The interviewer is a guy focusing on coding works, so he asked me many questions about

coding, which I didn't expect. Design an algorithm to find the maximal sum of sub-sequence of a
given sequence
What are some standard boundary conditions for a differential equation.
go through resume+macro+C++ + monte carlo simulation + stochastic calculus. though a lot of
stuff, but very basic.

What does B-S equation look like if stock prices is arithmetic Brownian motion instead of GBM?

The questions he asked me were: probability, brain teaser (use of symmetry when putting a
quarter on a round table), and college math ( climbing up and then down a mountain with a timer)

You play a game with someone, the rule is to take turns to put a quarter on a round table ( can be any size,
but must be of symmetrical shape). You are trying to cover the table up with quarters, you lose when there's
no place for you to put down the quarter. Should you be the first person to play ?
brainteasers, probability, statistics, quantitative questions,

Questions about my CV, modules choice and my university projects

quantitative questions: stochastic calculus :
Integrate the Vasicek diffusion Integration of a brownian motion with respect of time Finance Questions:
Is the BS formula used by professionals ?
Is the Black and scholes formula, actually, used by professionals ?

some basic fit questions such as why jpm, why quant research, what is your strengths and
weaknesses, what is the largest intellectual challenge......and then some brainteasers and mental
maths......................then technical questions////////////////////..............//////////////////////....................
to derive conditional probability from a bivariate normal.
BTW, stochastic calculus is a must. They care this much much more than any other firm I
interviewed

Price the barrier option. You can give a rough idea of it. Answer Question

Gambler ruin problem. To derive the probability to win given.

If implied volatility is lower than realized, how does one make money hedging a call option?
solving SDE, brain teaser type of probability problems, backward induction, Black-Scholes
Greeks.

brainteasers, probability questions, stochastic calculus, numerical methods, integrals and

programming.
The probability questions were fairly simple, dice problems mainly. I found the integrals and
programming questions a bit more challenging.
There was a question about a change of variable in a multiple integral. Don't forget about the
Jacobian

What's the best unbiased estimator for a series random variables?

What is the price of a contract that at time T=2 pays out S_2 / S_1. Interest rate is continuous and
equal to r?

"walk me over resume",difference between C, C++. Overloading v/s Overriding. a couple of brain
teasers.
QUESTION/ pricing of swaption

He might challenge you on what you wrote in your resume, so prepared to justify why you tackle a problem
in a specific way.
Interview Questions

Advanced C++ questions.

1. Try to explain my previous projects to people in other fields with different backgrounds, why what I did
in projects are interesting and useful.
2. What I learned in classes of my current school impressed me most.
3. Talk about my previous experiences in coding and numerical analysis.

CITI
what programming languages have you learned
what computational methods have you learned
Describe one project in detail.
how to find out the missing number of distinct 99 number from 1 to 100?
If I have 4 boxes to play with you, under one which there is $100. Every time you play you have to
pay $x .How much should x be so that the game is fair. You can play as many times as you want.

Questions

You have 99 distinct numbers from 1-100, how would you find which number is missing?

how many combinations with at least one 5 from 0 to 1000

how many combinations that have at least one five from zero to 1000

What is the probability of forming a acute triangle from three random dots in a circle

A first screening interview on the phone: pricing of barrier options, basic object oriented
programming questions,

one behavioral interview, one general interview about past education and experience, one
written math test, one finance interview (discount factors, Black Scholes), one math interview
(probability problems), one programming interview (sorting algos, inheritance, polymorphism).

"why citi", "why would you be a good trader", "what do you do on your free time",
and "are leaders made or born-why"
For the indusrtry related questions I was asked questions such as "if you were
paulson what would your next move be". More technical questions asked, since one of
my interviewers knew I was into tecnical analysis modeling for options trading, asked
me "what is black scholes formula and all of its assumptions", "how do you calculate
beta and what does it show-what is the default indice", "What is the equation
for MACD and ADX, do they take into account volume".

Know what is going on in the market

Know 1-10 cubed
Know 1/32 and all of those fractions since I have heard stories about them both being
asked at Citi interviews (bonds trade at 1/32, 1/16, etc...).

Always know abotu what's going on in the market.

Most likely they will ask you why Citi, be careful with the answer as they are hurted
the most from subprime

Interviewing - General

What kind of questions can I expect?

