Important Interview Questions and their Answers

1.What do you see as the key skills of a business analyst?

Answer: There are several skills required to be a successful Business Analyst. They
are not just limited to your work. These skills even include your personal qualities
and approach towards your clients. Some of the key skills expected from any
Business Analyst are:

• Customer Service skills

• Strategic thinking approach

• Good communication skills

• Collaborating with other employees and colleagues

• Analytical skills

• Leadership skills

• Customer oriented

• Ability to drive and adapt to the changes.

2. What is a use case model?

Answer: A business analysis presentation of the steps involved in defining the

interactions between a user (actor) and a system (computer system) is termed as
use case model. It gives details on the interactions and sets the expectations of how
the user will work within the system. The use case model consist of 2 main elements:

• Use case diagram – It is a graphical representation that details which actors can
operate which use cases
• Use case description – It is a detailed textual step by step presentation of
interactions and dialogue between the actor and the system.

3. What is an activity diagram and why is it significant?

Answer: An activity diagram is a simple and intuitive type of a flow chart which
enables analysts to present a robust and easy visual of the workflow of a business
use case. The objective of activity diagram is to show various activities taking place
in an organization in different departments. Different departments in any organization
like HR, Accounts, Sales, etc. have access to the screens that relate to their fields
but activity diagrams highlight the differences in the departments which help the
developers when they code and design. The important elements in Activity diagram
are initial nodes, control flows, activities, decisions, guard conditions, a fork and join
and end nodes.

4. Define SaaS?

Answer: SaaS stands for Software as a Service. It is related to cloud computing. It is

an online software for which you just need an internet connection and a web
browser. Unlike other softwares, you need not have to install it on your machine.
SaaS is a software delivery model in which the software, and usually the data, are
hosted “in the cloud”

5. What is a BCG Matrix?

Answer: To evaluate and analyze the business units and product offerings of
corporations, the Boston Consulting Group developed the BCG Matrix in 1986.
Companies use this simple 2 x 2 matrix as an analytical tool in portfolio analysis,
strategic management, product management, and brand marketing.

Question Marks: These are the business having low market share in a fast growing
market. As the market growth is strong, there is a potential for Question Marks to
grow. They require large amounts of capital to gain in market share.

Stars: These businesses enjoy large market share in fast growing market. Stars
boast a prominent market position for the time. They require investment of resources
to maintain or increase their market share if the market continues to grow.

Dogs: These businesses have a low market share in a slow growing and mature
market. They are small projects with small amount of capital allocated to support
them. They barely make enough to sustain themselves and are the weakest of
situations.

Cash Cows: These businesses enjoy a relatively high market share with a low
market growth. It represents the already matured market and the business is well
established and positioned in the market. These businesses generate revenue which
is in excess of what is required for sustenance.

6. What is PEST analysis and what is its importance??

Answers: PEST basically stands for Political, Economic, Social and Technological.
PEST analysis is used to assess the above four external factors in relation to your
business situation. It is beneficial for your business as them help in understanding
how these 4 factors will affect your business in the long term. A detailed
understanding of PEST analysis can be obtained from our blog.

7. What do you know about GAP Analysis and what is its importance?

Answer: GAP analysis is the process of comparing the current state and the
proposed state of any business and its functionalities. It comes under the Enterprise
Analysis which is a knowledge area of a business Analyst. It helps in determining
what steps need to be taken to meet the proposed state requirements for the
business. In simple language it can be defined as a gap between 2 questions –
‘Where we are?’ and ‘Where we want to be?’ q

This analysis can be conducted for:

• How the Current business process activities and steps are vs how will be the future
business process activities and steps.

• How the data that a system provides to an interface is now vs how the data needs
to be provided in the future

• How well a business meets certain goals and metrics now versus the targeted
goals and metrics in the future.

