超全面总结各大投行历年面试问题

飞过天空的自由

BofA: Summer analyst position, M&A
1.If I buy new property plant and equipment (PP&E) for $10m ($5m cash and $5m debt), what will happen to the balance sheet and cash flow?
如果我花1000万美元购买新的物业厂房和设备（PP&E），支付500万美元现金和借债500万美元，我的资产负债表和现金流会有什么变化？
2. Who will pay more for an acquisition, a strategic buyer or financial, and why?
战略投资者家和金融家，谁在收购中会付出更多？为什么？
3. Why would two companies in the same sector have different P/E ratios (one is lower, other is higher)?
为什么同行业的两家公司会有不同的P/E比率（一个较低，一个较高）？

BofA: Graduate position, technology
1. Tellme about yourself?
谈谈你自己吧。
2. How do you ensure you meet delivery deadlines?
你如何保证满足交货期限？
3. Have you ever failed to meet delivery deadlines?
你是否曾经无法满足交货期限？
4. What is SQL Server?
什么是SQLServer？
5. What’s the difference between Left Outer Join and Right Outer Join?
左外连接和右外连接的区别是什么？
6. Explain 3 features of Object Oriented Programming.
请解释面向对象编程的3种功能。

Barclays’ Investment Bank

Barclays: Graduate position, trading
1. How many footballs would fit into this room?
这个房间能放下多少个足球？
2. Why did you choose to pursue a career in banking?
为什么选择投身银行业？
3. If you were advising a client, would you advise them to short or long shares in our company at the moment?
如果你给一个客户提供建议，你会建议投资我们公司的股票是长期持股还是短期持股？

Barclays: Internship, technology division
1. Why do bubbles not appear when sparkling water is closed?
为什么关闭气泡水的时候没有泡沫出现？
2. Why, in this glass do the bubbles in the water sit at the bottom?
为什么这个玻璃瓶中的气泡出现在水的底部？
3. Tell me about your personal morals.
谈谈你的个人道德观。

Barclays: Internship, trading and structuring
1. What’s 1/7 expressed as a decimal?
1/7表示为十进制是什么？
2. There’s a revolver, with two bullets in two chambers that are next to each other, and the rest of the four chambers are empty. The policeman spun the revolver and pulled the trigger at you, nothing happened. Suppose that you don’t want to die, would you prefer the policeman to spin the revolver again before the next shooting or shoot again directly?
有一个左轮手枪，在两个腔室彼此相邻两颗子弹，剩下的四个腔室是空的。警察把手枪上膛，并朝你扣动了扳机，但什么也没有发生。假设你不希望死，你是希望警察在下一次射击前再上膛一次，还是直接再开第二枪？
3. What is VaR? What are its advantages and disadvantages?
什么是风险价值？它的优缺点各是什么？

Barclays: Internship, operations
1. Tell me about Barclays?
谈谈巴克莱。
2. Tell me a weakness of yours?
告诉我一个你的缺点。
3. Explain a time where you coped with working in a ‘difficult’ team environment. i.e. where you didn’t get on with members of your team.
举一个你应对不和谐的团队工作的例子。比如，你和团队成员相处不是很融洽。
4. Tell me how your previous work experience is beneficial in an investment banking environment.
请告诉我你以前的工作经验如何帮助你在投行的工作。
5. Tell me about a time when you were required to be a leader.
举一个你的领导力的例子。
6. Are you able to work with people of varying cultures? If so, explain why.
你能否和不同文化背景的人一起共事？如果可以，请解释原因。

Barclays: Graduate position, IBD
1. How many lightbulbs are there in the UK?
英国有多少灯泡？
2. How would you invest £1,000,000?
你会怎么投资100万英镑？
3. Ihave 45 socks in a drawer; 10 are blue, 15 are red, 20 are yellow. If I blindly pull out one sock at a time, how many attempts are needed to get a pair?
一个抽屉里有45只袜子，10只蓝色，15只红色，20只黄色。如果我一次随机抽取一只袜子，需要多少次才能凑成一对？
4. What have you done to prove your leadership skills?
请举一个例子证明你的领导能力。

