Interviewing on Wall St Fall 2013

Co-sponsored by : Equity Society, Fixed Income Society, Mergers & Acquisitions Society, The Clay Center at VSB & University...  George ColemanVU ‘78 - Moderator Managing Director-Inves

Co-sponsored by : Equity Society, Fixed Income Society, Mergers & Acquisitions Society, The Clay Center at VSB & University

 Q&A with Panel

 Wrap-Up & Introduction of Reception Employers

 George Coleman(VU ‘78) - Moderator

Managing Director-Investment Banking; Vice Chairman-Global Equities, Credit Suisse

 Bob Bosse (VU ‘86)

Executive Director, Corporate & Investment Bank, JP Morgan

 Steve Hanwacker (VU ’01)

Senior Financial Advisor, Merrill Lynch Wealth Management

 Bryan Rolfe (VU ‘86)

Managing Director, Debt Capital Markets, BMO Capital Markets

 Todd Sullivan(VU '95)

Managing Director- ISG Operations, Morgan Stanley

 Kathleen Barr (VU ’14) – Barclays S’13 Finance Intern; Biology Major

 Katharine Macomber (VU ’14) – Barclays S’13 Compliance Intern; Arts Economics Major

George Coleman

(VU ‘78)

Managing Director-Investment Banking; Vice Chairman-Global Equities ,

Confidential

What Does A Global Financial Institution Do?

S HARED SERVICES Corpo rate Communic ations Human Res ourc es Information Tec hnolo gy Legal & Complianc e Operations Ris k

INVESTMENT BANKING Sales & Trading Prime Brokerage Res earc h Capital rais ing and advis ory s ervic es

PRIVATE BANKING

We alth management

s olutions Corpo rate & Retail Bank in S witzerland

ASS ET MANAGEMENT Alternatives

As s et Alloc ation Global Dis tribution

S HARED SERVICES

INVESTMENT BANKING Sales & Trading Prime Brokerage Res earc h Capital rais ing and advis ory s ervic es

PRIVATE BANKING/

WEALTH MGMT

We alth management

s olutions Corpo rate & Retail Bank in S witzerland

ASS ET MANAGEMENT Alternatives

As s et Alloc ation Global Dis tribution

Prepare before you go

Pre paration is half the battle

S olving /Intelle ct Pro ble m

S olving /Inte lle ct

S kills

Te am Playe r Collaboratio n

S kills

Leaders hip Pote ntial

Leade rs hip Pote ntial

Interview Best Practices

 Five 30 minute interviews

 Usually about 30 candidates

 Think of it as the Super Bowl J ob offers are made the next day.

 Be clear on what core competency you are testing

 Let the candidate talk 80% of the time; remember, you have the job already!

Interview Structure

 Introduce yourself – your role and tenure with the Firm

 Putting an initially nervous candidate at ease (e.g., by switching to a non-interview discussion tangent)

 About 3–4 minutes prior to end, wind down the interview:

– ask if there is anything else the candidate would like to tell you – allow the candidate to ask one or two questions

– thank candidate for his/her time; provide your contact information

should candidate have further questions (and return his/her call)

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Do your homework Research

Be fore yo u arrive at a Wall S t inte rvie w you mus t:

Kno w re c e nt indus try ne ws

Kno w the firm

 What does the firm do?

 What separates the firm from its competitors?

 What major transactions has the firm been a part of recently or in the past?

 How successful has the firm been recently or in the past?

 The basics: top leadership, major locations, number of employees, etc

Kno w the po s itio n

 What are the required skills / qualifications the job demands?

 For which division are you interviewing?

 What does a typical analyst do in this division?

 How could you add value to this division, even if you don’t have the technical skills?

Think like the interviewer Pre-emptive thinking

In orde r to s uc c ee d in a Wall St inte rview, try to antic ipate the que s tions you are like ly

to be as ke d:

S pe c ific ques tions to pre pare for

 Open ended – “How do you perform under pressure?”

