Interview Tips From The Fed Corporate Recruiting Team
Do your Homework
We’re impressed when candidates have taken the time to do some research and learn about us. Take a look around on our website and social media sites and learn as much as you can.
Dress for the occasion. The best practice is, when in doubt, wear a suit. Even if an office is business-casual attire, it’s still appropriate to wear business attire for an interview.
Confidence is Key
You don’t want to appear too nervous or too relaxed. The best advice is to have confidence in who you are and what you bring to the table. Focus on being your authentic self.
Ensuring that you can speak to your specific experiences is critical. Prepare specific examples to support the work that you have done and the accomplishments that you have made on the job. Try to prepare to have a specific example for each of your answers.
Its OK to Ask Questions
If during your interview, we ask a question and you feel more clarification is needed please let us know. Ask us to clarify or repeat it. Having a solid understanding of the question will position you to provide your best answer.
At the conclusion of the interview, ensure you get contact information from the person or people that you meet with. Sending a follow up thank you note as soon as possible after the interview let us know that you are still interested in us and the opportunity discussed.
Day of the Interview
What Is 17 Squared What’s 18×22
Answer:Don’t worry they want to know how you will handle this question, and it is not difficult if you think about it correctly.
Think 17 x 17 is just 17 x 10 plus 17 x 7. You know 17 x 10 is 170. Now 17 x 7 is 10 x 7 and 7 x 7. This gives you 170 + 70 + 49, or 289. Whatever you do, don’t panic!
Now see if you can do 18 x 22: 18 x 20 + 18 x 2. Easy, 360 + 36 = 396.
As far as brainteasers go, this is a rather common one. You will do better if you have practiced these types of questions.
A Customer Has Come In And States We Wrongly Charged Her A Fee However She Has Overdrawn Her Account How Would You Handle The Situation
It is to be expected that clients will come to you with problems regarding their business with the bank. The interviewer wants to know you will remain calm and patient, but still handle the situation thoroughly.
“I would let the customer voice her complaints and explain the situation from her point of view. Then, I would inform her of the bank’s overdraft policy and let her know why she was charged. I would continue by recommending she download the bank’s text alert feature so that she will be notified when her account reaches a certain balance. Incorporating bank products and services into problem resolution can be very successful. But it all comes down to partnering up with my client to figure out what works best and how we can prevent any issues in the future.”
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Tell Me About A Time Where A Customer Had A Sensitive Financial Situation And You Had To Handle It With Respect And Discretion
When working in the banking industry, there will be times when you’ll encounter customers with financial challenges. It is important for you to be effective at your job while remaining compassionate to leave customers with as positive of an experience as possible. You should show the ability to be empathetic and consider the customer’s emotions while still ensuring that whatever processes are needed, or help that is required, gets carried out to completion.
Example:”While I was working a weekend shift with a line of customers waiting for assistance, I had a customer come in who was having trouble accessing their accounts. As I looked into the problem I discovered that the customer’s accounts had been frozen. Understanding that they were already agitated and this could be a potentially embarrassing situation for them, I asked them to move with me to a computer at the end of the front desk away from the line, citing computer troubles. This allowed me to discuss the situation with them in private to spare them embarrassment, leading to a happier resolution.”
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How Can I Impress In Bank Interview
What can I do to make my responses stand out to the interviewer?
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Wso’s Bonus Tips To Excelling In Hirevue Interviews:
- Dress appropriately This is pretty self-explanatory, make sure you are dressed well and look presentable.
- Rehearse and practiceYou’re at an advantage with Hirevue as you can anticipate which questions are going to be thrown at you. Prepare for these questions beforehand, rehearse and practice your stories. Record yourself and replay it, find places to improve, and repeat the process until you are able to consistently and confidently answer questions. Ideally, the actual Hirevue interview itself should simply be a rehearsal of your past practice sessions, nothing should be catching you off guard. If you want the upper hand, ask your close friends and other respectable people in the industry to review your recordings and offer feedback. Perfect your delivery, practice makes perfect.
- Adopt good speaking practicesAdjust your audio settings well in advance, and ensure your voice is clearly transmitted through the microphone. Maintain eye contact with the camera, straighten your posture and deliver your answers with confidence.
