2023 Beha and Tech Questions-Christine

2023 Beha and Tech Questions
UBS
1. What have you chosen to apply for UBS in particular?
What is it that you think differentiates UBS?
• The first reason is that UBS cares deeply about gender equality in the organization. I
was born in a place where gender discrimination phenomenon is commonly seen. As a
feminist, I sincerely hope that I can work in an equal environment and become a role model
for female employees. I've learned that by 2025, UBS will increase the percentage of women
at the director level by 30%. So I think UBS is the best place for me to create my value as a
woman. And help more girls to achieve their future career goals.
• The second reason is that UBS has a strong wealth management platform, which could
contribute to UBS's other banking divisions. When doing IPO deals and private placement,
wealth management investors could always engage in the distribution process and take
some shares, ensuring the success of the IPO deals.
• The third reason is related to the team culture. The average working time for employees in
UBS is eight years, which means the culture at UBS is quite good. UBS cares about the well-
being and growth trajectory of interns and junior analysts. The line managers, staff, and hr
would all care about their ongoing projects and thoughts. Moreover, the personal
development of employees is also something that UBS cares about, especially for cross-team
opportunities. That's the main reason for my application to UBS.
2. How to maintain self-motivation when meeting
setbacks
Once I acted as co-founder of an entrepreneurship project called Anna's box, which was about
sanitary napkin vending machines and aimed to provide convenience to girls.
I was inspired by the phenomenon that most girls in China hid sanitary napkins in sleeves on
their way to the bathroom, and felt embarrassed if men saw. I realized the hidden cause would
be social gender inequality. I decided to install sanitary napkin vending machines on campus,
providing convenience to women while protecting their dignity.
At that time, as the Chief Strategy Officer, I set a goal to put two boxes in our school's bathroom.
The biggest challenge came from the land grant hurdle from our school, for water and fire
security considerations at that time, no one thought that we could make it through. When our
team was about giving up, I proposed getting the joint signatures of the girls in our school. Then,
we canvassed 600+ female dormitories, and finally got a petition signed by 700+ girls. We then
won approval to install boxes at our school, and improved the public health facility to satisfy the
women’s needs.
The key to maintain motivated is first -- clarify your goal and know the right direction, figure out
the viable solutions and meaning behind it; second -- teamwork, third--reward yourself, long-
rest,
3. Give me an example of when you enabled others to
identify improvements to how they approached work.
What was the result?
• Situation: Social impact consulting project, team leader of 5 people, (younger than me).
Acted as pro-bono consultant to help the social enterprise (our client) to raise capital from
private fund - Harvest Fundation.
• Task: We needed to present to the fund. We divided our parts into The current problem and
introduction to Evergreen / its core competencies and solutions to solve social problem / the
need and plan of using fund
• Action: I showed structural analysis using sample slide to help them understand, taught
think-cell, how to write a storyline, organized meetings to exchange thoughts and kept
everybody updated
4. Microsoft acquisition of Activision Blizzard
Microsoft will acquire Activision Blizzard for $95.00 per share, in an all-cash transaction valued at
$68.7 billion, inclusive of Activision Blizzard’s net cash.
• pros:
◦ When the transaction closes, Microsoft will become the world’s third-largest gaming
company by revenue, behind Tencent and Sony. The planned acquisition includes iconic
franchises from the Activision, Blizzard and King studios
◦ Synergy: The combination of Activision Blizzard’s world-class talent and extraordinary
franchises with Microsoft’s technology, distribution, access to talent, ambitious vision
and shared commitment to gaming and inclusion will help ensure a continued success in
an increasingly competitive industry.”
◦ The acquisition also bolsters Microsoft’s Game Pass portfolio with plans to launch
Activision Blizzard games into Game Pass, which has reached a new milestone of over 25
million subscribers. With Activision Blizzard’s nearly 400 million monthly active players
in 190 countries and three billion-dollar franchises, this acquisition will make Game Pass
one of the most compelling and diverse lineups of gaming content in the industry. Upon
close, Microsoft will have 30 internal game development studios, along with additional
publishing and esports production capabilities.
• Cons: The transaction is subject to customary closing conditions and completion of
regulatory review and Activision Blizzard’s shareholder approval. EU regulators asked other
game developers whether they think Microsoft could potentially block their access to
Activision Blizzard's games following the acquisition
5. If you could choose two metrics to access a company,
which one would you take?
• The first metrics I would use is P/E ratio. This is dividing the company's share price by
earnings per share. P/E ratios are used by investors and analysts to determine the relative
value of a company's shares in an apples-to-apples comparison. It can also be used to
compare a company against its own historical record or to compare aggregate markets
against one another or over time.
• The second metrics that I will look at is the EV/EBITDA multiple. The enterprise multiple takes
into account a company's debt and cash levels in addition to its stock price and relates that
value to the firm's cash profitability. Compared with P/E ratio, the EV is more comprehensive
than price because it also reflects the debt holder, and EBITDA is a better way to measure a
firm's cash profitability compared to earnings. The EV/EBITDA multiple is also a capital
structure neutral metrics, which means it would not be affected by the company's capital
structure. We can also use EV/EBITDA multiple to determine if the company was undervalued
or overvalued. A low ratio relative to peers or historical averages indicates that a company
might be undervalued and a high ratio indicates that the company might be overvalued.
6. You now have 2 minutes to add any further comments
you may have
I would like to talk about 2 points
My biggest interest is mountain climbing and I have been climbing since age 10. I once climbed
Mount Hua. After climbing countless steep ascents, I reached the top within 9 hours. When
taking the view at the end of a long journey, I gained a sense of fulfilment. I am also into
snowboarding and singing, and I gain 2,000 views/song on a karaoke app.
I am also a person with leadership and social responsibility. Anna'x box, I’m proud that I’m
not fighting for myself, but for a group’s interests. I dared to say no to the stigma of
menstruation and motivated people to make their voices heard. Since this, men in our school
are more respectful to women. I’m proud that I make a real difference in gender equity issue.
1. BCG social impact
2. diversity
7. What do you know about the role? What are the key
skills required to be successful in this role?
a. IB: lead IPO, helping clients reach out to broader financing ways through providing IPO,
MA, ECM, debt financing etc. services, facilitate their growth, grow into giants, and
benefits for the society
b. Skills:
▪ Business acumen: Cuz we need to figure out the best financial products to our
clients, thus need to know these products very well. I am exposed to stock market
a lot through my internships, with fixed income intern of Research department, I
learned about fixed income products such as convertible bonds and funds; through
two internships in IBD, I am familiar with IPO deals as well as regulations. I am also
used to following the financial market on a daily basis. In this way, I can handle our
daily work fast and deal with clients with high professionalism.
▪ As for interpersonal skills, I am an outgoing and easy-going person, with enthusiasm
and passion in everything I do. Every friend of me said they are happy and feel
motivated around me. And I am also a person who has a strong communication skills.
For example, I will find the common interest of each party and pitch ideas via
structural way.
▪ Last but not least, I am a quick learner. For example, in my first IB internship, I didn't
know how to do FDD, but I asked for mentor and colleagues help, and leveraged my
relevant financial knowledge, I finished the tasks timely and received really high
ratings from my leader at the end.
8. Why are you interested in finance and what do you
know about Investment Banking?
a. Why finance
i. Create value to clients through providing financial products
ii. Closer to capital markets, follow markets, comprehensive skillsets
b. What do you know about ib
i. Through communications with our employees
ii. Usually, there are three parts of our job. Firstly, we pitch to clients and bid for
potential project. Then we do due diligence, coordinating with corporates, lawyers
and accountants to write prospectus. The last part is to sell the company’s stocks.
Therefore, we conduct comps analysis and financial modeling to anchor the price. And
then pitch to institutional and individual investors to finally help it initiate on the
stock market.
iii. I think as an investment banker, the value we bring to the clients and society is visible
- and i want to form a life-long relationship with my clients.
9. Why might a company choose to issue debt vs equity?
There is always a comparison between Equity vs Debt financing in an acquisition.
1. On one hand, in acquisition finance, equity is the most expensive form of capital.
When it comes to acquisition through equity financing, investors will, in turn, assume some
ownership of the target company, which ultimately relinquishes some control over its
operations.
2. On the other hand, debt financing can bring lots of benefits to companies
a. Debt can have a tax shield, which would decrease the WACC
b. When the Federal Reserve decreases the interest rate, the cost of debt financing will
decrease, which caused the debt financing become more preferable to investors
3. There are some other considerations, for example, companies in low volatility industry can
use debt financing. Companies may choose equity if the target company is in a volatile
industry or does not have a steady cash flow. Because equity financing does not have
payment deadlines or expectations, it is also more flexible than the alternatives. And you
don't need to pay off the interests to the lenders.
4. In conclusion,
10. Have you ever met resistance when pitching your
idea? How did you deal with it? What happened?
sanitary napkin vending machines and aimed to provide convenience to girls. At that time, as
the Chief Strategy Officer, I set a goal to put two boxes in our school's bathroom.
We met land grant hurdle from our school and we decided to pitch the girls in our school and get
the joint signatures of the girls in our school. I proposed to make a 1minute video of our mission
and goal, and using 3 sentences to illustrate our idea. I canvassed 600+ female dormitories, and
finally got a petition signed by 700+ girls. We then won approval to install boxes at our school,
and improved the public health facility to satisfy the women’s needs.
This unique experience shows that I am an innovative person who has strong execution ability at
the same time, indicating my ability to put up new solutions and cater to clients’ demands
promptly at UBS. Secondly, I am also a person with a strong willpower to conquer hurdles, and
can figure out solutions through teamwork. This ensures my work quality and emotional
stability in the workplace.
11. Tell a very challenging discussion with someone in
work placement or project team member at
university. How did you save the situation?
I would like to mention this year, me and other 2 foreign teammates attended an international
modeling competition. However at that time, we were not familiar with the mathematical
modeling.
So we had a detailed plan of the coming months to study the relevant knowledge. We split the
work into 3 parts, modeling / Coding / thesis writing. We allocated each part according to each
other's strength, and arranged mock tests per week.
During the competition, we encountered with ESG themes, we disagreed on the adjustment of
some indicators. Because they came from North Europe, an area with probably the best welfare
in the world, they had little understanding of the unsatisfying working conditions in China. In
this case, First, I put myself in their shoes to investigate the rationality of their suggestions.
Then, I explained this with them and forwarded relevant links on YouTube to help them
understand China’s social environment. Ultimately, they appreciated my effective
communication and logical analysis, and we finally reached an agreement. At the end, our team
got Finalist (top 0.1% out of 10,000 teams).
12. Give an example of why you needed to think out-of-
the-box to come up with a solution to a challenging
problem
For example, I co-founded a we-chat public account with a team of 10 people last year. Our task
is to gain as many views as we can for our first article. Acted as Chief Strategy Officer, I clarified
the current resources we have with the CEO, and conducted comparable analysis to define the
task to over 10,000 views. Followed by this target, we all know that there are lots of public
accounts now, which makes it harder to make a first deep impression to our customers who are
flooded with information everyday. In this regards, I proposed to use handwriting pictures to
introduce our public account, our businesses, missions and goals. Finally, we got 20,000+ views
of this post.
I am glad to take challenges and come up with original solutions. I think it would be a great
opportunity for me to explore new possibilities and propose new solutions to our clients. Also,
on this occasion, I can brainstorm with my colleagues and interact with my leaders more, and
finally gain higher achievements together.
In conclusion, I enjoy working alongside work that trains our adaptability, quick-learning ability
and problem-solving skills.
13. What do you think are the challenges faced by UBS
bank?
I think the major challenge faced by UBS IB recently would be the constant change of federal
rate, which would causes the fluctuations of financial products.
For example, recently, Fed raises rates by 0.75 percentage points, trying to stop the overheating
US economy.
• Firstly, it will influence the stock market a lot and change the prices of different products,
which are the work contents of investment banking businesses. The increased interest rates
would depress the inflation and make USD worth more. However, the US stock market would
be affected and the price would fell sharply, due to higher financing cost. As for the influence
of other currencies, they will suffer from devaluation and capital outflow, ruining the
economy.
• Secondly, it will affect our clients' welfare a lot. Because as an investment banker, we need to
suggest on proper choices for our clients to do financing. With changes of interest rates, the
allocations between for example, bonds and cash, will also change. And it would be more
difficult to anchor price for each product.
• In conclusion, the greatest challenge brought by unstable federal rates to financial service
industry in the next 5 years , would be the influences of product's price and portfolio
management of our clients.
14. You now have 2 minutes to add any further comments
you may have
My biggest interest is mountain climbing and I have been climbing since age 10. I once
climbed Mount Hua. After climbing countless steep ascents, I reached the top within 9 hours.
When taking the view at the end of a long journey, I gained a sense of fulfilment. I am also
into snowboarding and singing, and I gain 2,000 views/song on a karaoke app.
I am also a person with leadership and social responsibility. Anna'x box, I’m proud that
I’m not fighting for myself, but for a group’s interests. I dared to say no to the stigma of
are more respectful to women. I’m proud that I make a real difference in gender equity
issue.
a. BCG social impact
b. diversity
GS
Client Service: We lead with a service mindset, enabling us to anticipate and adapt to the needs
of our clients and customers by delivering thoughtful, innovative solutions.
Excellence We aspire to nothing less than excellence, consistently striving for exceptional
performance and achieving outstanding results for our clients, our shareholders, and our
company.
Integrity We hold ourselves accountable to the highest ethical standards, insisting on
transparency and vigilance from our people as we learn from our experiences and make
decisions that instill a sense of purpose and pride in our firm.
Partnership We prioritize collaboration and value diversity, creating a culture that fosters
inclusiveness, teamwork and an entrepreneurial mindset in the pursuit of professional and
personal excellence.
1. Walk me through your resume
Hello, I am Christine, reading MiM at LBS. I am a person with a good sense of business acumen,
strong interpersonal skills, and diversified background
• Business acumen: I am exposed to the stock market a lot through my internships, with fixed
income intern of Research department, where I learned about fixed income products;
through two internships in IBD, I am familiar with IPO deals as well as regulations, during
which I am fully exposed to the initial and secondary market. Therefore, I can handle our
• I have a strong interpersonal skills, I am an outgoing and easy-going person, with
enthusiasm and passion in everything I do. I once acted as president of UCIC, coordinating
1,000+ alumni with current students.
• Last but not least, I am a person with innovative ability. I have co-founded 2
entrepreneurial projects, and are keen on optimizing current portfolios through working with
diversified minds, which can also be seen from my exchange semester at France as well as
US. Thus, I will explore optimized plan for my client and help them achieve a sustainable
growth.
2. [turn down] Tell me a time you had to turn down a project or
opportunity because you have a competing deadline
a. What were the competing priorities that you were facing
b. How and when did you decline
c. What's the result of turning it down?
When I interned at Huatai securities, I worked directly with my mentor, while sometimes
supporting other team members when there is a need.
S: There is once a time when I was helping my mentor complete an industry analysis report
that was needed the next day because our team was going to pitch the client very soon.
T: At that time, one team member reached out to me and asked if I can help polish some
Powerpoint slides, with a DDL very close to the task I was doing. I feel like it was a great
opportunity for me to learn slide skills and add my knowledge of that industry. However, the
two DDLs were so close to each other that it would be impossible to finish them in just one
day.
A: So, I first explained my task on hand from my mentor and the urgency of this task. Then, I
said I am so sorry that I can't finish your task with that deadline 5 minutes after she assigned
this new task to me, to make sure I will not delay her plans. But at the same time, I offered an
alternative solution that if your tasks were not so urgent, I can help for sure as soon as I
finished the existed task.
R: In the end, the team member was glad to wait for another day for me. And I finished the
existed task on time.
Reflections: 1. Figure out priorities, sorted by emergency and importance; 2. Always make
sure you first finish the existed task and then consider about following ones, don't leave the
existing one unfinished; 3. Find the possibility of multi-tasking, if can't, turn it down timely to
not to delay others' plans. However, we should try to give alternative solutions to make
problems solved.
3. [goal] Highly challenging goal that others thought you can't
accomplish
a. Who set the goal and why it is challenging
b. What obstacles did you face and how did you overcome them
c. What was the result?
sanitary napkin vending machines and aimed to provide convenience to girls. At that time, as
the Chief Strategy Officer, I set a goal to put two boxes in our school's bathroom. This goal was
quite challenging because no one did it before, and our team was totally unaware of how to put
it in our school's bathroom.
women’s needs.
promptly at GS. Secondly, I am also a person with a strong willpower to conquer hurdles, and
can figure out solutions through teamwork. This ensures my work quality and emotional
4. [extra class] You decide to take extra class this semester and are
feeling overwhelmed by the workload. You have an individual
project due soon which is required to complete on your own.
Your classmates ask if you want to cooperate together. If you
keep working on your own, you won't able to finish. What should
you do and who should you talk to?
a. Thought process?
b. What factors that you consider?
c. What would you say to your classmates?
I may stick to the rule that I need to complete the project on my own. I won't cooperate with my
classmates to finish this, but I might ask the professor if I can refer to other's reference resources
(which are public), and this may make my research more effective.
My principle is to stick to the ground rule of integrity. This is the most important factor in such a
situation. Other factors I will consider include how much can I finish in the remained hours, and
what's the result if I can't finish it. For example, if I need to retake a new project, I need to make
a plan first, to avoid the situation next time.
I would say I think teamwork is a great thing but not for now. And If there is something such as
public links and articles, I would like to ask our professor to see if we can share those resources
instead, to increase our efficiency. However, I am sorry that I will still do the project by myself
and finish it as much as possible using parts of my sleeping time.
5. [ddl] You work w others on a project, but others can't finish it
before deadline, what will u do
a. Have a conversation with him/her to see the reasons behind it. It is important to classify
the reasons:
i. First, if it is due to some unavoidable factors like he/she ill badly, or some accidents
happened in their family ... --forgive, it's coincidental
ii. Second, don't know how to do it --- this should not be a reason because he/she can
always ask our team --- he/she needs to take on punishments, while we need to have a
group meeting together
iii. Third, just didn't finish it purposefully --- take on punishments, give one more chance,
and if still do so, exclude him/her from group and report to the professor to see what's
the next step
b. Arrange a group meeting to communicate the barriers we met, and suggestions on each
other's work
c. Set punishment system -- take on more work next time
d. Don't forget to set buffer time so that we still have time if there are some parts unfinished,
and we need to set key milestones and check each of them regularly, and remind
everybody in a regular method.
6. [CWM] Tell us why you applied to CWM division, describe which
areas/groups you are most interested in and what skills you
possess to be successful in the role
I am interested in the personal wealth management. I think there are two rationales, the
rationale of the job itself, and rationale from my personality.
a. On one hand, for the job itself, I enjoy coming up with creative, intricate solutions to the
challenges that my clients face now and that they are liable to face in the future. This is
different from any other roles like IB which has standardized process and products. In this
case, I think my innovative ability suits me for this role. For example, there's once a time
we need to do a math model to calculate the plastic waste level globally, which is a quite
new topic nowadays. And I created a new model which got Finalist out of 10,000 teams
because of high level of innovation and feasibility. So i will apply this skill to our job and
explore effective portfolio for our clients.
b. On the other hand, CWM will involve greater levels of autonomy than nearly any other job.
As a wealth manager, I deal with clients maybe for decades, involve in their wealth
management decisions, and help sharpen the financial future of their family. For me, I am
a person who is comfortable with high autonomy, and deal with challenging tasks from
leaders very well in my previous internships.
c. I know that except from above points, I need to have a strong sense of business acumen
to qualify for this job. In this way, I have interned as wealth manager assistant, providing
investment suggestions based on client's portrait (expected return, risk preferences). I am
also familiar in both primary and secondary market, and am familiar with different
financial products.
7. [Markets] Recent news that you are interested in
I think the major event recently would be the constant change of federal rate, which would
causes the fluctuations of financial products.
US economy.
economy.
• Secondly, it will affect our clients' welfare a lot. Because as a wealth manager, we need to
industry in the next 5 years , would be the influences of product's price and portfolio
management of our clients.
8. [Markets]Opinion towards current asset management market
There is a bounce-back of US's asset management market last year due to wide breadth, and
magnitude of monetary and fiscal responses. The bounce-back was even more pronounced in
the financial markets: following a 34 percent fall in US equity markets in March 2020, share
prices climbed steadily to hit 34 percent above their pre-COVID-19 highs by the end of August
2021.
Based on sheer growth in assets under management (AUM), 2020 was the second-best year since
the financial crisis. In North America, AUM rose 13 percent in 2020.
From a vehicle standpoint, ETFs have been a clear winner. In private markets, fundraising roared
back with renewed vigor after a brief hiatus during lockdowns. Investors express continued
interest in most private market asset classes, in particular infrastructure, private equity, and
private debt, as part of the search for alternative sources of return and yield in a lower-for-longer
interest rate regime. Covid-19 contributes to the bloom of digital asset.
I have a conviction in the growth potential of the North American asset management industry
has increased.
UK AM market
https://www.theglobalcity.uk/industries/asset-management
9. [AM-sales] Why AM, which area
a. Firstly, we can have a direct impact on our clients, and the result is visible. When the
investment performance is good, I will know specifically what I personally contributed to
it with my investment decisions or proposals. My past internships at FICC group of CITIC
securities and internships in diversified industry including TMT, Consumer goods and
green bonds prepare me well for this position, for I am familiar with different industries,
sensitive to change of market, and familiar with stocks, bonds, funds etc., thus can give
an optimized portfolio management plan.
b. I feel the charm of its challenging and ever-changing nature. As an asset manager, we
deal with different clients with different needs. We need to tailor products to their specific
needs to help them achieve max benefits, while taking social impact, policies, family
background, etc. factors into considerations. Meanwhile, if meet with unanticipated hit in
the market, we need to change quickly and find next best choices between assets.
10. [monthly report] You've just turned in a critical monthly report
on behalf of your team to manager. You realize there is a
mistake on a part of the record that is rarely viewed. What
would you do, and who would you talk to about it?
1. Your thought process?
2. What factors would you consider?
3. How do you think your action would be received?
11. [teamwork] Describe your experience working in groups and the
role you typically assume when working with a group
a. Have you been situations where you were not able to take on your typical role?
b. What specific steps you take to provide support to others
c. What approach do you take when leading a group
12. [obstacles] An occasion you need to overcome substantial

