Top 3 Reasons Why Good Candidates Fail Investment Banking Interviews
Top 3 Reasons Why Good Candidates Fail Investment Banking Interviews
Agustin Valecillos
(1) Reason: Fail to ask clever, well-researched questions at the end of the interview to show that you are keen (and able) to understand the job.
What the interviewer will think: “If the candidate hasn’t done the required amount of preparation to be able to ask relevant questions about the position, then I assume if I were to hire him for the job, he would continue to be ill- prepared for future assignments.”
How to avoid: Conduct thorough research into the industry, the bank and the position. When framing your questions, incorporate the question with information that you have learned from your research to show what you currently understand certain aspects of the business and then ask questions that show your eagerness to learn more about the business. Think of a mixture of questions about the particular role of the position, its place in the organization and the organization as a whole. As the interview progresses, you will be prepared to ask appropriate questions that show you have researched the company and are interested and engaged.
(2) Reason: Ask about salary or compensation (or bonuses) during the first interview.
What the interviewer will think: “This person is exclusively focused on money, and the very second he is offered a marginally higher salary elsewhere, he will leave.”
How to avoid: Focus on the non-financial compensation of the role, such as growth opportunities, training, exposure to valuable transactions that will help to further your career. The interviewer will raise the matter of compensation when the time is appropriate.
(3) Reason: When asked one of the standard questions, such as “Why would you like to work for us?” or “Why would you like this position?” fail to have a well- prepared and structured answer, or give a generic response, such as “this is my dream job.”
What the interviewer will think: “The candidate has not put any thought into why he/she would be a good fit for the role and the organization.”
How to Avoid: Prepare a three-bullet-point answer covering each different question: “Why do you want to work for us?” and “Why do you want this role?” In response to “Why do you want to work for us?” focus on the particular bank, its market position, its clients and your opportunity to grow and develop there. Ensure that you are as factual as possible, based on your research. Aim to include one figure for each bullet point (where appropriate). For example, in response to “Why do you want to work for us?” do not answer “”Because you are the largest bank,” but instead “Because you have experienced growth in earnings of x% year- on-year and a balance sheet of $ x billion.”
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