I feel that reading “Our Values” and “Who we are” is a waste of time since they are pretty similar. That just explains why you’re interested in tech – after that, you would then go on to state all the usual reasons about why you want to do PE. Is there a personal email where we can ask you individual questions? Culture can be OK, but only if the firm’s culture really is different somehow. So I would not go into your own personal background unless you can somehow make it concise and still tie it in to the firm. If you can’t find anything, all you can do is make it generic. Don’t go to the bank’s website. Land investment banking offers with 578+ pages of detailed tutorials, templates and sample answers, quizzes, and 17 Excel-based case studies. You can’t give a scientific or mathematical explanation for why that is, but it is your gut feeling. It is likely that a client becomes angry and even aggressive, and your banker will need to exercise extra care in their customer dealings. Would it still work if I talk about their M&A track record? A banker asking this question of you is like a supermodel asking Fogell why he’s “interested” in going on a date with her: because she is the most attractive woman that has ever shown interest in him. I’d suggest you to take a look at recent stock/industry trends and select 1-2 companies as your stock pitch. It’s a silly question because most banks are very, very similar regardless of size, location, industry or deal focus, or any criteria like that. The main point for this interview question is that you need names of specific people, and ideally their locations and titles, if you want to point to your networking efforts in an interview. To add to what Nicole said, I would probably say something like, “Well, obviously Goldman is viewed by some people as being among the ‘top’ banks or perhaps the ‘top’ one, so in that sense an offer would be appealing. It might help a bit, but any deal done by the bank would be fine. Why do you want to work for TD Bank? But I’m not sure what code they use for RBC or if they list it. Brian DeChesare is the Founder of Mergers & Inquisitions and Breaking Into Wall Street. We respect your privacy. That way, you acknowledge his objection upfront but then defuse it by pointing out that in reality, “prestige” doesn’t matter past a certain point and you’d pick based on the personal factors instead. It is essential to understand an individual’s motivation for embarking on a particular career path. Let’s break it down and see how you can best answer this nonsensical question: Why This is a Dumb Question… But Why It Still Matters Anyway. I was thinking telling something personal (even in written form) would help me distinguish myself. More interesting is what to avoid when answering this question. It’s fine to use that for part of your answer, but I would also go beyond it and have something specific to the bank (people or deals) – because otherwise you’re just explaining why you want to go to any MM bank instead. What if I am applying for Markets – Sales & Trading position? Please note that we are not your career or legal advisor, and none of the information provided herein guarantees a job offer. Any suggestions on what you think they’re looking for? Do you have any other suggestions that I could talk about? Why do you want to work at Bank of America? The key point is that you should tie your response to something you’ve done in the past, as opposed to a simple “interest” you have. To succeed, you should enjoy working with people. Specific questions like this one can determine whether or not your candidate will keep their cool in such a situation. Organizational skills, time management and a strong work ethic are also essential for this job.”. What to look for in an answer: “The customer would need adequate time to express their point of view. Why They Ask The Question “Why Do You Want To Work Here” First off, let’s explore why this question is even asked. Why do you want to join our company? Good article, thank you very much for sharing. Most of these buy-side funds tend to have a specific industry focus, a deal/investment size focus, or, for hedge funds, a specific trading strategy. Their application includes this question and I’m quite stumped by it. As we stated above, this isn’t really just one single stupid question, but two much more complex and dynamic questions rolled into one: 1.Why do you want to work for this company? That said, in my mind GS and your bank are both at the same level in terms of experience, deals, and exposure, and so I would be more inclined to go with you based on the people I’ve met here, such as [Names], and what I’ve heard about the [intern / analyst / associate] experience.”