There are two general types of questions that you will likely be asked in interviews: (1) fit or
qualitative questions and (2) technical questions. Sometimes you may be asked both types of
questions in the same interview. In other instances, you might have multiple interviews, with one or
more being purely qualitative/fit and one or more being purely technical.
The primary use of fit questions is for the interviewer to make an assessment of whether you have
the right attitude and skill-set to be a successful investment banker. Most importantly, interviewers
will want to understand why you want to be a banker and whether you are someone they would want
working FOR them. The secondary purpose of fit questions is to assess whether you are someone
they would want to work WITH. Some refer to this is the airport test. How would they feel if they
were stuck in an airport with you for 4 hours? SeeInterviewing Qualitative (Fit) Questions for
examples of some commonly asked fit questions.
Technical questions test your knowledge of subjects relevant to investment banking such as
accounting, finance and valuation. The types of technical questions will likely vary based on your
background and the role for which you are interviewing. For example, students with finance or
accounting degrees that are interviewing for Analyst jobs will likely get asked a greater number of
technical questions than students that do not have finance/accounting degrees. Likewise,
MBA students interviewing for Associate positions can expect technical questions with greater
complexity and real-world application than Analyst applicants. Interviewees with banking experience
should expect questions about their deal experience, which may come in addition to, or in lieu of,
traditional textbook technical questions. SeeInterviewing Technical Questions for examples
of common technical questions.

How long is a typical interview?

Most interviews are scheduled for about 30 minutes and occasionally 45 minutes.

How many interviews will I likely have with each

bank?
Generally, you will have one or two first round interviews. If you pass through the first round, you
will be invited back for more interviews. You may wind up meeting with anywhere from four to
twelve or more bankers in subsequent round(s).

What are some signs that an interview has gone

well?
Often, if the interview lasts significantly longer than its allotted time (typically 30 minutes) it is a good
sign. This is especially true if you are interviewing with a relatively senior banker. Another good sign
is when the banker with whom you are interviewing ceases to ask you questions and starts telling you
about the benefits of the firm. This is known as switching into sell mode and generally indicates
that the banker thought highly of you and wants you to work there. A third potential sign of interest
is if you are asked with what other banks are you interviewing and how far along you are in the
recruiting process with those banks. Finally, it generally indicates a good interview when the
interview feels more like a conversation than a formal question and answer session.

What are some signs than an interview has gone

poorly?

If an interview lasts for less than its scheduled time, then it is usually an indication that the interview
did not go well. Another indication is if you are not given then chance to ask any questions of the
person with whom you are interviewing at the end of the interview. Often, the interviewers facial and
body reactions will give you clues that he or she doesnt like your answers or is not buying your
story. Finally, if you ask for a business card and they refuse, youre probably not getting the job.

Is it okay to be nervous in an interview?

Almost everybody, at every level who interviews is at least a little bit nervous. Its a stressful
situation. Always keep in mind that at some point, the person who is interviewing you was on your
side of the table. So yes, its perfectly okay to be a little nervous. Butyou cant be too nervous. If
you sweat profusely or have trouble speaking without nervous stuttering then thats a problem. To a
large extent, interviewing skills are similar to the types of skills you will need to speak to (pitch,
perhaps) or be questioned by a client. Therefore, being too nervous will get held against you as it
may be a sign that you wont be able to be put in front of a client. The more practice you have
interviewing, the more comfortable you will be.

How can I get better at interviewing?

The same way you get to Carnegie Hall: practice, practice, practice. In front of a mirror, in the
shower, whatever works for you. Practice walking through your resume and telling your story and
practice answering some of the common interview questions, both fit and technical. And if you can,
do mock interviews with friends and ideally, folks in banking. Even better, if you have the opportunity
to schedule interviews with a number of firms, schedule the less desirable firms first and use those as
practice. You want to get to the point where you can comfortably interview but without sounding too
rehearsed in your answers.

Am I likely to be asked brainteasers in an

interview?
You might. Personally, Ive never been asked a brainteaser in an interview for a banking
position. But Id say its more common for Analyst interviews than for Associate
interviews. See Interviewing Brainteasers for some common ones.
Note that you are much less likely to get the types of analytical questions or case studies common in
consulting interviews (e.g. how many ping pong balls fit into the Empire State Building? or how
many gas stations are there in the United States?).

If I am asked in an interview for my favorite

movie, can I say Wall Street?
No. And dont say American Psycho either.

Ive heard that bankers are arrogant. Should I be

arrogant in an interview to show that I will fit in?
It is certainly true that many bankers have arrogant tendencies. But no, you should never be
arrogant in an interview. Confident yes, but arrogant no. You obviously want to give the impression
that youre smart, qualified, hard working, etc. And its okay to confidently and explicitly talk
about those traits in an interview, as long as you can back them up and as long as you do it in a
respectful but not arrogant manner (regardless of the demeanor of the interviewer).

