Career Job Interview Flashcards
Tell me about yourself
Career not personal. Recent work experiences. My journey and where I am going.
Accomplishments.
Key strengths as they relate to the job I am applying for. and how that would benefit the firm.
How I see myself fitting in to the company.
Started career / 20 / PM & A / CAD & AUD / Styles / FSA & MFM / Info Data Tools / Tech & RM Frame / Specialization / PM GNRF / 3 Mandates
- 20 years of experience across institutional and high net worth investment management
- Portfolio Manager and Analyst in Australia Canada and Ireland.
- Managed money for Canada’s largest Mutual fund complex (>e100bn). At the other end of the scale I managed AUD$350m of HNW client money.
- Exposure to broad range of investment styles including GARP, value, growth, quality and multi-factor. * Skills including bottom up financial statement and company modelling, multi factor screening models,
- use of Bloomberg, Datastream, Factset, Starmine and Morningstar.
- Robust technical/risk management framework.
- Deep Specialist industry/sectoral skills in the Energy and Materials sectors.
- PM of a Global Natural Resource Fund (4 years).
- I also was named on 3 other funds - European Large Cap Growth, European Mid Cap and Global Equity portfolios.
- WHY DO YOU WANT TO WORK HERE / REASONS WHY
* Need to be honest - what is important to me.
* Do i admire the company, use their products, have a great success story that I am attracted to.
* A specific reason, unique that no one will offer.
* Should demonstrate my ability and understanding with the company.
* Interviewers like to here positives about the company - are you impressed with background and stories of the founders, or i share similar values.
* I love the investment industry and find markets endlessly fascinating. I like the idea of a small team without layers of complexity and overseas reporting lines.
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I compliment the team.
love inv / mid size / gr8r contrib / broader asset class exp / Less excited by mutual fund / nomination top 20
- Firstly I love the investment industry and find markets endlessly interesting.
- I like the fact that the company is mid-size and growing.
- I like the smaller investment team where I think it’s possible to have a larger contribution.
- I like the fact that I will get exposure to a broader set of asset classes - Fixed income, property and Alternatives (including infrastructure)
- I am less excited by the mutual fund model - chasing short term quarterly performance, high fees and lots of musical chairs with positions.
- I like the Top 20 great places to work for med size enterprises nomination. I would love to think its true.
DO YOU PREFER WORKING WITH OTHERS OR ALONE?
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Asking if you are a team player.
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need to show I can work well in team and also shoulder individual responsibility as well
- Both.
- I love the time immersing myself in research and spreadsheets. There are times when I want to put my headphones on and get into the zone and really focus.
- But I also find sharing knowledge and testing my ideas to be fulfilling. Quality checking my thinking with peers is core to my professional practice.
WHAT ARE YOUR SALARY REQUIREMENTS
* Try and avoid it in the interview. * sort it out before when first contacted by the employer * Can you tell me the salary range for this position. * Be honest and tell the interviewer what you want to make and why I am worth it. * Avoid quoting published salary guidelines for your position. * Dont tell the interviewer that you can make more money by going to a different company - comes across as an ultimatum. * Benefits - bring up after you get the job offer. * If you get offer and they are not meeting your salary requirements try to leverage additional vacation. * Another strategy if they are not meeting my salary expectations is to make the additional salary contingent on my performance over the first 90 days. * State a salary range like e110k to e130k.
In discussions with my network, someone with my level of experience sees range of e100k-150k for many roles, as base salary.
Then bonus can be as low as 30% in some places and up to 100% if you are at State Street or Pioneer.
Then places vary as to how much pension or other ancillary benefits are included.
WHAT DO YOU CONSIDER YOUR MOST SIGNIFICANT WEAKNESSES (ONE PARTICULAR AREA OF CRITICISM)
* Real question is could you do the job well and fit into the organization. * Forces the interviewer to tell something negative about yourself * Best way is not to tell the interviewer you have a problem * Talk about the weaknesses you have overcome. I was a somewhat direct in communications and have managed to be more tactful. * I had a real determination to come up with the ultimate best work which sometimes meant not as high productivity as some others. Over time I have managed to work out key drivers and focus on those.