8. What is UML modeling?

Answer: UML is Unified Modeling Language. UML is the standard that the industry
uses for visualizing, documenting and constructing various components of a system.
It is a modeling standard used primarily for software development, but can also be
used for other conceptual models such as describing job roles, business processes
and organizational functions. For Business Analysts UML is being able to represent
requirements with use cases, class diagram and state diagrams. For Business
Analysts, the important part of understanding UML is in understanding the diagram
tools and when and how to use them best.

9. What is the importance of a flow chart?

Answer: A flow chart is a tool that provides a graphical representation of a process.

This chart will make a system easy to understand for everyone that is involved with
the project that is underway. If you have a massive and complex project with many
entities, data, data sources, data destinations and processes involved, a data flow
chart is one of the most effective ways of making sense of all that data. The
flowchart mostly concerns itself with the flow of data through the system. It is
popularly used in Structured Systems Analysis and Design.
Source: businessanalystlearnings

10. As a business analyst, what tools, you think are more helpful?
Answer: The degree and frequency to which a management performs the analysis
of a company decides the success or failure in a business. Using business analysis
tools can help greatly in increasing productivity and efficiency of work which will lead
to business success. Some of the tools which are popular and usually used by
Business analyst are:

• ERP system – This system gathers information from accounting system, inventory
records, sales performance and other key elements of your business. Having this
information at your fingertips completes the prime step in performing regular
business analysis to see if your company is operating efficiently. It also helps in
identifying potential problems which can be worked on.

• Microsoft Word – Microsoft word is another important tool which almost every
business analyst uses. MS word is very handy in preparing requirements
specification documents in absence of Requirement Management Tools. Templates
can be created for the documentation of software requirements. Through MS word
you can even set preferred fonts, apply your company’s theme, embed external
objects such as a Visio diagrams or Excel worksheets, etc.

• Microsoft Excel – Excel is one of the most powerful tools when you require any kind
of Data analysis on the job. With MS Excel you can create pivot tables, examine
trends in the data, sort and filter data, create charts or graphs, etc. It provides many
built-in mathematical and financial functions that can help in analysis.

• Balsamiq – It is a very useful tool through which you can create wireframes quickly
in brainstorming sessions. It is also useful for getting immediate feedback from
stakeholders. Business analysts and designers use this category of tools for creating
mockups which can be converted into actual designs after signing off.

• Rational Requisite Pro – It is one of the most important Requirements Management

tools. Working on a large project in a business analyst team will require a concrete
tool for managing your requirements. It provides the functionality of Word processing
along with the capability to sort and query data using a dynamic database. Tracing
requirements along with their changes and prioritize them for implementation
becomes easy with this tool.

These are the 10 important questions you can expect and prepare yourself for before
going for a business analyst interview. But hold on, we are not done yet. We give
you one more BONUS question and the answer to it, so here it is:
BONUS question: What is Pareto Analysis?
Answer: Pareto Analysis includes application of the Pareto Principle as a decision
making technique. Also known as the 80/20 rule, Pareto analysis is frequently used
within the context of quality control and defect resolution. It suggests that a vital few
factors or causes are responsible for producing the majority of the problems. It plots
the distribution of events in a standard Pareto Chart.

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Let us know how you fair in your interview and all the best!

A1. Why do you want this wealth management / private banking job?

Wealth management firm or a private bank – they all want motivated people. Just as
any other company. You should be ready with some great answer about why you
want this position.

A2. Why do you think you fit this role?

Another general question, which is relatively easy to answer. Carefully read job
description and show how your experience perfectly fits it.

A3. What challenges are you looking for?

Your answer will reveal if you think “big” and fit the corporate culture or not.

A4. Describe a typical work day or week

For experienced candidates this is another variation of a “what did you do at your
last job” question. Bear in mind that a typical work day is can greatly differ in
different companies. Compare a US major private banking player and a Zurich-based
wealth management firm with a staff or 15.
A5. Why do clients choose to trust you with their money?

This question is not about how your returns beat the S&P by X percent. It is a much
deeper one. The question reveals why are you even in this business. Also what you
expect to achieve by helping people with their money.