A Room With No Windows Has 3 Light Bulbs You Are Standing Outside With 3 Switches That Control Each Of The Three Bulbs If You Can Only Enter The Room Once How Can You Determine Which Switch Controls Which Bulb
Answer:First, turn on two switches: call them Switch 1 and Switch 2. Leave them on for a couple of minutes to let them get nice and hot.Then, turn off Switch 1 and enter the room. The bulb that is lit should be the one that is controlled by Switch 2.Of the remaining two bulbs, the hot one is the one controlled by Switch 1. The last one, off and not hot, is controlled by Switch 3.
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Why Do You Want To Work At This Bank
Depending on the part of the country you live in, there are likely to be numerous banks you can apply to work at. Therefore, the interviewer needs to make sure that you are interested in working at that particular bank. Before the interview, you should do extensive research on the company that will help you to answer the question.
You should begin the question by mentioning a couple of aspects about the bank that are particularly impressive. These could include their excellent reputation and wide range of available products and services. If you are a client of the bank, this is a good thing to highlight and talk about why you chose that bank.
What Is A Leveraged Buyout
It is possible that your employer will ask you for specific definitions of common banking terms and practices. For this reason, it is important that you know your definitions, and how the actual systems work.
Leverage buyout refers to the use of borrowed money or loans to buy or invest in another company. The ratio of debt to equity can be as high as 90-10.
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Build Formal Communication Skills
The interview will be formal and the interviewers will be professional. It is a must that you are sophisticated and not unruly. Maintain an air of confidence, smile regularly and remember not to disrespect the interviewers. They will employ many tactics to test your patience and people skills. You must bear with them and answer with patience and respect. Dress well for the day and do not arrive late because this displays bad etiquette and your chances of being shortlisted will drop drastically. Dont get flustered, reply properly and speak with utmost clarity.
Check The Banks Website
While preparing for a bank job interview, try to do proper research about the bank. Try to know about each and every detail including history, functions, positions about that bank. It will increase the chance of your success in that interview.
According to a report, 47% of interviewers wouldnt offer a job if the candidate had little knowledge of the company. The best option to know about that bank is to check the Banks website.
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What Not To Worry About In Investment Banking Interviews: Brain Teasers And Questions To Ask
Phew. OK, were done with that list of sample questions that ended up being surprisingly long.
Ive seen prospective investment bankers over two subjects that do not matter much for traditional IB interviews: brain teasers and the questions you ask the interviewer when he/she asks if you have any questions at the end.
Brain teasers are more likely in sales & trading interviews or consulting interviews, and less likely in banking because they have nothing to do with the job.
So, I wouldnt recommend spending much time learning how to estimate the number of golf balls that fit in a 747 or how to move water between jugs of different sizes.
If you are worried because youre interviewing at an elite boutique or a group/firm known for brain teasers, get a book to prepare.
On another note, interviewees tend to obsess over the right questions to ask interviewers at the end.
But the truth is, these questions are almost irrelevant unless you say something stupid or inappropriate.
Just ask a question about the persons background, experience at the bank so far, etc., and dont devote brain cells to this one.
Keep The Following Tips In Mind When You Are About To Appear For Your Banking Interview
Interviews are the final hurdles in the selection process of almost all major banking exams that all aspirants must cross to land their dream jobs.Interviews can be very intimidating to some people.
Interviews for banking and finance positions are notoriously tough. Interviewees can expect all the questions from a normal job interview, along with the potential for extremely difficult questions, relating specifically to both financial services and to hypothetical scenarios.
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Can You Elaborate On Amortization
Amortization is an accounting technique that divides the sum amount of a loan into small fixed payments to be paid to the lender.
In simpler words, it is the repayment of a loan in installments to write-off its book value over a period of time.
When the loan payment for a period is lesser than the amount to be paid, it is called negative amortization.
Intelligent Preparation For Interview Questions
First, note that this article is about investment banking interview questions not the overall process, how to win interviews, or what to do before and after the interviews.
Second, Im going to link and refer back to our existing coverage for many of these questions since the most important ones have dedicated articles on this site.
The key preparation point is this: Rather than memorizing 541,763 questions and answers, you should focus on the main question categories and make sure that you have stories and examples prepared for them.
There are only four types of questions youll encounter in interviews at investment banks, and you can prepare for 3 / 4 of them in 1-2 days .
The last category technical questions will take more time and effort, but you can save time by focusing on the right topics and ignoring the fluff.
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Are Bank Interviews Tough
Students are recommended to begin preparing for the IBPS PO Interview as soon as possible. The IBPS PO Interview Round is a difficult obstacle to overcome. The interview is more of a personality test than it is a test of informational content. In this situation, your mental alertness is being tested.
