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Underground Guide
Finance
generally does not have voting rights, but has a higher claim on assets and earnings than the common
shares. For example, owners of preferred stock receive dividends before common shareholders and have
priority in the event that a company goes bankrupt and is liquidated.
Glass-Steagall Act of 1933 An act enacted by Congress during the Great Depression that prohibited
commercial banks from collaborating with full-service brokerage firms or participating in investment
banking activities. It protected bank depositors from the additional risks associated with security
transactions. The act was dismantled in 1999.
Gramm-Leach-Bliley Act of 1999 A regulation that attempts to update and modernize the financial
industry. The main function of the Act was to repeal the Glass-Steagall Act that said banks and other
financial institutions were not allowed to offer financial services, like investments and insurance-related
services, as part of normal operations. Since many regulations have been instituted since the 1930 to protect
bank depositors, the GLBA was created to allow the financial industry to offer more services.
Institutional Investor A non-bank person or organization that trades securities in large enough share
quantities or dollar amounts that they qualify for preferential treatment and lower commissions.
Institutional investors face fewer protective regulations because it is assumed that they are more
knowledgeable and better able to protect themselves. Examples include pension funds and life insurance
companies.
Interest Rate The amount changed, expressed as a percentage of principal, by a lender to a borrower for the
use of assets. Interest rates are typically noted on an annual basis, known as the annual percentage rate
(APR). The assets borrowed could include, cash, consumer goods, large assets, such as a vehicle or building.
Interest is essential a rental, or leasing charge to the borrower, for the assets use. When the borrower is a
low risk party, they will usually be charged a low interest rate; if the borrower is considered high risk, the
interest rate that they are charged will be higher.
Leverage The use of various financial instruments or borrowed capital, such as margin, to increase the
potential return of an investment. Also represents the amount of debt used to finance a firms assets. A firm
with significantly more debt than equity is considered to be highly leveraged.
Liquidity The degree to which an asset or security can be bought or sold in the market without affecting
the assets price. Liquidity is characterized by a high level of trading activity. Assets that can be easily
bought or sold are know as liquid assets. Also known as marketability.
Retail Investor Individual investors who buy and sell securities for their personal account, and not for
another company or organization.
Securization The process through which an issuer creates a financial instrument by combining other
financial assets and then marketing different tiers of the repackaged instruments to investors. The process
can encompass any type of financial asset and promotes liquidity in the marketplace. A perfect example of
securitization is mortgage-backed securities. By combining mortgages into one large pool, the issuer can
divide the large pool into smaller pieces based on each individual mortgages inherent risk of default and
then sell those smaller pieces to investors. This process creates liquidity by enabling smaller investors to
purchase shares in a larger asset pool.
Security An instrument representing ownership (stocks), a debt agreement (bonds) or the rights to
ownership (derivatives).
Sell Side The retail brokers and research departments that sell securities and make recommendations for
brokerage firms customers. This is the opposite of the buy-side entities.
Underwriting The process by which investment bankers raise investment capital from investors on behalf
of corporations and governments that are issuing securities (both equity and debt) by issuing insurance
policies.
Valuation The process of determining the current worth of an asset or company. There are many
techniques that can be used to determine value; an analyst valuing a company may look at the companys
management, the composition of its capital structure, prospect of future earnings, and market value of
assets.
Advisory
o Provide ideas to develop structured products for clients
o Advise on areas such as ratings to business/management strategies
o Help enhance value by influencing financing and strategic decisions
Mergers & Acquisitions
o Another form of advisory services provided by bank
o Deals specifically with M&A
o Compile pitch book to market to potential M&A clients
o Negotiate transactions and provide strategic advice from perspective of buyer or seller
Raising Capital
o Provide advice on sources to raise funds
o Underwrite issuance of debt and equity instruments
o Perform role of underwriter for companies undergoing IPO
o Approach investors to sell common stock of company
Independent Banks These investment banks are notable for M&A advisory roles and securities
underwriting, but not affiliated with large commercial banks.
Boutique Banks These are smaller and more specialized investment banks that may focus on certain
types of investment banking, a specific industry, or specialized transactions. Banks classified as such
typically work on deals of under $1 billion and assist the sell-side.
