Man Group

Man is an international alternative investment management business. Man manages over USD78 billion and employs 1,600 people in 13 countries worldwide.

The original business was founded in 1783. Today, the parent company, Man Group plc is listed on the London Stock Exchange and ranked in the top 40 companies of the FTSE 100 Index, with a market capitalisation of about USD20.7 billion.

Graduate Jobs

Man Group recruit graduates for the following work areas:

• Marketing & Client Services
• Business
• Quantitative and Technology functions

Man Group's graduate programme comprises of rotations throughout various business units in London, Dublin and Switzerland. The firm's rotational programmes are typically 12-18 months.

Graduates are usually employed to work in either the firm's London, Dublin and/or Pfäffikon (Switzerland) office.

Man recruit 10+ interns, 20+ graduates and 15+ PhD vacancies each year.

Interview Process

The hiring process for Man Group typically consists of 3 stages:

• First Round – Competency based telephone interview with HR
• Second Round – Further competency based interviews with HR & Business
• Final Round – Assessment Day (consisting of interviews, case studies & ability tests)

Working Culture

Man Group's graduate programme comprises of rotations throughout various business units in London, Dublin and Switzerland. One of Man's key objectives is to continue to be at the cutting edge of hedge funds. To do this we need talented, enthusiastic individuals.

ABN AMRO Application Process

Applying to ABN AMRO

(see also ABN AMRO interview questions)

Application Requirements

Graduates form any degree discipline are considered for ABN AMRO, but should have achieved a minimum of a 2.1 at degree level. The firm are looking for tenacious, ambitious and intelligent graduates who can clearly demonstrate teamworking skills. A keen interest in the dynamics of banking and international finance is also essential. The firm hire approximately 100 graduates each year, but competition is fierce. The firm may receive anywhere up to 10,000 applications.

Application Procedure

Graduates should apply to ABN AMRO via the firm's website. For positions in London, the firm accept applications from September onwards. The selection process then takes place between October and January. Applications are considered chronologically, so candidates should aim to apply as early as possible.

The selection process consists of the following:

• First stage:
  • Numerical reasoning & verbal reasoning tests
  • First interview
• Second stage:
  • Interview with senior line manager
  • Reasoning interview (responses to hypothetical situations)
  • Case study
  • Group exercise

ABN AMRO Interview Questions

Application and Interview Process

[Edit]

• First stage:
  • Numerical reasoning & verbal reasoning tests
  • First interview
• Second stage:
  • Interview with senior line manager
  • Reasoning interview (responses to hypothetical situations)
  • Case study
  • Group exercise

Interview Questions

[Edit]

First Stage

[Edit]

Reasoning Tests

The ABN AMRO reasoning test is not your standard SHL or PSL test, although it is fairly similar. It is a numerical reasoning test which incorporates verbal reasoning and gets progressively harder from start to finish. To make things harder you are marked according to your accuracy as well as for right answers.

You will need a score of at least 14 to pass this test and if you are successful at this stage, you will be asked to stay behind and attend a competency based interview on the same day.

Most people will need to practise the numerical reasoning test to pass it. Pages 7-23 of this book may prove extremely useful in preparing for any of the numerical tests.

If you are unsuccessful you will be provided with feedback on your test scores and sent home.

First Interview

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Barclays Capital Graduate Schemes

Graduate Careers at BarCap

[Edit]

Like most investment banks, there are two main graduate roles you can apply for at BarCap:

• Analyst - graduates with a Bachelors or Masters degree and little or no experience in IB
• Associate - Masters in Finance and MBA candidates with a qualifying period of work experience

BarCap employ about 400 graduates each year for Analyst positions in the following lines of service:

Compliance, Corporate Communications, Facilities Management, Finance, Global Financial Risk Management, Global Marketing, Human Resources, Investment Banking and Debt Capital Markets, Legal, Operational Risk Management, Operations, Quantitative Analytics, Research, Sales, Structuring, Technology, Trading and Wealth Management.

Graduate Training

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On the BarCap training programme, graduates are taught about financial markets, as well as the bank’s products, instruments and services. BarCap also encourages people to obtain appropriate professional qualifications.

Application Deadline

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The application deadline for Graduates is 15th November 2008 and for Interns 31st January 2009.

Barclays Capital Internships

Internships at Barclays Capital

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(also see Barclays Capital graduate schemes)

Barclays Capital offer 10-week summer internships and 4 - 12 month Industrial Placements to students and graduates who meet the firm's selection criteria in almost all lines of service.

Internship Interviews

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The assessment process for internships at Barclays Capital is as follows:

• Online application
• Online numerical and verbal psychometric tests
• First stage interview (telephone interview)
• Assessment centre

Also see - Graduate Schemes at Barclays Capital.

IT (Technical) Graduate Assessment Centre - London

The Credit Suisse application process is slow and requires patience - on a positive note this is because they look at you as an individual and they want to match your personal interests and skills with the jobs available.

The company's policy is that they are trying to place you in a real position with real responsibilities. So the Assessment Centre is an opportunity for you to find out what roles are available. The manager that conducted the telephone interview (prior to the AC) will make a recommendation to HR with regards to which managers and roles you should interview for (based on your conversation on the phone, your personal interests, your skills and your CV).

The Assessment Centre consists of a networking lunch, a group task and three one-to-one interviews.
During an AC 6 managers and 6 students will come together. At the beginning of the AC each graduate candidate will receive a schedule for the day. This will be your first chance to know who you will be meeting during your one-to-one interviews.

During the networking lunch, it is best to try to mingle and walk around. In particular, try to talk to those managers that you will NOT be meeting on your interviews... They might have roles that are interesting to you.

The Group exercise is a group task in which you need to make an IT recommendation based on certain specs and with somewhat limited information (the actual task is not important, as they probably have a pool of scenarios for candidates to work on). Taking part in the group exercise are three candidates and three managers. The Group exercise takes around 45-50 minutes: roughly 10 minutes to read, 25 minutes to put a recommendation together and 15 minutes to present and get question by the panel. This is a GROUP exercise - so the focus is in working together as a team. Try to include other members in the discussion, particularly those that are shy/quiet. When it comes to the presentation and the questions by the managers, there will be some questions that you (as a team and as an individual) will not know how to answer immediately. The point of these questions is to show your logic skills and how you react under pressure. When you are answering, try to describe your logic process in broad strokes.

The interviews are three and are divided by competencies (except the technical interview). i.e. You should give examples that describe a situation, what the main issue was, your involvement, how you resolved it, and the outcome. One interview will be on Communication and interpersonal skills. Another on Technical and Problem solving skills. The third one is about Project/Time Managament and taking responsibility. Additionally the managers will be talking to you about the roles that they have and trying to find out more about you. Since they are looking to fill a position, they might ask you questions that have been asked by other managers.

The Outcome

Once you have left, managers will discuss how you did on the interviews, where you would fit best etc. If a manager is interested in you, they will usually ask you for (either) an additional one-to-one interview OR a telephone interview. Occasionally, if a manager is keen in you and thinks you will be a highly desirable asset (i.e. if he thinks that, besides him offering you a role, you will probably get more offers from within the company and several managers will be trying to get you in their teams), they will ask you in for an informal meeting - this type of interviews tend to be quite informal and more of a chat, and they are usually trying to sell you the role - don't get cocky! Until you have a job offer, nothing is guaranteed.

Sometimes you do get job offers from managers that you did not meet. The offer will be based on your interviews (in person and telephone) and the opinion of those who interviewed you, how you did on the group exercise and your personal interests.

Deutsche Bank Interview Questions

Deutsche Bank Interview Questions

[Edit]

Find out more about interviews at Investment Banks on the WikiJob forums.

First Interview/Assessment

[Edit] Consists of a:

• Written numerical reasoning test (30 minutes)
• Interview with vice president (VP) from the line of service to which you have applied (45 minutes).

Written Numerical Test

[Edit]

The numerical reasoning test is 30 minutes long and there are 33 questions. It is multiple choice, however you will need to select from 8 possible answers. The test is considered to be easier than the standard SHL test. You are not permitted the use of a calculator however you should not need one. There is time pressure, although according to the interviewers at Deutsche Bank, nobody has ever completed the test.

The test covers the following topics:

• Percentages
• Ratios
• Exchange rates
• Graphical analyses (reading graphs & tables)
• General arithmetic

Note: Look very carefully at the axis of graphs and dates as it is likely they will be structured to confuse you!

You can take a practice online aptitude test - click here

Most people will need to practise the numerical reasoning test to pass it. Pages 7-23 of this book may prove extremely useful in preparing for any of the numerical tests.

Interviews

[Edit] Deustche Bank divides questions you will be asked on their website into three categories:

• About yourself including competency based interview questions.
• About Deustche Bank
• About the investment banking industry

It is worth noting that although this is for the US recruiting arm of Deustche, you should be able to answer most of these questions competently.