obstacles
a. What approach did you take
b. What motivated you to be persistant
c. What was the result
d. Alexandra Leahu
13. [questioned] Tell a time when a teacher/manager question your
decision and you had to explain your rationale
a. What was your thought process
b. What was the outcome
c. Looking back, would you have done anything different?
14. [by accident] You accidentally give clients your personal email
address to send you some sensitive information, and your
clients have sent it to your personal email address already.
What do you do and who would you talk about
a. Thought process
b. Who would you talk to
15. [by accident] You accidentally sent internal files to clients. What
would you do?
a. Thought process?
b. Factors you consider
c. How do you think your action would be received?
16. [2 separate tasks] Your team decides between two separate
projects. Your teammates are interested in the first while you
are in 2nd. How would you address it with the team?
a. How would you include your team in your decision-making?
b. What would you do to help everyone feel their interest being valued?
17. [push] Went above and beyond the requirements
a. What motivated you to do so?
b. What actions did you take to make sure success?
-Bofa No.8
18. [remain motivated] Tell me about a time you remained
motivated on an important project even after facing several
setbacks.
a. How to deal with
b. What motivated you to persist?
c. Which setback was the most difficult to overcome?
-Bofa No.8
19. [choice] Choose between two options, you know one choice is
best even though you didn't prefer it
-Bofa No.8
20. [pros and cons] Make a decision while there are many pros and
cons
-Bofa No.8
• Personal -- follow my heart and take responsibility
• teamwork -- team benefits are prior to mine
21. [multiple] You are asked to lead a team comprised of employees

spanning multiple divisions and countries. What steps would
you take to encourage a positive working environment?
22. [newly] Tell a time you changed your decision based on newly
introduced information
a. How did you weigh your options between changing and not changing mind
b. How did you get the new information
23. [falsify] Your co-worker is falsifying information. Would you
report this, even if this means hurting the relationship between
you
a. What factors do you consider
b. How do your ethics and integrity impacts what you would or not report?
Talk to my colleagues first to see what is the reason behind
24. [new team member] A new team member is added to your

team, what would you do to make them feel more welcome?
a. Specific steps
b. Thought process
c. How might you prompt other team members to be inclusive of the new team member?
Know each other: First, I would arrange a meeting, introduce everyone to him/her, meanwhile,
let him/her do an introduction
Role identification: During teamwork, mention his/her points, give chances to them to speak,
ask for their opinions
Build informal relationships and find common interests: Hang-out events, dinner, lunch,
trekking -- examples from my study group
25. [ideas] A time you turned ideas into reality
26. [question you don't know] A client has emailed you a question
but you don't know the answer.
a. Thought process
b. How would you respond
c. How do you think your response would be received?
27. [under-valued] One of your team members feel that their

contributions are dismissed or under-valued by other members
of your team. How would you respond?
28. A project you really cared about was negatively impacted by the
events outside of your control. How did you handle this
situation?
a. Obstacles and how you face them?
b. What motivates you to to persist?
29. You and your classmates have been working hard on a project.
You are on track but he needs to stop due to some personal
situation. There is still a lot to finish, what would you do?
30. You are a member of a student group at your university and you
saw president of the group posting exam answers online which
he/she inappropriately obtained. You heard some people
already saw it. What would you do?
31. [teammates disagree] You presented your idea and think it will
significantly improve the quality of your team's project, but all
of your teammates disagree. How would you do
Macquarie
1. What has attracted you to the team you applied for?
What is it about what we do, that interests you?
a. Strong market position
i. No.1 in Australia for M&A, and IPOs for the past decade
b. Global mobility: As our people said, Macquarie led the market in terms of unique ideas
and innovative transaction structures, generated by our global focus. We can benefited
from rotating to different offices, seeing different types of market and growing our
expertise thereby.
c. We combine sell-side advisory with research together: Our global network of more than
200 authors generate comprehensive insights across different areas, which provide solid
support to our advisory business
d. We support entrepreneurs to seed and scale their businesses -- different types of
businesses. 之前都是接触IPO
2. Describe a recent M&A transaction that you were
interested in and explain a pro and con of the
acquisition.
Microsoft acquisition of Activision Blizzard
Microsoft will acquire Activision Blizzard for $95.00 per share, in an all-cash transaction valued at
$68.7 billion, inclusive of Activision Blizzard’s net cash.
• pros:
◦ When the transaction closes, Microsoft will become the world’s third-largest gaming
company by revenue, behind Tencent and Sony. The planned acquisition includes iconic
franchises from the Activision, Blizzard and King studios
◦ Synergy: The combination of Activision Blizzard’s world-class talent and extraordinary
franchises with Microsoft’s technology, distribution, access to talent, ambitious vision
and shared commitment to gaming and inclusion will help ensure a continued success in
an increasingly competitive industry.”
◦ The acquisition also bolsters Microsoft’s Game Pass portfolio with plans to launch
Activision Blizzard games into Game Pass, which has reached a new milestone of over 25
million subscribers. With Activision Blizzard’s nearly 400 million monthly active players
in 190 countries and three billion-dollar franchises, this acquisition will make Game Pass
one of the most compelling and diverse lineups of gaming content in the industry. Upon
close, Microsoft will have 30 internal game development studios, along with additional
publishing and esports production capabilities.
• Cons: The transaction is subject to customary closing conditions and completion of
regulatory review and Activision Blizzard’s shareholder approval. EU regulators asked other
game developers whether they think Microsoft could potentially block their access to
Activision Blizzard's games following the acquisition
3. Would you invest in the UK right now?
The UK is unusual as it relies on overseas buyers to finance almost half of its government debt,
to the tune of about £70bn a year. Former Bank of England governor Mark Carney once called it
“relying on the kindness of strangers”.
• Stock market
• Bond market: yields on 30-year UK government bonds, known as gilts, soared from 3.6 per
cent to almost 5.2 per cent as investors demanded a higher return. One year ago, 30-year gilts
yielded just 1.33 per cent. When bond yields rise, bond prices fall. This almost smashed the
nation’s £1.5 trillion workplace pensions system, as trustees found their bond holdings no
longer matched their liabilities and had to sell them in a panic to raise cash.
• Properties
• Commodities
◦ Oil
◦ Gas
• Currencies
• Debt
4. What are the three financial statements and how are