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Interview Preparation
To land an internship in investment banking, there are a few different types of interviews you may
go through. In some cases, you will have a short, preliminary phone interview with the purpose of screening
candidates before moving on to in-person interviews. Typically, a first-round on-campus interview will last
between 30 to 45 minutes. While you may be asked the occasional technical questions, the bulk of your
interview will consist of behavioral and fit questions. You will have a chance to walk through your
experiences and highlight anything that may not be obvious from your resume or cover letter to make your
case. The last 5-10 minutes will be open to any questions that you may have. Once you move on to the next
round, you will be interviewing as part of a super-day, where you will have several rounds of interviews with
different employees of the firm. Here, you will receive both fit and technical questions of varying difficulty.
Tips for Interviews
First impressions are key, so dress appropriately in professional, formal business attire. It is better
to overdress than underdress, but please, no cufflinks or crazy color combinations.
If there are multiple interviewers, be sure to distribute equal attention and eye contact in the
conversation to both. Speak clearly and confidently dont rush your answers.
When the interviewer asks you to walk him through your resume, be brief. Touch on the most
important and key points. Breaking into Wall Street states that you should:
1. Be chronological.
2. Show how each experience led you in the direction of finance.
3. State why youre interviewing today.
4. Aim for 2-3 minutes.
Do research beforehand about the firm what makes the firm stand out to you? You should also
know the position you are interviewing for so you can speak to your motivations for applying. Know
the name of the CEO, the stock price, and any recent transactions involving the firm.
Keep up to date on current news to help demonstrate knowledge and interest in finance/banking.
Be able to speak in detail about your past experiences and use specific anecdotes to support your
answers.
Structure your answers. J.P. Morgans website mentions the Problem-Actions-Results approach to
highlight your problem-solving skills. Reiterate the problem, speak about your actions, then clearly
show what resulted directly from your actions.
Prepare some questions to ask your interviewers to show your interest. These can be about your
specific position or the interviewers own experience and background.
Ask for a business card and follow up after the interview to thank your interviewers for their time
and request feedback.
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Sample Questions
Fit
Why investment banking? How do your past experiences lead to interest in this industry?
What was the most interesting thing you took away from your past work experience?
What would you consider to be your greatest accomplishment/failure? What did you learn from the
experience? How would you do things differently?
Give an example of a time you had a conflict with a superior. How did you approach this problem?
How did you resolve this conflict?
What do you consider your greatest strengths/weaknesses? How have you tried to overcome your
weakness?
Tell me about something interesting about yourself that is not on your resume.
Where do you see yourself in 5 years? 10 years? What are your long-term goals?
Technical
How does this event (i.e. depreciation expense) impact the three financial statements?
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Recommended Classes
15.401:
Course Description: Core theory of modern financial economics and financial management, concentrating on
capital markets and investments. Topics include functions of capital markets and financial intermediaries,
asset valuation, fixed income securities, common stocks, capital budgeting, diversification and portfolio
selection, equilibrium pricing of risky assets, the theory of efficient markets, and an introduction to
derivatives.
15.402:
Course Description: Continuation of 15.401, concentrating on corporate financial management. Topics
include capital budgeting, investment decisions and valuation; working capital management, security issues;
dividend policy; optimal capital structure; and real options analysis.
15.501:
Course Description: Preparation and analysis of financial statements. Focuses on why financial statements
take the form they do, and how they can be used in evaluating corporate performance and solvency and in
valuation of corporate securities. Introduces concepts from finance and economics (e.g., cash flow discounting
and valuation) and explains their relation to, and use in, accounting. Students taking the graduate version
complete additional assignments. Permission of Sloan Educational Services required for all crossregistrants.
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Interviews
J.P. Morgan Summer Intern
Why did you choose to go into investment banking and work for J.P. Morgan?
I chose to go into banking because when I was a freshman, I looked up the seniors who went into
banking. I could see myself in their shoes. When I interned at J.P. Morgan, the work was
interesting and engaging. It was a challenging, exciting, and fast-paced environment. People were
really interested in what they were doing. I liked learning about individual companies while
developing an understanding of the sector and industry the company operates in.
I chose to return to J.P. Morgan as a full-time employee because of the people there. The MIT
network is really strong. The atmosphere is collegiate and welcoming. Ill be working 80 to 100
hours, so I need to not only respect my coworkers, but also be able to be their friend.
What do you think sets your company apart from other investment banks?
