Moving to an elite boutique is possible but still challenging just because of the number of people applying and relatively few spots available. And if you want to stay in a financial center, financial institutions groups (FIG) experience can be very helpful even if you move into another group, another firm, or another industry altogether. In US, perhaps SF and Texas? First, I would like to say that it was a very well detailed and well written article. Bankers don’t expect you to know everything, but they do expect you to have done some research – otherwise you won’t seem interested and they’ll give the offer to someone else. Questions To Ask In An Investment Banking Interview. Need to know that in order to advise you better. It’s GS, so it always places well, but the issue, again, is that there aren’t that many financial services-focused HF/PE firms. Since you’ve been invited back, I’d send him a thank you note and reiterate your interest in the firm. Your best bet might be to move to a finance-related company in strategy first and then move to entertainment or tech from there. You have to check to make sure that the bank has the minimum amount of regulatory capital required, and then tie all growth and dividend issuance assumptions to that ratio. :). 6 Banker Interview Questions and Answers . I assumed he’s busy so just left a voicemail message and asked him to call me back. A: Another big aspect here is working with and analyzing regulatory capital. You cannot arrive at the table with a “clean slate” when you go in for a FIG interview. Hi Brian, thanks for the great article here. Revenue/expenses are different but they’re different for all companies. For an academic approach, take a look at NYU Professor Aswath Damodaran’s work and some of the papers he makes available on valuing financial services firms. ... Continue Reading about ING Cover Letter – Investment Banking M&A FIG … FIG can be pretty specialized. During the program you will have the opportunity to become an important member of the Investment Banking Group, joining small transaction teams, and providing financial advisory services to the firm’s clients… economics focus and strong academic performance, with a sound knowledge in Corporate Finance Ideally previous internships in Investment Banking … Exchanges: Believe it or not, exchanges do face competition. To give a background: I am currently an analyst in FIG at a BB. Because the amount of money a bank or insurance firm can earn is linked nearly 100% to its Balance Sheet – how much it’s earning on its Assets, and how much it’s spending on its funding sources (Liabilities & Equity). Glad to hear it, and let us know if you have any additional resources that would be helpful. It’s not necessarily a bad thing, but it will make your career path more non-linear, especially if you have one mapped out already. Investment banking, debt restructuring, and raising capital are among the services offered to FIG clients. Same goes for my friends in other banks. Have you heard of any FIG analysts doing this, or would I need to pursue an MBA or consulting job before I did this? Also mention a dominant recent trend. Is there any way I could put a positive spin on my course choice? A: If you like reading up on the sector and you enjoy following financials you’re good to go. Most people do not do that because you do not need an MBA if you have already been promoted. I’ll see if we can update some of these links or at least delete the non-working ones. This is the best article that I ever seen. Maybe even produce a one-page summary…. Is it possible to also post something like interview tricks and psychology? -Internet -Retail -Beverage (Alcoholic) -Education -Cable TV. You just need to wrap your head around all the tricky concepts first and crack the financial institutions groups (FIG) success code. He switched careers after going to grad school. Insurance: The main areas concern life, auto, and property insurance. I wouldn’t think traders go into PE. No. Free interview details posted anonymously by Citi interview candidates. It’s very informative and helpful! Its just for 20 mins. Discuss risks that you have taken if your life? Thanks! Not offhand, no, and there aren’t that many FIG-specific funds to begin with… so there might not be much out there. So, London will be the first choice. I find it very boring, and am trying to do an internal lateral to a different coverage team (Consumer/Industrials/Healthcare/Energy. Most career changers need something like that, even with an MBA. Market cap of firm / total industry market cap is not a commonly used ratio and doesn’t necessarily correspond to market share… it just means how much that one firm is valued at relative to the industry valuation as a whole. I don’t know of others though I’ll let you know if I come across other names. I received a 3rd year lateral offer in FIG from a Leveraged Finance group. What are the best banks for FIG in general? Paid Job. Just say that you’re actually about to leave town or travel or something and you’d like to meet him in the next few days if possible – you know he’s busy, but you really value his insights and would appreciate being able to do that before you have to take off. in economics from Stanford University where he was a member of the varsity fencing team. I am moving to NYC next month and I got an interview for an internship at a small wealth management firm (www.adamswm.com). That’s a good point, though the Deal Profile does sometimes have larger international deals. Do equity research people use information and data collected from Big 4/Mngmt Consulting reports in their own reports? Great Job!! Yes, honestly if you are not that interested in this kind of material