Where Do You Hope To See Yourself In Five Years
Hiring managers ask this question to see whether this is going to be a long-term job for you or a stepping stone for the rest of your career. While they may not expect you to work as a bank teller for the next five years, they do want to see that you are committed to this role. When answering this question, show that this job is valuable for the rest of your career goals. Explain what you hope to achieve in five years and why this job is relevant.
Example:”Within five years, I hope to be ready for a management position at a bank or financial institution. I am hoping to begin my career as a bank teller to familiarize myself with this field and learn relevant skills. I am currently a college student studying finance. While my studies are helpful, I know having this real-world experience will help me immensely. I am committed to being a bank teller throughout my program, and I hope to continue to grow with the bank. I am open to developing my skills and taking on additional responsibilities while working here.”
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How Many Gas Stations Are There In The United States
Answer:With a question like this, the interviewer is looking at your thought process, not that you can figure out how many gas stations are in the U.S.
The easiest way to go about answering a question like this is to start small and work your way to the bigger question.Think about your town. Say your town has 30,000 people, and you have 5 gas stations serving that area.The United States has approximately 300 million people, so that means there are 10,000 “towns” in the United States, and 50,000 gas stations. You then want to make adjustments. For example, assume that a quarter of the population lives in larger cities where there is only 1 gas station per 30,000 people.So you have 7,500 towns with 5 gas stations and 2,500 “towns” with only 1.
Do a little mental math and you get the number of 40,000 gas stations in the U.S.
Acting Overconfident Or Entitled
Valerie Streif, marketing manager at GetMyBoat, warns job candidates to pay attention to their tone.
“Something that hurts a lot of job seekers is being overconfident and unaware of how they sound in an interview,” she said.
While being confident of your skills and excited about the value you can add to a company will benefit you, there is a fine line between poised and arrogant. Acting as if you are entitled to a position will instantly seem rude, no matter how qualified you are. Remember that you were invited to interview, and stay quietly confident and humble.
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Brush Up On Your Communication Skills
One of the key elements of a good Interview is to have good communication skills. Now, bear in mind, this does not always mean that you should be able to speak in an impeccably fluent language, in most cases in the English language. Heres what you need for better communication skills:
Good hold on the required language of the bank, i.e. English or Hindi, or the respective language of the place of employment. You must have the ability to carry a smooth professional conversation in the specified language.
Improve Your Posture: Communication is done in two-fold, verbal and non-verbal. Posture is one of the most important aspects of non-verbal communication. Therefore, it is advisable to sit upright, concentrate on the interviewer who is speaking and asking the questions, avoid fidgeting around a lot while also ensuring you are focused on the task at hand, which is to answer correctly and honestly about questions posed by the interviewers.
Be Presentable: As part of the non-verbal communication, the interviewers will assess you in the manner you present yourself. In other words, prior to an interview, take a proper bath, groom yourself, wear formal clothing, and avoid wearing too many accessories. The manner in which you present yourself would tell the interview a lot about the kind of person you are and the interest you have for the job.
Why Might There Be Multiple Valuations Of A Single Company
Sample Answer: Each method of valuation will generate a different value because it is based on different assumptions, different multiples, or different comparable companies and/or transactions. Generally, the precedent transaction methodology and discounted cash flow method lead to higher valuations than comparable companies’ analysis or market valuation does.
The precedent transaction result may be higher because the approach usually will include a “control premium” above the company’s market value to entice shareholders to sell and will account for the “synergies” that are expected from the merger. The DCF approach normally produces higher valuations because analysts’ projections and assumptions are usually somewhat optimistic.
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Revise And Build Your Resume
Your resume is the first point of contact for an employer in his/her search for a prospective employee. Therefore, if you an old resume, revise the information on the resume and add or delete unnecessary details from them. The resume should include professional and academic qualifications that are relevant to the job profile.
However, you must ensure that all the information that you have added to the resume is correct and you can provide valid proof of the same. While lying on the resume can get to you until the personal interview section of a recruitment session, you will not be able to clear a Personal Interview. Lying on the resume will only negatively impact your reputation as an employee and could lead to poor career development and growth opportunities.
Therefore, BE TRUTHFUL, no matter how insufficient your academic or professional background is. A truthful resume and interview session can help you crack the toughest of interviews.