they interlinked?
• IS-CFS: Net income is the starting line of CFS
• CFS-BS:
◦ CFS tracks the changes in working capital of BS
◦ The share buyback, CapEx (CFI), debt or equity issuance (CFF) are reflected on the BS
◦ Cash is the starting line of BS
• IS-BS
◦ net income--RE of BS
◦ depreciation-expense item of IS and contra-asset of BS
◦ Interest expense
5. Thinking about the impact of COVID-19, how do you

think these three sectors have all performed from best
to worst: toll roads, solar farm, airports.
• Solar farm, toll roads and airports
• Airports: The COVID-19 outbreak and global travel restrictions implemented by governments
have caused unprecedented disruption to the airport and broader aviation sector.
• Toll roads: Toll roads have been severely impacted by the reduced traffic flow due to social
distancing measures. Whilst we expect traffic demand to rebound in the medium term, the
extent of recovery will be driven by the timing of lockdown measures being lifted.
6. Describe how you could determine the valuation of a
wind farm as part of potential transaction.
Income approach
For a wind farm, cash inflows are typically forecasted from revenues resulting from the sale of
electricity, capacity, and RECs. Cash outflows are forecasted from costs associated with fixed
and variable operating expenses, future capital expenditures, and any required influxes of
working capital necessary to support growth.
Typically, forecasts for electricity, capacity prices, and RECs are available from various publicly
and privately published sources. Future operating expenses can be forecast through analyzing
historical operations as well as budgeted operating expenses, when available. Depreciation is
calculated using a modified accelerated cost recovery system (“MACRS”) or straight-line
schedules.
The projected income streams are discounted at a rate commensurate with the risk perceived by
a prospective investor. A weighted average cost of capital (“WACC”) analysis is used to derive
an appropriate discount rate by analyzing other market participants in the renewable power
generation industry that have a significant amount of installed wind capacity.
7. Why do you think you would be a good fit for the team
and what do you think the role of an Analyst focuses
on?
• Culture: Through conversations with Yiran Xu, who is an analyst of Macquarie Capital, I know
that Macquarie is a company with a democratic atmosphere
• Analyst
◦ Usually, there are three parts to our job. Firstly, we pitch to clients and bid for potential
project. Then we do due diligence, coordinating with corporates, lawyers and
accountants to write prospectus. The last part is to sell the company’s stocks. Therefore,
we conduct comps analysis and financial modeling to anchor the price. And then pitch to
institutional and individual investors to finally help it initiate on the stock market.
◦ Client-facing ability, financial modeling skills, interpersonal skills and business acument
8. What do you think the most challenging part of the
role will be? 
Interpersonal part--Client-facing
The need of client is ever-changing, we need to change our style
9. You have two ropes, each of which takes 1 hour to