What if Im asked a technical question to which I

dont know the answer? How should I handle
that?
If you have no idea of the answer, say you dont know or you dont remember or youd have to think
about it. Technical questions are not just posed to see if you know things but also to see how you
handle stress. Youll generally score more points in an interview if you calmly, coolly and matter of
factly, state that you dont the answer than you will fumbling around for ten minutes trying to B/S
your way through it. And if you know part of the answer, state the part you know, what you dont
know and move on.

If I dont know the answer to a technical question

or get the answer wrong, should I ask for the
correct response?
If you have no idea about the answer to the question posed, then you should just move
on. However, if you make a valid attempt, and get the answer wrong, then it probably makes sense
to ask for the correct answer. You never know if you will be asked the same question again in a later
interview so you might as well get it right the second time. The only time that I wouldnt ask the
interviewer for the answer is if you think the interviewer doesnt know the correct answer (yes,
bankers sometimes ask questions to which they dont know the answer). If the interviewer doesnt
know, then he or she is just going to look stupid, and thats never going to help your cause.

Why I think technical questions are dumb

Ok, so reading this particular post isnt going to help you get a job. But I happen to feel strongly that
asking applicants technical questions in interviews is silly (though few in banking share my
viewpoint). Heres why:
1. Banking is easy. That is to say, the knowledge that you need to be a successful investment banker
is not that difficult to learn. Banking is not rocket science. Youll hear that phrase thousands of
times. Its true.
2. You learn on the job. No matter how many corporate finance classes someone has taken, nobody
comes into banking knowing how to value a company or do a model or put together a pitch.
Therefore, I dont care if youve memorized the formula for WACC or the key assumptions of a BlackScholes model. You need to be smart and you need to have the right attitude. Convince me of that
and Ill teach you to be a good banker.

Interviewing Qualitative (Fit) Questions

Walk me through your resume

The majority of interviews will start out with you being asked to introduce yourself and your
background or walk me through your resume. There are two reasons for this. First, the interviewer
wants to hear your story and second, it gives the interviewer a chance to quickly read over your
resume while you are talking. More often than not, he or she hasnt had the time to read it before
you walked in the interview room.
The opportunity to walk through your resume is your chance to talk about your background and to
make your case why you want to be an investment banker. The most important thing is that you tell
a story that makes sense to the interviewer and shows a progression leading up to you being a
banker. Even if the choices that youve made (schools, degrees, jobs) dont follow a natural
progression, you need to describe your experiences in a manner that flows convincingly. Now, that
isnt to say that you necessarily need to find commonality in everything youve done, or weave a
thread through each job, as long as you can demonstrate some sensible flow. For example, highlight
how each job enabled you to take more responsibility or required more finance knowledge than the
one before it. Even if youve switched careers or reversed directions, talk about what youve learned
from those decisions that make you a good investment banking candidate.
Remember, this is your opportunity to make a first impression and perhaps your only opportunity to
make your case as you see fit, so dont underestimate the importance of this part of the interview.

If I am asked to walk through my resume,

where (when) should I start?
Its really up to you and whatever you think tells the best story. Some people start with where they
grew up. Others start with college or their first job out of college while more experienced or older
individuals might start with Business School or other graduate program. Just keep in mind that your
most recent experiences are going to be more relevant so dont get bogged down with stories of your
first lemonade stand or how well you invested your Bar Mitzvah money.

How long should I spend walking through my

resume?
You should plan on spending 3 5 minutes talking about your background. If you notice that the
interviewer looks bored, then speed it up. If the interviewer looks engaged, then be more
detailed. Some interviewers will let you finish your story before asking questions and others will
interrupt you repeatedly.

While walking through my resume, can I refer

to the copy of the resume in front of me?
No. Even if you have a copy of your resume in front of you, you should be able to talk about your
background and experiences without referring to your resume. Referring to, or worse, reading off of
your resume makes it seem like you dont even know your own history.

Why do you want to be an investment banker?

