INVESTMENT BANKING CASEBOOK

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 Profile

Name Prachi Khator Contact (optional) 9660045950

Graduation Degree B.A.(H) Economics

Professional Degree (if any) Certification (if any)

Work-Experience (Co. Name) NA Industry NA Months 0

Process

Company Name Deutsche Bank

Pre-Process Details 1. Buddy Call

2. Networking Round
3. Technical Interview

Whether workshop? No

Flow of workshop, tips (if any) NA

Whether networking round? Yes

Flow of networking, tips (if It is a really good platform to interact with the senior management. Ask
any) relevant questions related to the role. Be curious and excited.
Don’t ask generic questions.

Interview

Number of Interviews 6

Outline of Interviews Buddy Call with VP & Analyst

Buddy Call with Director
Networking Round
3 Rounds of back-to-back interviews

Technical Questions Overview of the sector which you are following?

Recommend some stocks for a long-term investment view.
Economics related: Inflation, unemployment, BoP, foreign exchange,
impossible trinity, monetary policy

HR Questions What do you like to do in your free time?

Current Affairs Questions Synergies of Zee-Sony Merger

What do you think they were Good communication skills, knowledge about the macroeconomic
looking for? scenario, someone who can hold a conversation

What do you think went right Logical flow while answering questions, especially those related to
in the interview? economics, conceptual clarity

What do you think went ---

wrong in the interview?

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 Any tips for the participants Ask relevant questions. Be curious and excited about the role. Do
thorough research about what investment banking entails.

Any recommendations on CFA Level 1 – Corp Fin

reading material Revise FAC – the 3 financial statements and ratios
Equiti PrepBook

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 Profile

Name Aiswarya Ramanan Contact (optional) 9840596048

Graduation Degree B.A.Economics

Professional Degree (if any) Certification (if any)

Work-Experience (Co. Name) Industry -- Months --

Process

Company Name Deutsche Bank

Pre-Process Details 1. Buddy Call

2. Technical Round
3. Networking Round

Whether workshop? No

Flow of workshop, tips (if any)

Whether networking round? Yes

Flow of networking, tips (if It was conducted via zoom. A lot of enthusiastic participation is expected.
any) Curiosity, communication and thought process will be rewarded. Generic
questions should be avoided. Questions with regard to role, sectors,
public deals of the company, initiatives taken by the company and
investment banking sector may be raised. Avoid repeating questions or
asking questions that are not in correlation with the role or the company.

Interview

Number of Interviews 4

Outline of Interviews Buddy Call

Call with VP & Buddy
Networking Round
2 back-to-back interviews on final day

Technical Questions 1. What types of valuation are you familiar with?

2. Explain how would you implement DCF?
3. What is WACC? Advantages and disadvantages?
4. How would you value a lemonade stand?

HR Questions 1. Why investment banking?

2. What excites you about the role?
3. Tell us something that is not on your resume.

Current Affairs Questions Nil

What do you think they were Good communication skills, good understanding of concepts, good
looking for? aptitude.
They expect people to network and participate enthusiastically.

What do you think went right Proper reasoning, clarity of concepts, being spontaneous with answers to
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 in the interview? HR questions

What do you think went -

wrong in the interview?

Any tips for the participants Do enough research about the company. Ask contextually relevant
questions. Always present yourself as a professional.

Any recommendations on IB PrepBook – Equiti

reading material CFA material on Corp Fin

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 Profile

Name Riya Gupta Contact (optional) 9370660845

Graduation Degree B.Sc. Hons (Economics)

Professional Degree (if any) Certification (if any)

Work-Experience (Co. Name) Fresher Industry -- Months --

Process

Company Name JP Morgan

Pre-Process Details 4. Online Assessment

5. Case Study+ GD
6. Interview

Whether workshop? No

Flow of workshop, tips (if any)

Whether networking round? No

Flow of networking, tips (if

any)

Interview

Number of Interviews 3

Outline of Interviews Successive interviews with Associate, VP and ED

Technical Questions 1. What are the different types of valuation?

2. What is Enterprise Value? Why is minority interest added in its
calculation?
3. Why is the multiple EV/Net Income not used in the industry for
valuation?
4. What is discount rate? Different ways to calculate it?

HR Questions 1. What do you like about the role?

2. How does your background make you fit for the role?
3. Strengths, weaknesses, hobbies
4. Short term and long-term goals

Current Affairs Questions 1. What is the value of NIFTY 50 and SENSEX recently?
2. 2 recent M&A deals and the rationale behind them
3. 3 macro-economic trends observed during the pandemic
4. Measures taken by RBI to spur the economy during the pandemic

What do you think they were Strong fundamentals of finance, good with numbers, communication
looking for? skills, problem-solving skills

What do you think went right Strong base of finance and economics, well-aware about current
in the interview? economic scenario

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 What do you think went Took a little longer to solve puzzles
wrong in the interview?

