PWM Flashcards
1
Q
What would you do if you saw someone cheating on a test?
A
- Obviously, an unfortunate situation to be in, never want to cause someone else distress
- However, I would feel like I have to report them to the professor as them cheating could affect the exam grade curve and hence could affect people who did the exam honestly
2
Q
A team member isn’t contributing. You confront them. They still don’t contribute. What next?
A
Ask them if there are any resources or something that may help them. I would also check if they are having any personal issues, and would advise them to go and speak to management about them. If nothing changes, and its from a lack of effort, report to supervisor.
3
Q
How do you handle a client who goes against the company policy?
A
I would make sure that the client is aware of company policy, as it could be a mistake from them. I would flag to supervisor as the policy breach could get the company in trouble, whilst emphasising the reason that the client gave, which would hopefully be just a mistake on their part
4
Q
Walk me through your CV.
A
- Undergrad at University of York in Economics and Finance. Graduated top of class and won head of department prize. Now studying Masters in Finance at University of Warwick.
I have also recently attended the HEC Paris summer school for Investment banking and international finance.
- I have some previous experience in accounting and wealth management, but my main experience is from my entrepreneurial activities such as running my trading and investing community, as well as building an algorithmic trading portfolio. During this time I worked with 2 of my friends to develop trading strategies based off of technical analysis, and then we performed analysis such as backtesting, monte carlo or walk forward to determine the strategies historical performance, and then combined these strategies into a portfolio. This has very much developed my teamwork, quantitative and analytical skills. Outside of this, I also have a background in volunteering, finance society participation and another entrepreneurial venture surrounding buying and selling clothes.
As for something a little more unique abou
5
Q
Which was your preferred class at university?
A
Between finance and economics, id preferred my finance modules as I found them more applicable to real life and you can apply the concepts you learn. For a specific module, my favourite was probably mathematical economics, as it looks at game theory and peoples behaviour in game settings.
6
Q
Tell me about yourself
A
- Undergrad at University of York in Economics and Finance. Graduated top of class and won head of department prize. Now studying Masters in Finance at University of Warwick
- During 1st year of undergrad got introduced to world of trading and investing through a friend
- During Covid pandemic in my 2nd year, had a lot of free time and nurtured my interest
- I actually managed a portfolio of quantitative strategies up to about 30k trading Dow Jones
- Encouraged me to do a masters in finance to really learn more about the finance world.
- Now want to work in Asset Management as I have a desire to learn how to invest and build portfolios from the best in the business.
- I am really interested in Football, support Man United and am a qualified FA referee.
7
Q
Your professor accidentally sends you confidential information intended for another student. What do you do?
A
Avoid reading the contents of the email and email the professor informing him of the situation. I would then go and speak to student services to see if there is anything else I should do before deleting the email.
8
Q
You are working on a secret project. Your previous manager asks about it. He says he wants information on the project to help with an important decision. What do you do?
A
I think it would depend on who set the ‘secret project’. If it was someone superior to my manager, I would recommend that the manager went and spoke to them and received approval. If someone less senior to my manager, definitely inform them.
9
Q
What are your strengths?
A
- Main strength is intellectual curiosity - I always want to learn more. I read a lot of very different books; for example have read Stephen Hawkings ‘brief answers to the big questions’ as well as a lot of productivity books like ‘The compound effect’ or ‘Mindset’. I think this is why I am interested in finance, as you can always learn more in the field.
I would also say that I am a personable individual, I always like talking to people and learning about their background, experiences and beliefs and want to discuss a range of different things with them. To this end, I joined various finance societies at university, established my own trading and investing community, as well as participate in various group chats about things I am interested in.
I would also say I am analytical; I like gathering and finding out information, and feel like you should try and gather as much information as possible before making decisions. THis is why I like researching companies for discretionary investment ideas, as there are always ways to improve your valuation or assessment of a company.
10
Q
What are your weaknesses?
A
I think my main weakness is that I occassionally get distracted. For example, I will be doing a task like focusing on Uni work, and then get side tracked reading something interesting on quora about space or something like that. However, I have attempted to mitigate this weakness by buying a productivity planner which sets out which tasks I need to complete over a day / week and this has helped tremendously.
I’d also say that I sometimes take on too much responsibility in group projects. I always want to achieve the best outcome, so will occasionally take on more than my fair share just so I know that the work has been done correctly.
I would say that I am occasionally lack focus public speaking if I have not sufficiently prepared before hand.
11
Q
What motivates you in life?
A
I think there are a lot of factors but one of my main ones is probably that I push myself to be better every day and learn more and more. I always try to improve all areas of my life, by learning but then of course also havign social aspects as well. Ideally I can combine these and meet a lot of really interesting people, learn from them and enjoy the work I am doing. Another thing that motivates me is the opportunity to help people in some capacity. Whether that is by volunteering or mentoring now, or helping on life changing projects in the future.
12
Q
What would make you satisfied?
A
Working in a team of like-minded individuals on meaningful projects that have a real impact on peoples lives. I find it much easier to work alongside people who are very invested in the project, and are driven and motivated people. I also feel like I need the work to be challenging, and sufficiently utilise my analytical and quantitative abilities, and combining this with the impact aspect I mentioned earlier is what would make me fully satisfied from a career perspective.
13
Q
Why do you want to work for Wealth Management division
A
My motivations behind applying to the private wealth management dividsion come from my family background. Always grew up in a family that encouraged helping people; grandparents were in the police force, as well as mum working at charity shop. Ingrained in me to help people, for example volunteered for over 300 hours during A levels coaching football to younger year groups. I also have previous experience interning at a small independent wealth management firm, and found it very rewarding seeing the impact that pwm has on individuals and families. Also, I like the integration of the portfolio management and investment strategy aspect that an internship on the solutions team would provide. In my spare time, I have built a discretionary investment portfolio, as well as spent time developing quantitative trading strategies, and these are things that I have thoroughly enjoyed. I find that I have a quantitative mind, and really enjoy solving problems, so combining these attributes into a role where I can help others is something that I would thoroughly enjoy. This combination of employing both my analytical abilities and personable nature to have a real world impact on people and families is my ideal job, and this is exactly what I envisage working in private banking in the solutions team provides.
14
Q
What skills do you think are required to do this job?
A
Based on my knowledge, I think you need strong communication and interpersonal skills to deal with the client facing side, as well as having strong quantitative and analytical skills to deal with the solution side.
15
Q
Can you talk about a mistake you made in the past, and how you overcame it?
A
I have previously invested in Electronic Arts interactive around October 2018 when I was just starting investing. I made this decision because I liked playing fifa games with friends and thought that it was a good investment based off of thr high revenues they generate from the ultimate team game mode. However, the share price dropped sharply because of a delay to another game in EA’s portfolio, BATTLEFIELD WAS DELAYED CASUING OUTLOOKS TO BE WORSE. From this experience I learnt that you cant really focus on one catalyst and ignore everything else; you must weigh up both sides and look at all products from a company.
16
Q
Who is the most famous and influential person you would like to meet and why?
A
George Soros / Christopher Nolan.
17
Q
Can you tell me a time when you failed to meet a deadline?
A
I missed a deadline for one of my formative assessments for my microeconomics modules in year 2 of my undergrad. This was one of the reasons I bought a productivity planner which sets out which tasks I need to complete over a day / week and this has helped tremendously.
18
Q
What’s more important: deadlines, or the quality of work?
A
Depends on the scenario, I dont think it is one way or the other. Personally, I would fflag the issue to my boss and get his feedback on whether the deadline is soft or hard, and then communicate the level as to which I would be able to complete the task in the given timeframe. In an ideal situation, I think sticking to the deadline whilst still producing a good piece of work if best. I dont think you should ever submit or make a decision based on a bad quality piece of work as this can lead to bad outcomes.
19
Q
Can you give an example of a time you streamlined a process?
A
Testing different portfolio weightings in Python. Was calculating things like Drawdown, Rate of Return etc, and kept copying code. Realised I could create my own module that did these things and then could just call the module when I needed to. Made the process a lot quicker because instead of finding the code, all I had to do was call a module.
20
Q
Which role do you usually play in a team?