As someone trying to break into the industry, this is the most important question that you can be
asked. And even if you are not asked this explicitly, other questions will likely try to elicit from you
the same information. Most people trying to get a banking job have the intellectual abilities to be a

banker. The question is do they have the attitude, the mindset, the willingness to sacrifice and the
attention to detail. There are a range of answers that will help you portray that you have both the
ability and attitude to be a banker. Here are a few:

- Ive always enjoyed the aspects of my past jobs/classes in school that involve corporate finance.
- I like the fast paced environment of banking as Ive always excelled in pressure situations.
- I am excited to be able to work on many projects at the same time and the fact that Ill never be
bored.
- I cant wait to be in an environment where Ill always be learning.
- Even though I know Ill be playing a junior role for a number of years, I like that ultimately I will be
able to help advise senior management of companies.
- I enjoy reading about M&A transactions in the newspaper.
- All of the bankers that I have met are really smart and I want the opportunity to work with them
and learn from them (just make sure you say this one with a straight face)
Whatever responses you give, make sure that you can back them up with actual stories and details
from your experiences.

How NOT to answer the question, Why do you

want to be an investment banker?
I want to make a lot of money/I want a house in the Hamptons/I want to date models, etc.

Yes, everyone in banking is in it for the money. Anyone who says otherwise is delusional or
lying. But, you still cant say it in an interview.

I love working all night

Yes, you can say you want to be challenged. But NOBODY likes working on pitchbooks at 3:00 am
and you wont either.

I want to learn how businesses work so I can advise CEOs.

Two issues here. First, the typical banker knows (a little about) finance but nothing about operations
and how businesses really operate. Second, as an Analyst or Associate, it will be years before you will
be advising CEOs, if ever.

Why do you want to work at our bank?

This is your opportunity to (1) show you know a little about the bank and (2) kiss the ass a bit of the
person with whom you are interviewing. Just dont go overboard with #2.
If you have friends that work for this bank, say so, and mention that they are really enjoying their
experiences. If you are interviewing with a bulge bracket bank, mention how you are excited about
the prospect of getting a broad experience and learning about different products or industries. If you
are interviewing with a boutique, talk about how you like the idea of a smaller firm, where you might
have more responsibility and more interaction with clients and senior bankers. Without a doubt
(unless this is the first person with whom youve ever met), state how youve really liked all of the
people from this bank that youve met before.
If you have previously had the opportunity (for example, in prior interviews or at recruiting
receptions) to ask other bankers from this firm (or better yet, this particular interviewer) why they like
working at this bank, then by all means recycle these answers! If they say the culture is great, you
say you want to work here because the culture is great. If they say dealflow is strong, you say you
want to work here because the dealflow is strong. You get the idea

What do you know about our bank?

Somewhat similar to the last question (Why do you want to work here?), you need to demonstrate
your knowledge of the bank. You might talk about a deal or two that youve heard or read with which
the bank has been involved. Or, if you know the bank is strong is certain product areas (such as M&A

or leveraged finance) or industry coverage, then mention that. Perhaps the bank focuses on crossborder deals or deals in emerging markets.
By no means will you be expected to be an expert but you should be able to talk about a few
things. If you dont know anything, rather than make something up and sound stupid, be
honest. Say something like, I really dont know many specifics, and one of the reasons that Im
really excited to interview with you is to learn more. If you can ask the interviewer about the bank,
then you can learn some things for your next interview, for when you are asked the same question.

What are your strengths?

This is one of those generic interview questions that you are less likely to get in banking interviews. If
you do get this question, this is one of your best opportunities to make your case that youd be a
good banker. Some of the skills that you probably want to highlight include your
analytical/quantitative skills (especially for an Analyst), communication skills (especially for an
Associate), ability to learn quickly, detail orientedness and ability to work really hard. You should
definitely be prepared to back up what you state as your strengths, using one or two concrete
examples from past jobs or school.

What are your weaknesses?

Even more so than the question about strengths, its unusual to be asked about your
weaknesses. There is no good way to answer this question so the best advice is to try to move on as
quickly as possible. Obviously you dont want mention real weaknesses (Im dumb, Im lazy, I require
12 hours of sleep a night). You also dont want to say things that make you look silly like I work too
hard and you cant say you dont have any weaknesses because youll come off as too arrogant. So
try to think of something relatively innocuous that also might highlight a strength. For example, I
can get occasionally get impatient with peers/coworkers who dont have the same abilities as me or
dont show the same commitment that I do. Or, Sometimes I can be so focused with or driven by
the task on hand that I wind up tuning out other aspects of my life. You can also usually say
something like, I think my skills are very good compared with my peers but, of course, Im new to
investment banking, and I obviously need more experience. Experience which Im confident Ill get
working for you
Occasionally, a really difficult interviewer will ask you for 3 weaknesses, knowing that your first 2 will
be bullshit answers. To which I would respond that my major weakness is, Im really bad at bullshit
interview questions.

What are your long-term plans?