. As you’ll see below, this question can be more meaningful in other industries where companies are actually… different, but we’re just dealing with banks for now. If you want to use this argument, you need to back it up with, Say that “the people are smart and hard-working” – again, way too. There has to be a reason that you decided to apply for the job. Everywhere from BlackRock to T Rowe Price? Great article! Required fields are marked *. And the deals! I’m currently completing my A-levels and I’m from London. The same strategy applies: cite the people you’ve met in this group and the recent deals the group has advised on. What to look for in an answer: “In that last incident, I realized how the customer simply had different expectations. Don’t kill yourself spending hours to find the perfect deal – not worth the time/effort. They don’t list any of the deals on their website. Oh yeah, and unlike other dumb questions such as the “greatest weakness” one, there isn’t even a real answer here that differs from candidate to candidate. Any idea how to answer this for firms in AM? Given the people [perhaps name names] I’ve met at your firm, I think I am a particularly good fit here because of [XYZ] reasons, and [reiterate why you want this bank over anything else].” I’d probably throw a bit of humor and charm into the answer too. Your email address will not be published. You’re really interested in DCM because you previously worked at a state government agency going through a budget crisis due to high debt levels and required interest payments, and now you want to see how, You want to work in M&A because your family consists of. But I Haven’t Networked with Anyone There / I Can’t Find Out Anything About the Bank! You look down at this list and want to slap yourself repeatedly as you see the first question: After having already attempted to answer this one in 17 previous interviews with 12 different banks, you really wish you could just skip over it or that there were some universally “good” answer. Oh, and more cynically: much of what you do in the industry involves BSing people when you don’t have a real answer – whether it’s your MD or a client. The point of this question is to assess whether or not you can do 5 minutes of online research. Go there, type in the name of the bank you’re interviewing with, and you should find some recent stories and deals they’ve advised on. So the “culture” factor is a big no-no. Remember that banks are sell-side institutions, so they have no incentive to hide the deals they advise on – they want to market themselves. Bank employees enjoy dealing with people from all walks of life and in all kinds of financial shape. You’ve just finished investment banking application #57 for this year’s recruiting season. Why do you want work at our banking institution? State you are impressed with all the awards TD has won. I have always been fascinated by the financial world, am ambitious and hard-working and can bring great value to your company.". On my own, I’ve also done some investing in my own portfolio in the tech space and, as one of the key growth areas in the economy, it’s especially interesting to me.”. It’s possible that some folks looking for work don’t quite understand the roles and responsibilities that come with the job. You could use other approaches here, such as talking about how a bank’s “strategy” is different from those of similar banks – expansion into a certain region or a flatter hierarchy, for example – but you need to be extremely certain of what you’re talking about or the interviewer will call you on it. Free Exclusive Report: 57-page guide with the action plan you need to break into investment banking - how to tell your story, network, craft a winning resume, and dominate your interviews. I’d say something along the lines of “To me, the people I work with and the culture of the bank is the most important. At the end of the day, a good banker is not only a good manager, but a good salesperson. Your email address will not be published. The answers to this question will give you deeper insights into the candidate’s prior training. Banking is a service industry. What if you are not applying to a deal-making role but rather a support one?Can you still bring up the “deals” side of the answer? It’s the (specific names of) people! Why do you want to work at Bank of America? Here the candidate should divulge their career history a bit more. Black Friday to Cyber Monday Sale - Get All Our Courses Plus Future Courses and Upgrades for $500 Off the Normal Price. I would outline our bank’s policy in such a case and show how this matter can be properly reconciled. Also, while “the culture” is mostly the same at large banks, it can vary tremendously at these smaller investment firms because it’s heavily tied to the PM. PS: I know people from these other banks and they do big deals as well. Tip: To find a company that's a great fit for you, do read How to Find the Perfect … “Group” or “Team” could equal M&A, Leveraged Finance, Debt Capital Markets, Equity Capital Markets, or industry groups such as Healthcare, Technology, or Mining. And please, nothing about “the culture” or “the smart and hard-working people.”