- At this stage in my career, I don’t have any significant wrinkles to iron out.
- But I’m not a sales guy or a cold caller.
- Early in my career, when doing initiation work on companies, I had the habit of being so focussed on getting the call right and doing high quality work, that it was suggested that my productivity could be improved.
- Today I know how to establish what the key drivers are and place the majority of my attention there, and let the subsidary issues get pushed to one side.
What are some of the things you did not like about your last job?
* Dont rattle off any negatives * keep answer short * What opps were denied to me? * Start with positives
Great
- Start with positives like really smart people, always testing the boundaries of up to the minute evolution in markets.
- Latest technology. Full suite of tools
- Scope to explore interests.
- Lots of opportunties for Growth.
Not so Great.
- Lack of boundaries between job and personal.
- Up before 6am for morning meeting prep AND often on conference calls talking to Asian or Canadian PM’s after 11pm.
- It didn’t matter where you were in the world, if one of your companies was reporting, you had to publish comments within 30 minutes of the market open.
- No such thing as holidays.
Why should I hire you?
* Often the last question asked in an interview. * My chance to restate skills that are relevant to the position and summarise my qualities that make me a perfect fit. * Really understand the employers business. * Focus on THEM not on me. * emphasize my knowledge and experience to demonstrate value on how I could do the job. Constantly met with industry CEO's, reported to the Board level on fund performance, did deep dive research work, presented and held Q&A in front of audiences up to 100. * Short and to point reflecting background and needs to the position * Align my skill set (have a list) with each bullet point of a job description * List skills and Strengths. Write Challenges, Actions and Results stories about accomplishments. * Uncover what makes me special by reviewing testimonials from others. + * What are the goals of the position - if unclear ask and incorporate into my answer as the solution to their problem. * Show how my skills support their goals. * Articulate shared values. Look at their mission statement. Explain why these are in line with your own values and goals. * State my interest in the position and be enthusiastic. Make sure interviewer knows you want the job. * I have the qualifications you are looking for (list them).
When I look at the responsibilities of the role, I feel I thoroughly tick all the boxes
1) PM and analyst experience
2) Significant Stock and sector analysis history
3) Idea generation and contribution to strategy
4) Very strong on Report writing and presentations.
5) Communication to the Board
6) 2 Post grade qualifications in Finance one of which is the CFA
7) I have 15 years experience investment decision making.
8) Incredibly strong work ethic
9) Extensive working knowledge of Bloomberg, Datastream, Starmine, Excel, Powerpoint etc.
10) Demonstrated history of dealing with industry CEOs and management teams.
11) Multiple investment frameworks
12) Wide toolkit of valuation methodologies.
MISTAKES I HAVE LEARNT FROM
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cite an eg from the past and what i learned.
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Keep short answer and how I corrected it.
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talk about how you now have a series of checks and balances to keep you honest.
MISTAKE: ENRC highest quality ferrochrome producer. Was falling and I didn’t acknowledge my thesis was wrong till the stock was down 40%>
LEARNING: I learned that I needed a way to recognise my errors quickly and I started to introduce technical levels where I had to accept that my thesis was wrong.
WHAT CAN YOU DO FOR US THAT NO ONE ELSE CAN?
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Interviewer wants to see what I think are my best strengths and how i distinguish myself from others
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Mention I have skills education and training for the job and show how they will benefit the company.
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- Unique blend of skills that encapsulate quantitative multi-factor modelling, bottom-up financial statement analysis & technical risk management overlay.
- Combine this with experience across a number of cycles (worst of which was 54% retracement 2008-9)
- Significant experience talking to industry leaders and decision makers and Board members.
- Exceptional written and presentational skills.
THINGS THAT ME AND SUPERVISOR DISAGREED WITH?
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Take negative answer and turn it around.
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What you do when those disagreements take place says a lot about you.