This is a bit of a tricky question. You obviously want to demonstrate you are committed to investment
banking but you dont want to come across as obviously disingenuous by stating that banking is the
only job youll ever want to do. If you are interviewing for an Analyst position, I dont think you need
to be committed to banking for the long-term (since being an Analyst position is a 2-year
position). I would mention that you are really excited about and committed to becoming an Analyst
and that you want to learn as much as possible, get as much experience, etc. while you are an
Analyst. But I think its okay to say that youll see what happens after your Analyst position is up
(i.e. going to business school, moving on to other jobs like private equity or hedge funds, etc.)
If you are interviewing for an Associate position, then you need to demonstrate a little bit more
commitment to banking. I would definitely recommend stating that you see yourself as a banker for
the foreseeable future (call it 3-5 years). However, I dont think that you need to state that you are
certain to be a banker for the rest of your life but I wouldnt say that that is out of the question either.

With what other banks are you interviewing?

Interviewing is about marketing yourself and you do want to give them impression that you are
desired by other banks. On the other hand, you dont want to lie. Always keep in mind that banking

is a small industry where bankers know bankers at other banks. If you are interviewing with other
investment banks say so. If they are prestigious or comparable to this firm, name them. If they are
less prestigious, then just mention that you are interviewing with a number of boutiques. If they
ask you to name them, then mention one or two. If you have no interviews lined up, state that you
are talking to a number of banks and try to move the conversation along.

Are you interviewing for jobs other than

investment banking?
This can be another tricky one. If you are interviewing out of undergrad or B-School, I would
emphasize that you are only interviewing with investment banks or at least that banking is by far your
main focus. If you are trying to switch careers, interviewers are going to understand that getting a
job in banking is more difficult and that you may need to cast a wider net. In these instances, I think
that as long as you state that banking is your top choice, its okay to mention that you are
interviewing with other institutions, provided that they are in finance and require similar skill-sets (e.g.
equity research, corporate banking, etc.) Whatever you do, dont state (even if it is true) that you are
looking at banking, consulting, hedge funds, private equity and also considering going to cooking
school. Youll come across as unfocused and not serious about being an investment banker.

Do you have any questions for me?

At the end of almost every interview, you will be asked if you have any questions. This is your
opportunity to learn more about the job and the firm. By asking good questions, it is also a chance
for you to open up the interview into more of a conversation.
However, even if you have little interest in the job, or if youve already had all of your questions
answered by the other 8 people with whom you interviewed that day, you should always be prepared
with 3-4 questions that you can ask an interviewer. Heres a few examples:

- How long have you been with the bank and how has your experience been?
- What do you like best about working here. Worst?
- How do you compare working here with other banks at which you have worked?
- How is the dealflow?
- On what types of deals are you currently working?
- What kind of responsibility does the typical Analyst/Associate receive?
- Can you tell me about your training program?
- How do Analysts/Associates get staffed?

What NOT to ask

How much money did you make last year?/How much money will I make?/How were bonuses last
year?/How much vacation will I get?
No explanation neededI hope.

What is the lifestyle like?/How many hours will I be expected to work?/Is there face time at this bank?

Any questions regarding lifestyle and hours, risk giving the interviewer the impression that you are not
willing to work hard. Now, if you are interviewing at a boutique and the interviewer has already
talked about how good the lifestyle is here, then it may be okay to ask these things. But if you are
interviewing at a bulge bracket bank or the like, dont ask about lifestyle

Interviewing Brainteasers

What is the sum of numbers from 1 to 100?

The trick here is that you have 50 pairs which each sum to 101 (e.g. 1+100, 2+99, 3+98, etc.). So,
50 times 101 = 5050.

What is the angle between the hour-hand and

minute-hand of a clock at 3:15?
At quarter past the hour, the minute-hand is exactly at 3:00 but the hour-hand has moved 1/4 of the
way between 3:00 and 4:00. Therefore 1/4 times 1/12 = 1/48 of the clock. With the clock having
360 degrees, 360/48 = 7.5 degrees.

Youve got a 10 x 10 x 10 cube made up of 1 x 1 x

1 smaller cubes. The outside of the larger cube is
completely painted red. On how many of the
smaller cubes is there any red paint?
First, note that the larger cube is made up of 1000 smaller cubes. The easiest way to think about this
is how many cubes are NOT painted? 8 x 8 x 8 inner cubes are not painted which equals 512
cubes. Therefore, 1000 512 = 488 cubes that have some paint. Alternatively, we can calculate this
by saying that two 10 x 10 sides are painted (200) plus two 10 x 8 sides (160) plus two 8 x 8 sides
(128). 200 + 160 + 128 = 488.