burn. But either rope has different densities at
different points, so there’s no guarantee of
consistency in the time it takes different sections
within the rope to burn. How do you use these two
ropes to measure 45 minutes?
Because the ropes burn at inconsistent rates, you can't simply measure 75 percent of the way
down one rope and call that 45 minutes. The rope might burn slightly faster or slower in that last
25 percent. However, if you light one of the ropes on fire at both ends at the same time, it will
burn up in 30 minutes, even if one side burns faster than the other.
So here's what you do: Light one of the ropes on fire on both ends and light the second rope on
one end at the same time. When the first rope burns out, 30 minutes have elapsed. At that exact
moment, you light the unlit end of the second rope.
Because 30 minutes of the second rope have already been used up, 30 more remain (though this
does not necessarily mean that half of the rope's length has been burned, it could be more or
less). Lighting the other end at the moment the first rope burns up will cause the remaining part
of the second rope to burn up in 15 minutes. Once the second rope has been consumed by the
flames, exactly 45 minutes have passed.
10. Can you please confirm the month and year that you
will complete your university studies and available to
start working as a full-time graduate?
11. You now have two minutes to add any further
comments you may have.
My biggest interest is mountain climbing and I have been climbing since age 10. I once climbed
Mount Hua. After climbing countless steep ascents, I reached the top within 9 hours. When
taking the view at the end of a long journey, I gained a sense of fulfilment. I am also into
snowboarding and singing, and I gain 2,000 views/song on a karaoke app.
I am also a person with leadership and social responsibility. Anna'x box, I’m proud that I’m
not fighting for myself, but for a group’s interests. I dared to say no to the stigma of
are more respectful to women. I’m proud that I make a real difference in gender equity issue.
1. BCG social impact
2. diversiry
Socgen
12. Tell a time you need alter original plans because
something unexpected
a. Situation? When I interned at CITIC securities, I was responsible for drafting the first
version of prospectus's financial-related chapter in one week. At that time, I used initial
financial data from our client. After completing first version of prospectus, client said 3
financial figures needed to be updated, it was easy that I just needed simply corrected it.
However, after a hot discussion between client and accountants, they reached a new
consensus on some accounting rules and decided to adjust lots of financial data in
financial statements, which means that I need to updated these data in prospectus at the
same time.
b. This was really unexpected because there were so many changes in the financial
statements, making it impossible for me to identify changes manually.
c. How did you adapt your approach? After realizing this, i knew that I must find a new way
to adapt to this scenario instead of sticking to original plan. So, I searched online and
enquired my colleagues and leaders whether there were some tools to help me speed up
my progress. Eventually, I found that I can use a function in word document called
"comparison by one click".
d. Was your new plan successful? How did you know? By finding this tool, I identified the
differences between old and new version of data by just seconds, which saved lots of my
time. And a task which would be impossible to finish turned into one that was easy to
deal with, and finally i handled this task timely, and my our client was so satisfied with
our work and efficiency.
e. Key takeaways:
i. Always learn, be flexible, find new tools to improve efficiency
ii. Teamwork, cooperate, rely on multiple resources
iii. Put client in the center, think from their perspective and try your best to solve their
problem
13. A time you preserved to achieved a goal despite
significant barriers
a. Situation?
b. Barriers?
c. What did you do?
d. What was the end result?
sanitary napkin vending machines and aimed to provide convenience to girls.
I was inspired by the phenomenon that most girls in China hid sanitary napkins in sleeves on
their way to the bathroom, and felt embarrassed if men saw.I realized the hidden cause would
be social gender inequality. I decided to install sanitary napkin vending machines on campus,
providing convenience to women while protecting their dignity.
At that time, as the Chief Strategy Officer, I set a goal to put two boxes in our school's bathroom.
women’s needs.
promptly at Socgen. Secondly, I am also a person with a strong willpower to conquer hurdles,
and can figure out solutions through teamwork. This ensures my work quality and emotional
14. A time when you went out of your way to help
another person achieve an important goal
a. Situation? Several weeks ago, one of my friend turned to me for help, he wanted to apply
for LBS. At that time I was busy with finding jobs, academic courses and literally slept 3
hours a day. But I offer my help for i think except from work and your life, we can do lots
more things to add value to the society
b. What was the goal or task? Successfully admitted by LBS
c. How did you help to achieve the goal or task
i. Balance my time first, finished tasks before night, and utilised evening time to set up a
call--Very first step how I arranged my time
ii. 2 things I had done----
iii. Then, I analysed his strengths and weaknesses-- who is he
iv. Then, I helped in reorganizing storyline and found highlights in his experiences. For
example, there was a tricky problem that he had internships in various industries,
which means it's hard to explain motivation for one career goal at first glance. But I
helped to find the real thoughts behind, and aligned it with his career goal.
v. Except what he expected, I also actively introduce LBS's core values, and transfer
related information such as admission zoom links to him
d. Result: He wrote very sincere and convincing essays, and successfully got interviews from
LBS today, both of us are so excited to hear this news.
e. Key takeaway:
i. Evaluate your ability to help others, and stick to the goals along the way
ii. Put yourself into other's shoes, identify pain points
iii. Give structured and direct suggestions
iv. For me, helping others brings me true happiness. After all, I believe life is not just
about yourself, but bring value to others
15. A time when you realised you required a specific skill
and took action to improve your capabilities in that
area
a. What was the situation and the skill or ability you worked on improving?
b. How did you realise that you needed to improve your capabilities in that area?
c. What did you do to improve your capability in the area you identified?
d. How did you know if you were successful in improving that skill or ability?
e. What was the end result?
• Thinkcell, which can facilitate the creation of charts on Microsoft PowerPoint presentation
slides from Microsoft Excel data sheets
• Situation-When I did a social impact consulting project sponsored by Boston Consulting
group, I needed to draft slides using vivid graphs. At that time, I only knew how to use PPT-
inserted functions, but with less aesthetic outlook. So, to get better images and analysis, I
decided to learn Think-cell.
• What resources did you leverage to develop it: learn from Youtube, ask mentor and friends
about it, and practices by myself.
• How did I know: We presented to the stakeholders with straightforward and clear graphs ,
and finally won money sponsor from private equity firms for social enterprises.
• Key takeaways
◦ Leverage resources, cooperates with others, multiple resources
◦ Open-minded, keep curious, always adapt new skills / innovative ways to improve
working efficiency
◦ Quick learner--set right and clear goals, find right way to do it
Fidelity
1. How would you establish and maintain effective
relationships with colleagues across fidelity, and how
might you leverage their skills and experiences? Please
mention specific actions you might take to achieve
this, and the impact they may have 1'30s to respond
I know that we are from different background with different skills and perspectives. To set a
common goal and uplifting working atmosphere. My specific steps would be the follows:
a. Step 1. Prioritize onboarding. I would demonstrate a genuine interest in getting to know
my team member's culture and their normal work content. This provides me with insight
into their decision making style. I would look for ways to integrate some of the various
local practices into my team's culture so each team member will feel a sense of
belonging.
b. Step2, conduct regular check ins. For instance, I would include my team in decision
making, send them quick informal message asking for their opinion. Then show care and
attention by the follow up.
c. Step 3. Encourage team collaboration and communication. Simple, straightforward, and
honest communication builds a team's foundation. It also creates a sense of community
that will contribute to the group's success moving forward.
2. Our customers are wide-ranging and will vary
depending on the type of work you are involved in.
Your customer may be a specific client, or someone
working in another team or area of fidelity. Why it is
important to keep our customers at the center of work
we do, and how might you do this?
a. Why important
As we state on our website: At Fidelity International, our purpose is to work together to
build better financial futures for our clients and we believe that investing, over the long-
term, is critical to achieving that.
i. Revenue increases with good customer service
ii. Happy customers build a better reputation
iii. Retention correlates to customer satisfaction
iv. Brand awareness soars with positive customer experiences
v. Marketing spend lessens with more customer advocates
b. How will I do this
i. Listen to their needs carefully, clarify the specific needs and expectations, try every
method to cater to their needs
ii. Deliver high-quality analysis backed with data, structural way
iii. Think from their perspective, respond promptly
3. We are passionate about making a positive difference
to our environment and communities through the
work we do - ensuring we play our part in building a
better and sustainable finance future. Please outline
how you and Fidelity are specifically aligned in these
areas.
I aligned with Fidelity especially with my diversified background, and experiences in social
impact industry. Theses are two facts which differentiates me from others:
1. Diversity: I once exchanged at KEDGE Business School, where I met with people from other
countries. And I also interacted with two professors from France and Dallas in US when I took
summer courses. Due to my open-minded attitude and extroverted personality, I really
enjoyed the interactions with diversified mind. --- positive impact to clients
2. Social Impact
a. Education equity: I am recently engaging in a philanthropic project sponsored by BCG, to
help improve social emotional learning of urban migrant children. And I also joined SEO,
an global organization to help fasten the job-hunting process for talents in top
universities in China.
b. Climate change / Environmental equity: At KEDGE, in Ethical Finance course, I learned
about ESG rating model, and came to realize how to engage in environmental equity
issues at the corporate level.
c. Gender equity: I have once co-founded two projects, one is called duoduoland, the other
is called anna'x box, and the latter one is about gender equity. So, if you are interested in
them, we can talked about them in detail later.
-- Fidelity's diversity and inclusive culture, and positive impact to the society
4. With the programme you've applied in mind, please
describe which of your strengths you think will
support you most if you join us, as well as how you
might be able to focus on any areas of development.
Strength
a. First, Business acumen---Sales position---deal with clients. I am exposed to stock
market a lot through my internships, with fixed income intern of Research department,
where I learned about fixed income products such as convertible bonds and funds;
through two internships in IBD, I am familiar with IPO deals as well as regulations. I am
also used to following the financial market on a daily basis. In this way, I can handle our
b. Second, Client-facing ability. I used to present to our clients in my past internships, and
find it important to deliver in a structural way, and answer clients' questions promptly. I
am aware that our job would train my client-facing ability a lot. On one hand, as a
corporate banker, we need to pitch to clients to expand our businesses. On the other
hand, we cooperate with salespersons together to provide value-add products. Therefore,
I believe I can gain great exposure from our position.
c. Last but not least, ESG focus---social impact, esg model, ethical finance
Development
a. More knowledge about ESG investing--improve professionalism
b. More practical exercises of facing clients
Baird
1. Why Baird
a. Firstly, We offer various other services to retail and institutional clients, including wealth
management, research, and sales and trading. With a lean team consists of top talents
around the world, we interacted with high-quality clients and closed many excellent
deals. As a result, we are the No. 1 overall important small-/mid-cap research advisory
firm, In 2020, 70% of Baird’s European M&A deals were cross-border, spanning 12
different countries. Specifically, I wanna mention we are a specialist in MA field. For
example, we have recently worked on a deal of Ohio Medical, which is a manufacturer of
medical air, vacuum pumping systems, and medical devices in the medical sector. We
helped its MA with ESAB-Svel (NYS: ESAB) with a deal size of $127 million, helping re-
allocate strategy resources and facilitating the synergy between the two firms.
a. Secondly, we align the benefits of clients and our people very well through a specially
designed mechanism. From conversations with our employees, I learned that we have a
client-centric culture and employee-owned structure. Approximately two-thirds of
Baird’s associates own stock, giving all of us a meaningful shared stake in our clients’
success.This enables us to focus on what really matters and mitigates potential conflict
between the interests of outside shareholders and those of our clients and associates.
This also allows us to think long-term and with our clients’ interests. And I heard that
Baird has one of the lowest associate turnover rates in the industry, and people who
come to work here often stay for their entire careers.
b. Last but not least, we are a company with high responsibility and a large social impact.
We give back in the communities where we live and work, in forms of Baird Foundation,
Baird Gives Back Week and Baird Cares and Baird Foundation Matching Gift Program. For
example, Baird Foundation gave $3.4 million to nonprofit organizations in 2019.
1.1 Why u
Hello, I am Christine, reading MiM at LBS. I am a person with good sense of business acumen,
• First, Business acumen: I am exposed to stock market a lot through my internships, with
fixed income intern of Research department, where I learned about fixed income products
such as convertible bonds and funds; through two internships in IBD, I am familiar with IPO
deals as well as regulations. I am also used to following the financial market on a daily basis.
In this way, I can handle our daily work fast and deal with clients with high professionalism.
• Second, MA & Tech skills: LBO model in one competition before, related academic classes,
follow markets
• Third, As for interpersonal skills, I am an outgoing and easy-going person, with enthusiasm
and passion in everything I do. Every friend of me said they are happy and feel motivated
around me. And I am also a person who has a strong communication skills. For example, I
will find the common interest of each party and pitch ideas via structural way.
• Last but not least, I am a quick learner. For example, in my first IB internship, I didn't know
how to do FDD, but I asked for mentor and colleagues help, and leveraged my relevant
financial knowledge, I finished the tasks timely and received really high ratings from my
leader at the end.
1.2 Why MA
1. External reasons - most energetic type of businesses in European market -- more
opportunities for career development.
a. First, it is a mature market in Europe--more opportunities for me. The financial market in
Europe is mature, with fewer opportunities for IPO but broader market for MA.
Meanwhile, oil, gas, and energy are hot topics in Europe, and the companies in these
industries usually gain capital or seek synergy through MA (buying plants etc).
b. Second, from economic level, MA is boosted by a perfect mix of strong capital markets,
rapid vaccine deployment, easing of pandemic-related restrictions, and persistent
accommodative policy. For example, Bloom in Private equity is the evolution of the
private equity (PE) model has effectively created an engine for M&A, and is now
considered by many in the industry as a perpetual source of deal-making capital that can
be counted on to fuel deal volumes.
2. Internal reasons
a. I want a generalist experience while developing a strong technical skill set, M&A is a great
group to start my career in
b. A certain degree of autonomy -- suggest clients on the capital structure using your
experiences, more challenging
c. Value creation--Synergy perspective, it's charming
d. Negotiation. Learn a lot about the negotiation process, managing egos, bringing buyer
and seller to terms, The intangible experiences can be very interesting/fun - you usually
deal with the CEO/Board in M&A deals, witnessing intense negotiations between
counterparties, exposure to LOTS of egos
1.3 How you skill match the position
a. Modeling skills:
i. LBO model in one competition before, related academic classes, follow markets, DCF
models before
ii. In my previous internship: Raise capital for clients (capital structure)
b. Presenting skills and Client-facing ability.
During my two internships in top Investment bank including CITIC Securities and Huatai
Securities, I assisted in IPO and MA project, where i needed to do CDD:
▪ deal with our clients: put my feet into their shoes, acknowledge their rationality, put
foward my suggestions backed with data, structural analysis
▪ Management interview:
c. High level of responsibility & resillience
During our following work, I always made him updated about each task's progression, and
when I met with unclear instructions, I went back to him to clarify the boundaries.
Meanwhile, I organized feedback call with him on a weekly basis in terms of coffee chat or
lunch, to get advices from him, while building our relationship outside of the work.
1.4 Why mid-market ib
a. Generalist--when in BB you will be directed to a specific industry.
b. Quality of deal experience (i.e. usually leaner deal teams vs. larger deals) / greater
exposure to the full deal process. BB--many deals at the same time. For example, we did
deals of KnowBe4 (NAS: KNBE), Terminix Global Holdings (NYS: TMX), BrightSource
Energy etc., with a high professionalism in the TMT and healthcare sector, helping them
gain long-term value, while maintaining sustainable relationship with our clients.
c. Greater exposure, faster personal growth
i. Degree of client interaction
ii. More exposure to senior management (flat culture)
iii. More responsibility put on analysts due to smaller deal teams
d. Intimate culture--the culture is shaped by you
BlackRock
Evercore
1. Motivation for IBD? (2 mintues preparation, 3minutes to answer)
Hello, I am Christine, reading MiM at LBS.
Motivations for IBD:
◦ Firstly, working in IB can have a visible influence on companies by helping them
proceed with their key production activities and reach out to the broader market,
ultimately growing into new giants and bringing value to the society. My interest toward
IB is strengthened after 2 internships at top investment banks in China, for this role can
provide comprehensive skillset including, client-facing ability and leadership skills.
◦ Second, this role can train a solid and transferrable skillset for me. I learned that as an
investment banker, usually, there are three parts of our job. Firstly, we pitch to clients and
bid for potential project. Then we do due diligence, coordinating with corporates, lawyers
and accountants to write prospectus. The last part is to sell the company’s stocks.
Therefore, we conduct comps analysis and financial modeling to anchor the price. And
then pitch to institutional and individual investors to finally help it initiate on the stock
market. This role provides me with solid modeling skills, client-facing ability, and
leadership skills, which are transferrable skills.
◦ Last, this role echoes my past experiences and my personality well. I am a person
with a good sense of business acumen, strong interpersonal skills, and diversified
background.
• Business acumen: I am exposed to the stock market a lot through my internships, with fixed
income intern of Research department, where I learned about fixed income products;
through two internships in IBD, I am familiar with various products covering IPO, Follow-On-
ffering, M&A, restructuring etc. Therefore, I can handle our daily work fast and deal with
clients with high professionalism.
• I have a strong interpersonal skills, I am an outgoing and easy-going person, with
enthusiasm and passion in everything I do. I once acted as president of UCIC, coordinating
1,000+ alumni with current students.
Two-way decision
2. What separates Evercore apart from other banks and why do you
want to work for Evercore? (2 mintues preparation, 3minutes to
answer)
• We secure a leading position in this sector with a fast growth pace of our businesses.
Over the last 10 years, we’ve grown revenues at greater than a 20% compounded rate,
established a truly global presence with 28 offices worldwide, and continued to expand the
sector coverage and product capabilities.
• We are specialized in Global Advisory, MA and Capital markets sector. Evercore
specifically is killing the M&A game above other EBs. Just take a look at league tables, we are
pulling in huge deals alongside Goldman, Morgan Stanley, and Citi with less than 2,000
employees globally. Our private capital advisory has also been named Secondaries Advisor
of the Year in Europe for 2020.
• Third, we provide superior training system to juniors through hands-on approach. We
invest heavily in our talent. For example, we provide comprehensive trainings to freshman.
Through conversations with Evercore's employees, we won top places in annual rankings of
investment banks for our Formal and Informal Training Programs. Meanwhile, our juniors
work alongside senior bankers on industry-defining deals. This hands-on approach makes
Evercore a unique and extraordinary place to begin my career.
• Last but not least, we have a supportive, democratic and intimate culture as a boutique
firm. Also, from what I learned from our colleagues, I know our hierarchy is relatively flat,
which enables us to exchange ideas, collaborate and work successfully as a unified firm.
Meanwhile, we care about employee's welfare a lot. Through our EverWELL program,
EverProud Network, DE&I Networks, etc. we promote various equity topics in firm-wide level.
In such an atmosphere, I can perform tasks with discretion, apply my thoughts into practices,
increase client-facing ability, and set up well-rounded skillset as a summer intern at
Evercore.
3. Evercore’s past deal (that interests you) and how it reflects on
Evercore’s qualities/values? (2 mintues preparation, 3minutes
to answer)
“Best M&A Deal 2021” for advising Jurong Port Private Limited on its acquisition of the
business and assets of Universal Terminal in a transaction valued in excess of S$3 billion
Since its establishment, Evercore has advised on some of the largest, most complex and
transformational transactions in Singapore, the fourth-largest financial center in the world.
"The transaction is of vital importance to the Singapore government and represents a key
milestone in the nation’s efforts to future proof its energy supply chain. It is the largest ever
petroleum storage facility M&A in Asia and the largest ever M&A in Singapore by way of the asset
sale." (The Asset)
“Best Debt Restructuring Deal 2021” for advising Pacific International Lines on its debt
restructuring
As I know that we have core values of client focus, integrity, excellence, Respect, Diversity,
Equity and Inclusion, Investment in People and partnership, I think the two deals reflect the first
three ones, which are from an external perspective.
• Client Focus: As Keith Magnus, Chairman of Evercore’s business in Asia, said, we remain
committed to delivering the most impactful advice and the most meticulous execution for
our clients. We are committed to helping them achieve their goals through world-class
strategic advice and transaction execution. This case is also a powerful validation of the
strength of Evercore’s franchise globally, indicating our global businesses and our capacity
to help clients from wide-range of areas.
• Integrity: Evercore's focus on quality and integrity, and its independent model enables
Evercore to provide unbiased advice. Through this way, we won the award like the
aforementioned one.
4. Pick one question to answer (3 mintues preparation, 5 minutes to
answer)
5 or 6 factors
◦ Main factors that drive M&A recently?
i. 1. Inflation rate: Dealmakers need to take into account both present and expected
future inflation in their valuations. This involves forecasting different inflation
scenarios and using real-time analytics to assess the impact of inflation on the
company’s operations and earnings. Pricing, cost management and cash flow are
part of a company’s response to operating in an inflationary environment, and
require an understanding of the wider implications on market share, price elasticity,
customer and supplier relationships, and employee compensation and retention. As a
result, In the US, deal volumes and values have declined by 18% and 22%,
respectively, mainly due to concerns about inflation and rising interest rates.
ii. 2. Policies: Pandemic-related restrictions. In the Asia Pacific area, deal volumes and
values have both declined by more than 30%, due mainly to macroeconomic
headwinds and recent pandemic-related restrictions imposed across several major
cities in China.
iii. 3. Policies: Geopolitical tensions and supply chain issues have posed a major
disruption in the technology industry.(tech MA is an important part of Evercore's
businesses) Hardware-oriented subsectors have been at the forefront of supply chain
disruptions. Amid the rise of geopolitical uncertainties, data risks have taken center
stage in the M&A process. Stakeholders are now considering data privacy, security and
ransomware issues during deal negotiations, especially in cross-border deals where
they need to give M&A targets additional scrutiny.
▪ 4.Higher energy cost: EMEA: Deal volumes and values are down 12% and 33%,
respectively, as countries face higher energy costs and lower investor confidence.
v. 5. Bloom in Private equity: the evolution of the private equity (PE) model has
effectively created an engine for M&A, and is now considered by many in the industry
as a perpetual source of deal-making capital that can be counted on to fuel deal
volumes. As of June 2022, global PE is three times more than the amount in 2007. PE
has fuelled the growth in the private credit market over the past few years, and
lending by credit funds will be key to providing much-needed liquidity to the
leveraged loan market and will likely put a floor under the M&A market.
vi. 6. SPACs: While corporate-led deals grew by 47% in 2021, deals involving financial
investors, special purpose acquisition companies (SPACs) and venture capital (VC)
firms grew by over 100%.
a. 2 side of M&A, which side do you want to work for?
5. Pick one question to answer (3 mintues preparation, 5 minutes to
answer)
◦ what challenges will you face in this role?
◦ Tell me a time you showed resilience.
I would like to mention when I interned at CITIC Securities, me and my leader were responsible
for writing the financial parts of the prospectus, and I needed to draft the first version.
At that time, I had multi-tasks to handle with everyday, the most challenging part is that I always
meet conflicting ddls. So, I first clarified the urgency of this task, and then reported tasks in hand
to him to arrange the priority. After communicating with him, I realized the whole picture and
time schedule of our project, and then I allocated proper time for this tasks to make sure it was
completed ultimately. With my high professionalism and communication skills, my leader set a
positive impression of me since then.
During our following work, I always made him updated about each task's progression, and when
I met with unclear instructions, I went back to him to clarify the boundaries. Meanwhile, I
organized feedback call with him on a weekly basis in terms of coffee chat or lunch, to get
advices from him, while building our relationship outside of the work.
Finally, we become good friends and keep updating each other's life even I left the company.
I think the key takeaway is that always be professional at work to make a reliable impression to
others, then we can consider about take a step further, like through informal settings to make it
a more relax and more personal one, and finally build strong relationships.
Of course there are many other examples that I show my resilience. When I interned at BCG,
except for independently completing all assigned tasks with high efficiency and qualities, I also
proactively contributed a lot to accelerating the whole process of these two projects. Weekday,
helped complete slides.
On other occasions, I show resillience to my teammates. Social impact project, we need to write
our sildes and build storyline in 1 week, encountered obstacles, but one is freshman and don't
know the skills. I share resources, while organize regular meetings to exhange ideas not to delay,
and finished my tasks on time, and won 50,000 rmb for our social enterprises.
Bofa
Bofa EMEA
1. Self-intro & why interested in the program
Self intro
Hello, I am Christine, reading MiM at LBS. I am a person with good sense of business acumen,
• Business acumen: I am exposed to stock market a lot through my internships, with fixed
income intern of Research department, where I learned about fixed income products such as
convertible bonds and funds; through two internships in IBD, I am familiar with IPO deals as
well as regulations. I am also used to following the financial market on a daily basis. In this
way, I can handle our daily work fast and deal with clients with high professionalism.
• As for interpersonal skills, I am an outgoing and easy-going person, with enthusiasm and
passion in everything I do. Every friend of me said they are happy and feel motivated around
me. And I am also a person who has a strong communication skills. For example, I will find
the common interest of each party and pitch ideas via structural way.
leader at the end.
Why this program
• Firstly, working in IB can have a visible influence on companies by helping them proceed with
their key production activities and reach out to the broader market, ultimately growing into
new giants and bringing value to the society. My interest toward IB is strengthened after 2
internships at top investment banks in China, for this role can provide comprehensive skillset
including, client facing ability and leadership skills.
• In this case, I applied for BofA for its strong position in this sector. We are a specialist in
helping clients gain higher values. On such extraordinary platform, I can gain insight into all
aspects of public and private equity markets. Also, from what I learned from our colleagues, I
know we are a company with democratic and supporting culture. Therefore, I can perform
tasks with discretion, apply my thoughts into practices, increase client-facing ability, and set
up well-rounded skillset as a summer intern at BofA.
2. [common, wrong] Worked with others to achieve a common objective,
obstacles and how you overcame / Tell me about a time when a project
you were working went wrong, how did you solve that
I wanna mention my entrepreneurship project Anna’s Box. I initiated an innovative idea and
organized women to accomplish an invaluable goal. I was inspired by the phenomenon that
most girls in China hid sanitary napkins in sleeves on their way to the bathroom, and felt
embarrassed if men saw. It was not until college that I realized the hidden cause: societal gender
inequality. I decided to install sanitary napkin vending machines on campus, providing
convenience to women while protecting their dignity.
As chief executive officer, I firstly made process schedule and update it to everyone regularly.
Meanwhile, I organized meetings on weekly basis and exchanged ideas with everyone. However,
once we met with land grant hurdle from our school. At that time, I proposed getting the joint
signatures of the girls in our school. I canvassed 600+ female dormitories, and finally got a
petition signed by 700+ girls (perform ). We then won approval to install boxes at our school, and
improved the public health facility to satisfy the women’s needs.
I’m proud that I developed a novel, audacious solution to conquer this hurdle, and executed it
with my team successfully. We are not fighting for ourselves, but for a group’s interests, which
is also our team's mission that we set together, and it truly inspires us a lot.
3. [persuade, teamwork] Persuade people to accept your point of view /
Describe a situation in which you were a member of a group where
teamwork was critical to getting sth accomplished. I would like to know
about your role, your approach, and any obstacles?
modeling.
So we had a detailed plan of the coming months to study the relevant knowledge. We split the
work into 3 parts, modeling / Coding / thesis writing. We allocated each part according to each
other's strength, and arranged mock tests per week.
4. [differ perspectives]Teams are made of people with different
perspectives, tell us about a time when you worked on such a team,
how did the differing perspectives lead to team success?
• Situation: Study group at LBS, members from Italy, Germany, Turkish, India, and China.
• Task: designed group logo and mission at personal and professional development class
• Action: When it comes to designing logo, I was thinking about finding pictures from google or
use PS tools to generate one, however, Gloria, one of our study group member who comes
from Italy, opened a website specializing in generating icons. I got surprised by her sense of
fashion as an Italian girl. Meanwhile, the girl from Germany found some inspirations from
Germany local brands. When it comes to Indian friend, he comes from family business
background and are keen on creating body signatures for us when presenting our missions.
• Result: Finally we generated beautiful logos and missions along with body languages, which
received warm feedback from our classmates.
5. [outside, quick learn] Explain a time where you developed a skillset
outside the classroom that was not a requirement? / Describe a
situation in which you were required to quickly learn a new process to
perform effectively?
• What is it-Thinkcell, which can facilitate the creation of charts on Microsoft PowerPoint
presentation slides from Microsoft Excel data sheets
• Why did you choose it-When i did a social impact consulting project sponsored by Boston
Consulting group, I needed to draft slides using vivid graphs. At that time, we can choose to
use PPT-inserted functions, but with less aesthetic outlook. So, to get better images and
analysis, I chose to learn Think-cell.
• What resources did you leverage to develop it: learn from Youtube, ask mentor and friends
about it, and practices by myself.
• How has this skill impact your day: We presented to the stakeholders with straightforward
and clear graphs , and finally won money sponsor from private equity firms for social
enterprises.
6. [news] Major current event happening in the world now, how it impacts
the role you are applying for
I think the major event recently would be the constant change of federal rate, which would
causes the fluctuations of financial products.
US economy.
economy.
• Secondly, it will affect our clients' welfare a lot. Because as corporate bankers, we need to
industry in the next 5 years , would be the influences of product's price and financing plans.
7. [report error, quick deci] Inaccurate number in report (due in 30min) / A
time to react quickly or make quick decisions to solve difficult problems
• Situation: When I interned at Huatai Securities, there was once a time that we needed to
draft fund using report and present it to our clients which was due in 30 minutes. However,
we found we wrongly calculated a financial indicator.
• Action: I firstly report to my leader of this error, while waiting for my leader's instructions, I
tried to find the reason for this error. It turned out to be mistakes in the denominator. Then I
reported to my leader to see if he had any additional comments. Finally, we presented to
clients with updated figures.
• Reflections: In my case, me and my leader corrected the issue timely. However, in the case
that we don't have enough time to revise it, I would suggest updating this situation to clients
at the first time, making apologies while correcting this issue as soon as possible.
• The key takeaway is that always let your teammates/leaders know first, don't hide any
mistakes or correct by yourself, which would be wrong again. Then, admit mistakes sincerely
and correct it as soon as possible.
8. [Relation, push beyond] Actively attempted to develop a strong
relationship with a manager / client / Accomplishments best describe
your personal initiative and willingness to push beyond what is
required?
I would like to mention when I interned at CITIC Securities, me and my leader were responsible
for writing the financial parts of the prospectus, and I needed to draft the first version.
At that time, I had multi-tasks to handle with everyday, the most challenging part is that xxxx.
So, I first clarified the urgency of this task, and then reported tasks in hand to him to arrange the
priority. After communicating with him, I realized the whole picture and time schedule of our
project, and then I allocated proper time for this tasks to make sure it was completed ultimately.
With my high professionalism and communication skills, my leader set a positive impression of
me since then.
During our following work, I always made him updated about each task's progression, and when
I met with unclear instructions, I went back to him to clarify the boundaries. Meanwhile, I
organized feedback call with him on a weekly basis in terms of coffee chat or lunch, to get
advices from him, while building our relationship outside of the work.
Finally, we become good friends and keep updating each other's life even I left the company.
I think the key takeaway is that always be professional at work to make a reliable impression to
others, then we can consider about take a step further, like through informal settings to make it
a more relax and more personal one, and finally build strong relationships.
Bofa APAC
9. [tech] Tell us about how you keep up with changes in technology, the
market, or your field and give us an example of recently learned?
• There is a trend in China that investment bankers are doing more accounts' work, meaning
that investment banks involved more in the financial due diligence process, and doing more
works instead of just coordinating third parties.
• Solidate my financial background through learning courses xxx and attending modeling
bootcamp. I also practiced my skills
• This really helps to today's work. When I interned at CITIC securities,
10. [little info] Describe a situation in which you were required to make an
important decision, based upon little information or data. What
approach did you take in this situation? How did that approach help
you achieve your goal?
There's once a time I didn't get enough information, I would seek help from seniors / colleagues
with same experiences. And I would like to give an example of this:
• Situation: During my internship at Charterhouse Capital, I needed to do a research about an
European pharmaceutical company, and I can't find its partner in China from public
resources after 2 days research.
• Action: Sought for my mentor's help. And my mentor pointed out another way for me. She
told me that if I can't get information through desktop research, the better way is to do cold
call to get private information.
• Outcome: Followed by her guidance, I change my method and I got the information needed
in just 15 minutes call.
• Takeaways: I think when you can't get right information after plenty of research, we should
seek other's help to improve our working proficiency and avoid wasting time. Always speak
out your needs, make use of resources and change your mind when necessary (be flexible).
11. [expert] Describe a time when you were working on a project where
you were the subject matter expert on a specific topic. What was the
goal of the project and how did you use your expertise to make sure
everyone was able to understand what you are conveying?
• Situation: Social impact consulting project, team leader of 5 people, (younger than me).
Acted as pro-bono consultant to help the social enterprise (our client) to raise capital from
private fund - Harvest Fundation.
• Task: We needed to present to the fund. We divided our parts into The current problem and
introduction to Evergreen / its core competencies and solutions to solve social problem / the
need and plan of using fund
• Action: I showed structural analysis using sample slide to help them understand, taught
think-cell, how to write storyline, organized meetings to exchange thoughts and kept
everybody updated
• Result:
12. [multi-task] Juggle multiple high-pressure tasks?
• Situation: During my internship at Huatai securities, I worked in a project team, and received
task from my leader, but then got another task from my project's manager.
• Actions
a. First, I told the leader who gave me the second task that I was glad to help but I already
had the task from other leader
b. Then, I suggested him to inform the first leader to discuss which task was more urgent,
therefore, I can have a preference list to follow with.
• Result: In this way, I make both of them well aware what was going on, and finally adjusted
the two deadline into a suitable time schedule. I avoided to handle the dilemma by myself
which would probably cause misunderstandings. And you know, sometimes we may have
limited information, so at this time, we can seek more experienced person's help and listen
to their advice.
• The takeaways is that communication is very important. You should keep the information
transparent, and don't do decisions blindly.
13. [clear / use data] Tell us about a time that you were given a project or
task, but didn't receive clear instruction? You use research or data to
solve a problem, talk about the problem, how you use research and
data to come to a solution and how did you communicate this info
• Situation: Draft the first version of prospectus's financial parts, and conducted qualitative
analysis. Don't tell me the ddl, how to write the content, samples, expectations (how detailed
analysis should i write)
• Actions for unclear instructions
◦ Ask/clarify with mentors about the ddl and the methodology (comparable, indicators),
sources
◦ Updated progress timely / Reported regularly, communicated issues happened during the
process
◦ Align each other's expectations
• Actions for how to research
◦ Second-hand material - report,
◦ Financial statement from website
◦ Wind-financial tools
◦ Talk to mentors and clients to get first-hand data
• Result
◦ High ratings / recommendation letters
14. Difficult decision, situation and your action