 Past performance – “Tell me about a time when you showed leadership during a difficult situation?”

 Interpersonal / communication skills – “What distinguishes you from your peers?”

 Problem solving abilities – “What difficult issue have you solved recently?”

 Intellectual skills – “How many ping pong balls can fit in a 747? With or without the

seats?”

 Motivational/work skills – “Give an example of when commitment to a job or activity paid off.”

 Why Credit Suisse?

Re membe r THINK FIRS T!

 Before answering any question, think about what you want the interviewer to come away with when you are finished answering it

Tips fo r go od ans wers

 Good answers are thoughtful, clear, interesting, confident, and relevant

Give e xample s whe n pos s ible

Don’t o ve r-pre pare

Confidential 14First impressions

It’s more than jus t words

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Actions can speak louder than words

Prope r de co rum and attitude

Waiting at the interview

 Do not smoke

 Do not chew gum

 Review your resume

• Go over things you feel are the most important

• Rethink the questions you are likely to be asked

Whe n the Inte rvie we r co me s out

 Stand up immediately

 Walk over to him / her

 Firm, dry, confident handshake

 Look them in the eye, introduce yourself

 SMILE

During the interview

Ho w to Make it Count

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Don’t just survive, thrive

How to s uc c es s fully s e ll yours e lf

Speaking points

 Speak slowly

 Avoid all slang

 Avoid “um” and “like” as fillers in your sentences

 Speak confidently but NOT arrogantly

 Keep eye contact when speaking or listening

 Answer the question asked

 Be positive in all your answers

 Market yourself

 Don’t be afraid to put it on the line –

“I want this job and I will work as hard as it takes to get it”

Body language

 The rest of your body language can say just as much as your mouth

 Sit up, lean forward, be engaged

 Stand until the interviewer sits

Technical Questions / Brainteasers

Be pre pare d to ans we r tec hnical que s tions relate d to what is o n your re s ume

The purpos e of tec hnical que s tions and brainte as ers are no t ne c es s arily to

ge t a c orre ct ans wer, but to s ee how yo u think

 Walk the interviewer through the response showing the thought process

behind each step

 If you get stuck, ask the interviewer for input as you are responding

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Follow through

Clos ing the intervie w

Have que s tions re ady for the intervie we r

 Ask about the job, the firm, the firm’s culture

 DO NOT ASK ABOUT MONEY

 See “other tips” for example questions to ask

You’re not done ye t

 Stand up, thank the interviewer for their time, shake hands again

 Write a thank you letter as soon as you get home

• Re-emphasize how nice it was to meet them and how much you want the job

• Be extremely polite, appropriate, and nice

• Remind the interviewer of something you discussed or mention a particularly enjoyable aspect of the conversation

If you are invite d for a final round inte rvie w, reques t fe e dback from round 1 inte rviewe rs

How to kill an interview

Things intervie we rs hate

Being a “kno w-it-all”, over-aggre s s ive , or ove rbe aring

Conde mnation of pas t emplo ye rs

Bad hands hake

Having no que s tio ns to as k

Over-e mphas is o n mone y

Lac k of inte re s t and e nthus ias m

Not kno wing the job to which you are applying

Confidential 22Other Tips

Extra Pointe rs and Che at S hee ts

Questions to ask an interviewer

 Te ll me more about yo ur program

 What are the c harac teris tic s of your to p pe ople ?

 What are the thre e main c haracte ris tics you lo ok fo r in a candidate?

 If I were to as k your to p rep what he / s he likes the mo s t / leas t about the

co mpany, what kind of re s pons e would I ge t?

 Te ll me abo ut a typic al day

 Ho w would you de s c ribe the c ulture o f the firm?

 Will I be re quire d to work in different lo catio ns ?

 What are s ome abilitie s and s kills ne ede d to be s uc c es s ful in this

pos itio n?

