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- What are the Common FIG Interview Questions?
- Walk me through a bank’s income statement.
- Walk me through a bank’s balance sheet.
- How are the financials of a bank different from a traditional company?
- What is the impact of an inverted yield curve on a bank’s profits?
WSMM ELEVATE Session 19: Preparing for Citi Fig Interview
I’ll now spare you ten hours of frantic online research by providing the following information:
Going back to the energy example, you could talk about how it affects not only everyone and every economy in the world, but also geopolitics. You could also talk about being interested in promising but controversial technologies like hydraulic fracturing and how quickly the industry is changing due to rising energy demand in emerging markets.
Consider that you are researching the Intel-McAfee partnership for a technology group interview. If you type “wsj intel mcafee deal profile” into Google, the deal profile page will appear as the top result.
Because they have simple business models, the technology, consumer, and retail industries are the most “normal”; healthcare, industrials, and utilities are less “normal,” but they are also less different than the three industries mentioned above.
Since August, you’ve submitted applications to more than 100 banks, networked with 230 bankers, and pounded the pavement.
Another rejection letter. There was a time when I believed I would never succeed in the banking industry. People warned me that it would be impossible for me to enter the banking industry through credit without attending business school. Recruiters told me they never saw anyone make that transition.
I was employed by Morgan Stanley’s credit department in the company’s public finance and financial institutions groups. I was considering a career in investment banking, but I wasn’t sure whether or not I should begin the application process. When some of my closest friends and coworkers started working in banking, I realized I had a chance to do the same. Despite the numerous people who advised me that it was impossible, one friend’s words, “Jason, if someone else has done it before, then you can do it as well,” have stuck with me. Don’t use inaction as an excuse; if no one has, then you can be the first.
In addition to being ready (from the readings and all the calls and coffee chats), I was also able to take advantage of a non-binding offer I had from Morgan Stanley’s public finance team. I believe that by applying some pressure to the company and making myself more appealing, the informal offer was able to speed up the process for me.
Along with being prepared, try to be in similar circumstances/stages with several banks/companies if you are going for a lateral job offer because offers typically have a short acceptance period and some can be difficult to reject. Mentioning other banks’ interest in you can be important, and you can use this to leverage the interests of two banks against each other in a game of ping pong. Additionally, never give up or write yourself off. I had no idea if some of the calls or coffee dates would be fruitful (I went on a coffee date with an accounting recruiter hoping he knew someone who knew someone), and I simply did it knowing that I had given myself another 0. 001% of a chance, which hopefully adds up I may not have had two P/E offers and five offers in the bulge bracket when I graduated from college, but I am the example of how you only need one offer to set yourself up for success. To see if someone has already done it, look on LinkedIn (or here). If anything, try to get in touch with them and find out how they did it.
I used Breaking into Wall Street’s Bank and Financial Institution Questions & Answers guide and their Bank and Financial Institution Modeling video module for both my interviews with the VP and the Super Day. Both were very helpful because almost every question I got was about valuing financial institutions, particularly banks.
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FAQ
Is FIG investment banking good?
With the most deal activity of any group, a wide range of deals, companies, and business models, and a higher bar for technical skills than most other groups, FIG investment banking has a lot going for it.
What is FIG investment banking?
A FIG stands for a group of financial institutions. It is a group of financial experts whose clients are typically financial institutions and who seek out their knowledge and advice.
How do I prepare for an investment banking interview?
- Show That You’ll Be Easy To Work With. …
- Know Your Stuff. …
- Be Respectful & Reserved. …
- Bring Your Elevator Pitch. …
- Show You Are Eager To Learn. …
- Lay Some Groundwork Beforehand. …
- Get Your Financial Statements Right.
What are the most common investment banking interview questions?
- Walk me through your resume. …
- Why investment banking? …
- Tell me about a business that you admire or a recent transaction that interests you.
- Tell me about financial statements and why they are important.
- What is enterprise value versus equity value? …
- What is the formula for enterprise value?