• Give up the chance to of postgraduate recommendation from my undergraduate school,
decided to study abroad instead.
• Situation: 3.8GPA, top 1% in our class, qualified to be recommended directly to have master's
degree in top universities, but I give up ---see broader world, mingle with different cultures
• Action: systematic analysis
◦ GRE
◦ internships
◦ collected info, networked with alumni
◦ brainstormed essays
• Result
• Reflections: figure out your priority (diversity), arranging things according to priority, reject
temptations, clear direction, put all heart and energy into
JPM
1. Explain why your background and experience would
be a good fit for this job
a. First, I have strong interpersonal skills. During my two internships in top Investment bank
including CITIC Securities and Huatai Securities, I assisted in IPO and MA project, where i
needed to do CDD:
i. deal with our clients
ii. Management interview
iii. Raise capital for clients
All of these work build me into a professional banker with good communication skills.
a. Second, I have a solid financial background
i. During my investment banking internships, I conducted Walk-through test, DCF
models and comps analysis
ii. On campus, I finished Courses: Corporate finance, financial accounting
iii. In extracurriculars, joined LBO Case Competition sponsored by the Blackstone and
finished one LBO model.
Therefore, I am capable of handling daily work perfectly as an investment banker.
2. [innovative] Tell about a time when you came up with
an innovative strategy for a unique problem. Describe
the situation, your actions and the result?
a. Situation: I was promoting my entrepreneurship project called Anna’s Box, which
represents for the sanitary napkin vending machines.
b. Actions: We met with land grant hurdle from our school. At that time, I proposed getting
the joint signatures of the girls in our school. I canvassed 600+ female dormitories, and
finally got a petition signed by 700+ girls. We then won approval to install boxes at our
school, and improved the public health facility to satisfy the women’s needs.
c. Result: Afterwards, the project was approved by the UN Women project proposal, and
our impact extended to the wider society.
d. I’m proud that I developed a novel, audacious solution to conquer this hurdle, and
executed it
successfully. Besides, I’m not fighting for myself, but for a group’s interests.
3. [CFO] Imagine you get pulled into a meeting with a
CFO of a 5-billion-dollar market cap company. What 3
things would you look at beforehand?
I think before asking this question, i need to identify my role. For example, if i was an
investment banker, i would do the following 3 things
Know the company + know the person + prepare specific questions
a. First, Know the company: fundamental analysis, in which industry is this company in, the
growth rate and size of the market, and the drivers behind it.
b. Second, Know the person:
i. collect information from the news
ii. know his/her opinions that were stated in the social media or articles
iii. realize his/her investment portfolio, know his/her interests
iv. if he/she has any positions in any other companies
c. Last but not least, prepare specific questions
i. Business model: how the company earns profit? ---key competency
ii. Key financials: explain the growth/recession rate in key financials like profit margin
iii. Figure out are there any financial risks inside the company?
4. [beta] In the context of an investment, how would you
define beta? Provide an example of a company that
would have low beta, and another that would have
high beta.
a. Define beta: Beta is a risk index used to measure the price fluctuations of individual
stocks or stock funds relative to the whole stock market. It is a tool to evaluate the
systemic risk of securities. It can be understood as the fluctuation range relative to the
overall market and can also indicate the correlation with market fluctuations. Generally,
we believe that the market's beta value is 1. If the beta of a fund is greater than 1, it means
that its volatility is greater than that of the market, and the risk is higher than that of the
market.
b. High beta: Beijing Capital Development Co., Ltd. As for the real estate industry, it has a
large initial investment and depends on the uncertain national policy, therefore, its
demand volatility is high, accordingly the Beta value is higher.
c. Low beta: China Railway Construction Corporation. Such as food retailers and utilities,
they are most low-beta stocks, also known as defensive stocks because they have a low
correlation with the economy.
5. [systematic] Give an example of a time you reached a
practical decision or solution through a systematic
analysis of the facts and weighing of positions.
a. Object: Have my master's degree in London business school. There are mainly 4 aspects
to improve with, and I arranged priority for them.
b. The most important-GPA: 3.8, which indicated I was a person with high intelligence and
quick-learning ability
c. Next-languages (ILETS, GRE). I know I need to get a ILETS with 7. 5 score, and GRE with
328 score, which is a competitive level.
d. Third-Internships: I arrange two internships in investment banking sector to increase my
career exposures and find my career direction to satisfy the standard of LBS.
e. Last but not least-extracurriculars: volunteered over 200 hours, student clubs & societies
especially in the IB track, networking events with LBS alumni to get information.
Finally I invited over 10 alumni to do mock interviews with me, and finally succeeded in
applying this school.
6. Tell me about a time when you had to analyze
information from multiple sources in order to make a
decision. Please describe the situation and the steps
you took to reach a conclusion.
7. [2 tasks] Tell a time you have to balance 2 tasks that
had the same deadline. Describe the situation, actions
and results.
a. Situation: During my internship at Huatai securities, I worked in a project team, and
received task from my leader, but then got another task from my project's manager.
b. Actions
i. First, I told the leader who gave me the second task that I was glad to help but I
already had the task from other leader
ii. Then, I suggested him to inform the first leader to discuss which task was more urgent,
therefore, I can have a preference list to follow with.
c. Result: In this way, I make both of them well aware what was going on, and finally
adjusted the two deadline into a suitable time schedule. I avoided to handle the dilemma
by myself which would probably cause misunderstandings. And you know, sometimes we
may have limited information, so at this time, we can seek more experienced person's
help and listen to their advice.
d. The takeaways is that communication is very important. You should keep the information
transparent, and don't do decisions blindly.
8. [correlation] In the context of a company’s stock
price performance, how would you define correlation?
What happened to correct among asset classes during
Covid-19 or in other challenging market environments?
a. Stock correlation is a tool to study the relationship between stock prices or yields and the
classification of industries. It has important value in the measurement of stock market
systemic risk and the effectiveness of asset portfolios. Therefore, both individual and
institutional investors regard the correlation between stocks as an important criterion to
weigh the size of the stock market risk and the effectiveness of the formed investment
portfolio.
b. Stock correlation ranges from -1 to 1 and is calculated by looking at a pair of stocks over a
time and figuring out their average movement
c. During periods of heightened volatility, such as the 2008 financial crisis, stocks may have
a tendency to become more correlated, even if they are in different sectors. International
markets also become highly correlated during periods of instability. The reason behind it
is when the economy is going down, investors tend to hold cash. In this way, the price of
all other assets will fall down together, which increases the correlation behind them.
d. Investors may want to include less correlated assets in their portfolios to help manage
their risk.
9. [incomplete info] Tell a time you had to make decision
to resolve a complex problem with incomplete
information. Describe a situation, the action you took,
and the outcome.
10. [missing info] Imagine you are working on a project
that is not going according to plan due to missing
information and/or resources. What would you do in
that scenario?
If after plenty of researches, I still can't get enough information, I would seek help from
seniors / colleagues with same experiences. And I would like to give an example of this:
a. Situation: During my internship at Charterhouse Capital, I needed to do a research about
an European pharmaceutical company, and I can't find its partner in China from public
resources after 2 days research.
b. Action
Sought for my mentor's help. And my mentor pointed out another way for me. She told
me that if I can't get information through desktop research, the better way is to do cold
call to get private information.
c. Outcome: Followed by her guidance, I change my method and I got the information
needed in just 15 minutes call.
d. Takeaways: I think when you can't get right information after plenty of research, we
should seek other's help to improve our working proficiency and avoid wasting time.
Always speak out your needs, make use of resources and change your mind when
necessary (be flexible).
11. [JP news] Tell me about a recent piece of news
affecting JPMorgan Chase that interested you and
why? / Share a market news
I would like to talk about the news that JPM laid off employees in its mortgage business
recently.
a. In US, as higher interest rates lead to a slowdown in original mortgage lending and
refinancing, there is an increase in the cost of capital. Therefore, some bank lenders are
starting to lay off staff to reduce work, a trend that is likely to continue in 2022.
b. Recently, J.P.Morgan is laying off hundreds of people in its mortgage business and
reassigning hundreds more to other parts of the company. The total number of staff
affected will be more than 1,000, with about half of them transferred to other parts of the
bank.
c. Against this backdrop, bank stocks are headed lower in 2022 along with most other
sectors. Dow Jones Industrial Average components JPMORGAN Chase and Goldman
Sachs, for example, are down 20.3% and 19.3%, respectively, so far in 2022.
d. I am quite interested about this because we all know that there is a economy recession in
recent years, and the employment market is suffering now. So the banks actions really
show the trend, and show their plan toward their certain businesses, which can also
guide my actions in the future.
12. [cash] What are some options that a company can
pursue when it has excess cash, and when would you
recommend each strategy?
I think there are several ways.
a. First, purchase the factory the organization needs: Those purchases can help you
maximize your business deductions for the year.
b. Second, Buy another business
i. When you’re ready to diversify, you may want to buy an existing business that is
different from yours.
ii. When you want to increase your share of the market, you may want to buy a
competitor and rebrand that business as yours.
c. Third, Buy out a supplier when you want to vertically integrate your supply chain and
increase bargaining power.
d. Fourth, buy out a distributor when you want to gain better access to your end users
e. Next, develop a new product or service: Can build up your unique competency and satisfy
your customer, and may potentially improve cash flow down the road.
f. LBNL, you can start a subsidiary operation. You may want to consider buying shares in a
small business. This approach allows you to create a financial stake without worrying
about the day-to-day operations. As an added bonus, small business corporation shares
are eligible for a capital gains deduction. By extension, if you invest in a small business
and sell the shares at a profit, you may not have to pay tax on the gain.
13. [challenges] What do you think are the main
challenges JPM is facing today?
a. I once read a piece of news about Jamie Dimon, the CEO of JPM, and he laid out a laundry
list of big risks looming for the global and U.S. economy in his letter to JPMorgan Chase
shareholders this year.
b. He said that “We are facing challenges at every turn". As for me, I think the challenges
can include a pandemic, sudden government actions, global recession, inflations and a
war in Ukraine.
c. Take Ukraine War as an example, the energy price is soaring, pushing up the inflation in
the US further, which would have an impact on portfolio design in the corporate banking,
wealth management division at Investment bank like JPM. Even creating long-term
problems for US financial markets. It remains a potential source of increased short-term
market volatility.
d. Take the Covid-19 as another example, due to the epidemic, lots of businesses is shut
down, the demand is blown out, causing decline of IB's businesses. Beside, Investment
bank's on-site visits will be suspended, and the supervision institution will also
postpone the processing of some deadline requirements related to IPO, refinancing,
mergers and acquisitions. It is expected that the progress of investment banking projects
will be affected.
14. [equity] Under what circumstances or market
conditions do you think it is preferable to use the
equity in an acquisition?
There is always a comparison between Equity vs Debt financing in an acquisition.
a. In acquisition finance, equity is the most expensive form of capital. Ultimately, selling
company shares entails sharing profits for an undefined period of time; this contrasts
with the nature of a loan, which is finite in terms of time frames and interest rates.
b. However, there are circumstances in which equity financing could be suitable. When
looking to acquire a business, companies may choose equity if the target company is in a
volatile industry or does not have a steady cash flow. Because equity financing does
not have payment deadlines or expectations, it is also more flexible than the alternatives.
And you don't need to pay off the interests to the lenders.
c. There is the second circumstance that when the Federal Reserve raises the interest rate,
the cost of debt financing will increase, which caused the equity financing become more
preferable to investors.
d. Of course, when it comes to acquisition through equity financing, investors will, in turn,
assume some ownership of the target company, which ultimately relinquishes some
control over its operations.
e. So, there are pros and cons to use the equity in an acquisition, but in the circumstances
like the target or buyer is in the volatile industry, or you don't want to pay a huge amount
of interest, it is preferable to use the equity in an acquisition.
15. [potential issue] A time when you detected a
potential issue and developed a solution before it
turned into a real problem
an European pharmaceutical company, but I can't find its partner in China from public
resources, and the deadline was very hard because we needed to report to our
headquarters the next day.
b. Action
i. Seek for my mentor's help--I think when you can't get right information after plenty of
research, we should seek other's help to improve our working proficiency and avoid
wasting time
ii. From my mentor, I knew I can do cold call to get private information
c. Outcome: After 2 days research, I get the information needed in 15 minutes.
d. Takeaways: speak out your needs, make use of resources and technology, change your
mind when necessary (be flexible)
16. [industry] Discuss an industry or company that you
follow and explain why
a. Consumer product industry
b. Reason: My 2 IB internships are both in the consumer product industry, this industry has
broad market for the reason that consuming is one of the three drivers of a nation's
economy. Where there is a person, there is need. Plus, this market is ever-changing with
lots of innovations to satisfy customer's various needs.
c. One company I have followed in this industry is called M stand, which is a high-end coffee
brand. Its core competency lies in the following aspects:
i. Shop design. Different from the standardized shop deisgn, the company has created a
"one store, one design" mode with minimalist style. It is used to designing stores of
different styles according to the size and function of the area to adapt to the local
culture. Capsule（胶囊型）、Classic（经典型）、Warehouse（仓库）with different
sizes.
ii. Product: Ever-changing, customized, get insights from big data.
d. Finished with Over 500 million RMB financing
17. [private] Please discuss the major financing
alternatives for a private company and a listed
company, and what are the key considerations?
a. Private
i. Debt Capital--loans from the bank or from friends/famlies
1. Due to limited financing resources, it can only reach out to this source
2. Interest costs less than other sources of capital
3. Ownership won't be diluted
ii. Equity financing: Angel investor / VC / PE: depends on PE/VC's resources to grow up
b. Public listed company
i. Debt capital：publish corporate bond, which can bring large amount of capital and
with fixed interest rate
ii. Equity financing：增发issue Secondary Public Offering--fast way to get money,
standardized process, lower risks
18. [recent event] Tell me about a recent event

