝格

Berenberg: Summer research internship(pre-screening interview)

1. Wha tdid the FTSE close at yesterday?

富时指数昨日收于多少？

Berenberg: Summer research internship (final round)

1. You say that equities are over priced and due to collapse soon. How can you say that when that’s my job and what I do for aliving, day in day out? I’m telling clients to buy certain stocks, are you saying I’m wrong?

你认为股票价格过高并且已经到了崩盘的边缘。如果这个是我的工作，你有什么建议吗？我该做什么为生？如果我已经告诉了我的客户购买那一些股票，那么你认为我错了吗？

2. So you’ve never lived out for United States? How would you survive if I sent you to Hamburg for 2 years?

所以你从来没有在其他国家生活过？如果我派遣你的汉堡2年，你怎么办？

3. Which daily newspaper do you read? Aside from the FT or WSJ. And why?

除了FT和WSJ，你每天读什么报纸？为什么？

Berenberg: Graduate position, equity research

1. What can you do with an orange?

你可以用一个橘子做什么？

2. If you were an animal, which one would you be and why?

如果你是一只动物，你想成为什么？为什么？

3. There is another candidate for the position. Should we interview him and decide whois better or would you prefer we make our hiring decision by flipping a coin?

对于这个职位，还有另外一位候选者。你觉得我们应该面试他然后觉得谁更好呢，还是你希望通过掷硬币来决定我们选择谁？

Citigroup·花旗

Citigroup: Summer internship, private banking

1. If you had to re-design an orange, what would it look like?

如果你需要重新设计一个橘子，你觉得应该是什么样子呢？

2. Do you think China’s economy will continue to liberalize and by how much further?

你认为中国经济会继续开放吗？空间还有多大？

3. What is your favorite Microsoft program and why?

你较喜欢的微软程序是什么？为什么？

Citigroup: Graduate position,IBD

1. How did you convince a senior member of your team about the effectiveness of an idea you had?

如果你有一个提高效率的想法，你将如何说服你团队中的高级成员？

2. What is the most significant recent development in the investment banking industry?

什么是投资银行业较显著的新发展？

3. Tell me about a time when you were under immense pressure.

举一个你面对压力的例子。

4. What do you think will be the emerging trends in consumer banking (yes, someone was asked this in an investment banking interview)?

你认为商业银行业务较新的趋势是什么？（是的，这个问题在投行面试中也会被问到。）

Credit Suisse investment bank·瑞信

Credit Suisse: Graduate position, IBD

1. Tell us about yourself?

谈谈你自己。

2. Why our bank?

为什么选择我们。

3. Tell us about your strengths?

你有什么优势？

4. Do you have any examples of times when you used your own initiative?

举一个你积极主动做事的例子。

5. Where do you see yourself in next five years?

你认为你5年后会是什么样子？

Credit Suisse: Internship, M&A

1. I 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?

我有一个由小的立方体组成的大立方体（10x10x10）。如果我现在对于这个大立方体上色，有多少个立方体会没有被上到色？

2. Are you a Keynesian or a monetarist?

你是凯恩斯主义还是货币主义？

3. 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 theroom?

我有2只青蛙，他们的数量每秒钟会增加一倍。要用青蛙填满一个房间需要60秒的时间。如果需要填满半个房间，需要多久呢？

DC Advisory

DC Advisory: Internship, Frankfurt

1. How can you get from FCFF to FCFE?

你怎么能从FCFF得到FCFE？

2. Please create a one pager about a company in one hour.

请在一小时内创建一个寻呼机公司。

Deutsche Bank·德银

Deusche Bank: Graduate position, sales and trading

1. Your client is a hedge fund that requires you to analyze a certain subsector of the FTSE 100 to identify trading strategies based on volatility. How do you approach the analysis?

你的客户是一个对冲基金公司，他们要求你去分析某一种特定的富时100指数，以定义其波动性交易策略。你会如何分析？

2. How do you construct an exchange traded fund (ETF) and what factors do you take into consideration when you’re doing so?

你如何构建一个交易基金（ETF）？哪些因素你需要考虑？

3. Do you believe there is a bubble in the bond market?

你认为债券市场有泡沫吗？

Deutsche Bank: Graduate position, global capital markets

1. How would you rate us against our competitors?

你如何评价我们以及我们的竞争对手？

2. Wouldn’t you be better suited to working for another organization?

你难道不是更适合在另一家公司工作吗？

3. What exactly does the word ‘success’ mean to you?

成功对你意味着什么？

Deutsche Bank: Graduate position, risk

1. Would you say that you are a trust worthy person?

你是一个值得信赖的人吗？

2. Do your friends trust you with their secrets?

你的朋友信任你能守住你们之间的秘密吗？

3. What types of secrets do they share with you?

你的朋友会和你分享什么类型的秘密？

4. Where do you see yourself in 5 years?

你5年后会是什么样子？

5. Are there enough hours in the day?

一天当中的时间够吗？

6. What is the square root of 1?

1的平方根是多少？

7. Petrol, or diesel – which is more combustible? Why?

汽油还是柴油更可燃？为什么？

Goldman Sachs·高盛

Goldman Sachs: Internship, M&A

1. Walk me through an LBO analysis.

请解释LBO分析。

2. What factors can lead to the dilution of EPS in an acquisition?

什么因素会导致收购中每股收益的稀释？

3. 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?

如果你在的企业想要保留现金，那么你在价格上涨的时候会使用什么类型的货存核算方法（LIFO还是FIFO）？

4. What is Minority Interest and why do we add it in the Enterprise Value formula?

什么是少数股东权益？为什么把它添加到企业价值的公式中？

5. Briefly walk me through a discounted cash flow analysis. (Including WACC).

简单解释一下贴现现金流分析（包括WACC）。

6. Why can’t you use EV/Earnings or Price/EBITDA as valuation metrics?

为什么不能使用EV/Earnings或者Price/EBITDA作为估值标志？

7. Estimate the value of the tie industry in the UK.

估算一下英国领带产业的价值。

8. What are your best skills? Why would they be applicable?

你较好的技能是什么？为什么它们可以适用？

9. Discuss a deal you have read about recently.