投行面试专业题

(2011-09-18 22:49:44) 转载标签： 投行招聘

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分类： 投行招骋

今天和几个同学聊了一阵，发现大家对technical questions有哪些还不是了解的很全面，所以列了份我能想到或我听说过的问题清单－－问题很多，有一些我其实也从来没有听说有人被问到过，所以主要供将来对banking有兴趣的同学参考，一边准备面试一边可以学习。至于马上要面试的同学，请只关注最重要的那些，不要浪费太多时间试图弄懂所有问题。面试时间只有半小时，除去自我介绍和最后留出的对interviewers问问题的时间，剩下的25分钟左右最多只有一半是在问technical，所以问的绝大多数都是最基础最重要的那些。只要你能把最重要的这些问题理解的非常清楚基本就没有问题。

 粗体：非常重要，出现频率很高的问题  其他可能会被问到的问题

 ** 更多是帮助理解，很少会被问到的问题

照例，有问题请在我的新浪微博或博客留言。 转载请注明作者和出处。

GENERAL

1. How do you value a company?

2. What are the differences between DCF and LBO?

3. What are the differences between public comparables and transaction comparables? 4. Why a company is valuable?

5. Why would you value a company?

6. How does a company obtain resources for its business? Debt vs. Equity? 7. How to free up capital (if I need cash next week, what can I do?)** 8. What is hurdle rate?

9. How would you value a company with no revenue?

DCF 1. 2.

Walk me through a DCF calculation Pros and cons of DCF?

3. How do you do DCF a Bio company vs. a Grocery Chain? 4. How do you calculate free cash flow? 5. What is CAPEX?

6. What is working capital?

7. Is negative working capital bad?** 8. WACC calculation 9. What is CAPM? 10. What is the imperfection of CAPM?** 11. How do you find risk free rate? 12. How do you find the risk premium for an asset / the equity?

13. Define Beta for a layman. How do you get the Beta? Why do you un-lever a Beta (unbiased of measure of risk)? 14. What if you get a negative Beta?** 15. Is Beta constant or does it vary over time? 16. What do you think the Beta of [GM] is? Of a high-tech company such as [Cisco]? 17. What does the WACC curve look like? At what point it goes to the lowest?

COMPS

1. Relative valuation: what are the problems?** 2. Compare equity value to enterprise value. How do you go from enterprise value to equity value?

3. What is net debt? Why minus cash from debt?** 4. Where to get the comps universe?

5. How do you choose trading comps? 6. How do you choose transaction comps?

7. What is market cap? EIBT? EBITDA? Adjusted EBITDA?

8. What are appropriate multiples for enterprise value and equity value?

9. What multiple would a high-tech company use? A financial institution? Other industries? 10. What are some common non-recurring items? 11. Interpreting the multiples (from three angles: size/risk/growth) 12. If there are no comparable companies in the market, how can we apply the comparable methods?** 13. What adjustment you will make when using trading comps or transaction comps? (different country/public vs. private, etc.) 14. Two banks, one is trading at 12x P/E and the other is trading at 16x P/E, which one will you buy and why?