happening in the world. What’s its impact on the
financial market?
a. I wanna mention Ukarine War.
b. First, the Ukraine conflict remains a potential source of increased short-term market
volatility.
c. Second, disruption of Russian energy exports as a result of the conflict has raised global
energy and food prices. Russia is the source of nearly 50% of the energy consumed in
Europe, and there is a higher risk in probability especially for the biggest European
countries like Germany and Italy, due in part to Europe's reliance on Russian oil and
natural gas, which is squeezing the consumer sector and in some cases causing
production bottlenecks.
d. Third, while the US economy is relatively insulated from the war and sanctions, Europe's
economy is suffering and that may affect US investors, too. The globalized nature of
financial markets could mean that US investors will see more volatility in the months
ahead, and thus lose their confidence on US stock market.
19. [sought info] Please tell me a time you sought
information, what’s the condition, what’s your
action, and the outcome?
resources.
b. Action
i. Seek for my mentor's help--I think when you can't get right information after plenty of
research, we should seek other's help to improve our working proficiency and avoid
wasting time
c. Outcome: After 2 days research, I get the information needed in 15 minutes.
20. [limited info] With limited info, how you make
decisions?
Four points.
a. Listen to opinions from different sources (friends, mentors, ask in group, network with
experienced professors)
b. Next step---Set up my bottom line and figure out the risk tolerance, which indicate my
decision type
c. Third, i would figure out the Pros and cons of each plan and weigh them
d. Finally, arrange my priority list, weigh every plan, set up two standards that is
emergency degree & important degree, always do the emergent & important things, and
then do other things.
21. How to handle task that beyond your knowledge level
a. Listen to opinions from different sources (friends, mentors, ask in group, network with
experienced professors)
b. Seek help from seniors / colleagues with same experiences. And I would like to give an
example of this:
resources.
b. Action
i. Saught for my mentor's help--I think when you can't get right information after plenty
of research, we should seek other's help to improve our working proficiency and avoid
wasting time
c. Outcome: After 2 days research, I got the information needed in 15 minutes.
22. What would you do if you have 10MM
a. Firstly, Put 5 million into bank deposits or invested in fixed wealth management product.
Calculated according to the average interest rate of 3.6% I guess, my annual deposit
income would be about 180,000 单位
b. Secondly, 2 million is used to buy funds. Of course, don’t put eggs in one basket. And
The average annual income can achieve around 100,000 单位.
c. Third, use 2 million into physical investment. Although the Internet has had a great
impact on the physical industry in recent years, the impact on some industries and
projects is still relatively small. Assume the annual investment return is 10%-15%, the
income is probably 200,000-300,000 单位.
d. Last, I would use 1 million to invest in stocks. The stock market is very risky, and the
returns are also relatively high, and we can expect an annual income of 300,000 单位
To sum up, we can have a revenue of 800,000 单位 per year.
23. [financial factors] Describe what factors have
influenced financial markets in recent months and
how they might affect our clients
a. From economic perspective, 美国加息raise interest rates
i. For money lenders
ii. For users:
b. From political perspective,
i. Ukraine War: Following the invasion of Ukraine by Russia on Feb. 24, many western
nations introduced sanctions aimed at crippling the Russian economy. This created an
economic shockwave across the world, principally caused by western companies
looking to reduce their exposure to the Russian market while reducing dependency on
Russian oil and gas. On top of this, inflation continued to gather pace, primarily due to
economies emerging from the pandemic leading to a surge in demand and
subsequent input costs. The recent news about the Russia/Ukraine conflict has
pushed expectations for future prices higher still.
ii. New policies
24. [3 statement] Describe how the purchase of
equipment would impact a company's 3 financial
statements
• Step1:right after buying
◦ IS：no change
◦ CS: no change
◦ BS: Cash:-100, PP&E:+100
• Step2:first year
◦ IS: D&A： -100/10, Operating income： -10, tax rate=25%, NI：-7.5
◦ CS: NI：-7.5，non-cash：+10，CFO：+2.5
◦ BS: Cash： +2.5, PP&E： -10，Retained earnings：-7.5
1. Global - reputational, is a one-stop solutions provider covers almost every financial field. We
2. Flat hierarchy--conversation with analyst Rumeng Shi, democratic, supportive, with nice
working environment to facilitate my personal growth and help others to achieve win-win
goals.
3. Financial & Management team:
a. To start with, I think the work we do has much to do with regulatory and capital
requirements, which is dynamic and critical because of changing business policies
nowadays. I can help in company development under any markets conditions and
cooperate closely with both internal and external partners. This will practice my markets
knowledge and communication skills.
b. Besides, we work directly with information to drive meaningful analysis and generate
reports such as the 2021 ESG report, for management, clients and investors to help them
better understand our businesses. And we also act as a consultant to identify and
mitigate business risks and help run business smoothly. Therefore, it can hone my skills in
driving wise analysis to support business functions and drive new growth, which I think is
exciting.
25. Tell me about a time when you had to analyze
information from multiple sources in order to make a
decision. Please describe the situation and the steps
you took to reach a conclusion.
• Situation: In one of my previous internship, I needed to conduct industry analysis in
pharmaceutical industry, and its a niche market about a rare medicine, which I was not
familiar with.
• Task: I needed to figure out the market size of this niche market.
• I found numbers from public information, especially the industry analysis report. However,
the numbers from multiple resources are different with each other.
• My action includes 2 steps
a. First, read the footnotes to clarify the calculation rationale, communicated with my
colleagues to see and make sure firstly whether it's appropriate in logic or not.
b. Next, cross check with other sources, especially the first-hand insights, which should be
more trustable. Under the help of my leaders, I arranged an expert interview to clarify the
figures and know more insights about this niche market to help me better understand
this industry,
4. Reflections:1. keep curious about new things and learn fast; 2. Communication and
teamworks play an important role. In this way, we can identify blind spots and improve
efficiency; 3. don't rely on single source; 4. try to cross check to maximize the accuracy, and i
think it would be a good work style.
26. Imagine you recently joined a team that has differing

