1
Walk me through your CV and why investment banking.
8/10Well structured: past, present, why now. Add one number to make the summer role concrete.
Ce que vous avez couvert
- ✓Chronological
- ✓Clear motivation
Comment la structurer: Past, present, future in under 90 seconds.
Voir une réponse solide
I'm a final-year finance student. Last summer I joined the finance team of a hospitality group, where I rebuilt the monthly reporting pack for 4 entities and built a 13-week cash-flow forecast. Working on that forecast showed me how much I enjoy understanding what drives value, which is why I've focused on M&A: I want to apply that analysis to transactions, with the pace and responsibility of a deal team.
2
Depreciation goes up by 10. Walk me through the three statements (25% tax).
9/10Fully correct and in the right order. Mention the tax shield explicitly to show you understand why cash rises.
Ce que vous avez couvert
- ✓Net income −7.5
- ✓Cash +2.5
- ✓Balances
Comment la structurer: IS, CFS, BS: always in that order.
Voir une réponse solide
Income statement: operating income −10, tax −2.5, net income −7.5. Cash flow: start with −7.5, add back 10 of non-cash depreciation, cash +2.5 thanks to the tax shield. Balance sheet: PP&E −10, cash +2.5, retained earnings −7.5. Assets −7.5, equity −7.5: it balances.
3
Why use EV/EBITDA rather than P/E?
6/10Correct first point on capital structure, but stopped there. Add the D&A and accounting argument and when P/E is still useful.
Ce qui manquait
- ✗D&A / accounting differences
- ✗When P/E applies
Comment la structurer: Give two reasons, then one exception.
Voir une réponse solide
EV/EBITDA is capital-structure neutral: enterprise value and EBITDA both belong to all capital providers, so you can compare companies with different leverage. It also sits before D&A, so it's less distorted by different depreciation policies and acquisition accounting. P/E mixes in interest, tax and one-offs. P/E is still useful for banks and insurers, where debt is part of operations.