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Attributes interviewers look for in candidates

Useful Wall St terms and concepts

 As s e t – Anything o wne d by a c o rpo ratio n o r o the r le g al pe rs o n

 Be ar marke t – A marke t in whic h pric e s are g e ne rally de clining

 Bo nd – A de bt ins trume nt; a s e c urity that re pre s e nts the de bt o f a c o rpo ratio n, a munic ipality, the Fe de ral g o ve rnme nt, o r any o the r e ntity A bo nd is us ually lo ng -te rm in nature – 10 to 30

ye ars

 Call – An o ptio n to buy a s hare o r c o mmo dity

 Chine s e Walls – Re g ulatio ns whic h pre ve nt c o nflicts o f inte re s t aris ing in inte g rate d s e c uritie s firms

 Co llate ral – An as s e t ple dg e d to s uppo rt a lo an

 Co mmo ditie s – Raw mate rials s uc h as g rain o r pre c io us me tals Co ntrac ts fo r the purc has e and s ale o f c o mmo ditie s are s o ld o n c o mmo ditie s e xc hang e s

 Co upo n – A mall c e rtific ate whic h is de tac hable fro m a bo nd to be e xchang e d fo r divide nds , inte re s t payme nts e tc Als o me ans the rate o f inte re s t payable o n a fixe d-inte re s t s e c urity

 De rivative s – A financ ial ins trume nt who s e c harac te ris tic s and value de pe nd upo n the

charac te ris tic s and value o f an unde rlying ins trume nt o r as s e t, typic ally a c o mmo dity, bo nd,

e quity o r c urre nc y

 Divide nd – A po rtio n o f a c o rpo ratio n’s as s e ts paid to s to c kho lde rs o n a pe r-s hare bas is Pre fe rre d s to c k is s uppo s e d to pay a re g ular and pre s c ribe d amo unt Co mmo n s to c k pays varying amo unts whe n de c lare d

Confidential

Useful Wall St terms and concepts (cont’d)

 Equity – The o wne rs hip o f an inve s tme nt

 Exc hang e flo o r – Lo c atio n at a s e c uritie s e xc hang e whe re trans ac tio ns take plac e

 Financ ial mo de ls – To o ls us e d to de te rmine the value o f an inve s tme nt in a c o mpany,

co mmo dity, curre nc y, g o ve rnme nt initiative and s o o n To build a financ ial mo de l, an analys t may c o ns ide r pas t pe rfo rmanc e , c urre nt marke t tre nds , po litic al c limate and o ve rall value o f the

is s ue r, fo r e xample

 Fixe d inc o me – Inte re s t-be aring no te s , bo nds and bills that pay a s pe c ifie d pe rc e ntag e o f

inte re s t o ve r the life o f the lo an

 He dg ing – A s trate g y fo r balanc ing ris ks , as in "to he dg e o ne 's be ts “

 IPO – Initial Public Offe ring , o r the firs t is s ue o f s to c k o r o the r s e c uritie s by a c o mpany fo r s ale

to the public

 Mutual fund – A fund o pe rate d by an inve s tme nt firm that rais e s c apital fro m s hare ho lde rs to inve s t in s to c ks , bo nds , o ptio ns , c o mmo ditie s o r many marke t s e c uritie s The s e funds o ffe r inve s to rs the advantag e s o f dive rs ific atio n and pro fe s s io nal manag e me nt

 Nas daq – Starte d in the US as an auto mate d o ve r-the -c o unte r s e c uritie s quo te s s ys te m and

e vo lve d into the wo rld's firs t e le c tro nic s to c k marke t

 Optio n – A c o ntrac t that e ntitle s the buye r to buy (call) o r s e ll (put) a pre de te rmine d quantity o f

an unde rlying s e c urity fo r a s pe c ific pe rio d o f time at a pre -e s tablis he d pric e

 Put – An o ptio n to s e ll s hare s , bo nds o r a c o mmo dity

Useful Wall St terms and concepts (cont’d)

