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List of Interview Questions I 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。
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粗体：非常重要，出现频率很高的问题
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其他可能会被问到的问题
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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
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How do you value a
company?
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What are the differences between DCF
and LBO?
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What are the differences between
public comparables and transaction comparables?
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Why a company is
valuable?
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Why would you value a
company?
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How does a company obtain resources
for its business? Debt vs. Equity?
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How to free up capital (if I need
cash next week, what can I do?)**
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What is hurdle
rate?
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How would you value a company with
no revenue?
DCF
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Walk me through a DCF calculation
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Pros and cons of DCF?
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How do you do DCF a Bio company vs.
a Grocery Chain?
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How do you calculate free cash
flow?
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What is CAPEX?
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What is working
capital?
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Is negative working capital
bad?**
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WACC calculation
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What is CAPM?
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What is the imperfection of
CAPM?**
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How do you find risk free
rate?
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How do you find the risk premium for
an asset / the equity?
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Define Beta for a layman. How do you
get the Beta? Why do you un-lever a Beta (unbiased of measure of
risk)?
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What if you get a negative
Beta?**
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Is Beta constant or does it vary
over time?
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What do you think the Beta of [GM]
is? Of a high-tech company such as [Cisco]?
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What does the WACC curve look like?
At what point it goes to the
lowest?
COMPS
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Relative valuation: what are the
problems?**
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Compare equity value to
enterprise value. How do you go from enterprise value to equity
value?
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What is net debt? Why minus cash
from debt?**
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Where to get the comps
universe?
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How do you choose trading
comps?
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How do you choose transaction
comps?
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What is market cap? EIBT? EBITDA?
Adjusted EBITDA?
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What are appropriate multiples for
enterprise value and equity value?
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What multiple would a high-tech
company use? A financial institution? Other
industries?
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What are some common
non-recurring items?
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Interpreting the multiples (from
three angles: size/risk/growth)
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If there are no comparable companies
in the market, how can we apply the comparable
methods?**
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What adjustment you will make
when using trading comps or transaction comps? (different
country/public vs. private, etc.)
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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?
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