面试问题回答技巧 重要版.docx
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面试问题回答技巧 重要版.docx
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面试问题回答技巧重要版
QuestionstoAskDuringYourSummerInternshipInterviews
*Canyougivemeanexampleofmysummerresponsibilities?
Trytomakesuretheansweryoureceiveisasspecificaspossible.Particularlyifyou'renewtotheindustry,youwanttoensurethatyouwillperformworkthatisrepresentativeofafull-timeassociate.
*Howmanypeoplearetypicallygivenpermanentjoboffers?
Andaskforpercentagestoo.Thisshowsyou'reinterestedinopportunitiesaftergraduationatthefirm,andallowsyoutoplanyourstrategicoptions.Somefirms,likeGoldmanSachs,areknownforgivingofferstoasmallproportionofthesummerclass.Youmaywanttotrybetteroddsatanotherfirm.
*WillIbeabletorotatebetweendepartments?
Again,themoreyouknowaboutthecompany,thebetteryouwillbeabletodeterminewhichdepartmentinterestsyoumost,orwhetheryouwanttoworkatthefirmatall.Ifthere'saspecificdepartmentyouwanttoworkin,youshouldmakethisknown.
*Doyouprovideanyassistancewithrelocation?
Manyfirmswillhelplocate,andevensubsidize,summerhousing.Ifthismakesadifferenceinwhetheryoutaketheposition,ask.
StrategiesforAnsweringBusinessCaseQuestions
Ifyou'regoingintoaninterviewwhereyoumightexpectacasequestion(abusinessquestionpresentedtoyouforyourdetailedanalysis),it'simportanttohaveafewbasictipsdownpat.
1.Takenotes.
Asyourinterviewerpresentsyourcase,besuretotakecarefulnotesonthenumbersorotherfactsgiven.(Alwaysbringanotepadandapentoaconsultinginterview.)Youdon'twanttoaskyourinterviewertolaterrepeatinformationthathasalreadybeengiven.
2.Askquestions.
Yourinterviewerexpectsyoutoaskquestions--asmanyintelligentquestionsasyouneedtoobtainanaccuratepictureoftherelevantfactsinthecase.Manyinexperiencedcaseintervieweesmaketheerrorofnotaskingtheirintervieweranyquestions,perhapsafraidthattheywilllookignorant,ornotwishingto"bother"theinterviewer.Onthecontrary--notaskingquestionsisafatalerrorinacaseinterview.Ifyoudon'tknowthefirstthingaboutthehelicoptermarket,askhowmuchitcoststomanufacturearotor.Ifyouneedtoestimatethedemandforabeef-flavoredpotatosnackinWichita,Kansas,thenfeelfreetoaskthepopulationofWichitaandenvirons.
3.Bepreparedtotakecharge.
Youwilloftenfindthatyourinterviewerwilldirectyourlineofquestioningtoaspecificarea,butyoumustalwaysbereadytocontroltheconversationincasetheinterviewerdoesnotdirectyourreasoning.Ifyouareunsure,simplyasktheinterviewer.Forinstance,ifyoufindtheinterviewerofferinglittledirectionasyoumovethroughyourinitialscoopingquestions,youmaywishtoask,"Ifindthelackofariskassessmenttobeapotentialshowstopper.MightIasksomedetailedquestionsaboutthis?
"Oryoumightsay,"Givenwhatyouhavetoldmeaboutthesituation,Iwouldliketodrilldownforfurtherclarityregardingtheclient'scurrentrelationshipwithitsdistributionpartner.WouldthatbeOK?
"Inthisway,youtakechargeofthelineofquestioningwithoutsteppingontheinterviewer'srole.
4.Makenoassumptions!
Asacaseinterviewee,youshouldnevermakeanyassumptions.Youshouldassumethepersonaofanactualconsultanttryingtolearnaboutanassignment.Itmightseemobviousthatthereisnopreexistingworkplan(becauseiftherewas,whywouldthisbeacaseinterview?
)butyoushouldask.Youshouldalsoaskifthecompanyhasencounteredasimilarproblem,orwhatothercompaniesinthefieldhavedonewhenfacedbysimilarproblems.Yourinterviewermaynotreleasethatinformationbutwillbeimpressedthatyouaskedthesesensiblequestions.Somegoodbasic"professional"questionstoask,whichapplytomostcases:
∙Whohiredus?
∙Howlongwilltheseengagementslast?
∙Isthereaworkplan?
∙Hasthecompanyfacedthisproblem(oropportunity)before?
∙Ifso,howdiditreact?
∙Whatwastheoutcome?
∙Whathaveothercompaniesfacingthissituationdone?
∙Hasthefirmalreadydoneanyresearchintotheissue?
∙Ifso,whatwereitsfindings?
5.Maintaineyecontact.
Alwaysmaintaindirecteyecontactduringthecaseinterview.Eyecontactiscriticalwhenansweringcasequestions--itdemonstratesconfidenceandauthority.Rememberthatinconsultingyoumayfindyourselfinfrontof20executivesatamajorcorporationpresentingastrategyyouwerebriefedononlyahalf-hourago.Andthenyouhavetoanswerquestions!
Soyoucanseewhybusinesscaseinterviewingissoimportanttoconsulting--itisadirectparalleltotheenvironmentconsultantsmustfaceeveryday.