A
Id like to say leader, but I think it depends on the people in the group. if there is someone with more experience than me with the work we are currently doing, then I would think it would be best for the group for them to take lead rather than myself. Outside of leadership, I would say I always bring creativity and attempt to find innovative solutions, and I can also play a supporting role if someone else on the team needs some assitance.
21
Q
What would your team mates say about working with you?
A
Strengths - Intellectually curious, for example ill always be reading about a lot of different topics like space, psychology etc and want to talk about everything to people
Another word would probably be hard-working. Many of my friends and even girlfriend complains I work too much but I really enjoy it. I think this probably has positives and negatives to it rather than being a strength or weakness.
EIDT
Team player, always pull wait. willing to go extra mile. Also bring different perspectives; like to play devil advocate and look at the problem and question to make sure we are doing right thing
22
Q
Would you rather be captain of a losing team or the regular member of a winning team?
A
Id probably lean towards regular member of a winning team. I think if you surround yourself with people better than you, it can motivate you to improve yourself and hence I would want to be in an environment where I can learn from better team members.
23
Q
Why did you choose your college/university? Why did you choose that subject?
A
I actually got an offer from University of Oxford to read Economics and Management, but missed my offer because I underperformed during A levels. However, I ended up at the University of York and couldnt be happier. In terms of why Economics and Finance, I really enjoy learning about peoples behaviour and why things work how they are, which meant Economics was a natural choice. FInance has always been the industry i have wanted to work in, and so that was also a natural choice.
24
Q
Give an example of a time you acted as a leader.
A
When attending the HEC Paris Investment Banking and International Finance summer school, we were assigned groups and we had to make a case study on how we would value a company. I was assigned to be group leader, where I had to do the introduction and conclusion and make sure the presentation was cohesive and well structured. Our presentation went really well and the summer school leader noted that everything linked together nicely
25
Give an example of a time you worked with a diverse team.
When attending the HEC Paris Investment Banking and International Finance summer school, we were assigned groups and we had to make a case study on how we would value a company. There were 19 different nationalities represented on the summer school, and in my group of 6 people there were 5 different nationalities. However, we all worked well together, and everyone was patient on the communication side of things and double-checked everything to make sure there was not any miscommunication.
26
Would you say you're a perfectionist?
Not really; I think its near impossible to ever do a perfect job, there will always be improvements. I will always strive to do my best, but I believe trying to make something perfect is incredibly time-consuming. I think that I have a high attention to detail, but trying to move from a standard of very good to perfect is difficult, and the benefit from doing so is outweighed by the time lost.
27
Your friend is cheating in a test. He's on his last warning. You're the only one who knows he's cheating. What do you do?
- Obviously, an unfortunate situation to be in, never want to cause someone else distress
- However, I would feel like I have to report them to the professor as them cheating could affect the exam grade curve and hence could affect people who did the exam honestly
28
Tell me something not on your CV.
I am a qualified FA referee and referee under 18 matches. I was actually commended for my performance a few years ago and got to referee a u15 mens cup final which was pretty cool!
29
Walk me through a DCF. What does a DCF do?
DCF - Using FCF and predicted growth rates to project cash flow into the future. You then discount these cash flows using the discount rate, usually expressed as WACC. You can then either do a perpetuity growth method and calculate a terminal value using a long term growth rate (usually around 2%), or calculate equity value using cash flows, cash and equivalents and debt and then multiplying this by a relevant ratio like price equity ratio to find a valuation of the intrinsic value.
30
Why is cash subtracted from Enterprise Value (EV)?
Enterprise value = Equity Value + debt - Cash. If you bought a company, you would take on the debt that the company has. You could use the current cash to pay off those debts, and hence they are subtracted.
31
Explain how you make decisions
First diagnose what issue I am trying to solve. Then look at the pros and cons of each solution. Get another opinion from someone I trust. Make a decision.
32
What do you look for when choosing which stocks to pick?
Top down approach; macro perspective --> Has industry got somewhere to grow, then try and find winners withing that industry. I like revolutionary / innovative businesses, always striving for spectacular or top end results. Strong financial position is key.
33
How would you invest 1m of a clients money?
Right now, my time horizon is longer-term and hence I can look to take on more risk than if my time horizon was shorter term. Therefore, I would place a strong portion, say 70%, of my portfolio in various index funds to provide a large portion of my portfolio in relatively high-risk investments. Also, spreading around a few index funds will provide diversification without moving from the equities asset class. I would probably allocate 40% to a Nasdaq index tracker, as the US economy has a strong performance and this should give me a relatively stable core position of my portfolio. I would then look to invest another 20% in 3 other index trackers, for example the FTSE100, DAX30 and a Bovespa index tracker which will give me a higher risk higher return access to an emerging market in Brazil. These investments should give me sufficient equity diversification, but introduce some exchange rate risk to the portfolio. Next I would gain some exposure to the Lyxor World Water ETF, say 10%, as I am bullish on this sector as we will require some innovation to solve the potential water scarcity crisis on the horizon and hence this sector should benefit. I would then invest 20% in corporate bonds index trackers, providing a more stable investment and a higher risk but higher return investment than government bonds. The last 10% would be spread around other asset classes, perhaps in REIT's, cryptocurrency and gold.
34
Whats the riskiest asset class?
Depends on circumstances, and I think best way is to compare asset classes whilst looking at certain circumstances. Traditionally, equities riskier than bonds. However, if you compare equities to cryptocurrency, with he lack of regulation in that industry, crypto probably riskier than equities.
35
Whats a mutual fund
A mutual fund is an open-end professionally managed investment fund that pools money from many investors to purchase securities.
Mutual funds are the common name for open-end investment companies
36
Whats a bond
In simple terms, a bond is loan from an investor to a borrower such as a company or government. The borrower uses the money to fund its operations, and the investor receives interest on the investment. The market value of a bond can change over time.
37
Whats an equity
The term equity has a different definition depending on the context. When talking about the stock market, equities are simply shares in the ownership of a company. So when a company offers equities, it’s selling partial ownership in the company. On the other hand, when a company issues bonds, it’s taking loans from buyers.
Unlike debt securities, common stock, or equity, in a firm represents an ownership
share in the corporation. Equityholders are not promised any particular payment. They
receive any dividends the firm may pay and have prorated ownership in the real assets of
the firm. If the firm is successful, the value of equity will increase; if not, it will decrease.
The performance of equity investments, therefore, is tied directly to the success of the firm
and its real assets. For this reason, equity investments tend to be riskier than investments in
debt securities. Equity markets and equity valuation are the topics of Part Five.
38
Whats a hedge fund
A hedge fund is a pooled investment fund that trades in relatively liquid assets and is able to make extensive use of more complex trading, portfolio-construction and risk management techniques in an attempt to improve performance, such as short selling, leverage, and derivatives.
Like mutual funds, hedge funds also pool and invest the money of many clients. But
they are open only to institutional investors such as pension funds, endowment funds, or
wealthy individuals. They are more likely to pursue complex and higher-risk strategies.
They typically keep a portion of trading profits as part of their fees, whereas mutual funds
charge a fixed percentage of assets under management.
Unlike mutual funds, however, hedge
funds are commonly structured as private partnerships and thus subject to only minimal
SEC regulation.
39
Allocating money in a portfolio
Right now, my time horizon is longer-term and hence I can look to take on more risk than if my time horizon was shorter term. Therefore, I would place a strong portion, say 70%, of my portfolio in various index funds to provide a large portion of my portfolio in relatively high-risk investments. Also, spreading around a few index funds will provide diversification without moving from the equities asset class. I would probably allocate 40% to a Nasdaq index tracker, as the US economy has a strong performance and this should give me a relatively stable core position of my portfolio. I would then look to invest another 20% in 3 other index trackers, for example the FTSE100, DAX30 and a Bovespa index tracker which will give me a higher risk higher return access to an emerging market in Brazil. These investments should give me sufficient equity diversification, but introduce some exchange rate risk to the portfolio. Next I would gain some exposure to the Lyxor World Water ETF, say 10%, as I am bullish on this sector as we will require some innovation to solve the potential water scarcity crisis on the horizon and hence this sector should benefit. I would then invest 20% in corporate bonds index trackers, providing a more stable investment and a higher risk but higher return investment than government bonds. The last 10% would be spread around other asset classes, perhaps in REIT's, cryptocurrency and gold.