I personally chose J.P. Morgan because of its culture. I had always heard that the atmosphere at J.P.
Morgan was suppose to be more collegiate and friendly than other banks, but I had always
wondered why this was the case. The way that one MIT graduate explained it was that J.P. Morgan
is a huge firm with an investment banking branch. Its not just an investment bank. As a result the
cultures from the other divisions within in company influence the culture in the investment bank
making it a little less intense and a little more laid back. However, despite this, it still manages to be
a top player in the industry.
What was your approximate pay for a summer internship, including all stipends and
bonuses?
The pre-tax pay, including a living stipend, was approximately or a little less than $13,000. I was
not paid for overtime.
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cubicles. As interns, we all got desks and some of them were in the bull pen. We spent the entire
time in office unless we worked on a live deal. In that case, the intern worked with a client or went
on a road-show. One of the interns I knew went on a two week road-show for an initial public
offering.
The intern sponsor initially assigned us to one to three different projects, depending on how much
work each project required. On a typical project, there was an analyst, probably an associate, and
either a vice president, executive director, or managing director. The size of the team varied. I
worked on a total of five projects during the summer. On some projects, I worked closely with an
analyst. On another project, I worked directly with the managing director.
As a team, most of the interns and analysts ordered dinner around the same time and ate together in
a conference room. We also had a couple intern outings over the summer (karaoke, Dave and
Busters, Slate, etc) and a couple team outings (bowling, various activities at a country club, etc).
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What is the procedure and timeline for full-time offers at your company? How many
interns were offered full-time positions?
J.P. Morgan has not traditionally done full time recruiting at MIT. This past summer, every
summer analyst from MIT received a full-time offer. In the Technology, Media & Telecom group,
only one intern did not receive a full time offer and he was given a warning that he wasnt
performing well. As long as you work hard, you should be able to receive a full-time offer.
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What was your approximate pay for a summer internship, including all stipends and
bonuses?
As a sophomore, I received a $2000 bonus to start the summer and then paid around $1000 a week.
Juniors got the bonus plus $1500 a week. Additionally, I got $30 for dinner every day and $500 for
transportation to and from New York City.
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What is the procedure and timeline for full-time offers at Morgan Stanley? How many
interns were offered full-time positions?
For the summer analysts, we found out about offers the day after our last day of work. For nonsummer analysts, full time recruiting goes on in the fall. In my group, all but two interns received
offers to return. Morgan Stanley does not have quotasthey will give offers to every person who
works hard enough to deserve one.
What do you think sets Morgan Stanley apart from other investment banks?
I touched upon this in earlier questions. Its a top-quality firm in terms of the reputation and the
people, without being cutthroat.
What was the approximate pay for a summer internship, including all stipends and
bonuses?
For interns last year, the base salary was $70,000, which is about $13,500 for the entire internship.
They also got paid overtime and received a housing stipend.
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deal-driven and fast-paced. If theres a deal launching in 24 hours, everyone is there working on it.
Every day I go into work having a sense of what to expect, but anything could come up. In that
sense, the work is exciting.
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What is the procedure and timeline for full-time offers at your company? How many
interns were offered full-time positions?
After my summer internship, everyone from MIT got full-time offers. That speaks well for Morgan
Stanley and for MIT. The people from MIT tend to be very top-notch. Morgan Stanley doesnt over
hire an intern class. As an intern, there is a full-time spot for you if you prove that you can do a good
job. MIT has had a very high success rate of summer interns receiving full-time offers. Summer
internships are increasingly important for getting full-time offers. We obviously do full-time
recruiting, but the focus is on summer recruiting.
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Major Players
Goldman Sachs
Sales and trading in Goldman Sachs takes place in the Securities Division, which is composed of Fixed
Income, Currency and Commodities (FICC) and Equities. Their trading revenues are generated in three
ways:
Carry out a high volume of transactions for modest spreads and fees in large, highly liquid markets
Undertake transactions in less liquid markets where spreads and fees are generally larger.
Structure and execute transactions that address complex client needs
Divisions
1. FICC
The FICC division makes markets and trades interest rate and credit products, mortgage-related securities
and loan products and other asset-backed instruments, currencies and commodities, structure and enters
into a wide variety of derivative transactions, and engages in proprietary trading and investing. It has five
principal businesses: commodities; credit products, currencies, interest rate products, including money
market instruments, and mortgage-related securities and loan products and other asset-backed instruments.