 Qualitative re s e arc h – Re s e arc h into ho w an inve s tme nt's re s ults we re ac hie ve d inc luding the quality o f the pe o ple , s trate g ie s , s ys te ms and infras truc ture that ac hie ve d the m

 Quantitative re s e arc h – Numbe rs -re late d re s e arc h us ing s tatis tical analys is o f pas t pe rfo rmanc e

o f c o mpanie s , pro duc ts , s e g me nts and s o o n

 Se c uritie s – S to c ks and bo nds

 Sho rt s ale – The s ale o f s e c uritie s that are no t o wne d o r that are no t inte nde d fo r de live ry The

s ho rt s e lle r "bo rro ws " the s to c k to make de live ry with the inte nt to buy it bac k at a late r date at

a lo we r pric e

 Sto c k divide nds – A divide nd paid by c o rpo ratio ns fro m re taine d e arning s in the fo rm o f s to c k The c o rpo ratio n de c lare s the divide nd as a pe rc e ntag e o f s hare s o uts tanding

 Trade rs – Pe o ple who buy and s e ll s e c uritie s fo r bro ke rs , de ale rs and fo r the ir o wn ac c o unts

 Yie ld – Rate o f re turn o n inve s tme nt Als o the divide nd payable o n a s hare e xpre s s e d as a

pe rc e ntag e o f the marke t pric e

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Additional Sample Interview Questions

 Le ade rs hip

 Have you ever been part of a group that was struggling for a sense of

direction? What did you do?

 Have you worked on a team where the member input/work product was of marginal quality? How did you insert yourself? What was the outcome?

 Describe a time when you had to handle a tough problem which challenged fairness or your ethical posture?

 Re s ults Orie ntation

 Describe your most significant example of initiative where “but for you,” the outcome would not have been achieved

 What do you do when priorities change quickly?

 How did you prepare for this interview?

 Describe a situation when you exceeded people’s expectations How did you handle it?

Additional Sample Interview Questions

 Inte llec t/Problem So lving

 “I see you founded x magazine – if Conde Nast approached you to buy it, how would you think about setting a price?”

 If you were going to buy a new house, how would you decide what to pay for it?

 Query the candidate on a topical business / economics event

 Query the candidate on a topical news item about a specific company

 Co llaboration

 What is your approach in meeting new people?

 What role do you typically take on in a team?

 Describe a setback at either school or work How did you address it?

 Inte re s t & Knowle dge o f CS & Indus try

 Did the company have a good quarter?

 Who is the CEO His/Her background.

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Helpful websites and other resources

We bs ite s to be familiar with

Books and magazine s

The Wall S t Jo urnal

Questions?

Bryan Rolfe

(VU ‘86)

Managing Director, Debt Capital Markets,

BMO Capital Markets

Bob Bosse

(VU ‘86)

Executive Director, Corporate & Investment Bank

Steve Hanwacker

(VU ‘01)

Senior Financial Advisor,

Merrill Lynch Wealth

Kathleen Barr (VU ‘14)

Summer ’13 Finance Intern,

Barclays

Katharine Macomber (VU ‘14)

Summer ’13 Compliance Intern,

Alex Hewitt, Equity Society (VU ‘13)

Campus Resources

Students Tell All: “Life as a Wall Street Intern” Panel

Wednesday, 10/23; Driscoll 134, 6:30pm

www.efinancialcareers.com

Financial services industry overview by sector, Job News & Advice,

Internship/Job postings, etc.

PowerPoint AND Video of presentation will be posted to

http://claycenter.villanova.edu (Click on “Calendar of Events”)

Financial Services Networking Reception

Co-sponsored by: Equity Society, Fixed Income Society, Mergers & Acquisitions Society, The Clay Center at VSB & University Career Center in collaboration with the Villanova Financial Club (VU Alumni working on Wall Street)

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