Take an interview practice course to improve your interview answers - click here

Personal Questions

[Edit]

You can reasonably expect to be asked the following personal questions at interview:

• Why do you want to work for Deutsche Bank?
• Why have you chosen the role you are applying for?
• What activities have you done in the past?
• Where have you worked?
• What kind of person are you?
• What are your strengths and weaknesses?
• What do you love and hate?
• Make sure you know your CV/application form.
• What was the biggest decision you have made in your life?

Competency Questions

[Edit] You may be asked some of these common competency questions:

• You disagree with a superior about something, what do you do?
• You disagree with a team mate about something, what do you do?
• Tell me about a time when you have failed (Last 12 Months)
• Tell me about a time when you used your own creativity to solve a problem
• Tell me about a time when you've had to do something that you hated.
• Tell me about a time when you've worked under pressure.
• How many cars are produced in Germany per year?
• How many cinemas are there in the UK?

It is worth noting that some of these problems are not actually solvable; they are interested in your approach to tackling them.

Take an interview practice course to improve your interview answers - click here

About Deutsche Bank

[Edit] You will need to make sure you show a clear understanding of Deustche Bank and the services it provides. Questions that you might be asked at interview include:

• What countries do we operate in?
• How many divisions do we have?
• What divisions operate in the region you are interested in?
• What is our organizational structure?
• How does our business differ in Germany?
• Who are our senior managers?
• What are some of the more important/news worthy deals we just closed?
• Have you talked to any company representatives/current employees?
• What do recent Deutsche Bank Interns at your school have to say about us?

About the Banking Industry

[Edit]

• An understanding of the terminology; fixed income, cash flow, bond
• Follow the large markets. We don't expect you to know the exact percentage change of a specific stock but we do expect you to know the major trends in some of the large financial markets
• Know who the major players are in the industry
• For roles in core functions such as human resources, technology and operations know why you would rather do this work in finance as opposed to another industry
• Have a few questions prepared to demonstrate you've done some research and want more information
• Show that you understand what your role would entail and what makes you a good candidate
• Your opinion on what is going to happen this year
• The effects of the credit crunch on Deutsche Bank/What should Deutsche Bank do?

First Interview

[Edit]

The interview will be a one-on-one interview with a vice president from the division to which have applied. Principally, it will be a discussion for your motivation for joining Deustche Bank, and the details on your application form.

It is highly likely you will be asked "what does an investment bank do"? You will need to answer this question accurately and talk about the subject confidently, so make sure to research investment banking. It would be a good idea to discuss what Deutsche Bank does specifically, taking in to consideration:

• Five core businesses
• Global markets
• Global banking
• Asset management
• Private wealth management
• Private and business clients

To really impress interviewers, talk about your knowledge of each of these divisions, for example how global markets involves sales trading research structuring.

Following this question you may also be asked "which division makes the most money"? Even if you don't know the answer to this, openly discuss your thoughts on the subject. The more you can demonstrate you know about the company, and how the company's key divisions operate, the more knowledgable and professional you will seem and consequently the more employable you will become.

Take an interview practice course to improve your interview answers - click here

Second Interview/Assessment

[Edit]

Consists of three 30-minute one-on-one interviews with vice presidents from the division to which you have applied. Successful applicants must gain approval from all three of the vice presidents. At least one interview, will focus on situational decisions. For example, a typical question might be, 'Your boss wants to do something a certain way, but you disagree. How do you go about convincing him?'. It is likely you will also be asked more general competency based interview questions on teamwork, times when you had to motivate yourself to achieve a goal and your experiences of leadership/when you led a team in the past, amongst other questions.

Another interview will be more technical, requiring you to answer questions about recent market activity (Greece and the Yuan). Finally, one other interview will be more general, requiring you to talk about your knowledge of DB, finance and why you want to work in this field. It is likely you will be asked about hobbies and interests and what you do with yourself outside of work. It is possible you will also be asked some further compentency questions at this stage, although this interview should feel more like a general chat, than an interogation.

For more middle-office based interviews, such as Technology, you may be asked to talk about a technology that interests you and how it could be used to better the bank.

Note: It is possible that interviewers will ask you the price gold, oil and other commodities are trading at on the day of your interview, so it is a good idea to read the Financial Times or another similar publication daily, in the build up to your interviews.

Use these online services to help you improve your performance at Assessment Centres - click here

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Goldman Sachs interview questions

Goldman Sachs Interview Questions

[Edit]
Use the WikiJob forums to ask specific questions about interviews at Goldman Sachs and other investment banks.

Generally speaking, Goldman Sachs is made up of 40-50% Oxbridge/IC/LSE students, with the remainder coming from the Russell Group of universities. All university degree subjects are acceptable for Goldman Sachs' graduate schemes, although technical degrees are preferable for technical roles at the bank. Places are limited and the number of applications for both internships and graduate jobs is very high, so your application must be as competitive as possible if you want to be successful.

The application process consists of:

• Online application form
• First interview
• Assessment Centre

Although these will vary from department to department. For example, Operations does not do a group exercise, but they do a first round numeracy test. Technology does a first round case study.

Motivation

[Edit]

It is especially important that you make clear in your written application or covering letter your motivation for working at Goldman Sachs.

Online Application Form

[Edit] You will be required to provide:

• Contact information
• Education history
• Language skills
• Exam results
• Work experience
• Any certification
• Technical skills
• Motivations for applying to Goldman Sachs.

Certain language skills are required for some roles, and there are minimum academic requirements.

Work experience is a definite advantage as it clearly demonstrates commitment to career.

You must also demonstrate your motivation for joining Goldman Sachs in particular.

Goldman Sachs Competencies

[Edit] Goldman Sachs cite the following core competencies as essential qualities in all candidates:

• A passion for excellence ('Excellence is all we do')
• Belief in the power of the group
• Integrity - You will need to be 100% ethical in all that you do.
• Leadership - Candidates should demonstrate that they can go the extra mile for a client and are able to take a long term view wherever possible.
• A desire to be challenged, especially intellectually.
• A desire to make your mark on the world.

You should also be looking to demonstrate commercial awareness and commitment to career, and an understanding of what services Goldman Sachs provides to its clients.

You can prepare for difficult interview questions and perform better at interview - click here

First Interview/Assessment

[Edit]

Goldman Sachs will sometimes perform first round interviews at universities. This is particularly true of Oxford and Cambridge for summer internships.

The initial interview/assessment day consists of:

• Numerical & Verbal Test (20 minutes each)
• Business Interview (sometimes)
• Competency based interview

Your first interview will be with two Goldman Sachs staff members from the division to which you have applied. You will be looking to demonstrate the competencies listed above and show that you are "bright, articulate and genuine." You will also need to demonstrate commercial awareness, and a general knowledge about the marketplace in which Goldman Sachs operates.

Tip: Make sure you have at least two examples prepared of times in your life where you have demonstrated the competencies described above e.g. two examples of when you have had to lead a team.

Make sure you have read the financial papers. Examine the Goldman Sachs news feed above to see where they have recently appeared in the headlines.

Numerical & Verbal Test

[Edit]

The numerical and verbal tests are designed to check your mathematical and verbal ability. They do not require any skills beyond GCSE, although candidates with a non-mathematical degree would benefit from practicing these kinds of tests before they attend the assessment day. Also unusually there is no calculator allowed for the numerical.

Most people will need to practise the numerical reasoning test to pass it. Pages 7-23 of this book may prove extremely useful in preparing for any of the numerical tests.

Each test will last 20 minutes.

Get numerical and verbal test practice here

Business Interview

[Edit] This is a 30 minute interview, and is not always carried out, but is popular amongst those applying for internships. You will be provided with a business scenario prior to the interview, where a number of options will be open to a business. You will be required to consider the scenario and form a conclusion based upon it. You will have 30 minutes to prepare you argument and make notes. During the interview, you will discuss the scenario, and the interviewers will ask you questions. You can reasonably expect the interviewers to criticise whatever you say, so you must back up your points sufficiently. The will be looking for:

• Good communication skills
• Clear, logical, analytical thinking

	Your assistance is required to complete this section. Please help others by adding information. Click the 'Edit' button at the top to do so.

 This section is a stub. Please add more details about the business
 scenario to help others.

Competency Based Interview

[Edit] Core competencies you they will be looking for include:

• Teamwork
• Leadership
• Working under pressure

The interview will be conducted by a manager from the line of service to which you are joining. The interview may last between 30 minutes and one hour. The interviewer will wish to discuss any work experience you may have done to date, and also any other notable items on your application form. There will also be some competency questions. You can reasonably expect the following questions to be asked:

• Describe a time when you were a leader in a team situation. Teamwork
• Can you give me a situation where things haven't gone as expected in team environment? Teamwork
• Can you tell me what exactly you did at x and y when you did work experience?
• How have you coped with disagreement in a team/leadership situation? Leadership

You may also be asked:

• Why are you interested in applying for the line of service you have applied for?
• Why Goldman Sachs?
• Why should we employ you?