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If you dont disagree it might show you as weak minded and could have negative consequences forthe co
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Civil disagreements are healthy for the company
- I love hard work. I am invested in what I do. I try to encourage the same of my kids. I teach them to grow you have to keep testing yourself. My wife, who has held a number of high profile roles, is of exactly the same mindset.
- There are always times that we have to really go over and above. If we have to work all weekend to get the job done, that’s what we do.
- What I don’t like, is the workplace where you have to be seen to be putting in more hours than anyone else
- We disagreed about a lot of things. It was really his way of seeing your conviction level.
- I learned early on that in a public forum I was best to pose questions rather than outright disagree.
- I also used to find private moments to highlight to him that I thought he should consider this, read this. I would often forward on materials that I thought would help him see the issue in a different light.
How do you get along with different types of ppl?
* Trying to work out how you get on with ppl * Need to show that its all about the work getting down and that I am more concerned with outcomes than personalities. * Most interviewers are seeking to understand if the person being interviewed is positive and solutions-based, as well as a strong communicator, * I work well with anyone who delivers what they promise. * We all have different personalities. * For me its all about relationship building, getting to know about the important things in their life and ocasionally asking questions about those things.
There are lots of different personalities in the workplace.
I focus on relationship building by trying to find things that are important to the other person. I remind myself to regularly ask them questions about those things.
Why did you choose this career path/profession?
* Show what inspired me. Be short.Describe my thought process. * Try to show logical progression.
- My first inspiration was Warren Buffett and Roger Lowensteins book Making of an American Capitalist.
Investment seemed like unlocking a code to some great big treasure hunt.
I still love the researching, digging, reading, learning about industries, working with numbers.
Describe your investment process?
I look through 4 lenses
1) Mutli Factor Quant Screening Process - based on value, quality, fundamental momentum and price
2) Macro Cycle Framework - that helps to see where an individual country is in its own cycle.
3) Bottom up Industry framework - thinking about early, mid and late cycle positioning
4) Company Analysis Framework which I break in to 2 core parts:
A) Core is a focus on growth orientated companies with predictable MT-LT earnings streams, above average growth potential, high quality business franchise and large growing addressable market/s.
B) Cyclical/Not as high quality names I:
- Develop a clear understanding of the key drivers
- Push scenarios through financial models to produce bull, bear and base case valuation ranges
- Producce clear understanding of upside and downside cases
- I try to look for 3:1 risk to reward situations.
Describe the Mult Factor Quant Screening Model?
Protects against BIAS in a pure bottom-up process and is a great feedback loop to ask more questions.
Fundamental Momentum 30%
Surprises - across sales, margins, EPS
Revisions across Sales, Margins, EPS, FCF and returns; Returns Momentum
Quality 20%
EPS Stability, 5yr average ROE/ROTC, ND/Ebitda, CFO/Assets, Debt/Assets
Quality/Value Mix 30%
ROIC / Ev/ebitda, ROE/PtBV, ROIC/EY, EV/Sales
Price – 20%
Individual and Group relative strength
Tell me about the Macro Cycle Framework?
Asset classes, industries and investment style are either OW or UW depending on where they are within a 4 phase economic cycle - Recovery, Expansion, Slowdown and Contraction
Recovery
Growth is improving while inflation is still decelerating
Monetary policy is easy
OW EQ and CR and UW FI
Expansion
Growth and inflation accelerating
Monetary policy could is starting to be tightened
OW EQ and CR
Slowdown
Growth slowing and inflation still rising
Monetary policy now tight
OW FI and UW Eq and CR
Contraction
Growth and inflation slowing
Monetary policy Easy
OW FI and UW Eq and CR
What about the bottom up Industry and Company Analysis Framework?
Industry
LIke to determine if the industry is early, mid or late cycle
Company
I like to try and establish 3:1 Reward to risk situations.
I establish key drivers for a company
Understand the upside and downside risks
I push scenarios through a DCF and multiples framework to iterate my way to a better understanding of the reward/risk situation
I also use at times SOTP and comparative comps analysis to see companies realtive to peers.