Any tips for the participants Stay updated on current affairs, read about recent M&A deals, clear your
fundamentals about valuation

Any recommendations on
reading material

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 Profile

Name Harshit Agarwal Contact (optional)

Graduation Degree BMS (Finance)

Professional Degree (if any) Certification (if any)

Work-Experience (Co. Name) Industry -- Months --

Process

Company Name JPMorgan Chase India

Pre-Process Details 1. Aptitude test

2. Case study round (Test + GD)
3. Interviews (3 rounds)
4.

Whether workshop? No

Flow of workshop, tips (if any) NA

Whether networking round? No

Flow of networking, tips (if NA

any)

Interview

Number of Interviews 3

Outline of Interviews We had buddy calls which were actually interviews but we were not
informed about it (Got the meeting details 15 mins prior to the
interview). Started with a brief introduction and then went on to ask
more about my work experience. Post this I was asked domain specific
questions.
The first interview was technical heavy and the final interview was a
balanced one.

Technical Questions Link between the different financial statements?

Why do we need cash flow statement?
Which one of the three financial statements would you chose to
analyse a company?
Is EBITDA operating profit?
Is the net income same as reserves and surplus?
What is financial modelling?
Explain basel norms.
Valuation concepts - P/E ratios, DCF
Types of valuation techniques
What is sensex and nifty?
What is enterprise value?
What do you do to pursue your interest in finance?
Latest M&A news - mention numbers and deal rationale.
How is the balance sheet of a normal company and an

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 insurance/bank different?
Discussion on one industry I follow

HR Questions Two Strengths

Your areas of development
Describe yourself in one line
Why JPMC?

Current Affairs Questions GK questions surrounding the Indian Economy and my views on it.
Was asked to quickly convert Indian GDP (was asked in Trillion dollar
figure) into Rs Lakh Crores.

What do you think they were Sound and quick mathematical skills presented with confidence. A
looking for? sincerity and genuine interest towards finance and Investment Banking in
particular was tested in both the interviews. They also look for good
communication skills and prefer crisp answers with as clear meaning as
possible. Every sentence counts.

As an IB applicant they expect you to know about mergers and

acquisitions happening around you and you need to provide some
evidence from within your academic and/or professional journey to show
why you're interested towards the field.

What do you think went right Clearly communicating what I know and what I don't ensured that they
in the interview? stick to basic conceptual questions and current affairs. So you need to be
clear and concise while talking.

What do you think went Wasn't thoroughly prepared with GK questions and fumbled slightly.
wrong in the interview? Spoke a bit more than required in HR questions which led to the
interviewer cutting me off abruptly

Any tips for the participants Be confident and clear about what you know and what you do not.
Make sure to study FAC properly and go through the material provided
by Prepcom
Regularly follow financial news
Know about the company and the role well

Any recommendations on All of PrepCom material is a must and a great starting point. Equiti
reading material material was helpful too. Stay updated on current affairs, again prepcom
sheet helps here. Try to follow a sector and its major events. Since I had
an Economics background, when asked, I told them I follow the RBI and
monetary policy actions regularly.
Make good friends to discuss prep with. Reach out to seniors.

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 Profile

Name Keshav Maheshwari Contact (optional) 9717329369

Graduation Degree B.A Hons Economics

Professional Degree (if any) N/A NCFM-

Certification (if any) Technical
Analysis and
IAPM modules

Work-Experience (Co. Name) N/A Industry -- Months --

Process

Company Name JP Morgan Chase & Co

Pre-Process Details 1. CV Shortlist

2. Online Test (Finance and economics questions mostly)
3. Case study round with GD
4. 2 rounds of interview

Whether workshop? No

Flow of workshop, tips (if any) N/A

Whether networking round? No

Flow of networking, tips (if N/A

any)

Interview

Number of Interviews 2

Outline of Interviews Both the interviews majorly revolved around testing finance related
knowledge and concepts. Apart from this the interviewers also wanted to
check how well can a candidate handle pressure and for that purpose
they asked a few mental math questions like square root of 0.08, angle
between minute and hour hand of a clock at 6:30 etc.

Technical Questions Technical questions mostly revolved around the various components of
the 3 financial statements and they wanted to check how well can a
candidate develop interconnectedness between the 3 statements. For
example: I was asked the impact of change in depreciation on balance
sheet, Income statement and CFS

HR Questions Unable to recall

Current Affairs Questions Effect of covid on various industries and what steps can be taken to
revive growth in those industries

What do you think they were According to me, the recruiters were looking for people who had a keen
looking for? interest in finance and were willing to learn things and improve
themselves. It’s less about having a strong finance knowledge and more

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 about showcasing one’s ability to think on his/her feet and handling
pressure situations effectively.

What do you think went right I had researched a lot about the company and the industry. That, I
in the interview? believe, helped me in demonstrating my interest towards the role and
the domain. I did not hesitate to ask questions from the interviewer and
clearly say- ‘I don’t know’ in case I had no clue about the question being
asked.