40
Briefly walk me through a discounted cash flow analysis. (including WACC).
DCF - Using FCF and predicted growth rates to project cash flow into the future. You then discount these cash flows using the discount rate, usually expressed as WACC. You can then either do a perpetuity growth method and calculate a terminal value using a long term growth rate (usually around 2%), or calculate equity value using cash flows, cash and equivalents and debt and then multiplying this by a relevant ratio like price equity ratio to find a valuation of the intrinsic value.
41
Discuss a news story you have read about recently.
I think the recent news story that has really stuck with me is the current inflation levels in the United States. The current level is around 5.4%, which is a significant departure from the 2% target. However, the chair of the federal reserve Jerome Powell has expressed his belief that the current inflation level is only transitory, and hence inflation should reduce in the near future. However, with the continued supply constraints and other factors, it remains to be seen as to whether inflation is actually transitory, and the definition of 'transitory' itself is very unspecific in time frame. The thing that is critical about this story is that, If inflation continues to persist at these levels, the federal reserve may be forced to increase interest rates, which is likely to halt the fantastic bull run we are seeing in the US equity markets, as well as having ramifications for the wider markets such as the Foreign Exchange rates or even the bond market. An increase in US interest rates is likely to cause people to rebalance portfolios, and most if not all asset classes are likely to be impacted, something that is evidently quite significant.
42
What are today's 10-year treasury bond returns?
Yield is 1.227%
43
Why Finance instead of consulting?
I find the finance industry very rewarding; you can never learn too much, and it satisfies my intellectual curiosity as there is always opportunity to learn more. I also like that in investment management you have responsibility and can implement decisions yoursel, as well as being surrounded by a lot of like minded invidivudals. FINANCE HAS A LITTLE OF EVERYTHIGN; ALWAYS STUFF TO LEARN
44
Current S&p500 price?
I dont know exactly, but around 4,500$ last time I checked. (4,506)
45
Current Nasdaq price?
I dont know exactly, but around 14,800 last time i checked (14,835)
46
Current Ftse100 price?
I dont know exactly, but around 7,100 last time i checked (7,095)
47
Current Ftse250 price?
I dont know exactly, but around 23,400 last time i checked (23,420)
48
Current DAX30 price?
I dont know exactly, but around 15,700 last time i checked (15,7300)
49
Current USOIL price?
I dont know exactly, but around 68.00 last time i checked (68.20)
50
Current gold price?
I dont know exactly, but XAUUSD is around 1,800 last time i checked (1820)
51
Current EURUSD price?
I dont know exactly, but around 1.17500 last time i checked (1.17600)
52
Current GBPUSD price?
I dont know exactly, but around 1.39 last time i checked (1.388)
53
Current EURGBP price?
I dont know exactly, but around 0.86 last time i checked (0.86)
54
Current USDJPY price?
I dont know exactly, but around 110.0 last time i checked (109.83)
55
Name a political event you're tracking. How do you expect this to impact the markets?
Current US inflation levels of around 4% causing the FED potentially increasing interest rates sooner than forecast. Likely to lead to uncertainty and investors being unwilling to continue ploughing money into the stock market once this rates rise gerts closer, because higher rates increase the cost of borrowing, reducing consumer and institutional spending which decreases earnings and therefore share price of companiews.
56
Name a political event you're tracking. How do you expect this to impact the markets?
Current US inflation levels of around 4% causing the FED potentially increasing interest rates sooner than forecast. Likely to lead to uncertainty and investors being unwilling to continue ploughing money into the stock market once this rates rise gerts closer, because higher rates increase the cost of borrowing, reducing consumer and institutional spending which decreases earnings and therefore share price of companiews.
57
What do you think of Bitcoin?
I think it is an interesting investment and the underlying technology behind it could have some profound uses. However, in my opinion, Bitcoin does not have an intrinsic value that reflects its current valuation, and hence I would not invest in it. I dont think it would be possible to use it as a transactional currency either, as one of they key reasons we have government controlled currencies is so they can stimulate the economy with monetary policy like QE if needed. I think its valaution maybe comes as a potential inflation hedge, and in that regard its pretty similar to gold, especially as there is a finite supply of it too.
58
Talk me through a time you were working in a team and you were faced with a confrontation
I was working with two others on YouTube channel. We were having a discussion about which content to make and there was some disagreement. However, I suggested we narrowed down to two options and then go away have a think and then vote on it; we ended up unanimously voting the right way and everyone agreed the right decision had been made. We ended up making both anyway!
59
What’s your greatest strength?
Main strength is intellectual curiosity - I always want to learn more. I read a lot of very different books; for example have read Stephen Hawkings 'brief answers to the big questions' as well as a lot of productivity books like 'The compound effect' or 'Mindset'. I think this is my greatest strength because it means I always delve deeper and am not satisfied until I have found a good answer.
60
How would you integrate a new teammate?
I actually did this whilst at Marstons where I worked as bar staff. We had a new member join the team, and although I was not training this person, just being available for questions, being understanding of the situation of being new to the team and generally being supportive is usually the best way to integrate a new team member.
61
What's a recent transaction that you're interested in?
Etsy buying Depop for $1.62 billion. I was particularly interested in this transaction because I like Etsy's long term prospects, as well as having used Depop a lot myself. Depop specialises in providing a marketplace for people to buy and sell used clothes, and its primary audience is the younger gen z generation as it is similar to a social media platform. This strongly complements Etsy's initial offering, as it is an eCommerce marketplace for people crafters and artists to sell their handmade or bespoke goods. However, a previous negative was the lack of gen z exposure on Etsy, but this has now been reconciled with the purchase of depop.
62
What's a time you saw something wrong in a team/project/activity you were doing? How did you react? What did you do?
Niche Programming langauge that did not have a lot of educational resources.
63
Name a political event you're tracking. How do you expect this to impact the markets?
I think the recent news story that has really stuck with me is the current inflation levels in the United States. The current level is around 5.4%, which is a significant departure from the 2% target. However, the chair of the federal reserve Jerome Powell has expressed his belief that the current inflation level is only transitory, and hence inflation should reduce in the near future. However, with the continued supply constraints and other factors, it remains to be seen as to whether inflation is actually transitory, and the definition of 'transitory' itself is very unspecific in time frame. The thing that is critical about this story is that, If inflation continues to persist at these levels, the federal reserve may be forced to increase interest rates, which is likely to halt the fantastic bull run we are seeing in the US equity markets, as well as having ramifications for the wider markets such as the Foreign Exchange rates or even the bond market. An increase in US interest rates is likely to cause people to rebalance portfolios, and most if not all asset classes are likely to be impacted, something that is evidently quite significant.
64
Think of something you know that is complicated and explain to me
Time value of money
65
What does PWM division do?
Wealth management is an investment advisory service that combines other financial services to address the needs of affluent clients. A wealth management advisor is a high-level professional who manages an affluent client's wealth holistically, typically for one set fee.
66
if you have 100b how will you invest?
Right now, my time horizon is longer-term and hence I can look to take on more risk than if my time horizon was shorter term. Therefore, I would place a strong portion, say 70%, of my portfolio in various index funds to provide a large portion of my portfolio in relatively high-risk investments. Also, spreading around a few index funds will provide diversification without moving from the equities asset class. I would probably allocate 40% to a Nasdaq index tracker, as the US economy has a strong performance and this should give me a relatively stable core position of my portfolio. I would then look to invest another 20% in 3 other index trackers, for example the FTSE100, DAX30 and a Bovespa index tracker which will give me a higher risk higher return access to an emerging market in Brazil. These investments should give me sufficient equity diversification, but introduce some exchange rate risk to the portfolio. Next I would gain some exposure to the Lyxor World Water ETF, say 10%, as I am bullish on this sector as we will require some innovation to solve the potential water scarcity crisis on the horizon and hence this sector should benefit. I would then invest 20% in corporate bonds index trackers, providing a more stable investment and a higher risk but higher return investment than government bonds. The last 10% would be spread around other asset classes, perhaps in REIT's, cryptocurrency and gold.