opinions on how to best approach the task at hand.
How would you connect with your teammates in
order to accomplish your goal? Please describe your
suggested approach to help the team achieve their
desired goal.
1. I think through my previous group projects, it's very common that we always meet such
conditions.
2. I think there are two scenarios,
a. If there are only two people having different opinions on tasks, I would organize a group
meeting together, let everybody in our group to join the meeting. For example, I would let
the two guys with different opinions to present their rationales in detail. Of course, i
would firstly acknowledge pros of each points to not damage their spirits. and then we
should discuss together, list all pros and cons of each plans, weigh the importance of each
pros and cons, and make a vote to achieve final goals
b. If all group members have different opinions, I may invite external experts / professors to
analyze our opinions
In general, I think the principles are that: 1. Make sure there are objective judges / third
parties around; 2. Let everyone aware that the final goal is consensus but not endless
arguments, so we need to try our best to achieve common goal; 3. Set up basic rules that
everybody agree such as put aside personal bias, and discuss in friendly way; 4. Always keep
fairness as the baseline.
That's basically my thoughts about this question, and it really works well in all of my past
projects when I was the leader in many teams.
JPM-CB-London
1. What's your understanding of this role?
In July this year, I applied and was selected to attend the 2022 Winning Woman program, HK
office to network with our employees from various departments including corporate banking.
During this process, I realized that as a corporate banker, we provided various products covering
equity financing, bonds, loans, cash management, foreign exchange, etc. to our clients to
facilitate their growth. Corporate bank plays an important role in capital markets. For
companies that want to lower interest costs, and improve liquidity, we provide them with
suitable financing methods. This is the insights I gained from our people and through searching
on our websites. And it's the reason why I applied for this position.
As for why JPM, I usually follow our news in FinancialTimes and Bloomberg. I know we covers a
wide range of businesses in the corporate banking field, and we have a strong position in this
sector. We retained the Greenwich Quality Leader award for Singapore, and for the first time was
recognized as Greenwich Quality Leader for India. Therefore, I think it would be a great place for
me to kick off my career.
2. What do you think are the greatest challenges the
financial services industry will face in the next 5 years?
I think the greatest challenge would be the constant change of federal rate, which would causes
the fluctuations of financial products.
US economy.
• Firstly, it will change the prices of currencies, which are core products of corporate banking
businesses. The increased interest rates would depress the inflation and make USD worth
more. However, the US stock market would be affected and the price would fell sharply, due
to higher financing cost. As for the influence of other currencies, they will suffer from
devaluation and capital outflow, ruining the economy.
• Secondly, it will affect our clients' welfare a lot. Because as corporate bankers, we need to
industry in the next 5 years , would be the influences of product's price and financing plans.
Barclays
1. Time mgt
Your manager tells you that you must deliver a pre at a conference the following week. You have
not yet made any preparations for this pre. The conference is in a different city, and you will
have to fly there. You will have to make your own air and hotel reservations and the company
will reimburse you later. How would you prepare for this trip? Which tasks would you address
first?
📌 I think the two things don't conflict with each other actually. So I will multitask a little
bit to achieve maximum efficiency.
The first thing I would do is to make an outline of this presentation. A clear structure of
contents is always important. And I would send this framework to colleagues or leaders
for a review to complement my thoughts.
While waiting for feedback from them, I will check the air and hotel at the same time. I
can't delay this for tickets and rooms need to be reserved in advance. I will first clarify
my budget and timetable. Afterward, through consulting people who have been there
before and through tourism websites, I am able to choose my route in the most
effective way. I presume that I can finish this task while waiting for feedback.
Then, after I receive suggestions on my presentation framework, I will fully work on the
presentations. And I can also leverage my time on the plane to prepare for this
presentation.
In summary, I will form a structure of the presentation first, then send it out for
feedback, while planning my trip at the same time. After both of these are done, I will
work full capacity on the presentation.
2. Loosely Defined Task

You have been recently been assigned a task that is loosely defined. You have been given some
instructions, but ultimately it is up to you to decide how to complete the task. How comfortable
would you be working on this ambitious task, why?
📌 I am glad to take on this challenge. I think it would be a great opportunity for me to
explore new possibilities and propose new solutions to our clients. Also, on this
occasion, I can brainstorm with my colleagues and interact with my leaders more, and
finally gain higher achievements together.
For example, I co-founded a we-chat public account with a team of 10 people last year.
Our task is to gain as many views as we can for our first article. Acted as Chief Strategy
Officer, I clarified the current resources we have with the CEO, and conducted
comparable analysis to define the task to over 10,000 views. Followed by this target, I
and team members discussed using handwriting pictures to introduce our public
account. Finally, we got 20,000+ views of this post.
In conclusion, I enjoy working alongside undefined tasks for there is more imagination
space for everybody to work with, and of course, more interactions with people around
you.
3. Conference clash
Your organization is hosting a two-day sales conference. All the salespeople from various cities
plan to attend. You are responsible for making all the arrangements for the guests. When you
start making the arrangements, you discover that another major event is happening in the city
on the same dates. This event is also attracting a large number of visitors from around the
world. What will you consider while making all the arrangements?
📌 I will consider the arrival time & transportation, accommodation, and audience, and
salespeople themselves.
First of all, since there are too many people coming here on the same dates, there
would be a traffic jam. So it's important to look at the guest arrival time of another
event, and arrange different arrival times for our guests accordingly.
Secondly, about the accommodation, as these two events will attract visitors from
around the world, hotels may be over capacity, so I would book rooms for them in
advance.
Then, I will launch a survey to see how many salesperson here want to attend another
event. Then I can make a notes or video of it for them.
Last but not least, about the clients. It is obvious that another event may draw people's
attention, thus, influencing the amount of our audience. Considering that what we hold
is a sales conference, we focus on people's business a lot. If the products have some
overlap with another event, or target the same customer group, it would be the case. In
this way, I will search these in advance to make sure our theme differentiates from
another one.
4. Diversity/Equity/Inclusion
Describe a time when you have promoted diversity, equality or inclusion in an activity at work or
in education. Provide a specific example. What do you learn from this? Why did you promote
this?
📌 I once co-founded an entrepreneurship project called Anna’s Box. I was inspired by
the phenomenon that most girls in China hid sanitary napkins in sleeves on their way
to the bathroom, and felt embarrassed if men saw. It was not until college that I
realized the hidden cause: societal gender inequality. I decided to install sanitary
napkin vending machines on campus, providing convenience to women while
protecting their dignity.
However, we met with land grant hurdle from our school. At that time, I proposed
getting the joint signatures of the girls in our school. I canvassed 600+ female
dormitories, and finally got a petition signed by 700+ girls. We then won approval to
install boxes at our school, and improved the public health facility to satisfy the
women’s needs.
I’m proud that I developed a novel, audacious solution to conquer this hurdle, and
executed it successfully. Besides, I’m not fighting for myself, but for a group’s
interests. I dared to say no to the stigma of menstruation and motivated people to
make their voices heard. And also from this experience, I know that we should always
speak up our needs, and we as individuals should shoulder our responsibility to
promote equality around society to make the world a better one.
MS Institutional Sales
1. Your core values
What do you think of as your core values? Plz comment on a maximum of 3.
• Interpersonal Skills: I am an outgoing and easy-going person, with enthusiasm and passion
in everything I do. Every friend of me said they are happy and feel motivated around me. And
I am also a person who has a strong communication skills. For example, I will find the
common interest of each party and pitch ideas via structural way.
• Business acumen: I am exposed to stock market a lot through my internships, with fixed
income intern of Research department, where I learned about fixed income products such as
convertible bonds and funds; through two internships in IBD, I am familiar with IPO deals as
well as regulations. I am also used to following the financial market on a daily basis. In this
way, I can handle our daily work fast and deal with clients with high professionalism.
leader at the end.
2. "Progress doesn't always follow a straight line"Do you
agree with this statement and why?
Yes I certainly agree with that.
I want to talk about my entrepreneurship project Anna’s Box (that is a sanitary napkin vending
machine), which spent me 3 months to finally launch it.
We wanted to put 4 boxes in school's bathroom, but were rejected twice by our school because
of land use problem. We tried twice but end up with rejection again. At that time, we had no idea
how to proceed this and almost gave up this project. However, we spent a night discussing
potential solutions, and I came up with the idea to get the joint signatures of the girls in our
school. Then we canvassed 600+ female dormitories with 5 hours, and finally got a petition
signed by 700+ girls, we then won approval to install boxes ultimately.
I think with this example, I wanna say progress is always not in a straight line. If we believe sth is
valuable to be done, we need to adjust our style flexibly, cooperate with others, reach out to
various resources and information to generate new ideas, and finally, find the right direction and
be persistent.
3. Collaboration
Plz describe a time you had to collaborate with one or more individuals to achieve a significant
outcome?
modeling.
So we had a detailed plan of one month to study the relevant knowledge. We split the work into
3 parts, modeling / Coding / thesis writing. We allocated each part according to each other's
strength, and arranged mock tests per week.
4. 10miilion
If you had 10 million dollars to invest, where would you invest your money and why?
I am a kind of risk-reserve person, combined with Merrill Lynch Investment Clock Model, I think
the economy is in the stagflation and decline stage. So, allocate more asset to fixed income is
the right thing to do for me. I will allocate 55% to fixed income product, 35% to equity, and 10%
to alternative product. To be specific,
• Firstly, put 55% (5.5 million) into fixed income product. Among fixed income product:
◦ 20% of Bank loan with return rate of 3.25%
◦ 30% of U.S. 10-year Treasury Securities with return rate-4%
◦ 50% of funds with return rate-7%
• Second, I would use 35% (3.5 million) to invest in stocks.
◦ I prefer to invest in growth industries such as Healthcare, TMT and high-end
manufacturing, buying stocks with strong market position. And the return rate can be
10%, 0.35m
• Last, alternative investing: 10% (1 million) to purchase real estates with return rate of 10% ,
0.1m
To sum up, we can have a revenue of seven-hundred and thirty-five USD per year.
MS Global Capital Market-HK
1. Financial news
What was the last thing you read in the financial news that
interested you and why? 1.5min
📌 I want to mention Fed raises rates by 0.75 percentage points for third time in a row,
trying to stop the overheating US economy. So till now, the current federal funds rate
achieve at the highest level of 3.25 per cent.
• As for the influence of US itself, the increased rates would depress the inflation and
make USD worth more. Meanwhile, it will bring back USD and help the real
economy. However, the US stock market would be affected and the price would fell
sharply, due to higher financing cost.
• As for the influence of other countries, they will suffer from currency devaluation
and capital outflow, ruining their real economy.
I am quite interested in this news because it has a world-wide influence, and affects our
welfare, as a keen investor, a lot. Also, as an analyst in GCM Division, we need to suggest
on proper choices for our clients to do financing, and to anchor price for each product.
These work contents require knowledge about stock market and the external macro-
economy environment.
Please highlight a recent news event that has been of interest to you
and explain why (200 word limit). *
Since I once interned at Kwai, a technology company, and analyzed opportunities in content-
oriented applications, I found the fierce competition in this field and how hard it would be to
gain users’ attention from other apps. Therefore, it captures my attention when seeing Soul, an
online social platform that plans to initiate IPO in HKEX.