then finance may not be the best fit. I do think that FIG can be more technical than other groups, especially in areas like insurance, so that can make it worse. And now you’ve lined up 10 first round interviews, most of which are for the M&A and generalist pools. I have a question about exit opportunities. Thank you so much for your work! It’s most likely they will ask why I picked this course. If you don’t like it, you can leave in another 1-2 years without limiting your exit opportunities too much. The assets of FIG companies (loans, investments, cash and securities, etc.) Just wanted to point out that a lot of people make generalizations about FIG but really, they’re thinking about just the banks sub-sector of a given Financial Institutions group. Glad to hear it. Just ask him if he’s available for a coffee/drink on email. You really need to show that you’ve done some research or they’ll wonder why you are interested in joining a tech group. If they get along fine, I would not bother contacting the senior person if the other person didn’t like you and/or minds you contacting his/her senior. Here’s a brief overview of the business models in each of these sub-industries: Q: OK, so those are a lot of areas and they all sound pretty different in terms of business models. This section of the investment banking interview questions provides insight into the candidate’s technical knowledge of finance, accounting, valuation, and financial modeling. The DCF says that the value of a productive asset equals the present value of its cash flows. Therefore, I decided to go for a finance master at Imperial College and got in, starting this September. The interviewee noted that there might be exit opps in FIG PE and financial centers (?) Lightyear Capital JC Flowers Stone Point Capital, Aquiline Corsair GTCR JLL Flexpoint Lovell Minnick W.L. If the two didn’t get along fine, I’d go ahead and contact the senior guy anyway. It’s a little bit of a niche group. This approach is the more academically respected approach. I’m considerring getting a MBA from a top B-school. This was a great post and very informative but I have a question titled towards exiting FIG. If you don’t have something specific in your background, you could always talk about industry news or recent deal activity making you more interested. If you can’t find relevant metrics, just get the purchase price for the deal and get the financial metrics yourself by looking at the acquired company’s annual report on their investor relations site. These are very helpful for anyone looking to join the FIG scene. Or does it depend on my interviewer and what group he/she is in? Maybe it’s a little easier to switch industries outside of FIG, but you’re still limited to some extent. are what generates revenue for them, in the form of interest and investment income. Hi, I have an interview coming up for a bank that focuses on tech deals. I’m getting “error establishing database connection”. Thanks. Also: https://www.mergersandinquisitions.com/commercial-real-estate/. An MBA doesn’t teach you anything practical (for the most part). Hah, good one. You are definitely more specialized, and that can limit PE opportunities – but you’re also in a much better position for funds that invest in financial institutions. building models, learning valuation methods, etc. Additional Questions Answered In Order Received. But I’d like to break in and try out before it becomes too late. If you’re in the financial institutions groups (FIG), however, you have a much better story in terms of getting into strategy / corporate development roles at financial institutions. Thompson Reuters’ quarterly M&A league table has a section on the 10 largest deals of each region (US, EMEA, APAC…). The Big 4 firms are still really good sources for industry trends. Ross, Warburg Pincus Oaktree Oak Hill Capital Capgen. Does anybody know of an equivalent to the above mentioned “Financial Institutions, Markets, and Money” for the European Financial Institutions Market? Any advice to someone who has no specific industry knowledge in tech? Do any people do this in the US? Really helpful. It’s consistent with corporate finance theory – if a firm issues equity, it’s a sign of good times within the issuer. Also because of limited exit opportunities to PE I am not sure whether to take the offer or not. Would you say it is more common/plausible for FIG bankers to come from corporate finance or corporate development backgrounds? Not necessarily. And who knows, maybe you’ll land a real estate, mining, airlines, or healthcare interview to make things more fun as well. Wasn’t sure about that one. We guarantee 100% privacy. A couple huge banks, such as BNP Paribas, RBS, Barclays, Deutsche Bank… Thanks for this, it’s a great article. I would not leave voicemail until you’ve tried dozens of times and couldn’t get through. Q: How can readers tell if FIG is right for them? Thanks, Thanks! 16 Analyst Investment Banking Fig jobs available on Indeed.com. Other resources I recommend for more of an applied / hands-on approach: Go through those and absorb everything you can, and make sure you can talk about a few recent FIG deals, what motivated them, and what you think about the valuation and deal terms. However, none of us here asking about construction industry. I think there’s some truth to that, but the same thing happens with most industry groups – recruiters always try to pigeonhole you into exit opportunities related to that industry. Luis is the man. Sherry Xue. I’ll definitely keep the M&A research links in mind. I actually met him in person and he really knows what he is talking about. 