67
Are you a leader or a team member and why?
Id like to say leader, but I think it depends on the people in the group. if there is someone with more experience than me with the work we are currently doing, then I would think it would be best for the group for them to take lead rather than myself. Outside of leadership, I would say I always bring creativity and attempt to find innovative solutions, and I can also play a supporting role if someone else on the team needs some assitance.
68
What do you do outside of the office?
Keen football fan - support Manchester United and am an FA qualified referee. Outside of this I like to build quantitative trading systems and come up with investment ideas for my portfolio.
69
How would you describe your work ethic?
I would describe my work ethic as being industrious - I finished top of my cohort at undergraduate level, despite also running a business, making a quantitative portfolio, balancing social life and even having a girlfriend.
70
What's a time you saw something wrong in a team/project/activity you were doing? How did you react? What did you do?
Quant portfolio; trying to use a coding language that was very niche and not a lot of learning resources. Switched to Python as the support is obviously a lot more available, and has definitely made our lives easier.
71
Can you give a time when you have had to overcome something difficult?
I actually got an offer from University of Oxford to read Economics and Management, but missed my offer because I underperformed during A levels. Obviously this was quite disheartening, but I ended up at the University of York and wanted to do my best here. I ended up finishing with the highest overall degree % of any Economics graduate for 2021, rewarding my resilient attitude.
72
Think of something you know that is complicated and explain to me
Time value of money.
A concept that many people don't understand is the time value of money. MAYBE LOOK AT COMPOUNDING
73
if you have 100b how will you invest?
Right now, my time horizon is longer-term and hence I can look to take on more risk than if my time horizon was shorter term. Therefore, I would place a strong portion, say 70%, of my portfolio in various index funds to provide a large portion of my portfolio in relatively high-risk investments. Also, spreading around a few index funds will provide diversification without moving from the equities asset class. I would probably allocate 40% to a Nasdaq index tracker, as the US economy has a strong performance and this should give me a relatively stable core position of my portfolio. I would then look to invest another 20% in 3 other index trackers, for example the FTSE100, DAX30 and a Bovespa index tracker which will give me a higher risk higher return access to an emerging market in Brazil. These investments should give me sufficient equity diversification, but introduce some exchange rate risk to the portfolio. Next I would gain some exposure to the Lyxor World Water ETF, say 10%, as I am bullish on this sector as we will require some innovation to solve the potential water scarcity crisis on the horizon and hence this sector should benefit. I would then invest 20% in corporate bonds index trackers, providing a more stable investment and a higher risk but higher return investment than government bonds. The last 10% would be spread around other asset classes, perhaps in REIT's, cryptocurrency and gold.
74
Are you a leader or a team member and why?
Id like to say leader, but I think it depends on the people in the group. if there is someone with more experience than me with the work we are currently doing, then I would think it would be best for the group for them to take lead rather than myself. Outside of leadership, I would say I always bring creativity and attempt to find innovative solutions, and I can also play a supporting role if someone else on the team needs some assitance.
75
Which skills did you gain during your internship or past investment banking experience that will make you a good fit for this role?
Through my entrepreneurial efforts, I have experience building a quantitative portfolio utilising technical analysis strategies, as well as managing a small five figure discretionary investment portfolio. During the former, I had the opportunity to develop my quantitative and teamwork skills, as well as hands on portfolio building experience, resulting in a portfolio historical performance of 22% CAGR for 12 years with 14% maximal drawdown. During the latter, I have sharpened my attention to detail and developed my analytical skills by selecting 15 stocks for the ‘Active Investing’ portion of my Core-Satellite portfolio. Also, I have co-launched a YouTube channel that aims to educate others on the use of technical analysis for investing and trading, so far producing 70+ videos and reaching 409 subscribers. I think one of the main benefits of my entrepreneurial ventures has been developing problem solving and independence; you have to find your own way to do things, and keep yourself motivated.
76
What are the greatest challenges the financial sector will face in the next 5 years?
Disruption of indyusrty by AI; in aprticular for PWM< roboadvisory.
77
What would you do if you were unable to meet a deadline?
Personally, I would fflag the issue to my boss and get his feedback on whether the deadline is soft or hard, and then communicate the level as to which I would be able to complete the task in the given timeframe. In an ideal situation, I think sticking to the deadline whilst still producing a good piece of work if best. I dont think you should ever submit or make a decision based on a bad quality piece of work as this can lead to bad outcomes.
78
Can you give a time when you have had to overcome something difficult?
I actually got an offer from University of Oxford to read Economics and Management, but missed my offer because I underperformed during A levels. Obviously this was quite disheartening, but I ended up at the University of York and wanted to do my best here. I ended up finishing with the highest overall degree % of any Economics graduate for 2021, rewarding my resilient attitude.
79
what are the markets doing right now?
I think the recent news story that has really stuck with me is the current inflation levels in the United States. The current level is around 5.4%, which is a significant departure from the 2% target. However, the chair of the federal reserve Jerome Powell has expressed his belief that the current inflation level is only transitory, and hence inflation should reduce in the near future. However, with the continued supply constraints and other factors, it remains to be seen as to whether inflation is actually transitory, and the definition of 'transitory' itself is very unspecific in time frame. The thing that is critical about this story is that, If inflation continues to persist at these levels, the federal reserve may be forced to increase interest rates, which is likely to halt the fantastic bull run we are seeing in the US equity markets, as well as having ramifications for the wider markets such as the Foreign Exchange rates or even the bond market. An increase in US interest rates is likely to cause people to rebalance portfolios, and most if not all asset classes are likely to be impacted, something that is evidently quite significant.
80
Talk about a recent market news headline in detail
ddd
81
What Skills are required for the job?
Based on my knowledge of the asset management industry, I would say the main skills required are strong analystical skills, the ability to summarise effectively and be an excellent communicator.
Strong analytical skills are important because you need to filter through a lot of information quickly and make links between pieces of information.
The ability to summarise well is important as you need to extract the important pieces of information from a lot of information
And excellent communication skills are important as you need to be able to convey your ideas succinctly and in a compelling way.
82
What are the greatest challenges the financial sector will face in the next 5 years?
FinTech businesses integrating AI, for example roboadvisors may challenge the wealth management business. I know the roboadvisor business is growing massively, and is due to reach about 1 trn USD assets under management in 2021, but I dont foresee this to have a huge impact because I think the client interaction part is hugely important. I think the opening of accounts and user interfaces may be improved.
83
What would you do if you were unable to meet a deadline?
Depends on the scenario, I dont think it is one way or the other. Personally, I would fflag the issue to my boss and get his feedback on whether the deadline is soft or hard, and then communicate the level as to which I would be able to complete the task in the given timeframe. In an ideal situation, I think sticking to the deadline whilst still producing a good piece of work if best. I dont think you should ever submit or make a decision based on a bad quality piece of work as this can lead to bad outcomes.
84
Where do you see yourself in the future?
Hard to really say because depends on so many things. I may be completely wrong with this but based on my current interests I would hopefully be a portfolio manager or even co- portfolio as I like the idea of running a portfolio alongside someone so we can bounce ideas off of each other. I would also like to do an MBA at some point as I really enjoy learning. Obviously this is very speculative as its probably too early in my career to tell properly, but this would be an ideal scenario.
85
Why did you choose your degree?
I actually got an offer from University of Oxford to read Economics and Management, but missed my offer because I underperformed during A levels. However, I ended up at the University of York and couldnt be happier. In terms of why Economics and Finance, I really enjoy learning about peoples behaviour and why things work how they are, which meant Economics was a natural choice. FInance has always been the industry i have wanted to work in, and so that was also a natural choice.
86
Talk about a recent market news headline in detail
I think the recent news story that has really stuck with me is the current inflation levels in the United States. The current level is around 5.4%, which is a significant departure from the 2% target. However, the chair of the federal reserve Jerome Powell has expressed his belief that the current inflation level is only transitory, and hence inflation should reduce in the near future. However, with the continued supply constraints and other factors, it remains to be seen as to whether inflation is actually transitory, and the definition of 'transitory' itself is very unspecific in time frame. The thing that is critical about this story is that, If inflation continues to persist at these levels, the federal reserve may be forced to increase interest rates, which is likely to halt the fantastic bull run we are seeing in the US equity markets, as well as having ramifications for the wider markets such as the Foreign Exchange rates or even the bond market. An increase in US interest rates is likely to cause people to rebalance portfolios, and most if not all asset classes are likely to be impacted, something that is evidently quite significant.