A crucial element of this interview is having questions for your interviewers, your quality of questions are as important as your answers to their questions so have some prepared.

Tip: On a busy day, they may interview up to 300 candidates. This means your interview may be shorter than you would like, and the interviewer may seem uninterested as they will be asking the same questions all day. Try not to take it personally - it may be very difficult for you to judge how well the interview has gone.

You can prepare for difficult interview questions and perform better at interview - click here

Investment Banking - Assessment Centre

[Edit]

The assessment centre will consist of two competency based interviews and a group exercise. You will also have the opportunity to look around the offices and attend a networking session.

First Interview at Assessment Centre

[Edit]

The first competency based interview will be with two interviewers, who will ask questions in turn, and will last approximately 45 minutes.

Tips:

• Read about the company
• Read about the division which you are joining
• Read the Goldman Sachs annual report (available online)

You can reasonably expect the following questions to be asked:

• Why Goldman Sachs?
• What do you know about Goldman Sachs?
• Why this division? What do you know about it? Describe what we do in this division.
• What will you be doing in your first year at Goldman Sachs?
• Why an internship/graduate scheme?

After this, you will then be asked competency questions. You can reasonably expect the following questions to be asked:

• Tell me about a time when you had to work in a team and something went wrong?
• Tell me about a time when you could not meet a deadline?

Tip: Prepare examples for the competency questions prior to your interview. Responses to these types of questions are difficult on the spot if you have not already thought about it.

You can prepare for your Assessment Centres with interview training like this - click here

Second Interview at Assessment Centre

[Edit]

Your second interview is likely to start immediately after the first. Your interviewers will be two managers from the division to which you have applied. The purpose of this interview is to determine if you possess the correct skills and demeanor to work in this division. Make sure you understand what skills will be required of you for the appropriate line of work. You should make certain you are familiar with all the information relating to the division on the website (and the websites of other investment banks) and ensure that you fully understand what the division does. For example, you may be asked:

• How can you cope with stress and a messy environment? Give an example.

Group exercise

[Edit]

You will be placed between 6 to 9 candidates. The Goldman Sachs group exercise is different from the those carried out at most other firms. You will be pretending to be a group of managers who are selecting people for an important task (on which you will be briefed). Each candidate is given 5 cards. On each card is a person's name and a personal quality. Based on this information, you will then discuss on who would be best suited for the important task.

Tip: Make sure you contribute to the group but also encourage and allow others to speak. You should be fair and allow everybody to contribute equally, but also make your own opinions clear and be firm in your convictions. If another candidate disagrees with you, make sure you put forward the reasoning behind your arguments and convince them that your opinions are justified. Finally, ensure that your group reaches an agreement/conclusion before the allocated time has run out.

You can prepare for your Assessment Centres with interview training like this - click here

Private Wealth Management - Assessment Centre

[Edit]

The assessment day for private wealth management consists of four 30 minute interviews. The interviews will all be managers in the division. The purpose of the four interviews is to determine if you have the social skills necessary to deal with different kinds of people. This is particularly important in private wealth management where you will interact with clients frequently.

Questions you are likely to be asked:

• What were the names of your last interviewers?
• Why do you want to work in this division?
• What is the exchange rate between the euro and the dollar?
• How did the US market do last year?
• Do you think maths is important to a career in IB?
• Do you do any financial modelling?
• Tell me about your stock portfolio.
• Why did your choose your University/degree subject?
• Why Private Wealth Management and not Asset Management?

For further information about graduate jobs, interviews and assessment days at Goldman Sachs or other investment banks ask questions in the WikiJob forums.

You can prepare for your Assessment Centres with interview training like this - click here

JPMorgan Graduate Schemes

Graduate Careers at JPMorgan

[Edit]

JPMorgan. have graduate opportunities and internships across all lines of business:

• Investment Banking
• Sales, Trading & Research
• Asset management
• Risk
• Operations, Finance & Business Management
• Technology

JPMorgan Careers Profile

[Edit]

Investment Banking

[Edit]

Investment Banking recruits analysts for four key business areas for JPMorgan:

• Country Mergers & Acquisitions teams
• Pan-European Sector teams
• Country Capital Markets teams (Debt and Equity)
• Securitised Products team

As an Investment Banking analyst with JPMorgan, you will learn to carry out in-depth company and sector research, analyse the data and draw financial and strategic conclusions from your work.

Country Mergers & Acquisitions teams

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You will be working on transactions within their specific country and across all industry sectors. On a deal team, you will work alongside senior Mergers & Acquisitions (M&A) colleagues with knowledge of executing M&A transactions in that country as well as colleagues from the Pan-European Sector teams with a detailed understanding of executing M&A transactions in that industry.

Pan-European Sector teams

[Edit]

You will use your acquired sector expertise as well as M&A and Capital Markets knowledge to come up with creative transaction ideas to assist JPMorgan's clients in their strategic development.

You will help value the target, assess its merits, define the negotiation arguments and tactics with the M&A team, assess the acquisition's impact on the client and work closely with Capital Markets team to determine the optimal financing structure.

Country Capital Markets teams

[Edit]

You will be closely involved in the debt financing execution process and would be expected to co-ordinate the production and distribution of bond pre-marketing materials such as investor presentations, Bloomberg roadshows or loan information memoranda.

You will work closely with bank and bond syndicate teams, help focus the respective sales forces on the transaction and assist them in answering credit related questions. You will co-ordinate the documentation process with lawyers and the internal Transaction & Execution group, as well as due diligence sessions with management. As a core part of the team you will also assist with the marketing of the transaction internally and to other potential issuers.

Securitised Products team

[Edit]

You will be involved in the marketing and execution of securitised financing solutions for a broad range of JPMorgan's clients. The graduate's analytical skills will be put to the test when it comes to assessing and modelling cash-flows and it will be a steep learning curve as graduates come to understand all the components that make up these highly structured transactions. You will work closely with a broad range of professionals from different areas of the bank and gain a broad understanding of all the bank's products that can be put to use in securitisation.

Sales, Trading and Research

[Edit]

The main areas within Sales, Trading & Research are: Currencies & Commodities, Equities, Credit, Rates, and Emerging Markets.

Within each of these areas graduates will focus on a specific roles such as: Research, Structuring, Marketing, Sales, Trading, and in Equities only - Sales Trading.

Research

[Edit]

The role of equity research is to value companies, determine what drives share prices and then make investment recommendations. Credit research focuses on the credit worthiness of companies and the impact of this on the price of corporate bonds. The research role has evolved with the stockbroking business.

Structuring

[Edit]

You will be connecting Sales/Marketing and Trading in the space of complex derivatives, i.e. where an additional layer of expertise regarding financial engineering is required in the workflow.

Marketing

[Edit]

You will be responsible for cultivating relationships with clients, understanding their needs and advising them on the wide range of derivative solutions available to them.

Marketers act as a hub for the different groups involved in constructing the deal, creating the communication link between the investors, the sales force and the structuring team.

Sales

[Edit]

Graduate salespeople form the link between JPMorgan's Researchers, Traders and their clients.

A graduate's day on the sales team will start early as the first task will be to review overnight market activity, and form independent views. You will spend a lot of time on the phone, calling clients to give them fresh ideas and news.

Trading

[Edit]

Graduate traders actually price and execute all financial transactions. They buy and sell assets - either for the firm's clients or on behalf of the firm itself. You will be managing risk - neutralising any exposure JPMorgan might incur by entering a transaction with a client. This is known as hedging.

There are two types of trader: Market-Makers and Proprietary traders. Market-makers provide liquidity and market insights to the firm's clients. Proprietary traders invest on behalf of the firm.

Sales Trading (Equities only)

[Edit]

Graduate Sales Traders speak directly to the dealing desks of the firm's clients, who range from institutional investors to Hedge Funds. As a Sales Trader, graduates would liaise with these dealing desks and traders to facilitate client business either via block, single, electronic or program trading.

You would also ensure that clients were aware of any news flow that may be relevant to their business, so they are in the best position to make decisions.

Asset Management

[Edit]

Graduates could begin a career in Asset Management in any one of the following areas: Currency, Equities, Fixed Income, Investment Operations & Client Services, Client Infrastructure, Finance or Real Estate.

Currency

[Edit]

You will initially be involved in preparing strategy orders and the daily management of the firm's client portfolios, as well as running and maintaining business-critical spreadsheet models. As your career progresses, you will have the opportunity to rotate within a team and enhance your skills and experience with professional training, including CFA and the IMTP.

