The summer internship pathway in investment banking is a competitive process that begins as early as 18 to 24 months before opportunities kick off.
The road to an internship typically culminates in a "superday" — a competitive, rapid-fire sequence of multiple interview rounds conducted by senior bankers like managing directors or vice presidents. At this phase, human-resources professionals or campus recruiters are less likely to be involved than they were at the outset of the recruiting process.
While banks like Goldman Sachs, Morgan Stanley, Evercore, Bank of America, and Citigroup have already issued some offer letters for next year’s summer internships, many firms are still conducting superdays this fall to fill out their 2022 internship classes.
To that end, it’s crunch time for students to prepare. Insider reviewed two lists of questions developed by Goldman Sachs and Morgan Stanley which you can use as you think through your interview strategy.
In the case of Goldman Sachs, these are prep questions developed by human resources as part of student career development programming that can be used to prepare for superday interviews.
In Morgan Stanley’s case, these are some questions that may be asked in interviews.
- If no one’s options mattered but my own, what would I want to accomplish this year? Next year? In 5 years?
- What is a verb that represents an activity I love to do?
- Does it matter with/for whom I do this activity?
- Does the objective of the activity impact how energizing it is?
- When have I felt most proud?
- How has something I’ve done meaningfully impacted someone else?
- When have I really challenged/pushed myself outside of my comfort zone?
- When have I made meaningful decisions under pressure or succeeded (or failed and learned)?
- How do I manage my time? How do I manage my relationships?
- What obstacles/challenges have I faced? What lessons have I learned through these challenges?
- What is something I’ve always said I’m good at, and when did that begin?
- What is something I’ve always said I’m bad at, and when did that begin?
- Why do I work so hard to accomplish my goals?
- Walk me through your resume.
- What do you think makes a good analyst? What do you think makes a great analyst?
- What recent transaction interests you and why?
- Walk me through a DCF [discounted cash flow].
- You are modeling a company, and your VP tells you that depreciation should actually be $10MM higher. Please explain the impact of this change on the three core financial statements.
- What are the most commonly used ways to value a company?
- How much revenue the Starbucks in 1585 make? Walk me through your logic. ["1585" refers to Morgan Stanley’s global headquarters at 1585 Broadway in New York City.]
- Simple arithmetic problems (200 divided by 8).
- What do you think are valid measures for evaluating financial performance of an investment?
Reed Alexander August 25, 2021 at 09:39PM