Interviewing at D.A. Davidson & Co. can seem intimidating, but being prepared can help you stand out. With insights from real interview candidates, this comprehensive guide covers what to expect, sample questions, and tips to prepare.
Overview of D.A. Davidson & Co.
D.A. Davidson & Co. is an employee-owned investment banking, wealth management, and capital markets firm headquartered in Montana. Founded in 1935 they have over 50 offices across the U.S. and over 1900 employees.
They offer services including investment banking, equity capital markets, fixed income capital markets, equity research, institutional sales and trading, and more. Their industry coverage includes consumer, diversified industrials, financial institutions, healthcare, real estate, technology, and transportation
The Interview Process
The interview process at D.A. Davidson & Co. typically lasts 1-2 months and consists of 1-4 rounds:
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Screening call 30 min call with HR or recruiter reviewing your resume and interest May include a few basic technicals,
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1:1 interviews: 30-60 min behavioral and technical interviews with Associates, VPs, Directors.
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Superday: In-person final round with 4-6 interviews assessing overall fit and capabilities.
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Technical interview: Additional round focused on technical skills like accounting, valuation, and modeling.
Throughout the process, they assess both your technical abilities and cultural fit. D.A. Davidson & Co. cares deeply about finding candidates who align with their culture and values.
Common Interview Questions
Here are some of the most frequent D.A. Davidson & Co. interview questions across all levels and groups:
Technical Questions:
- Walk me through a DCF analysis.
- How can you compare the valuations of two similar companies?
- How does debt repayment flow through the 3 financial statements?
- What are the key drivers of a leveraged buyout (LBO) model?
- Describe the difference between levered and unlevered free cash flow.
- What are the 3 main valuation methodologies?
Behavioral & Fit Questions:
- Why D.A. Davidson & Co.?
- Why investment banking? Why this specific group?
- What stocks or industries are you currently following?
- Tell me about a time you faced a challenge on a team project.
- How do you handle stress?
Industry/Market Questions:
- What recent M&A deals in [X industry] have you noticed? Why were they done?
- What trends are impacting the [X] industry?
- What companies in [X sector] look interesting right now?
Stock Pitch Questions:
- Pitch me a stock as a long position.
- What’s a stock you would short? Why?
Brainteaser Questions:
- How many golf balls fit in a school bus?
- How many piano tuners are there in Chicago?
Tips to Prepare for Interviews
Here are some tips to help you ace your D.A. Davidson & Co. interviews:
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Research the firm – Understand their core values, culture, services, industries, and recent deals/trends.
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Practice modeling skills – Ensure you can walk through DCF, LBO, M&A, and 3-statement models smoothly.
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Prepare stock pitches – Have a couple long and short stock ideas ready to discuss. Follow current events.
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Rehearse answers to common questions – Don’t memorize, but be ready to walk through technicals clearly and concisely.
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Review brainteasers – These assess analytical thinking. The key is explaining your logic and assumptions.
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Prepare stories – Have 5-10 stories ready highlighting your skills, initiative, leadership, teamwork, etc.
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Ask thoughtful questions – Have smart questions ready about the group, firm, culture, deals, growth areas, etc.
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Dress professionally – Formal business attire is expected for in-person interviews.
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Send thank you notes – Follow up within 24 hours thanking each interviewer.
Real D.A. Davidson & Co. Interview Questions
Here are examples of actual interview questions from D.A. Davidson & Co. candidates across different groups and levels:
Investment Banking Analyst, Salt Lake City
Technical:
- How can you determine the value of company A vs. company B if they are in the same industry and do the same thing?
- Which is more expensive: the cost of debt, or the cost of equity?
- Walk me from Revenue to FCF.
- What is the difference between unlevered FCF and levered FCF?
Behavioral:
- Why investment banking?
- Why D.A. Davidson & Co.?
- How do you handle stress?
Equity Research Associate, New York
Technical:
- What’s the difference between sell-side and buy-side?
- What stocks are you currently following?
Behavioral:
- Why D.A. Davidson & Co.?
- Why equity research?
- Tell me about your investing experience.
Investment Banking Summer Analyst, Chicago
Technical:
- How would X event impact a DCF valuation?
- Tell me how debt repayment flows through the 3 financial statements.
Behavioral:
- Why investment banking?
- Why this group?
- Tell me about a recent M&A deal we’ve done in this industry.
Investment Banking Analyst, Consumer Retail, Los Angeles
Technical:
- What are current EBITDA multiples in the agriculture sector?
- Walk me through a DCF analysis.
- What drives an LBO model?
Equity Capital Markets Associate, New York
Technical:
- Tell me what you know about EDGAR filings.
Behavioral:
- Why D.A. Davidson & Co.?
- Why equity capital markets?
- Tell me about a time you resolved a conflict on a team.
Preparing for interviews with D.A. Davidson & Co. requires researching the firm, practicing technical skills, and preparing stories and thoughtful questions. Expect rounds assessing technical abilities, communication skills, and overall fit. Use the tips and real examples in this guide to help master the interview process. With preparation and practice, you can stand out and land an offer at this prestigious firm.
D.A. Davidson & CoInvestment Banking
Based on the Interview Insights at this company, the Interview Experience is a score between 1 star (very bad) and 5 stars (very good).
The number in the middle of the doughnut pie chart is the mean of all these scores. If you move your mouse over the different parts of the doughnut, you’ll see exactly how each score was calculated.
The title percentile score is based on an adjusted score based on Bayesian Estimates that is applied to the whole Company Database. This is done to account for companies that don’t have many interview insights. The confidence in a “true score” rises as more reviews are given about a business. This causes the score to move closer to its simple average and away from the average of the whole dataset. 4.
Based on the Interview Insights at this company, the Interview Difficulty is a score that goes from “very difficult” (red) to “very easy” (green).
The number in the middle of the doughnut pie chart is the mean of all these scores. The higher the number, the more difficult the interviews on average. This doughnut has different parts that, when you move your mouse over them, show you the 20% breakdown of each score given.
The title percentile score is based on an adjusted score based on Bayesian Estimates that is applied to the whole Company Database. This is done to account for companies that don’t have many interview insights. That is, as a business learns more, it becomes more sure of a “true score,” which moves it closer to its own simple average and away from the overall average of the data set. 2. 8.
Based on reviews at this company, the 20% of interns getting full-time offers chart is meant to give you a good idea of how the company hires people.
The number in the middle of the doughnut pie chart is the mean of all these scores. This doughnut has different parts that, when you move your mouse over them, show you the 20% breakdown of each score given.
It uses an adjusted score based on Bayesian Estimates to account for companies that don’t have many reviews, which is how the percentile score in the title is found. To put it simply, when a business gets more reviews, the “true score” becomes more likely to be accurate. This makes it move closer to the simple company average and away from the average of all the data points. 30%.
Watch CNBC’s full interview with D.A. Davidson’s Tom Forte and Advisors Capital’s Chuck Lieberman
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