Equities

[Edit]

Graduates could be working in any one of four teams: European Equities, Global Portfolios, Multi-Asset Portfolios and Emerging Markets Equities.

You will be assigned to one of several roles, depending on the your aptitude, interests and the firm's needs.

Fixed Income

[Edit]

A graduate can take several different career paths and roles within Fixed Income. You do not necessarily require a background in statistics or mathematics, just a keen interest in the financial markets. You could be working as an analyst within the Credit teams, responsible for analysing potential investments for the JPMorgan group.

Alternatively graduates could work in the Client team, which pitches to existing or potential clients to win new business. In Research, graduates will expand their knowledge of fixed income capital markets and products, risk management and performance analysis. Within the Portfolio Management team, graduates will gain an insight into the firm's core fixed income portfolio and transaction management capabilities.

Investment Operations and Client Services

[Edit]

Investment Operations is a middle office function providing operational support to the institutional asset management business, covering the trade flow through to cash management for JPMorgan's portfolios under management. The core teams are Trade Support, Data Management, Initiatives, Cash Management, Vendor Oversight, Fixed Income Middle Office and Transitions where graduates could be involved in a variety of tasks such as liaising with brokers, traders, cash managers and the overseas offices in order to achieve timely resolution of queries, servicing intra day requests from portfolio managers for the creation of new assets for trading purposes and the oversight of daily pricing for portfolio valuations.

European Client Services covers all aspects of client interaction for both retail and institutional clients who invest in a wide range of products ranging from segregated investment mandates to investment trusts.

Client Infrastructure (Marketing, Sales, Strategy & Planning)

[Edit]

You will be involved in analysing products, client segments and competitors to better understand the market and product positioning. As part of the Sales teams, graduates could provide operational support to clients, co-ordinate the reporting process or assist in the development of internal training programmes to enhance JPMorgan's client's product knowledge.

Within Strategy & Planning, graduates could develop their product knowledge by researching and developing business proposals used to win new business or by learning how new funds are registered and launched and how prospectuses are updated. Finally, graduates may gain insight into the business as a whole by producing revenue and profitability reporting used by senior management.

Finance (Accountancy)

[Edit]

A graduate role in Finance could involve assisting with the production of monthly or quarterly management information, giving the business insight into revenues, expenses and profitability. Graduates could be processing legal entity bookings and ensuring adherence to controls around cash payments as well as providing commentary around expense items and forecasting of both revenues and expenses.

Real Estate

[Edit]

As part of the real estate team you could be assisting the acquisition officers in analysing potential property transactions. Alternatively you could be providing the asset managers with ongoing strategic management of the properties or with market and industry research.

Risk Programme

[Edit]

JPMorgan break risk down into five areas: Credit Risk, Market Risk, Operational Risk, Legal Risk and Reputation Risk. Notably, they only recruit graduates into Credit Risk, although in training graduates will be exposed to further Risk areas.

As an analyst you will start your career with a tailor made three-year rotation programme. You will develop knowledge in assessing and managing the risks of both loan products, traded and operating products. You will also have the opportunity to experience a trading environment, the pressures of transaction execution, discuss use of the bank's capital, perform in-depth reviews of various industries, contribute to setting strategies to reduce the firm's overall credit exposure and analyse credit risks on an industry, client and transactional basis.

Operations, Finance and Business Management

[Edit]

JPMorgan offer a rotational programme which allows graduates to experience roles within different business areas and strategic functions. You will get the chance to work in both line and project based roles.

On this programme, you could be working in Investment Banking or Treasury & Securities Services. Graduates will have the opportunity to experience a number of different roles in functions such as Client Services, Trade Management, Risk Management and Finance & Business Management.

Technology

[Edit]

JPMorgan recruit a significant number of graduates from non-technical backgrounds with an interest in technology. The firm also welcome graduates from mathematical and analytical backgrounds or technical specialists in areas such as infrastructure, software or information architecture, who are interested in design and engineering.

It is advantageous to have Real Time system experience, Unix, SQL and one of a number of application languages such as Java, .Net, C++ or VB.

JPMorgan Interview Questions

Application Process (Investment Banking)

[Edit]

The application, interview and assessment process varies somewhat between different lines of business at JPMorgan. The specific interview questions and information contained herein is based around investment banking and other front office roles.

The application process consists of:

• Online application form
• Online numerical/verbal reasoning test

The assessment process consists of:

• Competency based interview
• Technical interview and numerical reasoning test (paper based)
• Assessment day

Online Numerical & Verbal Tests

[Edit]

The numerical test consists of 20 questions in 22 minutes. Most questions require the interpretation of charts and tables. The test is designed by SHL.

JPMorgan provides some comprehensive examples of the online numerical and verbal tests here.

Most people will need to practise the numerical reasoning test to pass it. Pages 7-23 of this book may prove extremely useful in preparing for any of the numerical tests.

You can take practice aptitude tests to improve your interview performance here

Competency Interview

[Edit] The first interview is primarily designed to assess your motivation for joining JPMorgan, and is taken by a member of HR. The interview will be split to ascertain the following:

• Your motivation, reasons and commitment for a career in investment banking and finance
• Your motivation, reasons, and commitment for a career at JP Morgan
• Competency based questions
• Commercial awareness

You will be required to discuss and draw upon your experiences at university to provide examples to back up your motivations and competency for working at JPMorgan.

Interview questions you are reasonably likely to be asked include:

• Why are you interested in finance?
• Why JPMorgan?
• What do you know about JPMorgan?
• Why investment banking/the line of business to which you have applied?
• Why did you pick your university?
• Why did you pick your university course?
• What motivates you?
• What three things would your friends say about you?
• What do you think you will be doing in your first year/internship at JPMorgan?
• Tell me about your academic and social life.
• Tell me about a time you worked as part of a team. (Competency)
• Tell me about a financial story/non financial story that had taken your interest at the moment. (Commercial Awareness)
• What are your three main strengths?
• Tell me about a leader that you have read about in the press that you aspire to

You will also be given the opportunity to ask questions yourself.

Practise difficult accounting & professional services interview questions here

On a single day, JP Morgan may interview 150 candidates, and your interviewer will have carried out identical interviews hour after hour. Make a pleasant, personable impression and go out of your way to please the interviewer such that they enjoy interviewing you, and you will likely get them on your side. Of course, this isn't always possible. If there is no chemistry with the interviewer, or the interviewer looks bored, stressed or tired, give them the answers they need in as efficient manner as possible, so that the interview is made effortless for them. You will do well to prepare responses for the questions listed above, however, never repeat responses parrot-style during an interview.

Technical Interview

[Edit]

The technical interview is likely to be more challenging than the first. The purpose of this interview is to test your technical ability and abilities to think on your feet. They will also be attempting to assess your ability to work under pressure.

Questions you are reasonably likely to be asked include:

• Why JPMorgan?
• Why investment banking?
• What do you know about finance?
• What do you know about investment banking?
• What's 17 x 18?
• Are you planning to do MBA?
• What is share capital?
• What is IPO?
• What are your future plans?

You will also be likely to have to:

• Solve a riddle
• Draw some graphs
• Do percentages and arithmetic mentally

The most important thing to do in this interview is keep your cool. They will be trying to find your breaking point. Do not panic and become flustered, this is the response that they are trying to achieve. Take your time when solving problems, and do not be afraid to speak your reasoning out loud. Practicing mental arithmetic beforehand may help you.

Numerical Test

[Edit]

The numerical test is performed on paper. The test is designed by SHL. The test is timed and you will be allowed to use a calculator. Calculator (you may bring your own), pencil, eraser and scrap paper will be given. The test is 25 minutes long and there are 28 questions.

The test will require you to:

• Perform basic calculations
• Interpret information contained in tables, charts and graphs
• Use percentages
• Use ratios
• Use fractions
• Use logical thinking
• Perform calculations and reasoning using time and dates.

No mathematical experience beyond GCSE is required, although a degree with a technical background will be an advantage. Many consider the numerical test at JP Morgan to be amongst the most difficult of all firms, so you should be prepared for this when taking the test.

There will be extreme time pressure during this test. You should work as swiftly and accurately as possible. It is extremely important that you manage your time appropriately on the test, and move on once a question's allocated time has passed. It is unlikely that you will finish the test in the time provided.

Assessment Centre

[Edit]

JPMorgan use assessment centres for graduate schemes in their Operations, Finance & Business Management divisions.

The assessment centre consists of:

• Case study exercise
• One-on-one presentation based on the case study,
• Group exercise
• An interview based on the presentation and group exercise.

You can prepare for your Assessment Centres with online training - click here

JPMorgan Technology Interview & Assessment

Technology Assessment Centre

[Edit] The technology assessment centre consists of:

• Case study & presentation
• Group exercise
• Interview

Case Study & Presentation

[Edit]

You will be given a bundle of papers, composed primarily of emails stating problems with a (make-believe) company's IT system. You will have approximately 45 minutes to deduce what the problems are and suggest solutions.