Soul is a Tencent-backed social media app, and Tencent bought 49.9% stake in soul since 2020.
Last year, Soul cancelled its plan of listing on US stock market because of competition from rival
social app Uki. Then, Soul submitted listing application in HK on Thursday. The underwriters for
the cancelled US listing included Morgan Stanley and Bank of America, and Bank of America is
now serving as joint sponsor for the Hong Kong IPO alongside Chinese IB bank CICC.

Yet, there remains “substantial uncertainty” as to whether it will need to go through a security
review or receive approval from regulators. The potential risks are that it tends to be a dating
app and contains sensitive content that may damage users that under 18 ages, which arouses
regulatory attention. Therefore, there could be a long way to go to its IPO road.
2. How this position help
How would this position help you achieve your longer-term career goals? 1.5min
My long-term career goal is to land a leadership position at our department and work along with
clients to gain excellent achievement together.
1. Hone practical skills and accumulate market sense. As a GCM Summer Analyst, I can
expand my expertise in Sales and Trading and in Investment Banking. In my past internships,
I am familiar with IPO process. And I know that through working at GCM in MS, I can be fully
exposed to different products such as follow-on, convertible issues and private placement,
investment grade and leverage finance. In this way, I could diagnose client's problems
precisely and advise proper financial products when pitching to them and finally help them
gain success.
2. Enhance my client-facing ability: To act well in the leadership role, I need to have a strong
client management ability and high flexibility. I know this role has lots of interactions with
clients and investors. Through working with seniors and learn from their expertise, as well as
further client-facing scenarios as an analyst, I can build up this ability furthermore.
3. 1 billion USD
If you had 1 billion USD to invest, where would you invest your money and why? 1.5min
📌 I am a kind of risk-reserve person, combined with Merrill Lynch Investment Clock
Model, I think the economy is in the stagflation and decline stage. So, allocate more
asset to fixed income is the right thing to do for me. I will allocate 55% to fixed income
product, 35% to equity, and 10% to alternative product. To be specific,
• Firstly, put 55% into fixed income product. Among fixed income product:
◦ 20% of Bank loan with return rate of 3.25%
◦ 30% of U.S. 10-year Treasury Securities with return rate-4%
◦ 50% of funds with return rate-7%
• Second, I would use 35% (350 million) to invest in stocks.
◦ I prefer to invest in growth industries such as Healthcare, TMT and high-end
manufacturing, and the return rate can be 10%
• Last, 10% (100 million) to alternative investing to purchase real estates with return
rate ~10%
To sum up, we can have a revenue of seventy-five million USD per year.
4. Pitch a company
Tell me about a company you admire and what makes it attractive. 1.5min
📌 I am gonna talk about Lancang Ancient Tea Company, which is now rushing to Hong
Kong Stock market for listing as the first Pu'er tea IPO share in the global capital
market.
There are several highlights of this company that attract me most.
• It locates at an attractive and unique industry: China has thousands of years of
tea drinking history, and is by far the world's largest tea producer and consumer.
Annual tea production of 2.7mn tons with growth rate of 7.3%, accounts for 45%
world's production. So the industry is prosperous.
• Robust supply chain: Currently Chinese tea enterprises are mainly private SME with
basic production technology. And Langcang, China tea and Tianfu are the only three
brands that have the whole industry chain. So far it has over 500 franchise stores in
China.
• Strong financial performance: Its EV/Revenue ratio is 2 , while P/E 12, which is
being unfairly discounted to its peers. So it's the good time to invest in its stock.
5. Unique life exep

Tell me about a unique life experience you have had. Plz answer this question in an Asian
language. You can answer this question in English if you do not speak an Asian language. 1.5min
1. What is it about this opportunity that most excites you, and what concerns you?
2. What 3 words would you use to describe yourself and explain why?
3. How has market performance been in 2022? Debt vs equity
4. How do you keep up to date with the market changes in Aisa?
5. What are you most passionate about learning - either personally or professionally - and why?
中文
DB-Corporate banking SH
1. Why the finance industry, Why DB? 2min
My interest in the CB industry stems from my family background. My family is running
agricultural businesses and needed debt financing as well as cash management services.
Immersed in this environment, I grew interests in the CB industry, wanting to learn special
knowledge on how to solve financing problems according to different corporate types.
Meanwhile, with a financial-related bachelor's and master's degree, and internships at top
investment banks, I confirm my passion for this industry.
What's more, Working in the CB industry can have a visible influence on companies by helping
them proceed with their key production activities and reach out to the broader market,
ultimately growing into new giants and bringing value to the society.
As for why DB, it covers a wide range of businesses in the corporate banking field, including
bonds, bank loans, commodities, fixed-income products, account management, cash
management, etc,. We have a strong position in the corporate banking field, for example, we are
the No.1 in Western Europe Euromoney Cash Management service in 2021, and the Fixed income
& Currencies ranked top 1 according to Greenwhich Associates. With such a leading position, it
would be an excellent platform for me to kick off my career. Besides, at DB, with a democratic
and encouraging culture, we take ownership to face clients and see fast individual growth.
2. What attracted you to the division/programme you
have applied for?
Firstly, I want to gain exposure to comprehensive financial products. After conversations
with Venessa Zhao and Mingjie Yang, who were summer analysts in this sector at Deutsche
Bank, I learned that as a corporate banker, we provided various products covering equity
financing, bonds, loans, cash management, foreign exchange, etc. to our clients to facilitate
their growth. So, in our internship, I can gain a comprehensive view of all areas of corporate
banking and deepen my market sense.
Secondly, this division plays an important role in capital markets. For companies that want
to lower interest costs, and improve liquidity, we play a vital role in providing them with suitable
financing methods. Meanwhile, the majority of companies are having difficulties in conducting
IPO, therefore, corporate banking businesses have a broad and profitable market. This is the
second reason why I applied for this position.
Last, this role echoes my past experiences and my personality well, with a relatively good
work-life balance. I have a fixed-income internship and investment banking internships at top
investment banks in China, and find it interesting to follow and analyze daily market change and
its influence on corporates and individuals. So, our role suits my interest and ability very well.
That's basically why I believe our role would be a perfect match for me.
3. What are you expecting to learn from the programme?
a. Business acumen. Through my past fixed-income internship and investment banking
internships at top investment banks in China, I accumulated knowledge about fixed-
income products and IPOs. But I want to immerse myself in real practices to gain more
expertise in currencies and commodities, learn analysis structure, and accumulate case
experiences.
a. Client-facing ability. I used to present to our clients in my past internships, and find it
important to deliver in a structural way, and answer clients' questions promptly. I am
aware that our job would train my client-facing ability a lot. On one hand, as a corporate
banker, we need to pitch to clients to expand our businesses. On the other hand, we
cooperate with salespersons together to provide value-add products. Therefore, I believe
I can gain great exposure from our position.
b. Financial knowledge. I realized from our employees that our work includes rating loans
& bonds, designing stock repurchase plans, suggesting capital structure and dividends,
etc. I have accumulated related knowledge before, and In this way, I can learn this
knowledge in practice furthermore, and build myself into a person with high
professionalism.
In conclusion, it's all about business acumen, client-facing ability, and financial knowledge.
Roths-London ECM
1. Why ECM, Why Rothschild
In your own words, please describe the function of the division and why you have applied to
Rothschild & Co (200 word limit). *
Through conversations with Andrew Long, Gaven Cao and Yue Yang who are from Rothschild
Shanghai team, I know that our equity capital market team focuses on a diverse range of asset
classes including buyout, venture, growth, real estate, infrastructure, and credit, and we cover
M&A and debt advisory & restructuring businesses. It links to my previous experiences for I am
familiar with financial products such as IPO, convertible bond and carve-out through two
investment banking internships and my carve-out case competition, from which I validated my
passion in this industry.

In this case, I applied for Rothschild for its strong position in equity capital market. We are the
specialist in helping clients gain higher values through Equity Capital Markets, Private Capital
Advisory, Investor Advisory and Redburn. On such extraordinary platform, I can gain insight into
all aspects of public and private equity markets. Also, from what I learned from our colleagues, I
know we are a company with democratic and supporting culture. Therefore, I can perform tasks
with discretion, apply my thoughts into practices, increase client-facing ability, and set up well-
rounded skillset as a summer intern at Rothschild.
2. How you fit?
How do you think you will utilise your academic skills and experience to add value to the
division? (150 word limit). *
First, I am a reliable person and can perform tasks in high professionalism. On one hand, I have
an academic background in financial field, learning courses such as Corporate Finance and
Financial Accounting in both my undergraduate degree and at London Business School.
Meanwhile, with relevant internships, I am exposed to various financial products and
accumulate my business acumen. Therefore, I can adapt to our daily work quickly and perform
tasks in an adequate manner, facilitating the whole process and adding value to our clients.
Secondly, I am a person with strong interpersonal skills. In my past internships, I clarified my
leader’s expectations first and kept team members aware of schedule. Meanwhile, I also
communicated with clients timely and delivered analysis to them in a structural way. So, I can
transfer these skills to Rothschild’s work, while adding value to both team and clients.
3. Goal and how you achieve, your differences
Tell us about a goal that you set for yourself and how you reached it. How does this achievement
differentiate you from others? (150 word limit).
Once I acted as co-founder of an entrepreneurship project which was about sanitary napkin
vending machines and aimed to provide convenience to girls.

However, we met with land grant hurdle from our school. At that time, I proposed getting the
joint signatures of the girls in our school. Then, we canvassed 600+ female dormitories, and

the same time, indicating my ability to put up new solutions and cater to clients’ demand
promptly at Rothschild. Secondly, I am also a person with a strong willpower to conquer
hurdles, and can figure out solutions through teamwork. This ensures my work quality and
emotional stability in workplace.
RBC
1. How does RBC differentiate itself from its competitors and why
does it appeal to you?
Firstly, from firmwide level, we have been listed as the world’s most admired companies and
act as the market leader, indicating the impacts we bring to the society. Secondly, as for our
investment banking businesses, we did the London Stock Exchange’s $27bn acquisition of
Refinitiv deal, which won the deal of the year award in 2021. Furthermore, we specialize in Oil &
Gas and transport businesses, completing deals such as Coastal GasLink Pipeline and Highway
104 PPP in 2020. It's a great platform to kick off my career and build me with a well-rounded
skillset. Thirdly, we are superior to peers in highly inclusive culture. We are awarded the best
place to work for LGBT equality, and are composed into Bloomberg Gender-Equality Index for
consecutive years. Therefore, I can work alongside diversified minds, gaining different
perspectives, and propose fresh ideas to clients to solve the most challenging problems.
2. What attracts you to a role in Global Investment Banking with
RBC? What activities would you expect to carry out on a day to
day basis?
Firstly, working in IB can have a visible influence on companies by helping them proceed key
production activities and reach out to the broader market. In this case, I applied for RBC for its
strong position in this sector who conducted first-class deals. Also, from what I learned from our
colleagues, I know we are a company with democratic and supporting culture. Therefore, I can
achieve win-win results with colleagues at RBC.
Usually, there are three parts of our job. Firstly, we pitch to clients and bid for potential project.
Then we do due diligence, coordinating with corporates, lawyers and accountants to write
prospectus. The last part is to sell the company’s stocks. Therefore, we conduct comps
analysis and financial modeling to anchor the price. And then pitch to institutional and
individual investors to finally help it initiate on the stock market.
3. What has been your greatest non-academic achievement /
accomplishment within the last 2 years?
Once I acted as co-founder of an entrepreneurship project which was about sanitary napkin
vending machines and aimed to provide convenience to girls.
However, we met with land grant hurdle from our school. At that time, I proposed getting the
joint signatures of the girls in our school. Then, we canvassed 600+ female dormitories, and
the same time, indicating my ability to put up new solutions and cater to clients’ demand
promptly at Rothschild. Secondly, I am also a person with a strong willpower to conquer
hurdles, and can figure out solutions through teamwork. This ensures my work quality and
emotional stability in workplace.

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2023 Beha and Tech Questions

12. [obstacles] An occasion you need to overcome substantial

21. [multiple] You are asked to lead a team comprised of employees

24. [new team member] A new team member is added to your

27. [under-valued] One of your team members feel that their

4. What are the three financial statements and how are

5. Thinking about the impact of COVID-19, how do you

9. You have two ropes, each of which takes 1 hour to

14. Difficult decision, situation and your action

18. [recent event] Tell me about a recent event

26. Imagine you recently joined a team that has differing

2. Loosely Defined Task

5. Unique life exep

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2023 Beha and Tech Questions-Christine

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2023 Beha and Tech Questions-Christine

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2023 Beha and Tech Questions​

12. [obstacles] An occasion you need to overcome substantial

21. [multiple] You are asked to lead a team comprised of employees

24. [new team member] A new team member is added to your

27. [under-valued] One of your team members feel that their

4. What are the three financial statements and how are

5. Thinking about the impact of COVID-19, how do you

9. You have two ropes, each of which takes 1 hour to

14. Difficult decision, situation and your action​

18. [recent event] Tell me about a recent event

26. Imagine you recently joined a team that has differing

2. Loosely Defined Task

5. Unique life exep​

You might also like

2023 Beha and Tech Questions

14. Difficult decision, situation and your action

5. Unique life exep