2. Equities
The Equities division makes markets and trades equities and equity-related products, structures and enters
into equity derivative transactions, and engages in proprietary trading. It generates commissions from
executing and clearing client transactions on major stock, options and futures exchanges worldwide through
its Equities client franchise and clearing activities. Its two principal businesses are: 1) client franchise
business, equity derivatives and convertible securities markets, which includes primarily client-driven
activities in shares, such as clearing client transactions on major stock, options and futures exchanges,
trading equity-related products and facilitating client transactions in general, and 2) principal strategies, a
multi-strategy investment business that invests and trades capital across global public markets, including
fundamental equities and relative value trading, event-driven investments, convertible bond trading and
various types of volatility trading.
Skills They Look for
Particular skills required for some areas within Equities:
In some areas, such as Strategies, we seek candidates who possess high analytical skills with intensive
quantitative background. These can come from a variety of disciplines:
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Particular skills required for some areas within Fixed Income, Currency and Commodities
In some areas such as Strategies, we seek candidates who possess high analytical skills with intensive
quantitative background. These can come from a variety of disciplines:
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9:00 a.m. Go over todays marketing plan with senior marketer discuss the best clients to
be talking to/thinking about.
Send emails to clients updating todays market happenings and any specific ongoing conversations.
10:00 a.m. Receive call from client to trade $200MM interest rate swap.
Price with trader, and execute the deal.
10:15 a.m. Paper the trade: enter the details in the system and get the process started to
have the back office generate a trade confirmation ticket.
11:00 a.m. Call traveling senior marketers to checkin, see if they need anything.
11:30 p.m. Lunch on the desk.
12:00 p.m. Make calls to clients to follow up on earlier emails and ongoing trade
discussions.
Draft and send yield curve analysis to a client on behalf of a senior marketer.
Listen in on senior marketers' client calls.
2:00 p.m. Work on client pitches for senior marketers' client presentations draft market
updates, historical data graphs and indicative pricing grids.
4:00 p.m. Active trading slows down.
Take time to work on pricing model project and new trade structuring processes.
6:30 p.m. Tie up loose ends from the day and go home.
Morgan Stanley
Morgan Stanley has a large client base, and works with a broad range of asset classes. Its Sales and Trading
takes place in two large divisions, Institutional Equity and Fixed Income.
Divisions
1. Institutional Equity
Morgan Stanley's Institutional Equity division is a global leader in the origination, distribution and trading
of equity, equity-linked and equity-derivative securities. Sales and Trading in this division offers cash
and electronic trading platforms where Morgan Stanley acts as principal/market maker and agent in
executing transactions globally in equity and equity-related products, which include equity swaps, options,
warrants and futures overlying individual securities, indices and baskets of securities and other equityrelated products. Other services in this division include Equity Financing Services, Electronic Trading,
Quantitative Strategies and Global Commission Management.
2. Fixed Income
This division deals with diverse products. It is divided into four groups: commodities, interest rate and
currency products, credit products and distribution.
Commodities Morgan Stanley is a market leader in energy and metals trading. Professionals
trade physical commodities as well as associated derivatives and futures. Its active presence in these
markets enables clients to take advantage of market opportunities as well as manage the price risk
inherent in their business.
Interest Rate and Currency Products Morgan Stanley is a global dealer in interest rate and
currency products.
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Credit Products Group (CPG) Trades all cash and derivative products for securities with
embedded credit in areas including municipal securities, corporate credit group(CCG), which
encompasses investment grade and high-yield bond and credit derivatives trading, and securitized
products group (SPG), which engages in structuring, underwriting and trading of collateralized
securities (i.e. asset/mortgage/commercial-backed securities).
Distribution The sales function exists in all product areas to connect Morgan Stanleys resources
with institutional clients. Salespeople help these clients to achieve their particular investment
objectives, providing them not only with product expertise but also with immediate access to all
areas of the firm.
Jane Street
Jane Street is a quantitative proprietary trading firm that strives to bring a deep understanding of markets
as well as a scientific approach and innovative technology to bear on the problem of trading profitably.