Berenberg

Berenberg: Summer research internship(pre-screening interview)
1. Wha tdid the FTSE close at yesterday?
富时指数昨日收于多少？
Berenberg: Summer research internship (final round)
1. You say that equities are over priced and due to collapse soon. How can you say that when that’s my job and what I do for aliving, day in day out? I’m telling clients to buy certain stocks, are you saying I’m wrong?
你认为股票价格过高并且已经到了崩盘的边缘。如果这个是我的工作，你有什么建议吗？我该做什么为生？如果我已经告诉了我的客户购买那一些股票，那么你认为我错了吗？
2. So you’ve never lived out for United States? How would you survive if I sent you to Hamburg for 2 years?
所以你从来没有在其他国家生活过？如果我派遣你的汉堡2年，你怎么办？
3. Which daily newspaper do you read? Aside from the FT or WSJ. And why?
除了FT和WSJ，你每天读什么报纸？为什么？

Berenberg: Graduate position, equity research
1. What can you do with an orange?
你可以用一个橘子做什么？
2. If you were an animal, which one would you be and why?
如果你是一只动物，你想成为什么？为什么？
3. There is another candidate for the position. Should we interview him and decide whois better or would you prefer we make our hiring decision by flipping a coin?
对于这个职位，还有另外一位候选者。你觉得我们应该面试他然后觉得谁更好呢，还是你希望通过掷硬币来决定我们选择谁？

Citigroup

Citigroup: Summer internship, private banking
1. If you had to re-design an orange, what would it look like?
如果你需要重新设计一个橘子，你觉得应该是什么样子呢？
2. Do you think China’s economy will continue to liberalize and by how much further?
你认为中国经济会继续开放吗？空间还有多大？
3. What is your favorite Microsoft program and why?
你最喜欢的微软程序是什么？为什么？

Citigroup: Graduate position, IBD
1. How did you convince a senior member of your team about the effectiveness of an idea you had?
如果你有一个提高效率的想法，你将如何说服你团队中的高级成员？
2. What is the most significant recent development in the investment banking industry?
什么是投资银行业最显著的新发展？
3. Tell me about a time when you were under immense pressure.
举一个你面对压力的例子。
4. What do you think will be the emerging trends in consumer banking (yes, someone was asked this in an investment banking interview)?
你认为商业银行业务最新的趋势是什么？（这个问题在投行面试中也会被问到。）

Credit Suisse investment bank

Credit Suisse: Graduate position, IBD
1. Tel lus about yourself?
谈谈你自己。
2. Why our bank?
为什么选择我们。
3. Tell us about your strengths?
你有什么优势？
4. Do you have any examples of times when you used your own initiative?
举一个你积极主动做事的例子。
5. Where do you see yourself in next five years?
你认为你5年后会是什么样子？

Credit Suisse: Internship, M&A
1. I have a cube made up of smaller cubes, 10x10x10. If I dip the whole thing in paint, how many cubes will have no paint on them?
我有一个由小的立方体组成的大立方体（10x10x10）。如果我现在对于这个大立方体上色，有多少个立方体会没有被上到色？
2. Are you a Keynesian or a monetarist?
你是凯恩斯主义还是货币主义？
3. I have two frogs and their population doubles in size every second. It takes 60 seconds to fill up a room with frogs. How long does it take to fill up half theroom?
我有2只青蛙，他们的数量每秒钟会增加一倍。要用青蛙填满一个房间需要60秒的时间。如果需要填满半个房间，需要多久呢？

DC Advisory

DC Advisory: Internship, Frankfurt
1. How can you get from FCFF to FCFE?
你怎么能从FCFF得到FCFE？
2. Please create a one pager about a company in one hour.
请在一小时内创建一个寻呼机公司。

