If you want to be hired for job in banking you have to ace your interview. Yes, your grades at University and your work experience will get you invited to an interview, but it will be your performance during your interview that will determine whether you are hired or not. For the past seven years I have worked as an investment banker and I am currently a Vice President with a Tier 1 investment bank. I have seen hundreds of promising applicants fail in their interview. These promising applicants could have been hired if they had known 3 secrets for answering their banking interview questions. Learn these 3 secrets and you will be one step closer to be hired for your dream job in banking.
Secret 1: Where’s the beef?
The interview process is your chance to share information about your education, background and experience with the interviewer. The goal of sharing that information is to convince the interviewer to hire you. Your success or failure is largely dependent on how well your deliver your responses to questions.
It is possible to answer questions with a simple yes or no. If you do this, the interviewer will never know details about you that might have tipped the interview in your favor. Instead of answering with closed ended answers, use open ended answers. Your answer can provide specific facts or numbers that should generate interest in the interviewer. The interviewer may then ask for more detailed information based on your previous answer which allows you to give more information.
The use of open ended answers allows you to dictate the new question that the interviewer might ask. It also gives you a chance to go into further detail thus piquing the interest of the interviewer. Being able to craft open ended answers takes practice. In my experience almost everyone I have hired is well versed in being able to answer questions with open ended answers that allow them to deliver the beef that gets them hired.
Secret #2: Know the Job
This may sound like an obvious secret but you will be surprised at how many applicants do not have a clear idea of what are the job requirements. The quickest way to be rejected during an interview in banking is to not know what is expected in the job, what skills the company desires and what are the key competencies the company is searching for.
The way to be placed on the pile of rejects it to be thoroughly prepared for the interview. This will require you to do market research on the company and the specific job. Newspaper and magazines can provide a wealth of information. Networking with current employees will allow you to learn firsthand information about the company. There is no excuse for not being prepared for the interview.
Secret #3: Dress appropriately
If you are going for an interview, men should wear a business suit and women should wear a dress or skirt. How you present yourself will be the first impression the interviewer will have of you so make it a positive impression. Business suits should be conservative and be either dark blue or black in color. You never get a second chance at first impression so make your appearances a positive impression.
These 3 secrets are based on my experience working as an investment banker. Use these 3 secrets to get hired and to be able to answer your banking interview questions.