Month of Interview:
March
Industry Detail:
Equity Research
How long did the interview process last?:
1-2 months
Research Analyst
Group/Division/Type:
Equities
What did the interview consist of?:
Phone Interview
Group Interview
Presentation
How did you get the interview?:
Applied Online
What were the most difficult or unexpected interview questions asked?:
What's a deferred tax asset and how does it appear on the balance sheet. If a company begins raising inventory, how does that affect valuation? If a company announces a huge stock buyback, how does that affect valuation. And then for my presentation, the key focus was on addressing the TAM for each of the company's business segment. So I was asked why their smallest business segment would grow slowly rather than decline. I was asked if this company had an economic moat. I was asked about the TAM in their foreign business segments and how the growth avenues would evolve there.
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Overall, how would you describe your interview experience?:
Neutral
Please describe the interview / hiring process.:
Phone interview with HR that was very easy and all behavior. Interview with the Director of Tech Research that was pretty laid back, but he did ask me what companies I liked and asked me a few technical questions on stocks. Then I had to create a DCF model and present it to their tech team and they asked me a ton of questions about my model and assumptions.
Overall, how difficult was the interview?:
Difficult
Official Undergrad School Name:
Overall Undergrad GPA:
3.0
Undergrad Class Year (or expected):
2015
Degree 1:
BAcc or BAcy
Major 1:
Accounting
Major 2:
Finance
Varsity Athlete:
No
Millitary Program (ie. ROTC):
No
Race:
Asian
Sex:
Male
Outcome of Interview:
No Offer
Year of Interview:
2018
How did you answer each of these questions (please be specific)?:
Deferred tax asset occurs when there's a difference in financial accounting and tax accounting and is expected to become an asset over time. When inventory is rising, the company's working capital is growing and increasing, which is a drag on cash flow and should lower valuation. A large stock buyback decreases the shares outstanding which should increase your valuation estimate. For my presentation, I walked them thru the company's different business segments, whether or not each segment had an economic moat and why, and then explained how I came to the TAM for each.
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