Deutsche Bank

Deusche Bank: Graduate position, sales and trading
1. Your client is a hedge fund that requires you to analyze a certain subsector of the FTSE 100 to identify trading strategies based on volatility. How do you approach the analysis?
你的客户是一个对冲基金公司，他们要求你去分析某一种特定的富时100指数，以定义其波动性交易策略。你会如何分析？
2. How do you construct an exchange traded fund (ETF) and what factors do you take into consideration when you’re doing so?
你如何构建一个交易基金（ETF）？哪些因素你需要考虑？
3. Do you believe there is a bubble in the bond market?
你认为债券市场有泡沫吗？

Deutsche Bank: Graduate position, global capital markets
1. How would you rate us against our competitors?
你如何评价我们以及我们的竞争对手？
2. Wouldn’t you be better suited to working for another organization?
你难道不是更适合在另一家公司工作吗？
3. What exactly does the word ‘success’ mean to you?
成功对你意味着什么？

Deutsche Bank: Graduate position, risk
1. Would you say that you are a trust worthy person?
你是一个值得信赖的人吗？
2. Do your friends trust you with their secrets?
你的朋友信任你能守住你们之间的秘密吗？
3. What types of secrets do they share with you?
你的朋友会和你分享什么类型的秘密？
4. Where do you see yourself in 5 years?
你5年后会是什么样子？
5. Are there enough hours in the day?
一天当中的时间够吗？
6. What is the ** root of 1?
1的平方根是多少？
7. Petrol, or diesel – which is more combustible? Why?
汽油还是柴油更可燃？为什么？

Goldman Sachs

Goldman Sachs: Internship, M&A
1. Walk me through an LBO analysis.
请解释LBO分析。
2. What factors can lead to the dilution of EPS in an acquisition?
什么因素会导致收购中每股收益的稀释？
3. If you are in a business that wants to preserve cash, what type of inventory accounting method would you use (LIFO or FIFO) in a time of rising prices, and why?
如果你在的企业想要保留现金，那么你在价格上涨的时候会使用什么类型的货存核算方法（LIFO还是FIFO）？
4. What is Minority Interest and why do we add it in the Enterprise Value formula?
什么是少数股东权益？为什么把它添加到企业价值的公式中？
5. Briefly walk me through a discounted cash flow analysis. (Including WACC).
简单解释一下贴现现金流分析（包括WACC）。
6. Why can’t you use EV/Earnings or Price/EBITDA as valuation metrics?
为什么不能使用EV/Earnings或者Price/EBITDA作为估值标志？
7. Estimate the value of the tie industry in the UK.
估算一下英国领带产业的价值。
8. What are your best skills? Why would they be applicable?
最好的技能是什么？为什么它们可以适用？
9. Discuss a deal you have read about recently.
讨论一个你最近了解的交易。
10. Who is the most famous and influential person you would like to meet and why?
你最想遇见的最有名，最有影响力的人是谁？为什么？
11. Why Goldman Sachs?
为什么选择高盛？

飞过天空的自由

Goldman Sachs: Graduate position, securities
1. When you heat a sausage in the microwave, the tear is always lengthwise. Why is that?
你在微波炉内加热香肠，为什么其汁液的流向总是纵向的？
2. How could you set up a recursive function so that a really smart language /compiler could evaluate the function and never run out of memory?
你如何建立一个递归函数，使得一门语言/编译器能够有评估的功能并且永不耗尽内存？
KPMG

KPMG: Graduate programme, restructuring, Frankfurt
1. When a firm has a market share of 50% in Germany and 30% in Europe, what is the market share of the firm in Europe without Germany?
如果一个公司在德国有50%市场份额，在欧洲有30%市场份额，那么这个公司在欧洲的市场份额是多少（除去德国的市场份额后）？
2. You are given 100 million Euro to set up your own bank. Which customer segment would you focus on, and which strategy would you use for that?
你拿到1亿欧元建立自己的银行，你会注重在哪一个客户群？你会使用什么样的策略？