At the end of the 45 minute period you will be required to give a presentation on your findings and proposed solutions. It is a one-on-one presentation.

Group Exercise

[Edit]

The group exercise continues on from the case study and presentation. Each person in the group is given unique information about potential upgrades to the system described in the case study. As a group you will need to discuss each of your solutions and decide on the best one to implement.

Interview

[Edit] Finally you will receive a one-on-one interview. The initial part of the interview will discuss the group exercise, with questions such as:

• Do you think you showed any leadership?
• What was your contribution?
• Did you correct anyone?

This will be followed some competency based interview questions and standard career motivation questions, such as:

• Why JPMorgan?
• Why IT?

Lehman Brothers Corporate Generalist Program

Credit Crisis 2008: WikiJob is unable to verify any of the information on pages relating to Merrill Lynch of Lehman Brothers because of the unprecedented financial events of 2008. We will edit these pages as and when we have further information.

The Corporate Generalist analyst program is a two-year rotational development program that takes place in Lehman Brothers' European offices.

Rotation And Group Placement Process

As an analyst, you will be hired as a generalist and placed in a position within a specific group after an introductory training period.

You will participate in an induction program, attending various business presentations and events before being placed in one of the participating groups. You will then go through three eight-month rotations in one of the participating groups to explore the different roles and functions within these areas. You will be given training that will continue throughout the two-year program.

Rotation decisions are made based on the needs of the participating groups and the preferences of individual analysts. Analysts are placed into a role within one of the following groups after successfully completing the rotation process:

• Business Information Services
• Corporate Advisory
• Finance
• Human Resources
• Information Technology
• Operations
• Risk Management
• Executive Administration

Career Progression

High performers can expect to be promoted to the assistant vice president level within two to five years.

Training

Upon joining the program, analysts will complete a minimum two-week induction program, which is reinforced by an ongoing development program. The primary objectives of these programs are to:

• Provide you with an overview of Lehman Brothers and its businesses.
• Introduce you to Lehman Brothers’ specific technologies and internal processes.
• Help you develop the professional skills you need to be successful in the business environment.
• Promote social interaction and networking among groups and divisions.

Lehman Brothers Graduate Schemes

Credit Crisis 2008: WikiJob is unable to verify any of the information on pages relating to Merrill Lynch of Lehman Brothers because of the unprecedented financial events of 2008. We will edit these pages as and when we have further information.

Lehman Brothers hire over 400 graduates each year. Like most investment banks, there are two main graduate roles you can apply for at the firm:

• Analyst
• Associate

Both programmes last approximately 2-3 years depending on your progress, and your progress and contract, and your employment will be reviewed at the end of your contract.

Generally speaking associate roles are more competitive than analyst roles, and those applying for associate roles will possess higher qualifications.

Each year, Lehman Brothers recruits 100-350 graduates a year to its London office, depending on market conditions.

Analyst Opportunities

[Edit]

• Capital Markets
• Investment Banking
• Investment Management
• Corporate Advisory (Legal, Compliance and Audit)
• Finance
• Credit Risk Management
• Information Technology
• Operations
• Corporate Generalist Program

Associate Opportunities

[Edit]

Associates can choose to specialise in one of the following roles:

• Investment Banking
• Capital Markets
• Investment Management
• Private Investment Management

Academic Requirements

[Edit]

Candidates can apply with a 2.1 in any subject, however a first class degree in a strongly quantitative subject such as math or physics would be particularly advantageous.

Lehman Brothers offer special positions to those with a strongly quantitative PhD.

Lehman Brothers Interview Questions

Credit Crisis 2008: WikiJob is unable to verify any of the information on pages relating to Merrill Lynch of Lehman Brothers because of the unprecedented financial events of 2008. We will edit these pages as and when we have further information.

Lehman Brothers graduate interviews are likely to take place at the firm's London office, in Canary Wharf.

The graduate application and interview process is as follows:

Application Process

• Online application
• Online psychometric test

Interview Process

• First round interview
• Second round interview
• Third round interview

For each division applied for the Lehman Brothers interview process is very similar, until the third round interview stage. Further details are given below.

Online Psychometric Test

[Edit]

After filling out the application form, you will be required to sit a psychometric ability test. The test is the GTIOS psychometric test.

Most people will need to practise the numerical reasoning test to pass it. Pages 7-23 of this book may prove extremely useful in preparing for any of the numerical tests.

Interview Questions

[Edit]

The interview questions for the Lehman Brothers graduate scheme will be divided into a mixture of personal questions, competency based interview questions and commercial awareness questions.

You can reasonably expect to be asked the following questions at interview:

• What attributes do you consider to be your strengths?
• What would you like to improve about yourself?
• What do you think would make someone a successful analyst or associate?
• Describe a leadership role that you have held and what you have learned from it.
• Describe a time you worked in a challenging team environment.
• Describe a time when you have taken significant initiative.

Typical commercial awareness questions (but may not necessarily appear in your interview) include:

• What do you consider to be the long-term global impact of the current price of oil?
• What time of year would a ski lodge be likely to need more financing? For what?
• Where do you believe the equity market is heading this year and why?

First Interview

[Edit]

Questions you are likely to be asked at the first round interview stage are:

• Give an example of a time you've shown initiative.
• It's 6pm and you're just leaving the office. You have to prepare an important piece of work for 9am the next morning, and then the head of the division invites you to a formal breakfast at 8am the following morning. The breakfast would be a great opportunity to network with several senior people there, but the work is important - what do you do?
• Have you considered which division you might be interested in?
• Tell me about a time you've had to solve a difficult problem in your academic studies. How did you overcome this?
• Tell me about a team situation when communication has broken down for you.
• What are your two biggest areas for development?
• If we gave you an offer of a graduate job, would you continue to court other investment banks?
• How would you choose which firm you want to work for?
• You've just had lots of brochures printed for a meeting with an important client, and you realise you've made a mistake in them. There's not enough time to print them again, what do you do?

Second Interview

[Edit]

You can expect the level of your second interview to be higher than the first, with an increased level of detail required from you. You will have two 45-minute competency based interviews with one different interviewer each time.

Candidates can sometimes find interviewers at the second interview stage very combative and argumentative. The interviewers want to test candidates to breaking-point, and see what effect pressure and being positioned in a difficult situation will have on candidates.

Third Round Interview

[Edit] The final round interviews vary based upon which division you are entering. At Lehman Brothers, there are four main classes of interview at graduate level:

• Investment banking associate
• Private investment management associate
• Finance
• Operations

Investment Banking Associate

[Edit]

For investment banking, top rate business analytical skills are required, and this will be the focus of the final round interviews.

Candidates will be asked to participate in a case study interview. Lehman Brothers quote that they will be assessing:

• Business sense and strategic orientation
• Accounting knowledge
• Finance and valuation skills

In practice, they will be assessing your commercial awareness, your ability to analyse problems and think of solutions, and your ability to perform basic calculations. Some accounting experience will be beneficial and you should understand how to read and interpret a companies financial statements for this exercise.

You will be provided with some background information on a fictional company, along with its financials (of which there are about three pages), and this will be the centre of discussion for the duration of the case study interview.

An example of the type of case study question Lehman Brothers might pose would be:
"Company X is considering buying Company Y. As Company X's banker, how would you advise X to proceed based on the background information we have provided?"

Private Investment Management Associate

[Edit] For any kind of private wealth management, the most important skills are interpersonal social skills, as you will be dealing face to face with particularly important clients. For this reason, at interview you will be required to demonstrate good sales personality traits. Lehman Brothers state they will be assessing the following core competencies:

• Client relations orientation
• Business building skills
• Market interest and analytical ability

You will be tested on your cold calling skills and market knowledge, and you participate in a mock client meeting role play.

Finance

[Edit]

For candidates applying for careers in finance and accountancy, you will be asked to attended an assessment centre held in February/March. If successful you will begin working in the summer. The assessment centre is more inline with the accountancy assessment days at the Big 4 accounting firms, and consists of:

• Numerical test
• 45 minute interview
• Group exercise

Numerical Test

[Edit]

According to Lehman Brothers:

"The numeracy question is adapted from the syllabus of the Chartered Institute of Management Accountants (CIMA). We will assess your ability to arrive at the correct answer as well as your confidence and explanation of the reasoning behind your answer. We have found that this process helps students understand the type of work they will perform should they join the Finance division and follow the CIMA course."

Interview

[Edit] The interview will be with two finance managers and lasts approximately 45 minutes. They will be assessing:

• Core Lehman Brothers competencies (see questions above)
• Commitment to career

You should show an understanding of finance and management accounting. Day to day to asks will involve working with spreadsheets, performing bank reconciliations and updating the general ledger.