A6. What is your biggest weakness?

Asking this question, the interviewer is trying to see how well you respond to a
question that’s intentionally meant to throw you off your game. Read more:

 What is Your Greatest Weakness? Answers (Examples Included)

 Answer This Job Interview Question: What’s Your Greatest Weakness?

A7. What is your greatest strength?

If you mention a strength that is not relevant to the wealth management job, it does
not matter to the employer. Read more:

 What is Your Greatest Strength?

 HOW TO ANSWER: What Are Your Strengths?
 Answer This Job Interview Question: What’s Your Greatest Strength?
 Tough Interview Question – What is your greatest strength?

A8. Why should we hire you?

Be self-confident and prove if they hire you, their goals will be achieved. Another
variation of this question: “What makes you standout from the other candidates?”.

A9. What’s our biggest risk in hiring you and what can you to do mitigate
that risk?

Explaining this one shows you are a person who can evaluate everything from an
investment risk prospective.

A10. We have talked about your achievements. Now, can you tell me
about a time you failed? What were the circumstances and what did you
learn?

Do not blame your ex-colleagues or your boss. Do not refuse you have had failures.
Just be honest and tell about lessons learned.
A11. What do you know about our bank / firm?

Usually they start with this one. The question is intended as an ice-breaker. But it
can be the only question you hear, if you failed to google about the company before
the interview. Wealth management involves a lot of research. And it does not favor
lazy people.

A12. Why do you want to work with us?

Really, why? There are thousands of private banks and wealth management firms,
single and multi-family offices. Why have you chosen this particular one? There
must be a reason. Either your experience perfectly fits the job description. Or you
share a set of values and believe in the company’s mission.

A13. Where do you see yourself in five years?

Enough written on this one. Probably, there is only one wrong answer here is
“replacing your position”.

A14. What can you tell me about yourself?

Last, but not least in this category, the most common question at all interviews. It is
general and common for all industries, not specifically wealth management. It is so
common because it tells a lot about you. Your values, ethics, vision, passion, goals,
family, community involvement, stability, and so on.

A15. Name a time when you demonstrated leadership when something

went wrong

This question was asked at Credit Suisse interview, but it is common for any
industry. Are you able to solve problems and lead people? How will you help a
company when some issue occurs?

A16. Tell me a moment where you did something wrong and no one
noticed. What did you do?

In other words, how would you behave in the same situation if we hire you?

A17. What are you particularly proud of?

Not necessarily related to work. Your hobby, your family, your sport achievements.
Anything that can tell more about what you are like as a person.
B1. What is the number of people travelling on a tube per day?

This question was asked at Barclays Wealth, the wealth management branch of
Barclays. Of course you might know the answer. You might even learn this list of
wealth management interview questions by heart.

But I doubt a wealth management branch in Barclays need a person who knows the
number of tube passengers. They more likely need one who is smart enough to find
an answer when needed.

Though if you really need to know, check London underground facts and figures.

B2. How many planes are there currently in the air?

This question was asked at Investment Technology Group, a brokerage and financial
markets technology firm. Looks similar to the previous one.

Show your brilliant logic and calculate based on the number of airports in major
cities. See several ways of solving this one at Quora. Or be even smarter and
download a flight tracking app.

B3. How many ping pong balls fit in a 747?

This question was asked at Goldman Sachs bank. You don’t really need an exact
answer. Better show how you will be looking for a solution. You could check a 747
blueprints to find out its volume. Then measure a ping pong ball.

assuming plane is empty

# of balls in 747 = volume of a 747/volume of one pingpong ball
volume of a 747 = assuming main body of 747 as a cylinder = approx length 100 m, approx radius 3
m
volume = pie(3) x 3^2 x100 = 2700 cubic meter
add 10% to include volume of two big wings+ 4 jets + elevators + tires
total volume of a 747 = ~ 3000 cubic meter = 3 X 10^9 cubic centimeter
now volume of a pingpong ball
radius 2 cm approximately
v = 4/3 x pie x r^3
4/3 x ~3 x 8
v = 32 cubic centimeter
v = ~30 cubic centimeter
now # of balls = 3 x 10^9/ 30 = ~ 100 x 10^6
provided by ASHUJIT at consultingcase101.com
See another detailed solution at vault.com
B4. How many golf balls would fit in this cubicle?