Unlike a traditional hedge fund, Jane Street's focus is on trading, not investing. Because they neither raise
money from outside investors nor have clients or customers, their attitude to risk is very conservative.
Traders work in teams to seek out and take advantage of pricing inefficiencies, develop models, manage risk,
investigate new products, and push into new business areas. Experienced traders mentor newer colleagues,
whose responsibilities increase with their capability.
What They Look for
Citadel
Citadels Asset Management business deploys capital through multiple investment strategies across the
worlds major markets. Along with conducting fundamental research and quantitative analysis, they develop
executable ideas with their proprietary modeling and trading tools. The following are six areas they provide
services for:
Equities: stock selection based on a rigorous portfolio construction and risk management framework
Convertibles: Using inputs from Citadels proprietary capital structure model, they create a diverse
portfolio composed mainly of U.S. and European holdings
Energy: Uses quantitative analysis to identify value investment opportunities in North American
natural gas market, European gas and power markets and the global crude oil and refined products
markets
Macro: Uses quantitative analysis to devise value investment strategies across G20 and liquid
emerging markets, fixed income, currency and equity securities and commodity markets
Rates: Fixed-income products mainly in G10 countries through direct investments or derivatives
Fundamental Credit: Invests primarily in single-name credit instruments. Isolates idiosyncratic
credit movement
Quantitative Credit: Uses credit arbitrage and structured credit (tactical trading) in fixed income
Mortgages: Invests in non-agency residential mortgage-backed securities, whole loans and related
financial instruments within the mortgage asset class
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GETCO
GETCOs approach in Sales and Trading is based on transferring risk in the most efficient way possible.
GETCO is a NYSE designated market maker that provides continuous two-sided markets by posting buy
and sell orders. These market makers facilitate price discovery and maintenance of liquid and transparent
markets. They trade their own capital. Has an Alternate Trading System(ATS) that provides investors with
direct, anonymous access to the liquidity of a global market maker.
Sample Questions
Fit
Your resume
o Walk me through your resume.
o Tell me about *a specific part of your resume*.
Your motivations for applying
o Why interested in finance?
o Why interested in Sales & Trading, as opposed to Investment Banking?
o Why this division? (e.g. fixed income vs. equity)
o Why our company?
Incidents in which you demonstrated a certain quality
o Tell me about a time you took risk.
o Tell me about a time you were put under pressure and how you dealt with it.
o Tell me about your experience in a fast-paced situation.
Brainteasers/Estimation
Mental math
o 17% of 245
o Two-digit multiplication
Probability
o Coin flip, die roll, card draw etc.
Brainteasers (Refer to questions below)
Estimation problems
o How many supermarkets are there in U.S.?
o How certain are you in your answers? How much would you bet on them?
Miscellaneous
o Proofs
Questions
1. What is the probability that the first business day of a month is a Monday?
2. What is the greatest dollar value in coins you can have in your hand without being able to make
change for a dollar?
3. If the fair value of a CD today is $5 and it will be worth either $6 or $1 tomorrow, what is the
probability that it will be worth $6 tomorrow?
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4. You have a large cube (10x10x10) made up of small cubes (1x1x1). If I were to remove all of the small
cubes with a surface on the exterior, how many small cubes would be left?
5. I have two coins, one of which is double-headed and one of which is normal. You randomly pick one
and flip it 10 times and get 10 heads. What is the probability that you chose the double-headed coin?
6. You are standing outside a 100-story building holding two identical glass spheres and know that
either sphere would shatter upon hitting the ground if dropped from the roof, but would not
necessarily shatter if dropped from the first story. What is the least number of drops needed to
guarantee that you have identified the lowest story from which you can drop the spheres without
them shattering?
7. You have an object whose weight is an integer value somewhere between 1 and 100 and a balancing
scale. What is the fewest number of weights you need to be guaranteed that you can correctly
identify the weight of the object?
Answers
1. This question is a fairly simple logic question designed to test how you think and specifically
whether you under think or overthink the problem. The person who overthinks the question would
try to think through the number of days in each month and how the days have fallen historically to
arrive at an answer. The person who severely under thinks the question would blurt out 1 in 7 and
the person who shows some thinking, but gets the answer wrong would say 1 in 5 (because there are
5 business days). The correct answer is 3 in 7 because if the first day of a month is a Saturday,
Sunday or a Monday then the first business day is a Monday.