You should have a clear understanding of the CIMA qualification and what is required of you in order to achieve it, and what consequences there are if you fail any modules. You will likely also be asked how you will cope while studying and working at the same time.

Group exercise

[Edit]

According to Lehman Brothers, Group exercises give you the opportunity to demonstrate your teamwork and leadership skills. The firm are looking for people who cannot only work productively within a group but also take the lead as and when they are required to do so.

Operations

[Edit] For graduate entry into the operations division, you will be asked to attend an assessment centre in February or March, to begin working in the summer. The assessment day consists of:

• Interview
• Group exercise
• Numeracy test
• Further interviews

	Your assistance is required to complete this section. Please help others by adding information. Click the 'Edit' button at the top to do so.

Macquarie Application Process

Applying to Macquarie

[Edit]
(also see Macquarie Interview Questions)

Application Requirements

[Edit]

All candidates must have at least a 2:1 at degree level, in any subject discipline.

Graduate Application Process

[Edit]

The Macquarie graduate recruitment process is comprised of:

• Online application
• First interview
• Psychometric assessment
• Second interview

Now see - Macquarie Interview Questions.

Macquarie Graduate Schemes

Graduate Schemes Available at Macquarie

Graduate jobs are available in each of the company's six main departments:

• Investment banking
• Equity markets
• Treasury and commodities
• Banking and property
• Funds management
• Financial services

The investment banking group includes Macquarie's wholesale structuring, stock broking, underwriting and advisory capabilities.

Its services include project financing, M&A and restructuring advisory, equity capital management, specialised infrastructure and fund management, specialised leasing and asset financing, institutional and corporate stock broking, and equities research.

Now see - Macquarie Application Process.

Macquarie Internship

The Macquarie Capital, Treasury and Commodities Group and the Risk Management Group run a 10-week internship programme from June to August each year.

Candidates on this programme will spend the first week attending a comprehensive training and orientation course which will allow you to contribute significantly during your 10 week placement.

During your internship you will hear from senior Directors about Macquarie's strategy and be given an insight into how the business works and opportunities that are available. At the conclusion of the programme, full job offers will be made to interns who have demonstrated the skills required for a career with Macquarie.

Macquarie Interview Questions

Macquarie interview and assessment process

[Edit]

The Macquarie graduate recruitment process is comprised of:

• Online application
• First interview
• Psychometric assessment
• Second interview

Online Application

[Edit]

You will be asked to indicate on your application form the area in which you wish to specialise at Macquarie. Your application will be considered for graduate opportunities throughout Macquarie however, and you will not need to submit multiple applications for consideration by different specialisms.

First Interview

[Edit]

All first round interviews will be held in Macquarie’s London office by a member of the recruitment team. This is a general interview to find out more about your interest in the industry, your commercial awareness and your knowledge of the firm.

You will be asked competency based questions such as:

• Have you worked in a team environment?
• What obstacles have you faced while working in a team project?
• How did you go about managing yourself to complete your tasks in the project?
• What is the most successful thing you did to meet the team goals?
• Do you think you would do anything better in hindsight?

• Tell me about a time when you had a particularly challenging target to achieve?
• In hindsight could you have done anything different?
• Talk about a setback?
• How did you feel about that?
• Tell me about a time when you had to work towards a specific deadline?
• How did you go about managing your time while working towards the project?

You may also be questions about your background and CV, including questions like:

• Why Macquarie?
• Why did you do (your degree)?
• What goal did you set before starting uni?
• What extra-curricular activities are you involved in?
• How you have been making an impact on improving a standard around your university or workplace?

This interview will last for 45 - 60 minutes.

Brain Teaser Questions

[Edit]

Previous candidates have been asked the following brain teaser case study questions at either/both first round or/and second round interview stages:

• There is a lillypad on a pond. The pad takes one hour to double its area. When the lillypad is at its original size, it takes 48 hours to cover the entire pond. How long will it take to cover just one quarter of the pond?

• What is the simplest way to calculate the square root of 100,000, without a calculator?

• What is the difference in angles between the hour and second hand on a clock at a quarter past 3?

• If you won the lottery, which choice would you pick? £5,000 today and that's all, or £1 a day for the rest of your life?

• If you have a bat and a ball. Their combined value is $1.10.

The bat is $1 more than the ball. What are their individual values? (hint: answer is not $1 and 10cents - thats a 90c difference)

• What is 999 squared?

Psychometric Assessment

[Edit]

Following first round interviews, successful candidates will be invited to complete a psychometric assessment which will be very similar to the SHL test. The test includes numerical, verbal and logical reasoning sections.

If you are applying to macquarie capital, you also have to do what they call a sales test. This is a series of 100 questions which ask about your personality. There is no right or wrong answer. This is a personality test to deduce whether you have the right personality for a sales position.

Occassionally, interviewees may be asked to take this psychometric test in the afternoon after their initial first round interview.

The psychometric assessment lasts for three hours.

Second Interview

[Edit]

During second round interviews, you will meet with several members of the relevant business group you have applied to. This second interview will be much more technically focused than the first and relate to the particular position you are interested in. This interview will again take place at the London office.

At the second round interview stage you will have:

• One competency based interview
• One technical interview

Merrill Lynch interview questions

Credit Crisis 2008: WikiJob is unable to verify any of the information on pages relating to Merrill Lynch of Lehman Brothers because of the unprecedented financial events of 2008. We will edit these pages as and when we have further information.

Application Requirements

[Edit]

You will need to show recruiters that you are highly ambitious, confident and highly motivated to succeed. You’ll be a natural team player with a desire to work in financial services. Whatever your academic background, you'll need to show that you have an inquiring mind by asking lots of pertinent questions and that you can communicate complex messages in a clear, simple and articulate way. Relevant work experience and foreign languages are also an advantage.

Application Process

[Edit]

The application process for full-time jobs and summer internship programmes opens in September and closes in mid-December. Offers are made as early as possible during the school year with full-time offers usually completed by December and summer offers by March. It takes the following format:

• Online Registration
• Online Application
• Online testing
• Interview/Assessment Centre

Online Application

[Edit]

Merrill Lynch operates an online application process which includes online tests. Practice tests are available if required on the Merrill Lynch website.

Applications can be made via the website.

Questions at this stage will include:

• Describe a major piece of work undertaken during your undergraduate degree course.
• Why you think that you are a strong candidate for this programme.
• Why you are applying to this particular business division of Merrill Lynch and why you have chosen to apply for a role in this location.

Any additional information to support your application

Online Testing

[Edit]

This is in two parts and will test your numeracy and analytical thinking.

Part One

The first part of the test will ask you to provide relatively concise answers to difficult numerical based questions. Once you have completed this test, you will be informed almost immediately by email if you have been successful.

If you have passed this section of the test you will be invited to complete the second, more drawn out, psychometric section.

Most people will need to practise the numerical reasoning test to pass it. Pages 7-23 of this book may prove extremely useful in preparing for any of the numerical tests.

Part Two

If successful at this stage, you will be invited to a first round interview, this is usually an hour long interview that involves sitting another longer numerical reasoning test and a 45 minutes one on one technical interview with a representative of the division you are applying for.

Online Application Form

[Edit] Questions you will likely find on the application form:

• Describe a major piece of work undertaken during your undergraduate degree course (please limit your answer to 150 words)

Personal Statement: Please use the space below to describe in less than 400 words:

• Why you think that you are a strong candidate for this programme.
• Why you are applying to this particular business division of Merrill Lynch and why you have chosen to apply for a role in this location.
• Any additional information to support your application

Interview/Assessment Centre

[Edit]

If successful at the first round interview, you will be invited to attend the assessment centre that involves the following activities.

• Numerical test
• Case study
• Trading game
• Presentation
• Interview(s) with executive director(s)

Summer Internship Programme

[Edit]

Morgan Stanley Insight Programme

Morgan Stanley European Spring Insight Programme

[Edit]

(also see Morgan Stanley Internship)

The European Spring Insight Programme is another form of internship available at Morgan Stanley. It is designed for first-year students on a three-year degree course, or second-year students of a four-year course who are considering a career in banking. The programme gives you an opportunity to learn more about the investment banking industry and a chance to experience working life at Morgan Stanley.

The Programme lasts for one week and will give you an overview of all recruiting divisions, including Investment Banking, Sales & Trading, Private Wealth Management, Investment Management, Credit, Finance, Operations, and Technology.

Application and Assessment process

[Edit]

Online numerical test --> Telephone interview --> Assessment centre

Assessments are held at Morgan Stanley's offices in Canary Wharf. About 120 candidates will be invited to attend it and about 80 of them will be given an offer.

