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对于想进投行工作的同学来说，
面试过程中很大一部分焦虑来自Technical questions
加上英语是留学生的第二语言，
以及准备时间的压力让人压力倍增。
特别是对Junior Banker而言，
没有大量的工作经验，
投行要衡量申请者的硬性条件就会从technical question入手
对于前台banker来说，
日常工作主要使用到的就是Excel和Financial Modeling
不要小看了这些可能是金融专业都会的技术
只有真正扎实地掌握了这些基本功
才能够保证拿到最终进入superday的宝贵机会！

投行面试必备的Technical Question分为四类
  • Accounting
  • Valuation
  • Modeling(Merger Model and LBO)
  • BrainTeasers
关键词 1：Accounting & Financial Statement Questions
即使你来自非会计或者金融背景
，在投行面试中，你也一定会遇到Accounting方面的问题。因为这是最基本的一类问题。

最基础也是最常见的，是可以详细分析三种Financial Statements以及它们之间的关系，能够清晰的向面试官说出来；同时，还需要知道Depreciation或者Inventory加10对财务报表的影响。
当然，也有可能会遇到和现实生活有关的案例，比如 what happens to the 3 statements when Apple manufactures and sells iPads? , what goes intoshareholders’ equity, LIFO vs. FIFO, and less common topics like GAAP vs. non-GAAP andrevenue and expense recognition.
Sample Question
1. If a company incurs $10 (pretax) of depreciation expense, how does that affect the three financial statements?
The most common version of this type of question.  Note that the amount of depreciation may be a number other than $10. To answer this question, take the three statements one at a time.
First, the income statement:  depreciation is an expense so operating income (EBIT) declines by $10.  Assuming a tax rate of 40%, net income declines by $6. Second, the cash flow statement: net income decreased $6 and depreciation increased $10 so cash flow from operations increased $4.  Finally, the balance sheet:  cumulative depreciation increases $10 so Net PP&E; decreases $10. We know from the cash flow statement that cash increased $4.  The $6 reduction of net income caused retained earnings to decrease by $6. Note that the balance sheet is now balanced.  Assets decreased $6 (PP&E; -10 and Cash+4) and shareholder’s equity decreased $6.
关键词 2：Valuation
这三类估值方法是必须知道的（直接包含英文答案）：

1.   Comparable Company Analysis – Look at publicly tradedcompanies and the multiples they trade at, and then apply those to the companyin question.
2.   Precedent Transaction Analysis – Look at what buyers paid forsellers in similar industries and with similar financial profiles and apply themultiples to your own company.
3.   Discounted Cash Flow Analysis (DCF) – Use a company’s projected cash flows, discounting them for thetime-value of money and cost of capital, and sum those with the company’s discounted terminal value to find its present value.
除了这三类估值方法是必须知道的以外，同时还要了解这三类估值方法之间的trade-offs.比如DCF 会比另外两种更加多元化，因为其中包含了很多假设。
Sample Question
What are the three main valuation methodologies?
The three main valuation methodologies are (1) comparable company analysis, (2) precedent transaction analysis and (3) discounted cash flow (“DCF”) analysis.
How do you use the three main valuation methodologiesto conclude value?
The best way to answer this question is to say that you calculate a valuation range for each of the three methodologies and then “triangulate” the three ranges to conclude a valuation range for the company or asset being valued. You may also put more weight on one or two of the methodologies if youthink that they give you a more accurate valuation.  For example, if you have good comps and good precedent transactions but have little faith in your projections, then you will likely rely more on the Comparable Company and Precedent Transaction analysesthan on your DCF.
关键词 3：Modeling （M&A Model and LBO）
大部分建模方面的问题都是
merger models-
分析一个公司收购另一个公司对于公司会有什么影响，或者 
Leveraged Buyout (LBO) Models
 – 计算一个PE公司收购另外一个公司的收益。

对于 merger model最重要的一部分是 accretion/dilution – 也就是说，在一个公司收购了另外一个公司以后，EPS会升高还是降低？通常是在分析用cash, stock或者debt 进行并购这不同方法之间的Trade-off。把这三种方法其中的任意两种组合，都会造成不同的EPS,同时还要考虑到买方公司能够承受多少的Debt,能够实际发行多少的Stock,以及实际拥有多少的Cash。
在解决LBO Model问题时通常有以下三步：
  • Making assumptions about the Purchase Price, Debt/Equity ratio, Interest Rate on Debt and other variables; you might also assume something about the company's operations, such as Revenue Growth or Margins, depending on how much information you have.
  • Create a Sources & Uses section, which shows how you finance the transaction and what you use the capital for; this also tells you how much Investor Equity is required.
  • Adjust the company's Balance Sheet for the new Debt and Equity figures, and also add in Goodwill & Other Intangibles on the Assets side to make everything balance.
  • Project out the company's Income Statement, Balance Sheet and Cash Flow Statement, and determine how much debt is paid off each year, based on the available Cash Flow and the required Interest Payments.
  • Make assumptions about the exit after several years, usually assuming an EBITDA Exit Multiple, and calculate the return based on how much equity is returned to the firm.
关键词 4：Brain Teasers
这一类的问题通常很难准备，因为都是面试官临场想到的一些问题。但是有一项原则必须牢记，那就是不管遇到多么出其不意的问题，都首先要保持冷静，以及非常具有逻辑的思考，有的时候可以thinking out-loud。这些问题在四大和咨询公司也会常常出现，所以可以在网上搜索一些常见的题目练练手。
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