JPMorgan

JPMorgan: Summer internship, sales andtrading
1. Give an example of a time you encountered a difficult question working in a group
举一个你在小组工作中遇到困难的例子。
2. What is the biggest risk you have ever taken in your life?
你人生当中承担的最大风险是什么？
3. What do you see yourself contributing to this organization, in both the short and long term?
在短期和长期内，你认为你能给公司提供什么贡献？

JPMorgan: Summer internship, M&A
1. Why are you looking for an internship in Investment Banking?
为什么你想在投行找实习？
2. Why do M&As happen?
为什么并购会发生？
3. What are your 3 main strengths?
你的3个最重要的优势是什么？
4. What is your greatest weakness?
你最大的劣势是什么？
5. What motivates you?
什么激励着你？

JPMorgan: Associate interview, M&A
1. You look at the clock. It’s 3：15pm. What’s the angle between the clock hands?
现在是3：15pm，时针和分针构成的角度是多少？
2. What is the sum of the numbers from one to 100?
从1加到100，它们的和是多少？
3. What is the expected value of a roll of a dice?
掷骰子的预期值是多少？

JPMorgan: Off-cycle internship, FX sale
1. Tell me about your educational background.
介绍一下你的教育背景。
2. Which are the most important/interesting subjects within FX markets at the moment?
在现在的外汇市场中，最重要/有趣的议题是什么？
3. If you could pick whichever investment you wanted, were would you put your money today?
如果你可以投资任何你感兴趣的项目，你会在今天就投入资本吗？
4. What do you think a position within FX Sales would entail?
你认为一个位置在外汇销售中是需要的吗？

Lazard

Lazard: Graduate interview, M&A
1. Should charities be taxed?
慈善机构应该被征税吗？
2. You’ve been captain of your sports team and are obviously used to being in charge. How will you feel about being at the bottom of the food chainhere?
你是你运动队的队长，并且习惯了管理队伍。如果把你放在队伍的底层，你会有什么感觉？
3. Do you agree with the private equity model of buying cheap, cutting costs and selling high?
你同意私募股权低价买入，高价出售的投资模式吗？

Man Group

Man: Summer internship, asset management
1. Can you estimate UK GDP?
你能估计一下英国的GDP吗？
2. You’ve have estimated the average salary as £40k. Can you now estimate the largest mortgage an individual can obtain when buying a house. Let’s say the interest rate is 5% on a 20 year mortgage.
你的估计工资为4万英镑。你能估算一下一个人在买房时能获得的最大抵押贷款吗？假设利率为5%的一个20年的抵押贷款。
3. Calculate the ** root of 69.
请计算69的平方根。

Macquarie

Macquarie: Internship, IBD
1. Name me a company you would invest in and why.
告诉我一个你打算投资的公司。为什么
2. What are three ways of valuing a company?
给企业估价的3种方法是什么？
3. What’s 456 x 3?
456 x 3等于多少？

Macquarie: Graduate position, IBD
1. How many weddings are there in Germany in a year?
德国一年有多少场婚礼？
2. How tall is the City Point Building?
City Point Building有多高？
3. Describe yourself in three words.
用3个词描述一下你自己。
4. What is your biggest flaw?
你最大的败笔是什么？

Mitsubishi UFJ

Mitsubishi: Graduate position, fixed income trading
1. What are the risks associated with owning a bond?
投资债券会承担哪些风险？
2. How do you hedge interest rate risk on a bond?
你如何对冲债券的利率风险？
3. How does liquidity affect the bid-offer spread on a bond?
流动性怎么影响债券的买卖差价？