The assessment centre consists of:

• 30 minute 1-on-1 interview
• 8-10 minute presentation, followed by 5 minutes of questions (25 minutes preparation time)

Numerical Test

[Edit]

The numerical test involved finding data from tables and graphs and making simple calculations. Time is very tight and there is a lot of info in each table/graph.

Telephone Interview

[Edit]

It will be a 30 minute one on one interview. The interviewer will normally be an analyst or associate.

The interview will be heavily focussed on your CV and cover letter; although competency based, there is scope for technical and commercial awareness questions.

First Interview & Interview Questions

[Edit]

It will be a 30 minute one on one interview. The interviewer will normally be an analyst or associate rather than from HR.

Interview questions likely to be asked:

• Questions asked:
• When have you worked in a team?
  • What was your role?
  • Did you have difficulties with any of the other members?
  • What did you learn from the other members?
• What career do you want to go into, or are you undecided? Why?
• Tell me about a team you haven't liked.
  • What did you do?
  • Was it successful in the end?
  • How would you deal with the situation differently in the future?
• What do you know about what's going on in Investment Banking at the moment?
• Why did you choose your uni and degree course?
• Tell me about a time you've shown initiative.
• What other interests do you have?
• Describe a situation when you had to obtain information in order to solve it. How did you obtain the information?
• Have you got any questions for me?

As a first year you will not be expected to know in great detail information about financial engineering and financial markets, you will be mostly asked about your CV and cover letter.

Presentation

[Edit]

You will be given a set of articles and asked to summarise and analyse them, using your own knowledge of the topic. Over head projector and other presentation facilities are not available.

You have 10 minutes (do not surpass the time limit) minutes to present your topic, followed by a 5 minute question time. The better you know the subject the more you will impress the interviewer during question time.

The presentation in 2010 was regarding regulation.

Morgan Stanley Internship

Morgan Stanley Internship Interview Questions

[Edit] (see also Morgan Stanley Insight Programme)

Candidates should apply for the Morgan Stanley internship online. If successful, you will be invited to an assessment day. The assessment day consists of:

• Introduction and company presentation
• First interview
• Guided tour
• Question and answer session (with refreshments)
• Group Exercise
• Second Interview
• Aptitude tests
  • Verbal reasoning
  • Numerical reasoning

Introduction

[Edit]

Morgan Stanley will start the assessment day off with a short presentation and discussion about the assessment day as a whole. There are usually 12 candidates in any one assessment day.

First interview

[Edit]

Morgan Stanley standardise all interview by providing interviewers with scripts. You will be asked a set of questions that all other candidates will also be asked. Your questions will include:

• Tell me about yourself
• What is state of financial markets
• Often your job will involve delivering technical and complex information to clients who have varying knowledge of markets and products, how will you ensure that the information is clearly presented so that it is easy for anyone to understand?
• How will you protect against the possibility of information being misinterpreted.
• Tell me why you want to work in investment banking?
• Why do you want to work in "the position you applied for"?
• Tell me about the non-academic activities you do
• Tell me about a recent demanding research project you did
• How do you go about conducting such research?
• Tell me about your greatest achievement
• What do you think people do in "the position you applied for"
• How did you prepare for this interview?
• What was the share price of MS yesterday?
• What is Morgan Stanley's market capital?

Specifically for Sales and Trading you should be prepared for:

• Why Sales and Trading?
• What area within Sales and Trading interests you most?

At the end of the interview you will be able to ask any questions you may have.

Guided tour

[Edit]

You will be shown around the Morgan Stanley offices in small groups and are able to ask HR questions as your move around the building. At the end of the tour there is a chance for refreshments.

Group Exercise

[Edit]

The group of 12 candidates will be split in to two groups of six and separated for the group exercise.

Your group will then be told that they are committee, appointed by the board of a large company (which may be a pharmaceutical company). Each of the six of you will be representing different departments of this company within the committee.

The board will have decided to allocate a sum of money to be spent on a particular project to enhance the company's performance in line with its mission statement. Since each candidate is representing a different department, you will each have different measures to advocate. The funds available to the committee will not be sufficient to pay for all these measures.

The task requires your group of six to consider 18 different measures, and agree on
a spread of your allocated money within the 40 minutes allowed. Three Morgan Stanley assessors will be taking notes throughout your group discussion. Each candidate will be marked on their personal involvement in the discussion, their individual ideas and the quality of team work skills displayed by the group as a whole.

Second interview

[Edit]

This interview will be very similar in format to the first interview, although your interviewer will be different. Expect similar competency based questions and question such as:

• Are you a good communicator?
• What communication skills do you have?
• How do you get information from your colleagues?
• Can you handle conflict?
• Tell me of a time when you worked as part of a team
• Tell me when you successfully lead a team

Expect questions concerning your CV and application to occur throughout the interview. You interviewer may link competency based questions to experiences they notice on your CV, such as extra-curricula activities, projects or academic qualifications.

Aptitude tests

[Edit]

Morgan Stanley's aptitude tests are fairly straight forward.

Verbal reasoning

[Edit]

This is comprised of 10 short texts, with 4 accompanying questions for each. You will be given 40 minutes to answer all of them. The questions will be statements that relate to the contents of each text. You will have to decide whether or not these statements are true, untrue or impossible to work out.

Numerical reasoning

[Edit]

Your numerical test should be fairly simple and you will even be given a calculator. The
questions will be multiple choice and consist of:

• Graphs and tables
• Ratios
• Percentages
• Brain teasers

After the aptitude tests you will have a final debrief with other candidates before finishing the day, at around 2:30pm - 3:00pm. You will receive a call within 72 hours if you have been successful.

Morgan Stanley Technology

Morgan Stanley Technology - Graduate Interview Process

[Edit]

Morgan Stanley hires between about 60 graduates for its IT department each year. The application and interview process for IT is more technical than that of other Morgan Stanley graduate schemes. It consists of:

• Online application form
• Telephone interview (technical)
• Interview day
• Assessment centre

Online Application Form

[Edit]

The online application form is long and requires a good deal of personal information and responses to various questions.

Once your application has been made, if successful Morgan Stanley will call you within 24 hours to arrange a technical telephone interview.

Telephone Interview

[Edit]

Your telephone interview will be based around a series of technical questions,
about the role you applied for and specific technical knowledge. You will
be expected to talk in detail about various concepts and the work you will be doing if you are offered the job. Make sure you spend time researching the role your have applied for, and the team you will be working in.

Interview day

[Edit]

If successful you will be asked to attend an assessment day at the Morgan Stanley offices, where you will have chance to meet managers and team leaders. These people will be your eventual departmental colleagues, and are also the people directly responsible for making the decision to hire you, or not.

You will have two interviews during the day:

• One hour competency based interview
• One hour technical interview

Competency based interview

[Edit]

During the hour you will be asked why you have chosen to apply to Morgan Stanley and what you like specifically about the firm compared to rival companies. You will need to explain your decision in terms of your experiences and interests and make it clear that you are more than enthusiastic to work for Morgan Stanley, more than any other firm.

Expect further questions about past experiences and be prepared to give examples from school, work or university of times when you have successfully overcome problems and completed team projects.

Technical Interview

[Edit]

The technical interview requires you to demonstrate your knowledge on the job role you have applied for. Your assessors will ask very specific questions covering a range of topics relating to the IT department at Morgan Stanley and your problem solving ability with relation to IT. You may be asked questions relating to Java,Windows, Linux and problem solving questions relating to these programs.

You may be asked a case study question relating to the area you have applied for at the end of your interview. This will be largely analytical and your assessors will be looking to see how you construct and develop your ideas, how quickly you can think on your feet and how well you operate in an unknown situation.

Assessment centre

[Edit]

The assessment centre lasts for two days and consists of:

Day one

• Introduction/company presentation
• SHL test
• Office tour
• Evening meal

Day two

• Technical interview
• Problem solving exercise
• Group exercise
• Role play

Day One

SHL test

[Edit]

Your SHL test will be Computer Science based. The test questions will be totally different from any provided in the practice booklet (which you should receive shortly before the assessment centre). You should aim to complete all questions, but do not panic if you don't as you will be short on time.

Office tour

[Edit]

After your test you will be shown around the Morgan Stanley offices by current graduate trainees at the firm.

Evening meal

[Edit]

During the evening meal HR will not be present. You will be taken to the dinner by the graduate trainees who showed you around the company offices. Be sure to ask any questions about the company and the job you may have. This portion of the assessment centre is not assessed.

Day two

Technical interview

[Edit]

This is fairly similar to the first-round technical interview, although there will be more questions and you will be more pressurised.

Problem solving exercise

[Edit]

Candidates will be separated at this point, depending on the particular track you applied to. Distributed Systems and Application Development applicants will face a standard business related scenario, with a challenging question and answer session at the end. Infrastructure applicants will be faced with a technical scenario, rather than a business one.