A car travels a distance of 60 miles at an average

speed of 30 mph. How fast would the car have to
travel the same 60 mile distance home to average
60 mph over the entire trip?
Most people say 90 mph but this is actually a trick question! The first leg of the trip covers 60 miles
at an average speed of 30 mph. So, this means the car traveled for 2 hours (60/30). In order for the
car to average 60 mph over 120 miles, it would have to travel for exactly 2 hours (120/60). Since the
car has already traveled for 2 hours, it is impossible for it to average 60 mph over the entire trip.

You are given a 3-gallon jug and a 5-gallon jug.

How do you use them to get 4 gallons of liquid?
Fill the 5-gallon jug completely. Pour the contents of the 5-gallon jug into the 3-gallon jug, leaving 2
gallons of liquid in the 5-gallon jug. Next, dump out the contents of the 3-gallon jug and pour the
contents of the 5-gallon jug into the 3-gallon jug. At this point, there are 2 gallons in the 3-gallon
jug. Fill up the 5-gallon jug and then pour the contents of the 5-gallon jug into the 3-gallon jug until
the 3-gallon jug is full. You will have poured 1 gallon, leaving 4 gallons in the 5-gallon jug.

You are given 12 balls and a scale. Of the 12 balls,

11 are identical and 1 weighs slightly more. How
do you find the heavier ball using the scale only
three times?
First, weigh 5 balls against 5 balls (1st Use of Scale). If the scale is equal, then discard those 10 balls
and weigh the remaining 2 balls against each other (Second Use of Scale). The heavier ball is the one
you are looking for.
If on the first weighing (5 vs 5), one group is heavier, then of the heavier group weigh 2 against 2
(2nd Use of Scale). If they are equal, then the 5th ball from the heavier group (the one not weighed)
is the one you are looking for. If one of the groups of 2 balls is heaver, then take the heaver group of
2 balls and weigh them against each other (Third Use of Scale). The heavier ball is the one you are
looking for.

You are given 12 balls and a scale. Of the 12 balls,

11 are identical and 1 weighs EITHER slightly
more or less. How do you find the ball that is
different using the scale only three times AND tell
if it is heavier or lighter than the others?
Significantly harder than the last question! Weigh 4 vs 4 (1st Weighing). If they are identical then
you know that all of 8 of these are normal balls. Take 3 normal balls and weigh them against 3 of
the unweighed balls (2nd Weighing). If they are identical, then the last ball is different. Take 1
normal ball and weigh against the different one (3rd Weighing). Now you know if the different
ball is heavier or lighter.
If, on the 2nd weighing, the scales are unequal then you now know if the different ball is heavier (if
the 3 non-normal balls were heavier) or lighter (if the 3 non-normal balls were lighter). Take the 3
non-normal balls and weigh 1 against the other (3rd Weighing). If they are equal then the third ball
not weighed is the different one. If they are not equal then either the heavier or lighter ball is
different depending on if the 3 non-normal balls were heavier or lighter in the 2nd Weighing.
If, on the 1st Weighing, the balls were not equal then at least you know that the 4 balls not weighed
are normal. Next, take 3 of the normal balls and 1 from the heavier group and weigh against the
1 ball from the lighter group plus the 3 balls you just replaced from the heavier group (2nd
Weighing). If they are equal then you know that the different ball is lighter and is 1 of the 3 not
weighed. Of these 3, weigh 1 against 1 (3rd Weighing) If one is lighter, that is the different ball,
otherwise, the ball not weighed is different and lighter.

If, on the 2nd weighing from the preceding paragraph, the original heavier group (containing 3
normal balls) is still heavier, then either one of the two balls that were NOT replaced
are different. Take the one from the heavier side and weigh against a normal ball (3rd
Weighing). If it is heavier, it is different, and heavier otherwise the ball not weighed is different
and lighter. If, on the 2nd weighing, the original lighter side is now heavier, then we know that one
of the 3 balls we replaced is different. Weigh one of these against the other (3rd Weighing). If they
are equal, the ball not weighed is different and heavier. Otherwise, the heavier ball is the
different one (and is heavier).
If you get this right and can answer within the 30 minutes alloted for the interview, then you probably
do deserve the job.

A windowless room has 3 lightbulbs. You are

outside the room with 3 switches, each
controlling one of the lightbulbs. If you can only
enter the room one time, how can you determine
which switch controls which lightbulb?
Turn on two switches (call them A and B) on and leave them on for a few minutes. Then turn one of
them off (switch B) and enter the room. The bulb that is lit is controlled by switch A. Touch the other
two bulbs (they should be off). The one that is still warm is controlled by switch B. The third bulb
(off and cold) is controlled by switch C.

