| Investment Banking Summer Analyst |
First round interview was on campus with a VP and the head of
recruiting. Questions started basic- questions about resume, school,
activities, background, etc. Then more about why I wanted to do
investment banking, why am I applying to ML, why do I think I make a
good fit at ML. Finally, technical questions and some brainteasers.
Finance was basic stuff- CAPM, DCF, COMPS, EVA, etc. A lot of
accounting questions! Standard accounting questions included "walk me
through an income statement," "what are the major lines of a cash flow
statement," etc. Questions got tougher as they started to drill on
more about ratio analysis (spotting trends in liquidity, efficiency,
profitability, etc) and others, such as "if sales decrease by 10% and
expenses increase by 5%, what line items in which financial statement
are affected?"
Second Round "Super Saturday" : 6 interviews with 14 people, 2-on-1 and
3-on-1. The 3-on-1's were actually less intimidating, more questions
about personality etc. Go a stress interview in the mid-afternoon with
two VPs who sat there and just stared at me. One started to whistle.
You have to assert yourself and show composure under pressure. Another
interview with an Associate and VP involved rapid fire questions
("what's 36 times 244," "what was ML's stock price this
morning," "what's 2.25% of 2200," "If a higher P/E company acquires a
lower P/E company is the merger accretive or dilutive, why"). Broke
for lunch with the other interviewees at an excellent restaurant by the
Seaport. At the lunch, make sure to engage the people sitting beside
you and in front of you, and take very small bites. You will be asked
questions and be monitored throughout the process.
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Merrill Lynch Interview Surveys