Group exercise

[Edit]

Your application track group will now be divided into two smaller groups and each group will perform a group discussion. After these discussions there will be another meeting involving both previously separated groups. Pay attention to the information provided to you and make sure you get involved in the discussion, fromthe start.

Role play

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Finally you will be asked to present your group's conclusion to the discussion to your interviewer, who will play the role of a Director for the company you have been discussing. There won't be much time for you to prepare for this. Try to relax, although this part of the assessment centre is very demanding. Bear in mind that they want to see how you act under intense pressure, and it is important to remain calm and clear minded, as much as it is important to make intelligent points and arguments.

After the assessment centre Morgan Stanley will call you to let you know their decision within two working weeks.

Morgan Stanley interview questions

Application Procedure

[Edit] Morgan Stanley expects to hire about 150 graduates each year for its European operations. All European graduates are hired into the London office. The application process is as follows:

• Numerical Test
• First Interview
• Second Interview

Numerical Test

[Edit]

The test is 35 minutes in length and is written.

Most people will need to practise the numerical reasoning test to pass it. Pages 7-23 of this book may prove extremely useful in preparing for any of the numerical tests.

First Interview

[Edit]

The interview is competency based. The interview will be held with either a junior banker or a member of graduate recruitment staff.

You will be assessed on the following competencies:

• Team building
• Communication skills
• Pro-activeness
• Assertiveness
• Leadership skills

In order to do this, you will be asked to provide examples of times during university or work where you have demonstrated these competencies. You should have at least 2 examples per competency that you can comfortably discuss.

Generally speaking, questions are open-ended, allowing the candidate to speak freely. Examples of such Morgan Stanley interview questions are:

• Give an example of a situation when you demonstrated leadership?
• How would your friends describe you?
• What are your biggest achievements?
• What are your strengths and weaknesses?
• Give an example of when you worked in a team to achieve a goal
  • What problems arose?
  • How did you solve them?
• Why Morgan Stanley?
• Why not other financial organisations?
• You realise you don't have enough time to complete a task, what do you do?

When discussing competencies and teamwork, make sure maintain focus on yourself and your contribution, rather than the achievements of the team as a whole.

Second Interview

[Edit]

	Your assistance is required to complete this section. Please help others by adding information. Click the 'Edit' button at the top to do so.

The second interview is not competency based but focuses on brain teasers and technical ability/knowledge instead. It will be conducted by a senior banker.

The second interview is substantially more difficult than the first interview. The purpose of this interview is to see how you respond under pressure, and whether you crack or keep your cool. The interviewers will be looking to find your breaking point, so bear this in mind during your interview, and take your time. Generally speaking, this high-pressure form of interview is becoming increasingly discouraged, so you may be fortunate to have a more moderate interviewer.

Questions that have come up in previous interviews:

• What is 17 squared?
• What are the top 5 economies?
• What is the UK interest rate?
• What is the GDP of the US?
• What is the level of unemployment in the US?

Unfortunately it is hard to predict what this interview will be like, or what questions will be asked.

UBS Application Process

Applying to UBS

[Edit]
(also see UBS Interview Questions)

All candidates should make applications for graduate level jobs at UBS via the company's website.

Online Application Form

[Edit] When you submit your application you will be required to answer questions concerning:

• Your desire to work for the division to which you have applied;
• UBS as a company, and;
• Your hobbies, interests and extra-curricular activities.

Upon submission of your application you will automatically receive an online numerical test, that you are required to complete as soon as possible.

Online Numerical Test

[Edit]

The online test is the SHL test. This test is assessed.

Online Diagrammatic Reasoning

[Edit]

The Diagrammatic Reasoning comes after the Online Numerical Test.

UBS Internships

Internship Programme

Interns are hired in all business areas and are given the opportunity to prove themselves throughout the internship. Successful interns are typically offered full time graduate roles. Academic requirements include a 300 UCAS points or equivalent and/or an expected 2:1 result.

Summer:

• A 10 week program starting at the end of June through the beginning of September. Deadline is typically early to mid-January.

Winter:

• 12-week programme from January through April available in the Investment Banking Department

Industrial Placements:

• 6 -14 month placements into IT, Risk, Derivatives and Global Asset Management. The deadline is typically early January.

First year Programmes

UBS Insights

UBS Insights is a one-week event in Spring for first year students. The students come into the London offices to learn about the investment banking industry. After the week long programme is completed, students will have the chance for earlier assessment if they apply for an internship the following year. The deadline is typically mid-January.

UBS Horizons

UBS Horizons is a five-week experience during the summer to various locations around the world partnered with Raleigh. Participants will be working on either a community or environmental project. Students will then intern with UBS the following year. The deadline is typically mid-January.

UBS interview questions

UBS Interview Process

[Edit]

The application process at UBS consists of:

• Online application form
• Online numerical reasoning and logical resasoning test (SHL)
• First round interview and assessment, which includes:
  • Competency based interview
  • Numerical Test

• Assessment Centre consisting of:
  • Written numerical reasoning test (SHL)
  • Presentation
  • Interview
  • Group exercise

Online Numerical Reasoning Test

[Edit]

The online test is designed by SHL. There are 8 practice question and 20 real questions. You will have 21 minutes to complete the test.

Most people will need to practise the numerical reasoning test to pass it. Pages 7-23 of this book may prove extremely useful in preparing for any of the numerical tests.

First Round Interview & Assessment

[Edit]

UBS offer the following tips for interview on their website, and offer a good insight into the core competencies expected of all employees at UBS.

• Be prepared
• Use your contacts
• Build a relationship
• Make the right impression
• Don't panic
• Be honest
• Play to your strengths
• Use your initiative
• Show passion

In some cases the first interview may be conducted as a telephone interview.

Questions you are likely to be asked include:

• What is your understanding of the division to which you have applied?
• What are your capabilities?
• Why i should select you?
• How to work as a team player and a team leader?
• What other banks have you applied to?
• What differentiates UBS from other banks?

First Interview

[Edit] The interview is entirely competency based. You will be required to provide examples of when you have:

• Worked in a team
• Shown commitment to working in banking
• Been motivated to complete a task, and when you have motivated others
• When you have been successful in completing a task
• When you have been disappointed in failing a task

You will want to discuss experiences you had at university, work and volunteering, explaining how you handled each scenario and what qualities you developed through the experience, and finally what you would bring to UBS.

You will also be asked:

• Why UBS?
• Why your chosen business area?

However, beware that some interviewers may decide to skip briefly over competencies and spend some time discussing current economic/business affairs or even items from your application/cv.

Numerical Test

[Edit]

The numerical test is demanding. It is 35 minutes long and consists of 40 questions. Move quickly and accurately and ensure you move on as soon as the allocated time for the question is up. The test is designed by SHL.

Most people will need to practise the numerical reasoning test to pass it. Pages 7-23 of this book may prove extremely useful in preparing for any of the numerical tests.

Assessment Day

[Edit] The assessment day consists of:

• Numerical Test
• Presentation
• Interview
• Group exercise

Numerical Test

[Edit]

The numerical test is demanding. It is 35 minutes long and consists of 40 questions. Move quickly and accurately and ensure you move on as soon as the allocated time for the question is up. The test is designed by SHL.

Presentation

[Edit]

You will be given a stack of notes (around 10 pages) regarding a well known global company. You will then have 45 minutes to prepare a response by yourself, to the question "What must Company X (e.g. Nike) do to continue to be successful?". You will be asked to present this response, with the aid of a flip chart, to a director for no more than 10 minutes. It is suggested that you structure your response according to SWOT (Strengths/Weakness/Opportunities/Threats). This presentation will be followed by a question and answer session related where you can reasonably expect whatever you have said to be heavily scrutinised and criticised. Make sure you speak clearly and logically and back up your arguments.

No technical or outside knowledge not given during the case study is required.

Interview

[Edit]

The second interview, like the first, is a competency based interview. It differs from the first only in that you will be assessed against competencies not yet covered in the first interview. For internships, this may be your first interview. You will spend approximately half an hour talking to a director on topics such as:
Choice of degree? What does the job entail? Example of teamwork? Current events?

Group Exercise

[Edit]

You will be allocated into a group of, perhaps, 8 candidates. You will each be given some information about the scenario which you will have to discuss and have 10 minutes to read it alone.

You will have to discuss the marketing strategy for launching a new Nike product: Footwear for those aged 60+.
What are the features of the new product? How should Nike market it, given a budget of $1 million?
Half way through the group exercise, your team will be presented with an urgent email pointing out that a competitor has already released such a product, and is advertising the product online. What should the rapid response of Nike be?

The company and scenario varies, but it will be the same company you presented on in the previous exercise.

The group discussion will last 20 minutes and you will be closely observed by graduate recruitment assessors throughout.

Now see - Internships, Aptitude Tests and Assessment Centre.