Mitsubishi: Graduate position, trading
1. What is the ** root of 135?
135的平方根是多少？
2. Over the phone I was asked: ‘Which is the main CDS index?’
最主要的CDS指数是什么？
3. What are the odds of gettin gtwo sixes in a row after throwing a fair dice twice?
掷骰子两次，得到两个6的几率有多大？
4. What would you invest in if your holding period was1year, 3 years and 10 years?
如果你的持有期分别是1年，3年和10年，你将如何投资？

Morgan Stanley

Morgan Stanley: Internship, investment banking division (IBD)
1. What’s the most important: Money, honor, or knowledge?
金钱、荣誉、知识，哪个最重要？
2. What’s the ** root of 341?
341的平方根是多少？
3. Why should we not give you the job?
为什么我们不给你这份工作？
4. Which other investment bank, apart from Morgan Stanley, do you like the most and why?
除了摩根士丹利，哪个投行你最喜欢？为什么？
5. Is political risk in Eastern Europe a serious threat for banks?
东欧的政治风险对于银行来说是一个威胁吗？
6. What is the formula for enterprise value?
计算公司价值的公式是什么？
7. What is minority interest and why do we add it in the enterprise value formula?
什么是少数股东权益？为什么把它放在估算企业价值的公式中？
8. Which will place a higher value on the company, equity comparable (trading comps) or M&A comparable (transaction comps) and why?
对公司估值，股权可比还是并购可比的价值更高？为什么？
9. A company makes a $100 cash purchase of equipment on Dec. 31. How does this impact the three statements this year and next year?
某公司在12月31号花100美金购买了一个设备，请问这项支出会怎么影响今年和明天的3个财政报表？
10. Tell me how would you value a company? Which are the most used financial tools in this area?
你怎么对一个公司估值？最常用的金融工具是什么？
11. Why cannot we use EV/Earnings or Price/EBITDA as valuation metrics?
为什么不能用EV/Earning或者Price/EBITDA作为估值指标？
12. Why do we subtract cash in the enterprise value formula?
为什么在公司估值的公式中减去现金？

Morgan Stanley: Operations, one year placement
1. Where do you see yourself after this placement (if you got it) in 5 years’ time?
如果你得到这份职位，5年后的你会是什么样？
2. Name a time you have had to make a tough decision. How did you deal with this?
举一个你做艰难决定的例子。你怎么处理的？
3. Name a time you have been entrepreneurial. What did you learn from this?
举一个你创业的例子。你从中学到了什么？

Société Générale

SocGen: Graduate job, project finance
1. What is a common ratio used in project finance and how do you calculate it?
在项目融资中，最常用到的比率是什么？怎么计算的？
2. Why is the DSCR used and what range do you expect it to be in?
为什么使用偿债备付率？它的范围是什么？
3. What is the credit rating for high yield?
什么是信用等级高收益？
4. Why use a project finance structure as opposed to corporate finance?
为什么使用项目融资结构而非企业融资？

SocGen: Internship, equity structuring
1. What will happen to the price of the option if there is an increase in interest rates?
如果利率增加，期权的价格会怎么变化？
2. What is the price of an option if the volatility tends towards infinity?And what if the expiry date tends towards infinity?
如果期权的价格波动趋于无穷大，其价格会怎么变化？如果到期日期趋于无穷大呢？

UBS

UBS: Internship, equity research
1. How would you go about valuing a company?
你怎么对一个公司进行估值？
2. Tell me about some time when you’ve had to overcome adversity?
举一个你客服逆境的例子。
3. How far do you see yourself going in the bank?
在这家银行里，你觉得你能走多远？

UBS: Graduate position, wealth management
1. How do you price options?
你怎么定价期货？
2. If you would have to open a Rep Office, how would you advertise that?
如果你要开一个中介公司，你会怎么做广告？
3. When did you show entrepreneurial spirit?
举一个你具有创业精神的例子。
4. What are your current views on the economy and investing?
你对于目前经济和投资的看法是什么？