FinanceInterviewQuestions
WithWallStreetsalariesskyrocketing,investment-bankingjobsareashotasever.Thismeansit'sespeciallyimportanttobepreparedforbankingandfinanceinterviews.Thesefinanceinterviewquestionsshouldhelp.Formorequestionsandinterviewadvice,readtheVGuidetoFinanceInterviews.
1.Howwouldyouvalueacompanyyou'reconsideringbuying?
OneofthemostcommonquestionsWallStreetinterviewersask.(Othervariationsofthisquestionare:
"howwouldyouvalueastockyouwereconsideringbuying,takingpublic,etc.)WallStreetersusethisquestiontoseparatethefinancejocksfromtheneophytes.Here'sabasicanswerthatshouldimpressyourinterviewer:
Oneanswertothisquestionistodiscountthecompany'sprojectedcashflowsbya"risk-adjusteddiscountrate."Afterprojectingthefirstfiveor10years,youaddina"TerminalValue,"whichrepresentsthepresentvalueofallthefuturecashflowsthataretoofarintothefuturetoproject.YoucancalculatetheTerminalValueinoneoftwoways:
(1)youtaketheearningsofthelastyearyouprojected,sayyear10,andmultiplyitbysomemarketmultiplelike20timesearnings,andthat'stheterminalvalue;or
(2)youtakethelastyear,sayyear10,andassumesomeconstantgrowthrateafterthat,perhaps10%.Thepresentvalueofthisgrowingstreamofpaymentsafteryear10istheTerminalValue.
Note:
Tofigureoutwhat"discountrate"youwouldusetodiscountthecompany'scashflows,tellyourintervieweryouwouldusethe"CapitalAssetPricingModel"(or"CAP-M").(Inanutshell,CAPMsaysthattheproperdiscountratetouseistherisk-freeinterestrateadjustedupwardstoreflectthisparticularcompany'smarketriskor"beta.")
Finally,youshouldalsomentionothermethodsofvaluingacompany,includinglookingat"comparables,"-thatis,howothersimilarcompanieswerevaluedrecentlyasamultipleoftheirsales,netincome,orsomeothermeasure.
2.WalkmethroughthemajorlineitemsonaCashFlowstatement.
Aquestiontotestyouraccountingskills.Theanswer:
FirsttheBeginningCashBalance,thenCashfromOperations,thenCashfromInvestingActivities,thenCashfromFinancingActivities,andfinallytheEndingCashBalance.
3.WhatisEBITDA?
Alsoknownas"cashflow,"EBITDAisEarningsBeforeInterest,Taxes,Depreciation,andAmortization.
4.Sayyouknewacompany'snetincome.Howwouldyoufigureoutits"cashflow"?
Abasicanswer:
Youstartwiththecompany'snetincome.Thenyouaddbackdepreciationandamortization.Thenyousubtractthecompany'sCapitalExpenditures(called"CapEx"forshort,thisishowmuchmoneythecompanymustinvesteachyearonplantsandequipment).Thenumberyougetisthecompany'scashflow:
5.CompanyAisconsideringacquiringCompanyB.CompanyA'sP/Eratiois55timesearnings,whereasCompanyB'sP/Eratiois30timesearnings.AfterCompanyAacquiresCompanyB,willCompanyA'searningspersharerise,fall,orstaythesame?
CompanyA'searnings-per-sharewillrise,becauseofthefollowingrule:
whenahigherP/EcompanybuysalowerP/Ecompany,theacquirer'searnings-per-sharewillrise.Thedealissaidtobe"accretive,"asopposedto"dilutive,"totheacquirer'searnings.
Defeatingthe12-BallQuestion
Someinterviewquestionsarenotoriouslydifficult.Thisparticularlogicproblemhasmadeitsappearanceatvariousconsulting,investmentbankingandtechfirms(includingMcKinseyandMicrosoft).Willyoubepreparedifyourinterviewerspringsuponyoutheknotty"12ball"dilemma?
ThankstoVaultReports,youcananswerinsafety!
Here'sthequestion:
Youhave12balls.Allofthemareidenticalexceptone,whichiseitherheavierorlighterthantherest-itiseitherhollowswhiletherestaresolid,orsolidwhiletherestarehollow.Youhaveasimpletwo-armedscale,andarepermittedthreeweightings.Canyouidentifytheoddball,anddeterminewhetheritisholloworsolid?
Thislogicproblemissuretoputyouranalyticalabilityondisplay!
First,we'llexaminewhatthoughtprocessesaninterviewerislookingfor,andthenwe'lldiscussonesolution.
Startwiththesimplestofobservations.Thenumberofballsyouweighagainsteachothermustbeequal.Yeah,it'sobvious,butwhy?
Becauseifyouweigh,saythreeballsagainstfive,youarenotreceivinganyinformation.Inaproblemlikethis,youaretryingtoreceiveasmuchinformationaspossiblewitheachweighing.
Forexample,oneofthefirstmistakespeoplemakewhenexaminingthisproblemisthattheybelievethefirstweighingshouldinvolvealloftheballs(6against6).Thisweighinginvolvesalloftheballs,butwhattypeofinformationdoesthisgiveyou?
Itactuallygivesyounonewinformation.Youalreadyknowthatoneofthesideswillbeheavier,andbyweighing6against6,youwillsimplyconfirmthisknowledge.Still,youwanttogaininformationaboutasmanyballsaspossible(soweighing1against1isobviouslynotagoodidea).
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