This questions was asked at Morgan Stanley bank. Obviously, major banks have
some obsessions with small balls. I wonder why? Anyway, measure the cubicle, then
consider golf ball dimensions. Probably, a good moment to talk about golf.

B5. The client is always right. Describe three examples of when the client is wrong.

This question asked at Morgan Stanley wealth management division deserves a

separate article at Business Insider. It shows how wealth managers should think.

Will you be able to prevent the client from a harmful decision, still retaining him? For
example, a client may be wrong if they refuse to diversify their portfolio or take on
too much risk.

“It gives the interviewer insight into how a would-be financial advisor might think about and handle
such a situation, and opens the possibility for role play that allows the candidates to show how they
might please clients while still persuading them to consider consequences they may not have thought
about and go in a different direction.”
Daniel Dibiasio, Morgan Stanley wealth management’s head of Talent

Interview questions asked in other companies

But they could have been asked in a wealth management firm as well! Once again,
their purpose is to evaluate how smart you are, and follow your path of logic.

B6. How would you describe an atom to a child?

This one was asked at Gartner, an information technology company. Wealth

management is pretty much about describing complicated financial instruments to
non-professionals. Moreover, describing so they understand it and better also buy it.

Another variation – describe something (like “blockchain”) to your grandma. This

question kills two birds are killed with one stone. First, it checks your erudition. Are
you aware of what blockchain is? Second, it checks your ability to simplify tricky
things.
B7. How would you react if shot in the head with a Nerf gun?

As this one was asked at Rackspace, an IT cloud company, I believe it happens all
the time. And they want to make sure you will not cause problems.

However, wealth management is also a team sport. This interview question reveals if
you are a conflict person or not, and if you will fit the team.

B8. Who could win in a fight, Chuck Norris or Godzilla?

This question was asked at Schlumberger, a technology supply company. OK, it

might sound silly. But it is intended to test your analytical skills. Speaking in wealth
management terms: which stock could perform better – X or Z?

B9. You play a game of Russian roulette with another person, is it better
to go first or second?

QuetAsked at Codemasters, a video game company. These guys were probably

hiring a programmer. This question is purely about math. You could hear something
alike at a private banking interview for an investment analyst position. See also:

 In Russian roulette, is it best to go first? – StackExchange

B10. How would you sell a fridge to an Eskimo?

Question was asked at Harrods department store. Client managers in private

banking must be great salesmen. The way you structure your sales pitch in this
particular example shows how good you are. Another variation is “sell me this pen”.

As wealth management is all about client needs, start understanding them. Why
would Eskimo need a fridge? Probably, for another market expansion?

B11. If you were given a million pounds, what kind of business would
you start?

Question was asked at Schuh, a shoe retailer. Applied to our wealth management
topic, this question shows if you are aware of the latest trends and understand
markets. Your answer could also reveal an entrepreneurship talent. It is a good
bonus, as the industry is rapidly changing.
B12. If I write down all the numbers from 1 to 1,000,000 on a page, how
many times do I write down the digit 2?

Question was asked at Jane Street trading firm. It is another GMAT problem solving
question. See more:

 A range of solutions – Glassdoor

 How many times will the digit 7 be written? – GMAT Club

B13. If you were a Disney cartoon character, which one would you be?

Question asked at Trend Micro, a security software company. This interview question
is another variation about your goals in life, your role models and a set of values. So
choose carefully!

B14. What makes you angry?

Question asked at Newton Europe, an engineering company aimed to reveal if you

are a conflict person. Will you fit the team? Does the job suit you?