. You need them to do the job of persuading more potential clients to become your loyal customers. It is also about advancement, prestige, doing something exciting and fast-paced, etc. Research work that the company has done, their culture, and what distinguishes it from other firms. Ty. Good Answer: I am passionate about the work we do here, and I feel that my experience will be very valuable in leading the team towards greater success. This is fairly easy for banks to detect and it can only hurt you if you make up names, meetings, or informational interviews. Talk about a particular strength the bank has in its S&T division or a type of client it works with, or just talk about a security you’re interested in trading and point to the traders/salespeople you’ve spoken with there. Because of my lack of experience in IB (I interned in corp. finance) would it still be okay to talk about how I want more experience in deal execution through the larger quantity of deals at their bank as oppose to only working on few large deals in BB? Hint: You should focus on personal preferences for Bank of America , their vision , culture, working environment, portfolio, etc. Great article!! Yes, it’s an easy one to mess up especially if you don’t prepare in advance. What’s the best way to get in touch with you please advise. But your answer to this question still matters. So it’s your job to research these factors in advance – yes, it’s easier for PE and VC – and then link the industry/strategy they focus on to your own experience. I am currently writing out my answers for “Why this role / our bank” in an online application that I have to submit for full-time recruiting. The best way to answer 'Why do you want to work here? Regarding the use of contacts acquired through networking, is it wrong to name analysts and associates or is it just as relevant as naming VPs and MDs? Feels like a huge bump since the last comments were made in 2013, but here we go anyway. There is no real way to answer that question because effectively, bankers are almost the same across all firms, and deals are very similar at large banks. I have an interview coming up and will definitely be using this. You must confirm the statement above and enter a valid email address to receive this free content. Some notable awards include. Mention you want to grow your career in the banking industry and feel TD Bank is the place to do it. Getting actual league tables can be tricky and it’s not necessarily a great use of time. Get answers to your biggest company questions on Indeed. They even have a book on their culture: http://www.amazon.com/Goldman-Sachs-The-Culture-Success/dp/0684869683. And if you say something that’s at least somewhat decent or “less bad,” your answer could confirm what the interviewer is already thinking: that you’re a good candidate to win the offer. In his spare time, he enjoys memorizing obscure Excel functions, editing resumes, obsessing over TV shows, traveling like a drug dealer, and defeating Sauron. Give Real-World Examples of Your Leadership To convince the hiring manager that you’re a good fit for the job, you need to prove you can handle it and have the right personality traits to lead a group. Why do you want to work for our company? I talked to a MM Director and she actually suggested I mention it in interviews. I am going to apply for a work experience program run by JP Morgan, suited to 14-18 year olds and one of the questions on the application is “Why would you like to complete work experience at JP Morgan?”, with a 4000 character limit. Why do you want the job? Please refer to our full privacy policy. Is there an equivalent to the IBD “deals” you can get here? This website and our partners set cookies on your computer to improve our site and the ads you see. Feel free to leave a comment on this site or within the BIWS site, or reply to one of my newsletters. It’s easier to look up recent deal activity than it is to verify the bank’s “overarching strategy,” so these answers can be riskier. I would calmly walk the customer through what to do in case this happens the next time, and provide a special number to call for direct customer service — while assuring her that I will personally take calls, should this happen again.”. from TD Bank employees. For mentioning recent deals, if I am interviewing for London office, should I go for something done by the office instead of some high-profile deal done by the NY team? Speak about the value you want to bring to the bank, your good knowledge of banking products, or skills that are relevant for the job. Would it still be a good idea to mention their names in the interview? Especially when you might not know what team you’re applying to from the get-go. If they themselves went in for the money they dont want the interviewee to say the same, Money is part of it, but not the only reason they are in it. Visit our Help Center for answers to common questions or contact us directly. '—plus examples from 3 people who got the job Published Tue, Oct 27 2020 11:03 AM EDT Updated Tue, … For #2, your best source is the WSJ Deal Blog. But I agree that it is a dumb question. You don’t need a really long answer to this question, and in online applications a long answer would be tough to fit in anyway. Looked like the perfect trap. What to look for in an answer: “A banker needs to have good judgment, service orientation and the ability to cope well under stressful circumstances. Well, why do you want to join the bank? This is the most common question asked, and to answer it well you must thoroughly research the company prior to the interview. What to look for in an answer: "After looking at the job requirements and researching your company history and policies, I think that my skills in customer care, accuracy and smart investing can help your clients make smart financial decisions.
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