2. This question tests your ability to reason logically to arrive at an answer. You would start with
quarters because they have the greatest value and then move to dimes, nickels and pennies, taking
the maximum number of each without being able to make change for a dollar. You could take 3
quarters, 4 dimes, 0 nickels (because 3 quarters, 4 dimes and 1 nickel would be a dollar) and 4
pennies for a maximum dollar value of $1.19.
3. This question tests to some extent your knowledge of finance as well as your ability to calculate
expected value in a very easy problem. You would need to know that the fair value of the CD is its
expected value. If the expected value of the CD is $5 and it is either $1 or $6 tomorrow then it must
have a 20% chance of being $6 tomorrow because (.2)(6) + (.8)(1) = 5.
4. This question simply tests your ability to reason logically. You would discover that if you remove all
of the small cubes with a surface on the exterior then you would be left with an 8x8x8 cube and
therefore there would be 512 small cubes remaining.
5. This question tests your ability to calculate probabilities. It is a simple conditional probability
question in which you calculate the probability that you had chosen the double sided coin given that
you flipped 10 heads which is P(Double|10 heads) = 1/(1+0.5^10) = 1024/1025. The probability that
you chose the double sided coin is 99.9%.
6. This question tests your ability to reason using iterative logic. If you were to add the series
1+2+3+4+5, the first number on which you would cross 100 is 14 and thus the 14 drops case is
the most efficient iterative test. You would drop the first orb from the 14th then 27th then 39th then
50th then 60th then 69th then 77th then 84th then 90th then 95th and then 99th floor. If the first
orb breaks at the 14th floor then you would test 1-13 and if it breaks at the 39th floor, you would test
28-38. No matter where the first orb breaks, you will always make 14 drops. This is the fewest
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number of drops you can make and be guaranteed to discover the highest floor from which you can
drop the orb without it breaking.
7. This question once again tests your ability to reason logically. You would start at 1 and then figure
out which numbers you would need to make every combination of numbers between 1 and 100. You
would discover that with weights of 1, 2, 4, 8, 16, 32 and 64 pounds, you could make every value
between 1 and 100 (you dont need a 3 lb weight because you could use the 1 lb and 2 lb weights to
make 3 lbs, but you do need a 4 lb weight; you dont need a 5 lb weight because you can use the 1 lb
and 4 lb weight to make 5 lbs etc.) and thus 7 weights is the fewest number of weights you would
need to be guaranteed that you can find the weight of the object.
Adapted From: http://gottamentor.com/viewAdvice.aspx?a=332
Technical
About the firm
o Who is the CEO of our company?
o What is the current stock price of our company?
o Tell me about what you know about our company.
Numbers you follow
o Dow Jones, S&P 500, NASDAQ
o 10 year bond interest rate
o Oil price, gold price
o Latest stock price of the firm
About the division you are applying for
o What types of risk are there in the fixed income market?
o What is LIBOR?
o Define/explain: bond, equity, future, option, derivative, present value, discount rate
Your knowledge in the industry in general
o How did the financial crisis happen?
Investment opinion
o If I give you $1,000,000, where would you invest it?
o What is a market that you would invest and a market that you would not invest?
Trading simulation
o What would you do if the price rises/falls by x amount?
Recommended Classes
Classes that offer background in probability, statistics and finance are generally helpful.
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Interviews
CitadelFull-time
What types does Citadel attract and what can I do to prepare (ie. classes)?
The work at Citadel is highly intellectual and cerebral. They actively seek those who are
quantitative; course 6, 18, and 8. The best classes to take would include a smattering of computer
science classes along with probability and statistics. You dont need to invest in too many finance
classes; finance they can teach you, but youre much better off learning the math while at MIT.
Citadel Intern
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What was your approximate pay (including stipend and bonus)? What were your work
hours?
$1500/week, no overtime. Free housing and meals. 8am-7pm
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Mentorship program?
Each intern is matched with two mentors. Throughout the summer you have the opportunity to grab
lunch with them, but interaction is minimal in that they arent there watching over you. In other
words, you work fairly independently (they trust you), but they are there if and when you reach out
to them.
Additional Resources
Online
DealBook: http://dealbook.nytimes.com/
Dealbreaker: http://dealbreaker.com/
PIMCO http://pimco.com/
Books
Liars Poker
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