87
What is your proudest accomplishment?
Probably that I finished top of my undergraduate cohort for the whole economics department, which is about 200 people, as I got the highest overall degree %. After underperforming during my A levels, and missing my offer to study at my first choice university, I was determined to make amends by graduating from university with a high first. By following a structured learning timetable, and making sure I properly understood all of the material, I finished my degree with the highest overall % of any Economics undergraduate, and to do this after such a setback from A levels is something I think I should be really proud of.
88
What are your weaknesses?
I think my main weakness is that I occassionally get distracted. For example, I will be doing a task like focusing on Uni work, and then get side tracked reading something interesting on quora about space or something like that. However, I have attempted to mitigate this weakness by buying a productivity planner which sets out which tasks I need to complete over a day / week and this has helped tremendously.
I'd also say that I sometimes take on too much responsibility in group projects. I always want to achieve the best outcome, so will occasionally take on more than my fair share just so I know that the work has been done correctly.
I would say that I am occasionally lack focus public speaking if I have not sufficiently prepared before hand.
89
Tell me about a Team Conflict?
I was working with two others on YouTube channel. We were having a discussion about which content to make and there was some disagreement. However, I suggested we narrowed down to two options and then go away have a think and then vote on it; we ended up unanimously voting the right way and everyone agreed the right decision had been made. We ended up making both anyway!
90
Tell me about a time when you were a leader?
When attending the HEC Paris Investment Banking and International Finance summer school, we were assigned groups and we had to make a case study on how we would value a company. I was assigned to be group leader, where I had to do the introduction and conclusion and make sure the presentation was cohesive and well structured. Our presentation went really well and the summer school leader noted that everything linked together nicely
91
Tell me a time you made a bad decision?
I have previously invested in Electronic Arts interactive around October 2018 when I was just starting investing. I made this decision because I liked playing fifa games with friends and thought that it was a good investment based off of thr high revenues they generate from the ultimate team game mode. However, the share price dropped sharply because of a delay to another game in EA's portfolio. From this experience I learnt that you cant really focus on one catalyst and ignore everything else; you must weigh up both sides and look at all products from a company.
92
Tell me about a time when you worked hard to meet a deadline?
Exams. Plan timeframe. Work out deadline. Worked through the night. Didnt finish any exam before 2am, and actually stayed up all night on my last exam to get it done.
93
Tell me about a recent news story you have read?
Inflation
94
Where do you think the Stock market will go?
Of course this is just conjecture but if I had to make a prediction id think this. Inflation is high right now, around 4% in US and 2.5% in UK. The US inflation rate is off of target (around 2%) and the Fed have recently brought forward the guidance on when they expect to increase interest rates, so I think investors will now be cautious about investing in the stock market as when interest rates rise, businesses and consumers will cut back on spending because the cost of debt is higher, meaning earnings will fall and stock prices will drop.
95
Why this role? PWM
My motivations behind applying to the private wealth management dividsion come from my family background. Always grew up in a family that encouraged helping people; grandparents were in the police force, as well as mum working at charity shop. Ingrained in me to help people, for example volunteered for over 300 hours during A levels coaching football to younger year groups. I also have previous experience interning at a small independent wealth management firm, and found it very rewarding seeing the impact that pwm has on individuals and families. Also, I like the integration of the portfolio management and investment strategy aspect that an internship on the solutions team would provide. In my spare time, I have built a discretionary investment portfolio, as well as spent time developing quantitative trading strategies, and these are things that I have thoroughly enjoyed. I find that I have a quantitative mind, and really enjoy solving problems, so combining these attributes into a role where I can help others is something that I would thoroughly enjoy. This combination of employing both my analytical abilities and personable nature to have a real world impact on people and families is my ideal job, and this is exactly what I envisage working in private banking in the solutions team provides.
96
Tell me about a time you had to make a difficult decision?
I actually got an offer from University of Oxford to read Economics and Management, but missed my offer because I underperformed during A levels. Obviously this was quite disheartening, but I ended up at the University of York and wanted to do my best here. I ended up finishing with the highest overall degree % of any Economics graduate for 2021, rewarding my resilient attitude. ADAPT
97
Tell me about a Team Conflict?
I was working with two others on YouTube channel. We were having a discussion about which content to make and there was some disagreement. However, I suggested we narrowed down to two options and then go away have a think and then vote on it; we ended up unanimously voting the right way and everyone agreed the right decision had been made. We ended up making both anyway!
98
What would you do if you were unable to meet a deadline?
dd
99
Which is better: meeting a deadline or doing a perfect job?
Depends on the scenario, I dont think it is one way or the other. Personally, I would fflag the issue to my boss and get his feedback on whether the deadline is soft or hard, and then communicate the level as to which I would be able to complete the task in the given timeframe. In an ideal situation, I think sticking to the deadline whilst still producing a good piece of work if best. I dont think you should ever submit or make a decision based on a bad quality piece of work as this can lead to bad outcomes.
100
Tell me about a time when you worked hard to meet a deadline?
Exams. Plan timeframe. Work out deadline. Worked through the night. Didnt finish any exam before 2am, and actually stayed up all night on my last exam to get it done.
101
Tell me about a recent news story you have read?
I think the recent news story that has really stuck with me is the current inflation levels in the United States. The current level is around 5.4%, which is a significant departure from the 2% target. However, the chair of the federal reserve Jerome Powell has expressed his belief that the current inflation level is only transitory, and hence inflation should reduce in the near future. However, with the continued supply constraints and other factors, it remains to be seen as to whether inflation is actually transitory, and the definition of 'transitory' itself is very unspecific in time frame. The thing that is critical about this story is that, If inflation continues to persist at these levels, the federal reserve may be forced to increase interest rates, which is likely to halt the fantastic bull run we are seeing in the US equity markets, as well as having ramifications for the wider markets such as the Foreign Exchange rates or even the bond market. An increase in US interest rates is likely to cause people to rebalance portfolios, and most if not all asset classes are likely to be impacted, something that is evidently quite significant.
102
What interests you about current affairs now? Why?
Inflation and that it is apparently transitory; inflation is usually influenced by inflation expectations, so as to whether the transitory statement is true is up in the air.
103
Describe a time when you have been able to demonstrate flexibility?
CHanged from niche programming language to python when trying to implement trailing stop loss.
104
What are the greatest challenges the financial sector will face in the next 5 years?
FinTech businesses integrating AI, for example roboadvisors may challenge the wealth management business. I know the roboadvisor business is growing massively, and is due to reach about 1 trn USD assets under management in 2021, but I dont foresee this to have a huge impact because I think the client interaction part is hugely important. I think the opening of accounts and user interfaces may be improved.
105
Provide an example of a time when you assessed a problem and understood its root causes. How did you analyse the information?
Quant portfolio; trying to use a coding language that was very niche and not a lot of learning resources. Switched to Python as the support is obviously a lot more available, and has definitely made our lives easier.
106
What would you do if you were unable to meet a deadline?
Depends on the scenario, I dont think it is one way or the other. Personally, I would fflag the issue to my boss and get his feedback on whether the deadline is soft or hard, and then communicate the level as to which I would be able to complete the task in the given timeframe. In an ideal situation, I think sticking to the deadline whilst still producing a good piece of work if best. I dont think you should ever submit or make a decision based on a bad quality piece of work as this can lead to bad outcomes. ADAPT
107
How do you keep up with current industry?
Finimize, Bloomberg podcatss when I am exercising. Reading books then researching topics usually helps too, as well as actively participating in the industry.
108
Tell me about a time when you had to explain complicated things to someone with little knowledge
Explaining to a friend about holding a diversified portfolio rather than meme stocks.
109
Tell me about a time when you worked towards an important deadline
Exams. Plan timeframe. Work out deadline. Worked through the night. Didnt finish any exam before 2am, and actually stayed up all night on my last exam to get it done.