B15. Count to 11 in 3.5 intervals

Question was asked at Hailo, a black cab app. Are you able to think fast? Are you
able to give solutions fir unexpected issues?

B16. How many cranes are in London?

Question asked at Capco, a business and technology consultancy. This proves your
ability to solve complex business cases. If you for some reason you need the exact
number, check Deloitte’s London Office Crane Survey Summer 2016

B17. What do you consider to be the ‘greater good?’

Question asked at ThoughtWorks, a software design company. Probably, aimed to

reveal your core values and life goals.

B18. Calculate the size of the disposable nappy market in the UK.

Asked at Bain & Company, a management consultancy firm. Bain are known for their
business cases. Probably this question comes from their consultancy practice. If you
don’t know the answer (and I doubt you do), start thinking aloud. How many
toddlers are there in the UK? What is the birth rate? Will the market grow?
B19. How much water flows under London Bridge in 24 hours?

Question asked at Palantir Technologies, computer software company. Another

questions proving you can solve any puzzle, no matter how distant it is from your
professional background. What is the width and depth of the River Thames? What is
the water flow rate?

B20. What was the craziest thing you ever did?

Question asked at Red Commerce, recruitment specialists. Another variation of the

“tell me about yourself” question. Your answer proves you are not a boring person.
Or probably irresponsible.

B21. Everyone at Datasift is brilliant, why are you brilliant?

Asked at DataSift, a social data platform. This is a pushy variation of a “why should
we hire you” question. Wealth management is pretty much about sales skills. Can
you properly sell yourself at the interview?

C. Core expertise

These questions can be masked in the form of “what do you personally invest in?” or
shot straight ahead.

C1. How do you conduct a credit risk management assessment?

The interviewer wants to know if you are able to to conduct a fundamental analysis
of a client’s financial position and credit risk.

C2. Where do you see the markets going this year?

If you read the newspapers mentioned above and watch something besides evening
comedy shows, you will be fine.
C3. Many of our clients are older individuals. How would you overcome
such a client’s reluctance to work with you because of your youth or
perceived inexperience?

Indeed, the majority of private banking clients is in their 50s. Be prepared for this
question if you are a fresh graduate of in your 30s. Giving an example of your
previous experience working with elder wealthy clients work best.

C4. What’s the most important trait for a private banker to have?

A client-centric answer (being an advocate for your client) works better than a
financial one (e.g. protecting capital while maximizing returns based on a risk
profile).

C5. You believe strongly that your client should hedge against risk in his
portfolio through a certain vehicle, but your client is interested in
something else that may run counter to his long-term goals? What do
you do?

Any differences is an opportunity to review client’s long-term goals. Don’t be afraid

to say it is a bad idea. Offering a second opinion is another option. Putting the client
in direct contact with your firm’s market strategist (or another appropriate
specialists) is a good solution.

C6. What would you do if you won a lottery? (amount given)

Don’t go into details, but make sure you prove your strategic approach. A good
question to show your investing skills.

C7. What would your life look like if you had $5 million in the bank?

Another variation of the question about winning a lottery. Some say an ideal
candidate would give some away to causes that he cares about, invest some, and
continue advising client’s.

C8. You propose what you believe is a strong investment opportunity to

your client, but he balks. What do you do?

Remember, it’s the client’s call. Such disagreements should lead to a review of the
client’s goals. And don’t push.
C9. If you started investing today, what is the first investment you would
make and why?

It does not matter if you choose Tesla stock or Greece sovereign bonds. At least, try
to be less obvious. And make sure your logic is bulletproof. Be prepared to provide a
fundamental analysis on anything that has monetary value. Great if you can
compare and contrast financial markets in different regions.

C10. How are your parents doing on their retirement savings?

In other words, are you aware of your relatives retirement planning? If not, how can
you advise clients?

C11. Your client wants to do something exceptionally ill-advised, like

pouring all his money into a company that is, at best, a high-risk
venture. What do you do?