61 Citi Investment Banking Summer Analyst interview questions and 56 interview reviews. The issue isn’t really fintech, the issue (beyond the odds) is that you need not only good deal experience and technical knowledge but also good brand names to have a high chance in the process. Thanks for the tips on Thomson Reuters, I will make a note of that. And I am confident that I can follow hierarchy and get along well with possibly younger Director, etc. But maybe you have a distant relative who is in the business, or maybe one of your friends started working at a big energy company recently – you can take something small like that, spin it, and turn it into a “I had always been interested in tech, and still am, but recently I started talking to [Person Name], who made me really interested in energy…” story. BIWS Real Estate & REIT Modeling gives you a crash course with case studies on real estate developments, acquisitions, pre-sold condos, REIT valuation and M&A/LBO modeling, and more. I am currently a FIG analyst at a BB. Other than questions that may build on a topic already discussed during the main interview, good questions suggest you have gone … Should I send anything at all since I’ve already been invited back? For example, one company earns $100 million in sales and the total market size is $1 billion so it has 10% market share. It’s not like the key industry drivers change from year to year. If you’ve signed up for the course, please ask your questions within the BIWS site. Close with a recent trend or recent news in the industry. How does staffing work in financial institutions groups (FIG)? Your email address will not be published. If you want to learn these concepts in more depth, you can also check out the BIWS Bank & Financial Institution Modeling course, the Oil & Gas Modeling course, and the Real Estate Financial Modeling course. Most normal PE firms won’t even touch financial institutions because they don’t understand them – but there are a few specialized PE firms that focus on FIG (e.g., JC Flowers) and they’re not likely to recruit someone without FIG experience. So much business in places like London and New York depends on financial firms that understanding them in-depth and having contacts there can make a big difference in almost any field – if you start your own company one day in one of those cities, guess who your main customers might be? Going forward, more companies might start to focus on security for mobile devices and solutions that protect everything from desktops to laptops and mobile devices to web-based applications. Yes, it makes sense to sell those skills, and some banks would be interested. 2. Thanks! Re moving to IB, I’d suggest you to attend industry events, organizations & network lots w bankers. I graduated from a not known university for undergrad last year (Economics) but managed to get experience at an M&A boutique during my time there. This is one of the most commonly asked investment banking interview questions. I learned a lot from this interview and would recommend the resources mentioned by Luis as well. 2) When would you suggest doing an MBA – right out of undergrad or after 1,2,3 years FT experience ? How would you start preparing for FSG interview? Industry-specific interviews require you to shift your answers rather than come up with completely new ones. You still need a great story, you still need to know why you want to do investment banking, and you still need to know what it’s like being an investment banker. 22. I was wondering what backgrounds are common amongst FIG bankers who do not break in to banking right out of undergrad? Dont want to make a knee jerk decision to accept it just out of desperation but also dont want to make a potentially career-altering decision without knowing if il even like FIG. Free interview details posted anonymously by Deutsche Bank interview candidates. The answer is $1bn. Very useful site, it helped me much in life! Taking a look at a transaction between stock exchanges, you can see that the valuation measures are very similar to the standard set. Yes, you can find this research without working at a bank: just sign up for a TD Ameritrade account and you can get free Credit Suisse reports on most large companies. ... A basic understanding of financial statements and their content is key for a successful investment banking interview… Aminul Islam. M&I continues to exceeeeed all my expectations! Is this true? We guarantee 100% privacy. Varde Partners PE - Director ... the most helpful part for me was professionals walking through interview questions … So its market value will be much different from its book value. Usually recent alum. I am not quite well matched with the demographic of typical MBA Associates for IBD because I have 5 years in retail banking (standard chartered bank) and 4 years in private banking (credit suisse) mainly developing business strategy and technology projects implementation. Readers may have better insights. Most industries have a few global, diversified companies that do everything and then have smaller companies that focus on more specific segments. Anything else we should know about valuation in financial institutions groups (FIG)? You still use both intrinsic valuation and relative valuation, including methodologies such as trading comparables and precedent transactions. Age is not a problem for me since I am not personally committed to anyone and ready to work hard passionately in this field. We respect your privacy. Keep in mind that after you’ve received a 1st round interview, you have likely passed most of the “academic tests.” What this means is that you’ve already proved that you are smart, hard-working, and capable. Everyone lumps investment bankers together, but that’s not really how banks operate. Fantastic