110
What's a time you saw something wrong in a team/project/activity you were doing?
Quant portfolio; trying to use a coding language that was very niche and not a lot of learning resources. Switched to Python as the support is obviously a lot more available, and has definitely made our lives easier.
111
- Tell me about two companies that in your opinion should merge
ddd
112
Describe a time when you have been able to demonstrate flexibility?
Quant portfolio; trying to use a coding language that was very niche and not a lot of learning resources. Switched to Python as the support is obviously a lot more available, and has definitely made our lives easier.
113
Can you talk about your experience of changing your approach quickly to achieve a goal?
Quant portfolio; trying to use a coding language that was very niche and not a lot of learning resources. Switched to Python as the support is obviously a lot more available, and has definitely made our lives easier.
114
- Tell us how do you deal with a difficult argument with a coworker
I was working with two others on YouTube channel. We were having a discussion about which content to make and there was some disagreement. However, I suggested we narrowed down to two options and then go away have a think and then vote on it; we ended up unanimously voting the right way and everyone agreed the right decision had been made. We ended up making both anyway!
115
“Why are you interested in finance?”
USE DB
I find the finance industry very rewarding; you can never learn too much, and it satisfies my intellectual curiosity as there is always opportunity to learn more. I also like that in investment management you have responsibility and can implement decisions yoursel, as well as being surrounded by a lot of like minded invidivudals.
116
Why are you a good fit for this position?
I think my previous experiences have allowed me to develop skills that will help me during the role, and I believe my hardworking and personable nature will allow me to thrive. For example, Through my entrepreneurial efforts, I have experience building a quantitative portfolio utilising technical analysis strategies, as well as managing a small five figure discretionary investment portfolio. During these projects, I have been able to develop my quantitative and problem solving skills, which will put me in good stead when performing portfolio or investment analytics. Also, I have co-launched a YouTube channel that aims to educate others on the use of technical analysis for investing and trading, so far producing 70+ videos and reaching 417 subscribers. I did this alongside two of my friends, which fostered my teamworking skills as well as taught me how to organise myself effectively. I would also say that I am a good personality to be with in the office; I am more than willing to put the hard graft in, and I frequently covered for colleagues who were ill during my stint at Marstons but can also lighten the mood and be a friendly face.
117
Tell me about a time when you worked towards an important deadline
Exams. Plan timeframe. Work out deadline. Worked through the night. Didnt finish any exam before 2am, and actually stayed up all night on my last exam to get it done.
118
What unique experience or expertise could you bring to our team?
I think my previous experiences have allowed me to develop skills that will help me during the role, and I believe my hardworking and personable nature will allow me to thrive. For example, Through my entrepreneurial efforts, I have experience building a quantitative portfolio utilising technical analysis strategies, as well as managing a small five figure discretionary investment portfolio. During these projects, I have been able to develop my quantitative and problem solving skills, which will put me in good stead when performing portfolio or investment analytics. Also, I have co-launched a YouTube channel that aims to educate others on the use of technical analysis for investing and trading, so far producing 70+ videos and reaching 417 subscribers. I did this alongside two of my friends, which fostered my teamworking skills as well as taught me how to organise myself effectively. I would also say that I am a good personality to be with in the office; I am more than willing to put the hard graft in, and I frequently covered for colleagues who were ill during my stint at Marstons but can also lighten the mood and be a friendly face.
119
Can you tell us about a time you've acted as a leader?
When attending the HEC Paris Investment Banking and International Finance summer school, we were assigned groups and we had to make a case study on how we would value a company. I was assigned to be group leader, where I had to do the introduction and conclusion and make sure the presentation was cohesive and well structured. Our presentation went really well and the summer school leader noted that everything linked together nicely
120
What has been your greatest challenge? How did you overcome it?
I actually got an offer from University of Oxford to read Economics and Management, but missed my offer because I underperformed during A levels. Obviously this was quite disheartening, but I ended up at the University of York and wanted to do my best here. I ended up finishing with the highest overall degree % of any Economics graduate for 2021, rewarding my resilient attitude.
121
Why do you think you will succeed in this role? What makes you a good fit?
EDIT FOR PWM
Through my entrepreneurial efforts, I have experience building a quantitative portfolio utilising technical analysis strategies, as well as managing a small five figure discretionary investment portfolio. During the former, I had the opportunity to develop my quantitative and teamwork skills, as well as hands on portfolio building experience, resulting in a portfolio historical performance of 22% CAGR for 12 years with 14% maximal drawdown. During the latter, I have sharpened my attention to detail and developed my analytical skills by selecting 15 stocks for the ‘Active Investing’ portion of my Core-Satellite portfolio. Also, I have co-launched a YouTube channel that aims to educate others on the use of technical analysis for investing and trading, so far producing 70+ videos and reaching 409 subscribers. I think one of the main benefits of my entrepreneurial ventures has been developing problem solving and independence; you have to find your own way to do things, and keep yourself motivated.
122
Can you tell us about a time you worked in a team to solve a problem?
Quant portfolio; work often to solve problems together which could be due to strategy not working, coding issues etc.
123
* If you know your boss is 100% wrong about something how would you handle it?
First would check with someone else before approaching boss - ideally a colleague on the team. Boss may know more than me, and I don't think you can ever be 100% certain on thingsFirst thing to say would be speak in private. Dont want to be confrontational/embarrassing. I think would introduce the subject softly, explaining that I had been going through XYZ and had spotted something I didn't understand, so would they be able to take a look and explain to me. Then he can explain why he things is right and we talk about it so I can learn, or he agrees it is wrong and we change it
124
* You have 10 minutes before you're due to give a presentation. What do you do?
Calm myself. Check I have everything. Prepare myself mentally. Drink a small bit of water.
125
Talk about a time you solved a problem and had to incorporate a diverse set of perspectives in the solution.
When attending the HEC Paris Investment Banking and International Finance summer school, we were assigned groups and we had to make a case study on how we would value a company. There were 19 different nationalities represented on the summer school, and in my group of 6 people there were 5 different nationalities. However, we all worked well together, and everyone was patient on the communication side of things and double-checked everything to make sure there was not any miscommunication.
126
What unique experience or expertise could you bring to our team?
I actually got an offer from University of Oxford to read Economics and Management, but missed my offer because I underperformed during A levels. Obviously this was quite disheartening, but I ended up at the University of York and wanted to do my best there. I think this is quite a unique experience, and has definitely made me a very resilient person as well as fueld my desire to prove myself.
127
Tell me about yourself
- Undergrad at University of York in Economics and Finance. Graduated top of class and won head of department prize. Now studying Masters in Finance at University of Warwick
- During 1st year of undergrad got introduced to world of trading and investing through a friend
- During Covid pandemic in my 2nd year, had a lot of free time and nurtured my interest
- I actually managed a portfolio of quantitative strategies up to about 30k trading Dow Jones
- Encouraged me to do a masters in finance to really learn more about the finance world.
- Now want to work in Asset Management as I have a desire to learn how to invest and build portfolios from the best in the business.
- I am really interested in Football, support Man United and am a qualified FA referee.
128
What has been your greatest challenge? How did you overcome it?
I actually got an offer from University of Oxford to read Economics and Management, but missed my offer because I underperformed during A levels. Obviously this was quite disheartening, but I ended up at the University of York and wanted to do my best here. I ended up finishing with the highest overall degree % of any Economics graduate for 2021, rewarding my resilient attitude.
129
What do you do in Asset Management?
Manage money on behalf of an institution in an attempt to generate above average risk adjusted returns.
130
Can you tell us about a time you worked in a team to solve a problem?
Quant portfolio; trying to use a coding language that was very niche and not a lot of learning resources. Switched to Python as the support is obviously a lot more available, and has definitely made our lives easier.
131
* If you know your boss is 100% wrong about something how would you handle it?
DOnt be too stubborn; try raise the issue, but don't keep pushing. Try and provide reasons, and be do this in private rather than in public.
132
* You have 10 minutes before you're due to give a presentation. What do you do?
Calm myself. Check I have everything. Prepare myself mentally. Drink a small bit of water.
133
* What is the Dow Jones Industrial Average/FTSE as of today's opening bell?