Four investment bankers need to cross a bridge

at night to get to a meeting. They have only one
flashlight and 17 minutes to get there. The bridge
must be crossed with the flashlight and can only
support two bankers at a time. The Analyst can
cross in 1 minute, the Associate can cross in 2
minutes, the VP can cross in 5 minutes and the
MD takes 10 minutes to cross. How can they all
make it to the meeting in time?
First, the Analyst takes the flashlight and crosses the bridge with the Associate. This takes 2
minutes. The Analyst then returns across the bridge with the flashlight taking 1 more minute (3
minutes passed so far). The Analyst gives the flashlight to the VP and the VP and MD cross together
taking 10 minutes (13 minutes passed so far). The VP gives the flashlight to the Associate, who
recrosses the bridge taking 2 minutes (15 minutes passed so far). The Analyst and Associate now
cross the bridge together taking 2 more minutes. Now, all are across the bridge at the meeting in
exactly 17 minutes. Note, that instead of investment bankers, youll often see the same question
using members of musical bands (usually either the Beatles or U2).

Three envelopes are presented in front of you by

an interviewer. One contains a job offer, the
other two contain rejection letters. You pick one
of the envelopes. The interviewer then shows you
the contents of one of the other envelopes, which
is a rejection letter. The interviewer now gives
you the opportunity to switch envelope choices.
Should you switch?
The answer is yes. Say your original pick was envelope A. Originally, you had a 1/3 chance that
envelope A contained the offer letter. There was a 2/3 chance that the offer letter was either in
envelope B or C. If you stick with envelope A, you still have the same 1/3 chance. Now, the
interviewer eliminated one of the envelopes (say, envelope B), which contained a rejection letter. So,
by switching to envelope C, you now have a 2/3 chance of getting the offer and youve doubled your
chances.
Note that you will often get this same question but referring to playing cards (as in 3-Card Monte) or
doors (as in Monte Hall/Lets Make a Deal) instead of envelopes.

You have 100 balls (50 black balls and 50 white

balls) and 2 buckets. How do you divide the balls
into the two buckets so as to maximize the
probability of selecting a black ball if 1 ball is
chosen from 1 of the buckets at random?
Just to be perfectly clear, you are assuming that one of the two buckets is chosen at random and then
one of the balls from that bucket is chosen at random. You want to put 1 black ball in 1 of the
buckets and all of the other 99 balls in the other bucket. This gives you just slightly less than a 75%
change of having a black ball chosen. The math works as follows: Theres a 50% chance of selecting
the bucket containing 1 ball with a 100% chance of selecting a black ball from that bucket. And a
50% chance of selecting the bucket containing 99 balls with a ~49.5% (49/99) chance of selecting a
black ball from that bucket. Total probability of selecting a black ball is (50% % 100%) + (50% *
49.5%) = 74.7%.

Published 15th July 2014

This is by no means a script or exhaustive list, but here is a selection of 18 questions you may
be asked in an interview at Citi...
1. Why have you applied to Citi?/What attracted you to Citi?
2. What do you know about our business/the financial services industry?
3. What qualities/skills do you have that make you suitable?
4. Describe your ideal position within our company.
5. What are your future goals?
6. Where else have you applied, and why?
7. What degree classification/GPA are you expecting?
8. Why did you choose to study at ________ university/college/business school?
9. What have you learned at university/college/business school that you can bring to this
position?
10. Tell me about your involvement in _________ (e.g., student society, sports team).
11. Can you give me an example of when you have worked in a team?
12. Tell me about a time when you were under intense pressure.
13. Give me an example of a time when you handled a major crisis or problem.
14. Give me an example of where you showed leadership.
15. What are your strengths/weaknesses?
16. What did you gain from your previous work experience/internship(s)?
17. What do you do in your spare time?
18. Do you have any questions to ask me?

Tackling J.P. Morgan assessment centre interview

questions

J.P. Morgan will be testing you on whether

you can identify problems before they arise
and suggest plausible and sensible ways to

work around those problems or eradicate

them completely
General question for all applicants: Tell me about a time when you worked as part of a
team

How to approach: Regardless of which scheme you apply for at J.P. Morgan, youll be working
within a wider team. Remember that, as a junior member entering the bank, youll regularly be
asked to back up the work of others and support them as well as be responsible for your own
workload.
Its worth thinking of scenarios from your background, whether at work or as part of your degree,
when you had to fulfil both of those requirements. This isnt a question about leadership, so dont
go off-track and focus too greatly on delegating tasks to others.
You need to show focus and the ability to form a working relationship with others that may
include leadership qualities such as motivating others or project management, but think of your
role at J.P. Morgan and how best to link your teamwork experience to that.
General question for all applicants: What are your three main strengths?