What do you think went At a couple of places, I was very prompt in answering the questions but
wrong in the interview? those answers turned out to be incorrect. So it’s better to understand
and think about the question for 10-15 seconds and then give an answer.

Any tips for the participants 1. Finance is something you can’t globe in. In case you don’t know the
answer, it’s always better to say that you don’t know and in case you
have some guess in mind- explicitly mention that you are making an
educated guess.
2. Pick 1-2 sectors and track them on a regular basis and understand what
all major events have happened during the past few years, what are the
key revenue/profit drivers for that industry, etc.
3. Have a set of 4-5 good finance/economics related questions to be
asked at the end of the interview. I would suggest asking questions
around current developments in the business and finance environment.
This showcases a candidates’ interest and keenness towards the domain.

Any recommendations on I would suggest covering the concepts of term 1 FAC course really well
reading material and going through the CFA L1 Financial reporting and analysis book. Apart
from this finance related material given by Prepcom is also very useful.
Finally reading The Economist magazine on a regular basis helped me a
lot during GD and some current affair questions asked during the
interview.

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 Profile

Name Raja Rajeshwari R Contact (optional) 9944051665

Graduation Degree B. Com (Hons.)

Professional Degree (if any) -- Certification (if any) --

Work-Experience (Co. Name) Fresher Industry -- Months --

Process

Company Name JPMorgan Chase & Co.

Pre-Process Details 1. Resume Shortlist

2. Aptitude Test
3. Case-based Group Discussion
4. Final Interviews

Whether workshop? No

Flow of workshop, tips (if any) --

Whether networking round? No

Flow of networking, tips (if --

any)

Interview

Number of Interviews 3

Outline of Interviews 3 back-to-back final interviews of roughly 40 minutes each

Technical Questions How does depreciation impact the three financial statements?
How do you calculate terminal value in DCF? Do you think this
calculation will give an accurate value of the future cash flows?
Where do you get the growth rate from?
Which company’s multiples will you consider if you want to find the
enterprise value of Infosys and why?
Short problems were given to find cost of equity using CAPM, cost of
debt, liquidity ratios and leverage ratios.

HR Questions How do you see yourself 5 years down the line in finance?
Give three reasons why we should reject you.

Current Affairs Questions Calculate the enterprise value of Vodafone Idea using relative valuation
method.
What has been the trend in Sensex and Nifty in 2021 so far?
Do you follow banking sector?

What do you think they were Interest in financial sector, Conceptual clarity, Excellent communication
looking for? and analytical skills, Accuracy in quantitative ability

What do you think went right Conceptual correctness, Ability to interpret financials
in the interview?
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 What do you think went Skipped a couple of current affairs questions thinking the answers had to
wrong in the interview? be accurate but they were looking for the approach

Any tips for the participants Follow one sector of your choice and read in and out about what has
happened and what is happening in that sector, with more focus given to
the top 5 players, new entrants, market multiples, recent M&A activities
and growth projections; Be thorough with the basic accounting and
financial concepts, valuation methods, financial interpretations and most
importantly, your past academic achievements, internships and work
experiences; Be ready for arithmetic questions as well

Any recommendations on Equit-I interview material, CFA level 1 books, Any one financial
reading material newspaper

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 Profile

Name Vanyaa Kansal Contact (optional)

Graduation Degree Bachelor of Management Studies (Finance)

Professional Degree (if any) Certification (if any)

Work-Experience (Co. Name) N/A Industry -- Months --

Process

Company Name JPMorgan Chase & Co

Pre-Process Details 1. Resume Shortlisting

2. Online Test
3. Case Study + Group Discussion
4. Upto 3 Personal Interview Rounds

Whether workshop? No

Flow of workshop, tips (if any)

Whether networking round? No

Flow of networking, tips (if

any)

Interview

Number of Interviews 2

Outline of Interviews Personal Interview with Director/Vice President

Personal Interview with Section Head (CRG Head in this case)

Technical Questions Majority of questions on valuation – different techniques, when to use

what, formulae etc. Conceptual questions of the three accounting
statements. (Nature of questions was like a rapid fire)
How would you value Air India (helps to be aware of ongoing deals and
transactions in the market)
Mental math questions (such as square root of 3 – square root of 2)

HR Questions N/A (I had only 2 interviews, both technical rounds)

Current Affairs Questions Nifty/Sensex closing values yesterday, recent successful/failed IPOs

What do you think they were Grasp of core financial concepts/fundas, mathematical accuracy,
looking for? awareness of economy and markets, thinking on your feet

What do you think went right Being honest about something I did not know, and not getting
in the interview? pressurized by the pace of the interview. Also, having sound fundamental
knowledge and conceptual clarity rather than just mugging formulae

What do you think went One tends to become anxious/nervous due to the overall setting, which
wrong in the interview? sometimes prevents you from being able to verbalise something that you
know (you may go blank on some questions)

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 Any tips for the participants Brush up on your core finance and valuation concepts

Any recommendations on Make a ready reckoner of your own containing formulae, definitions etc.
reading material that you can look at before any finance interview.

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