Post! No one outside the group understands what’s going on. Are there any courses you suggest? Your email address will not be published. Discover How To Break Into Investment Banking, Hedge Funds or Private Equity. Not that I know of, but healthcare is 95% identical to standard companies. I’m working on an investigation (MBA) I appreciate your help! If you cannot build a 3-statement LBO model easily, stay away because these are both more complex than even the Advanced Modeling course. Do Investment Bankers go into Hedge Funds (and what are their roles and opportunities) ? How do you think the commercial banking background helps me to apply for top MBA ? You thought that was the right time to get your masters (right after graduation). I think if I started coming up with specific reasons to join non-FIG industry teams, I would lose my authenticity. He earned his B.A. It’s a mutual fit – groups that have a greater need will have more spots open. Here are the main divisions within financial institutions, as well as a few middle-market and boutique banks that specialize in some of the areas: Of these areas, Banks, Thrifts and Depositories, Specialty Finance, and Insurance are by far the most different from “normal companies” because metrics like EBITDA and Enterprise Value simply don’t apply. Now that you’ve achieved your goal, you want to go back to banking given your previous experience, your passionate about finance, investing, and learning how transactions work, and that you want to do work that makes a broader impact and apply your knowledge from your masters to the corporate world. Is FIG any good if you hope to be the CEO of a bank one day? For regional banks, you’re likely to see something on the geographic concentration of branches. So both positions are entry level. :). But, I’ll see if any other topics lend themselves to this. Investment Banking - Analyst Fig. If you’re having trouble finding recent deals, look in the M&A reports from Big 4 firms I linked to above; simple Google searches for “[Industry Name] biggest M&A deals” can also give you names at the very least. What do you want to do post MBA? The answer should run along the line of project free cash flows for 5-20 years, depending on the availability and reliability of information, and then calculate a terminal value. First of all thank you for your very informativ articles. However, I believe that GS FIG is less of a “pigeonhole” than other banks, so you could also move into non-fin-services buy-side firms. Nice but I’m more interested in what happens behind closed doors at the FDIC between fridays & sundays ie a bank is declared in receivership & the next monday it opens shops as subsidiary of a big one…does anyone have any idea where and how to break in? I was invited back for a superday interview two weeks from today. – Can I after 1-2 years transition to a TMT group in another investment bank? Another great interview; very informative as always. A: Generally the split is pretty even among equity, debt, and advisory assignments. – Can I stay 1-2 years at this Fintech M&A boutique and then move to like Moelis or Evercore or something like that? I have spent many hours surfing on the web with no luck so far. I am a first year in a BB FIG. Everything useful I’ve found is listed below: And then there are good old books, but you probably don’t have time for that if it’s 3 AM right now and your interview is at 9 tomorrow. Example for FIG: “Financial services are the biggest industry on the S&P 500, so it’s a huge market in the US – it is relatively mature, though there are pockets of growth in some areas such as risk management. So, yeah, newbie. Genstar and THL seem like they like the asset management/FIG world as well, especially genstar. 15 days ago. Read on for all of that and more – including how you can optimize your chances of getting placed in the group, the most common deal types, how valuation differs, and whether or not you can ever get non-FIG exit opportunities. Are you truly passionate about the sector? what Are some of the funds that focus in FIG? http://www.nasdaq.com/symbol/bud/guru-analysis http://www.nasdaq.com/symbol/cpla/guru-analysis. Example for FIG: “Recently as banks have been recovering from the financial crisis, everyone is thinking about new regulation and the adoption of Basel III – that will have a big impact on banks’ capital structures, how they do business, and how they issue dividends.”. Depending on which group you’re interviewing for, you can just say something along the lines of “While I have learned a lot from my experience at FIG, I realized that I have become more interested in [XX] sector given [Name the reasons why you’re interested in that sector]. I have an interview coming up with a FIG group, but they mostly focus on insurance companies. I have a offer from a chinese state-owned bank(one of the big4s in china) in the corporate banking division (for china mainland businese and chinese listed companies in HK) and another one is 1-yr internship of marketing assistant at a french asset management firm. Helpful for M&A? I would appreciate some guidance on a “further refinement” of words or just even “better reasons”. Ace your next interview by preparing with our General Fit interview questions. Hi im a newbie to IB. Question #1.3 : Why do you want to join Banking Sector? If you have any other good resources for these groups and these types of interviews, post a comment below and I’ll add it. you would like to work in and why? I am currently applying for Oil & Gas IB analyst positions (off-cycle), and I completed the Oil & Gas course for ExxonMobil XTO to be ready for the technical questions. 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