How to approach: You can strategise a bit for this one, but dont overdo it answers that sound
overly rehearsed never come across well. Instead, you need to consider which strengths apply
directly to the role for which youre applying. So, rather than look at a general list of
competencies you need to think more deeply about what youll actually be doing, should J.P.
Morgan choose to hire you. The skills required of a junior in the asset management division are,
naturally, going to be different to those important for someone working in private banking.
Through identifying these differences and tailoring your strengths to fit them, youll come across
as a stronger candidate who has really considered which role in the firm will suit. As a private
banker, for example, youll be working very closely with external clients, often face-to-face so,
if this is a strength of yours and you can prove it with solid examples, your answer is beefed up
and you sound like you know what youre talking about. Thinking of examples should
theoretically be easy you should, after all, be playing to your strengths!
General question for all applicants: Describe a problem you faced and how you
solved it

How to approach: Once again, its worth thinking about the requirements of the role that youre
applying for is it going to demand that you be quite innovative and work around issues, or will
you need to be more methodical in breaking down problems and resolving them piece by piece?
Once you identify more about what your role at J.P. Morgan entails you should be able to match
up an appropriate method of solving problems to the kind of tasks youll most regularly have to
face.
App developer technical question: Name a piece of software you use regularly which
you think has issues and what are those issues?

How to approach: This isnt a question that expects you to go off on a rant about all the issues
youve ever had with Microsoft Word. Rather, J.P. Morgan will be testing you on whether you
can identify problems before they arise and suggest plausible and sensible ways to work around
those problems or eradicate them completely.
This is precisely what youll need to do for clients, developing software that best suits their needs,
so having a full understanding of software not simply knowing how to use it but also how to
work with its limitations will be hugely beneficial in your work. Just be sure not to suggest in
your answer that you struggle to use the software the issues should be with the software, not
with you!

Division specific question: Why have you applied to CIB Risk rather than trading?

How to approach: You should really have researched this, at least in part, before filling out your
online application form: this asks for your motivation for joining your chosen division. One of the
better ways of working this out is to do a compare-and-contrast between divisions to note their
distinct differences in order to ascertain which one suits you best. This question, however, makes
it clear that it expects you to have a thorough understanding of not just your division but of others
as well.
The reason for this is that divisions do not act completely independently of one another, and the
question implies some of the fundamentals between CIB Risk and trading are inherently similar to
one another. Your interviewer is trying to find out if you really understand what it is youre
applying for, and how it fits both your personality and the wider mechanics that make J.P.
Morgans businesses work.
Case study interview question: How many lightbulbs are there in London?

How to approach: Some applicants find brain teasers great, while others find them to be almost
impossible to answer. The important thing to note is that there is no right answer no-one knows
how many lightbulbs there are in London. What J.P. Morgan is looking to see from you is whether
are aware of variables, how they fit into the wider picture of a problem and, crucially, how you
take them into account when formulating your answer. Whether constructing formulas or creating
pitches to clients, youll need to take variables into account so that whatever you create is suited
to its purpose. In the case of lightbulbs in London, here are a few variables to consider:
How many lightbulbs are in the room youre currently being interviewed in? Why does this
room need that many, and how many rooms like this are across London?

Your home how many lightbulbs are in it, and how typical is your house of the majority in
London? What other houses/flats/hotels/other living spaces are there?

Lightbulbs arent only those that are fitted and working they must be stored somewhere;
theyre even on the shelves in some supermarkets, so how many are in London but not yet
installed?

Lightbulbs arent just for buildings what about vehicles, streetlamps, torches, childrens toys
and mobile phones?
How are you going to work out a presentable answer, taking all of that into account and more in a
high-pressure interview situation? Try to make it easy on yourself are you able to explain a
number of variables to your interviewers and then, perhaps, come up with a basic ratio of
lightbulbs to people in London? Your answer will never be exact, but its the methodology behind
it that counts here.

Why have you applied for this particular position?

Why did you choose this career path?

What is it about you that makes you the best fit for this position?

What about your educational background qualifies your for this job?

If we hired you for the job, what would you be doing?

What motivates you?

What goals have you established for yourself?

Where do you see yourself in three years?

What is the hardest thing that you have ever done?

What was the worst apsect of your last job?

How is the Dow Jones doing today?

Do you know anyone who works here?