Review the goals, bring in the second opinion, try to find alternatives. Yet, you can’t
stop someone from ruining themselves if they want.

C12. What is your understanding of wealth management?

It is a tricky question, since there is no unified definition of wealth management.

Each company understands it differently, so be prepared for a discussion.

C13. What is a mutual fund? (or any other investment term)

This question is easy to answer, but be sure they will dig deeper if you fail.

C14. What is asset allocation?

Expect a discussion on various asset classes, client’s risk profile and so on.

C15. What types of products will you offer to someone with a net worth
of $1m and how will it be different from someone with a net worth of
$50m? $500m?

This interview question tests your understanding of client segments and their
specific needs.
C16. What one factor has been the most instrumental contributor to your
success in getting and keeping clients?

Definitely a question for a relationship manager. Answer can vary from discussion of
good working structure, honesty, and integrity, to reliability.

C17. Name two current news stories affecting the economy/markets and
give your opinion on them

Try remembering something really impactful from the recent piece of news. Maybe
some influential opinion leader. But try not to go really deep into politics.

C18. What does r stand for in the discount rate?

Yes, wealth management requires some hard skills.

C19. What is the greatest challenge of [BANK NAME] at the moment?

Prove you understand the competition. Come up with a solution.

Wealth management roles

There are two core roles to play in

a wealth management. No matter if it is a boutique or a huge private banking
institution, such as Credit Suisse or UBS.

Relationship managers
Other names: account managers or client managers. Also known as “hunters”.
These employees communicate with a client. They try to test clients’ needs and offer
appropriate wealth management services.
Relationship managers are also responsible for acquiring new clients. It is not an
easy task. HNWI and UHNWI clients are difficult to reach, and are even more difficult
to sell anything to.

Here is a typical list of responsibilities for a relationship manager in wealth

management:

 Check the needs of potential clients and offer appropriate products and
services
 Understand competitive environment and develop strategies to keep and
win new business
 Respond to client phone calls, inquiries and requests
 Provide ongoing relationship servicing with current clients to maintain
goodwill and gain more business
 Conduct networking activities
 Conduct warm and cold prospect calls
 Generate new business
 Inform and advise clients

Investment professionals
Also known as portfolio managers or “farmers”. They are on the backstage, but
they are people who actually manage investment portfolios. First of all a relationship
manager understands what exactly is required. Then an investment professional will
develop the exact strategy .

A client may never see his investment professional (or maybe at some introductory
meeting). His only contact is his client manager, who is usually available 24/7.

Different sets of skills

Both types are required to run a successful wealth management firm. Yet, these two
types represent completely different sets of skills and personalities.

Relationship managers are communicators and extroverts, they usually travel a

lot to build networks. It does not mean they are not required to be investment-
savvy, but still it is expected to a certain extent. Soft skills, communication, self-
presentation are a must.
The following skills are expected in your CV to get an interview for a relationship
manager role in wealth management or private banking:

 People and project management skills: so you can organize yourself

and others
 Excellent relationship and new business development skills: so you
can build network and bring in new clients
 Show positive initiative, leadership and comfort working in a fast paced
environment: so you don’t get crazy working in wealth management
industry
 Excellent oral and written communication skills: so potential and current
clients don’t run away from you
 Exceptional presentation skills: so you can sell yourself and the firm you
represent
 Strong interpersonal collaboration and team skills including working with
cross-functional teams: so you can cross-sell at least
Investment professionals, on the other hand, can be introverts. They can spend
more time with market reports than with people. Remember this guy with half a
dozen of monitors in front of him? It is all fine, as soon as they perform well and
provide positive returns on investments. And their investment strategies work.

Yet, in addition to passion for markets and investing, they still need to be team
players.

Hard skills and understanding markets is essential for this role. Make sure you
read The Wall Street Journal, Financial Times, The New York Times, The Economist,
etc. – so you know what happens, including recent deals, trends and drivers.

You must be prepared to give a detailed answer why you should (or should not) buy
some specific stock.