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2006 Interview Workshop

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					Presentation to:

Brigham Young University Interview Preparation Workshop

January 25, 2006

Today’s Agenda
Agenda Item Covering…

The interview process and format What attributes we seek How do we identify these attributes The “technical knowledge” competency Final tips Mock interview session

How many rounds, basic structure Skills necessary for near-term and longterm success at Lehman Brothers Content of the interview, preparing your responses Concepts to be familiar with; the case discussion, where applicable

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The Interview Process
Likely scenario…
Round 1 Our meetings with you to date Telephonic 1 interview 20-30 minutes Member of targeted recruiting team Round 2 NY Office 3 interviews 30-45 minutes Bankers – Associates and above Offer Usually communicate within very short time of Round 2 interview

… And likely format
Introductions Resume review “Technical knowledge” discussion Wrap up Candidate Q&A

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What We Look For
Managing Director

SVP/Vice President

We consider attributes or “competencies” for both near-term and long-term success Ours is a team oriented culture, not one that favors individual achievers It is important to understand how each bank you speak with views this balance, since it may drive a different interview format

Associate

Analyst
•Client Relationship Building •Strategic Thinking •Industry/Product Expertise •Execution Expertise

Execution

TEAM ORIENTATION

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Attributes/Competencies…
Attribute/Competency Attribute/Competency What We Look for

Problem solving/analytics

Raw smarts, quantitative ability, analytic approach/logic, intuitive business sense

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Attributes/Competencies…
Attribute/Competency Attribute/Competency What We Look for

Problem solving/analytics

Raw smarts, quantitative ability, analytic approach/logic, intuitive business sense Will be assessed relative to your current level of education and experience

Technical knowledge

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Attributes/Competencies…
Attribute/Competency Attribute/Competency What We Look for

Problem solving/analytics

Raw smarts, quantitative ability, analytic approach/logic, intuitive business sense Will be assessed relative to your current level of education and experience Humility, adaptability, maturity, listening skills, sensitivity, self confidence, assertiveness

Technical knowledge

Team skills/professionalism

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Attributes/Competencies…
Attribute/Competency Attribute/Competency What We Look for

Problem solving/analytics

Raw smarts, quantitative ability, analytic approach/logic, intuitive business sense Will be assessed relative to your current level of education and experience Humility, adaptability, maturity, listening skills, sensitivity, self confidence, assertiveness Attracting followers, integrity, interest and ability to create a joint vision, creating opportunity for others

Technical knowledge

Team skills/professionalism

Leadership

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Attributes/Competencies…
Attribute/Competency Attribute/Competency What We Look for

Problem solving/analytics

Raw smarts, quantitative ability, analytic approach/logic, intuitive business sense Will be assessed relative to your current level of education and experience Humility, adaptability, maturity, listening skills, sensitivity, self confidence, assertiveness Attracting followers, integrity, interest and ability to create a joint vision, creating opportunity for others Bias to action, driven to excellence, preparedness, work ethic

Technical knowledge

Team skills/professionalism

Leadership

Initiative

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Attributes/Competencies…
Attribute/Competency Attribute/Competency What We Look for

Problem solving/analytics

Raw smarts, quantitative ability, analytic approach/logic, intuitive business sense Will be assessed relative to your current level of education and experience Humility, adaptability, maturity, listening skills, sensitivity, self confidence, assertiveness Attracting followers, integrity, interest and ability to create a joint vision, creating opportunity for others Bias to action, driven to excellence, preparedness, work ethic

Technical knowledge

Team skills/professionalism

Leadership

Initiative

Communication

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Attributes/Competencies…
Attribute/Competency Problem solving/analytics

Technical knowledge

Team skills/professionalism

We are looking for demonstrated excellence in any/all of these competencies

Leadership

Initiative

Communication

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“Demonstrated Excellence”
Think about specific examples to demonstrate your skills, and be prepared to discuss in your interview
Initiative Leadership Problem Solving

Situations where outcome would not have been achieved if not for your involvement Following the “path of resistance” Doing your “homework” for the interview – understanding our industry and players – Conveying your motivations for entering the industry

Specific roles and awards – in school – in previous work experience – in outside activities

High academic performance – GPA – test scores – awards Achievement in previous jobs

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The “Technical Knowledge” Competency
Dependent on your divisional interest, you should familiarize yourself with relevant concepts; for example. . .
Finance
Discounted Cash Flow Analysis Free cash flow Terminal value – WACC – – – – – – Comparable Company Analysis – Enterprise value vs. equity value multiples – – –

Accounting
Basic Income statement Balance sheet Cash flow statement Purchase accounting Cash EPS Deferred taxes Pension accounting Recap accounting LBO accounting

Economics
Supply and demand Money supply Interest rates Leading and lagging indicators – – – – Unemployment Retail sales Housing Etc.

Capital Markets/Theory
Bond pricing Equity markets Foreign exchange High Yield Interests rates Investor types

Asset Management / PCS
Portfolio theory Optimization Diversification Tax treatment

Intermediate

Comparable Transaction Analysis – Enterprise vs. equity value multiples premium analysis

Advanced

CAPM

REMEMBER: Technical knowledge will be assessed relative to your current level of education and experience

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Final Tips
Know your resume thoroughly and be prepared to discuss any detail on it Ensure resume highlights key competencies required by investment banks Resume Include only what you feel comfortable talking about and know it by heart Be able to explain clearly why you made certain choices (e.g., business school, college, first job) Answer the question that is being asked Answering Questions Take a moment to think about your answer – a well thought out answer is better than a fast answer Be direct in your answer and stand by your reasoning Avoid jargon Remain composed and balanced Body language, composure, volume Personal Impact Is Important Always look the interviewer(s) in the eye and use their name(s) Relax and try to learn from the interview You are an accomplished individual by any measure Remain Calm and Confident You have many resources available to assist you Many others have succeeded before you

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Other Resources Available to You
Stay knowledgeable about the industry – read the Wall Street Journal, Financial Times, Economist, etc. Watch CNBC, CNNfn Read career resource guides/websites – either school-specific or “third party” (e.g., Wetfeet press) Practice mock interviews – Test your responses on friends, career resources professionals – Practicing will give you more confidence

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DOCUMENT INFO
Description: MBA Investment Banking Preparation