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2,629 equity research associate interview questions shared by candidates

Walk me through your logic in selecting your undergrad majors, grad degree, and goals for this role. Describe an anecdote at work or university where you had to take a stand again consensus thinking, and how you executed it. Would you describe yourself as highly detail-oriented or preferring a macro view of the world? Which style of work would you prefer going forward? Hybrid, remote, or 100% in-person? Pitch me a stock Where would you get the company's latest share count? What are your favorite Excel functions?
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Equity Research Associate

Interviewed at Janney Montgomery Scott

3.2★
Aug 6, 2021

Walk me through your logic in selecting your undergrad majors, grad degree, and goals for this role. Describe an anecdote at work or university where you had to take a stand again consensus thinking, and how you executed it. Would you describe yourself as highly detail-oriented or preferring a macro view of the world? Which style of work would you prefer going forward? Hybrid, remote, or 100% in-person? Pitch me a stock Where would you get the company's latest share count? What are your favorite Excel functions?

Round 2: Phone Call with Associates - Behavioral Questions: - Describe a time when you worked under pressure to meet a tight deadline. How did you manage it? - Tell us about a time you had to solve a conflict in a team. - Give an example of a time you went above and beyond expectations. - Technical Questions: - How would you value a company with negative cash flows? - Walk us through a DCF model. - How do interest rate changes impact leveraged buyouts (LBOs)? --- Round 3: Take-Home Case Study You might not face direct questions here but rather tasks like: - Create a financial model for a company with provided data (e.g., a 3-statement model or an LBO model). - Analyze the financial performance of a company and recommend whether to invest, divest, or hold. - Provide a valuation for the company using different methodologies (DCF, comparables, etc.). Possible follow-up questions in the review session: - Why did you choose these assumptions in your model? - How would you stress-test this model? - What additional data would you need to refine your analysis? --- Round 4: Case Study - Business Sense Scenario-Based Questions: - Imagine you are evaluating a company for acquisition. What are the key factors you would analyze? - A portfolio company has been underperforming. How would you identify the root cause and turn it around? - If you were tasked with increasing a portfolio company's EBITDA by 20% in two years, what strategies would you implement? Market Awareness: - How would you approach investing in a cyclical industry during an economic downturn? - What industries do you see as most promising for PE investments in the current market? - **Strategy-Oriented:** - A competitor has outbid your firm in an auction. What would be your next steps? - If a company's valuation is higher than expected, how would you justify proceeding with the acquisition?
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Private Equity Intern

Interviewed at Avedon

4.7★
Jan 7, 2025

Round 2: Phone Call with Associates - Behavioral Questions: - Describe a time when you worked under pressure to meet a tight deadline. How did you manage it? - Tell us about a time you had to solve a conflict in a team. - Give an example of a time you went above and beyond expectations. - Technical Questions: - How would you value a company with negative cash flows? - Walk us through a DCF model. - How do interest rate changes impact leveraged buyouts (LBOs)? --- Round 3: Take-Home Case Study You might not face direct questions here but rather tasks like: - Create a financial model for a company with provided data (e.g., a 3-statement model or an LBO model). - Analyze the financial performance of a company and recommend whether to invest, divest, or hold. - Provide a valuation for the company using different methodologies (DCF, comparables, etc.). Possible follow-up questions in the review session: - Why did you choose these assumptions in your model? - How would you stress-test this model? - What additional data would you need to refine your analysis? --- Round 4: Case Study - Business Sense Scenario-Based Questions: - Imagine you are evaluating a company for acquisition. What are the key factors you would analyze? - A portfolio company has been underperforming. How would you identify the root cause and turn it around? - If you were tasked with increasing a portfolio company's EBITDA by 20% in two years, what strategies would you implement? Market Awareness: - How would you approach investing in a cyclical industry during an economic downturn? - What industries do you see as most promising for PE investments in the current market? - **Strategy-Oriented:** - A competitor has outbid your firm in an auction. What would be your next steps? - If a company's valuation is higher than expected, how would you justify proceeding with the acquisition?

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