35,400
134
* Walk me through a DCF
DCF - Using FCF and predicted growth rates to project cash flow into the future. You then discount these cash flows using the discount rate, usually expressed as WACC. You can then either do a perpetuity growth method and calculate a terminal value using a long term growth rate (usually around 2%), or calculate equity value using cash flows, cash and equivalents and debt and then multiplying this by a relevant ratio like price equity ratio to find a valuation of the intrinsic value.
135
WHAT MOTIVATES YOU?
I think there are a lot of factors but one of my main ones is probably that I push myself to be better every day and learn more and more. I always try to improve all areas of my life, by learning but then of course also havign social aspects as well. Ideally I can combine these and meet a lot of really interesting people, learn from them and enjoy the work I am doing. Another thing that motivates me is the opportunity to help people in some capacity. Whether that is by volunteering or mentoring now, or helping on life changing projects in the future.
136
Talk about a time when you solved a complex problem and explain how you arrived at a solution.
Quant portfolio; trying to use a coding language that was very niche and not a lot of learning resources. Switched to Python as the support is obviously a lot more available, and has definitely made our lives easier.
137
WHAT DO YOU CONSIDER YOUR GREATEST ACCOMPLISHMENT
Probably that I finished top of my undergraduate cohort for the whole economics department, which is about 200 people, as I got the highest overall degree %. After underperforming during my A levels, and missing my offer to study at my first choice university, I was determined to make amends by graduating from university with a high first. By following a structured learning timetable, and making sure I properly understood all of the material, I finished my degree with the highest overall % of any Economics undergraduate, and to do this after such a setback from A levels is something I think I should be really proud of.
138
What do you do in Wealth Management?
Wealth management is an investment advisory service that combines other financial services to address the needs of affluent clients. A wealth management advisor is a high-level professional who manages an affluent client's wealth holistically, typically for one set fee.
139
What do you do in Asset Management?
An asset manager manages assets on behalf of someone else, making important investment decisions that will help the client's portfolio grow. An asset manager also ensures the client's investment doesn't depreciate and that exposure to risk is mitigated.
140
WHAT DO YOU THINK YOU WOULD BE DOING ON A DAY-TO-DAY BASIS AS AN ANALYST?
Communicating with clients; understanding their needs. On the solution team especially will be deciding which products / how to best allocate a clients funds/ assets to meet client's needs.
141
CAN ETHICAL REQUIREMENTS IN A FIRM BE TOO HIGH?
Hard question to answer; regulation inhibits growth, but you need to maintain high levels of integrity GET MORE STUFF
142
WHAT DO YOU THINK IS THE MOST IMPORTANT CHARACTERISTIC FOR THIS JOB?
Hardwororking; being smart wont cut it if you don't want to work hard.
143
WHAT IS ONE CONCERN YOU HAVE ABOUT A CAREER IN FINANCE?
AI eliminating jobs. FinTech businesses integrating AI, for example roboadvisors may challenge the wealth management business. I know the roboadvisor business is growing massively, and is due to reach about 1 trn USD assets under management in 2021, but I dont foresee this to have a huge impact because I think the client interaction part is hugely important. I think the opening of accounts and user interfaces may be improved.
144
TELL ME ABOUT A TIME WHEN YOU MOTIVATED OTHERS.
Time I motivated others was when attending HEC Paris summer school. The programme was very intense, and had to attend lectures and then after-hours work as a group to complete projects. To make sure we kept up to date, I organised regular check up meetings for us all to attend as a group, which allowed everyone to keep their morale high even though the summer school was very intense. This worked well, and our project was a success, with our summer school leader commending us on cohesive our project was, which is likely because of these regular meetings.
145
WHAT MOTIVATES YOU?
I think there are a lot of factors but one of my main ones is probably that I push myself to be better every day and learn more and more. I always try to improve all areas of my life, by learning but then of course also havign social aspects as well. Ideally I can combine these and meet a lot of really interesting people, learn from them and enjoy the work I am doing. Another thing that motivates me is the opportunity to help people in some capacity. Whether that is by volunteering or mentoring now, or helping on life changing projects in the future.
146
WHAT ARE YOU LOOKING FOR IN THIS JOB?
Opportunity to help people whilst enjoying myself by working alongside similar minded people as well as utilising my skill set.
147
How did you approach a problem in the past? What would you do differently today?
I have previously invested in Electronic Arts interactive around October 2018 when I was just starting investing. I made this decision because I liked playing fifa games with friends and thought that it was a good investment based off of thr high revenues they generate from the ultimate team game mode. However, the share price dropped sharply because of a delay to another game in EA's portfolio. From this experience I learnt that you cant really focus on one catalyst and ignore everything else; you must weigh up both sides and look at all products from a company.
148
WHAT ELSE DO/DID YOU DO AT SCHOOL BESIDES STUDY?
Societies, GMAT and IFS, as well as entreprenuerism
149
Give me 3 weaknesses and 3 strengths
- Main strength is intellectual curiosity - I always want to learn more. I read a lot of very different books; for example have read Stephen Hawkings 'brief answers to the big questions' as well as a lot of productivity books like 'The compound effect' or 'Mindset'. I think this is why I am interested in finance, as you can always learn more in the field.
Another one of my main strength is industriousness - I finished top of my cohort at undergraduate level, despite also running a business, making a quantitative portfolio, balancing social life and even having a girlfriend.
I would also say I am analytical; I like gathering and finding out information, and feel like you should try and gather as much information as possible before making decisions. THis is why I like researching companies for discretionary investment ideas, as there are always ways to improve your valuation or assessment of a company.
150
WHAT IS AN EXAMPLE OF A BIG RISK YOU HAVE TAKEN IN YOUR LIFE?
Choosing between universities on clearing day after missing my E&M offer rather than taking a year out. Trying to make a quick decision under that stressful situation was not hard, especially not being able to look round all the campus' or speak to people to get their experiences was hard, but I eventually settled on the University of York and believe I made the right decision in the end, as I enjoyed my time there as well as making some lifelong friends and graduating with a fantastic degree.
151
WHAT IS THE TOUGHEST DECISION YOU HAVE EVER HAD TO MAKE?
Choosing between universities on clearing day after missing my E&M offer. Trying to make a quick decision under that stressful situation was not hard, especially not being able to look round all the campus' or speak to people to get their experiences was hard, but I eventually settled on the University of York and believe I made the right decision in the end, as I enjoyed my time there as well as making some lifelong friends and graduating with a fantastic degree.
152
HOW DO YOU MANAGE STRESS IN YOUR LIFE?
Meditating using headspace, productivity planner to make sure I don't forget things to do. Walking / running helps.
153
WHAT ROLE DO YOU LIKE TO TAKE IN A TEAM SITUATION?
Id like to say leader, but I think it depends on the people in the group. if there is someone with more experience than me with the work we are currently doing, then I would think it would be best for the group for them to take lead rather than myself. Outside of leadership, I would say I always bring creativity and attempt to find innovative solutions, and I can also play a supporting role if someone else on the team needs some assitance.
154
Describe a time you went above and beyond for a customer,
Marstonss
155
DESCRIBE WHAT YOU DID WHEN YOU OR YOUR GROUP RISKED MISSING A DEADLINE.
Exams. Plan timeframe. Work out deadline. Worked through the night. Didnt finish any exam before 2am, and actually stayed up all night on my last exam to get it done.
156
What is short selling? .
Borrowing. a security. Selling it to someone else. Buying it back in the future and then giving it back to who you lioaned it from. Difference is profit / loss.
157
How did you approach a problem in the past? What would you do differently today?
Dont have specific example, but I generally try to do research around the problem, and then take an initial try to try and diagnose how difficult the problem will be to solve. If it is something I believe I can solve myself then I will do so, but if it is more complex I will look to utilise my network to see if anyone with more experience can help me oit.
158
How would you keep a team on track
Look at personalities on team. If people prefer independent work, regular check backs but allow people creative freedom. If people better in team, all work together in close environment to make sure everyone stays on track.
159
What does integrity mean to you?
Good moral compass; doping the right thing as most people would see it. Always behind honest and doing a job to the description. Not turning a blind eye when something dodgy is going on.
160
Tell me about whats going on in the markets right now
I think the recent news story that has really stuck with me is the current inflation levels in the United States. The current level is around 5.4%, which is a significant departure from the 2% target. However, the chair of the federal reserve Jerome Powell has expressed his belief that the current inflation level is only transitory, and hence inflation should reduce in the near future. However, with the continued supply constraints and other factors, it remains to be seen as to whether inflation is actually transitory, and the definition of 'transitory' itself is very unspecific in time frame. The thing that is critical about this story is that, If inflation continues to persist at these levels, the federal reserve may be forced to increase interest rates, which is likely to halt the fantastic bull run we are seeing in the US equity markets, as well as having ramifications for the wider markets such as the Foreign Exchange rates or even the bond market. An increase in US interest rates is likely to cause people to rebalance portfolios, and most if not all asset classes are likely to be impacted, something that is evidently quite significant.
161
Give me an example when you had to deal with conflicting deadlines.
ddI don't actually have any scenario that immediately jumps to mind, and I don't want to just make one up on the spot. However, I think the best example of this is how I deal with managing my small business duties as well as a social life with friends and my girlfriend. If there are conflicting events, I will always have to focus on the small business things, especially because have made a commitment to my co founder as well as community members, so unfortunately work comes first and then social engagements after.
162
Give me an example when you had to deal with conflicting deadlines.
I don't actually have any scenario that immediately jumps to mind, and I don't want to just make one up on the spot. However, I think the best example of this is how I deal with managing my small business duties as well as a social life with friends and my girlfriend. If there are conflicting events, I will always have to focus on the small business things, especially because have made a commitment to my co founder as well as community members, so unfortunately work comes first and then social engagements after.
163
How would you explain the role of a bank to a 5-year old?
Im guessing in context of commercial bank Would explain in the context of what they know ie sweets. I would say that if I gave them 5 sweets, they could eat them all. If I gave them 500, they would have to keep them safe for next time. If they keep them in the house they get nothing, but if they put them in a bank they get paid interest. Interest would be in sweeties, so there is incentive to put money in bank. Bank then lends the sweets they don't eat out to other people that don't have any sweets, and the people that borrow the sweets now have to pay back the sweets when their parents next give them some.
164
Describe a time you went above and beyond for a customer,
Marstons. CUstomer facing role on bar. Had to put customer first always, such as checking on orders, friendly face etc
165
What goals do you have?
Hard to really say because depends on so many things. I may be completely wrong with this but based on my current interests I would hopefully be a portfolio manager or even co- portfolio as I like the idea of running a portfolio alongside someone so we can bounce ideas off of each other. I would also like to do an MBA at some point as I really enjoy learning. Obviously this is very speculative as its probably too early in my career to tell properly, but this would be an ideal scenario.
166
Tell us about a situation when you faced difficulties and how did you overcome it?
I actually got an offer from University of Oxford to read Economics and Management, but missed my offer because I underperformed during A levels. Obviously this was quite disheartening, but I ended up at the University of York and wanted to do my best here. I ended up finishing with the highest overall degree % of any Economics graduate for 2021, rewarding my resilient attitude.
167
Can you name something recently in the news that might affect your role?
I think the recent news story that has really stuck with me is the current inflation levels in the United States. The current level is around 5.4%, which is a significant departure from the 2% target. However, the chair of the federal reserve Jerome Powell has expressed his belief that the current inflation level is only transitory, and hence inflation should reduce in the near future. However, with the continued supply constraints and other factors, it remains to be seen as to whether inflation is actually transitory, and the definition of 'transitory' itself is very unspecific in time frame. The thing that is critical about this story is that, If inflation continues to persist at these levels, the federal reserve may be forced to increase interest rates, which is likely to halt the fantastic bull run we are seeing in the US equity markets, as well as having ramifications for the wider markets such as the Foreign Exchange rates or even the bond market. An increase in US interest rates is likely to cause people to rebalance portfolios, and most if not all asset classes are likely to be impacted, something that is evidently quite significant.
168
Describe a situation where you made a mistake and how did you come to a solution?
I have previously invested in Electronic Arts interactive around October 2018 when I was just starting investing. I made this decision because I liked playing fifa games with friends and thought that it was a good investment based off of thr high revenues they generate from the ultimate team game mode. However, the share price dropped sharply because of a delay to another game in EA's portfolio. From this experience I learnt that you cant really focus on one catalyst and ignore everything else; you must weigh up both sides and look at all products from a company.
169
What does integrity mean to you?
Good moral compass; doping the right thing as most people would see it. Always behind honest and doing a job to the description. Not turning a blind eye when something dodgy is going on.
170
When is a time you have been challenged?
Building a quantitative portfolio; having to use programming languages, and this is something that I have not had the opportunity to utilise a lot. So I have been aiming to develop these skills, and especially as a beginner, trying to use the finance applications in python is quite a steep learning curve. However, we are making significant progress, and can definitely see it becoming easier each time.
171
Give me an example when you had to deal with conflicting deadlines.
Scenario - Managing to complete webinars for small finance community whilst completing degree, social life etc
Task - Frequently had to make decisions between these things
Action - But as I had made a commitment to cofounder and people in the group, work always had to come first. This was appreciated by the members and we frequently get great attendance
Responce - Definitely made right decision, although its good to keep a balance.
172
How do you stay organized?
Productivity pllaner, as had an issue with lack of focus. helps a lot as allows me to plan my day as well as making sure I don't forget any tasks.
173
If your boss asked you to do something for them and a customer called in while you have something due in 2 hours, how would you manage the situation.
Explain to he boss the situation and get his blessing. In general, customer always comes first and hopefully I can do my task after sorting the customer
174
What experiences outside academic studies you gained might help you to succeed in your chosen business area?
- I have some previous experience in accounting and wealth management, but my main experience is from my entrepreneurial activities such as running my trading and investing community, as well as building an algorithmic trading portfolio. During this time I worked with 2 of my friends to develop trading strategies based off of technical analysis, and then we performed analysis such as backtesting, monte carlo or walk forward to determine the strategies historical performance, and then combined these strategies into a portfolio. This has very much developed my teamwork, quantitative and analytical skills. Outside of this, I also have a background in volunteering, finance society participation and another entrepreneurial venture surrounding buying and selling clothes.
175
weaknesses,
I think my main weakness is that I occassionally get distracted. For example, I will be doing a task like focusing on Uni work, and then get side tracked reading something interesting on quora about space or something like that. However, I have attempted to mitigate this weakness by buying a productivity planner which sets out which tasks I need to complete over a day / week and this has helped tremendously.
I'd also say that I sometimes take on too much responsibility in group projects. I always want to achieve the best outcome, so will occasionally take on more than my fair share just so I know that the work has been done correctly.
I would say that I am occasionally lack focus public speaking if I have not sufficiently prepared before hand.
176
Can you name something recently in the news that might affect your role?
I think the recent news story that has really stuck with me is the current inflation levels in the United States. The current level is around 5.4%, which is a significant departure from the 2% target. However, the chair of the federal reserve Jerome Powell has expressed his belief that the current inflation level is only transitory, and hence inflation should reduce in the near future. However, with the continued supply constraints and other factors, it remains to be seen as to whether inflation is actually transitory, and the definition of 'transitory' itself is very unspecific in time frame. The thing that is critical about this story is that, If inflation continues to persist at these levels, the federal reserve may be forced to increase interest rates, which is likely to halt the fantastic bull run we are seeing in the US equity markets, as well as having ramifications for the wider markets such as the Foreign Exchange rates or even the bond market. An increase in US interest rates is likely to cause people to rebalance portfolios, and most if not all asset classes are likely to be impacted, something that is evidently quite significant.
177
Recent stock market trends?
BREAKING ATH repeatedly as economies recover. May stagnate in future because of monetary policy uncertainty in light of recent inflation reports
178
Where do you see yourself in five years.
Hard to really say because depends on so many things. I may be completely wrong with this but based on my current interests I would hopefully be a portfolio manager or even co- portfolio as I like the idea of running a portfolio alongside someone so we can bounce ideas off of each other. I would also like to do an MBA at some point as I really enjoy learning. Obviously this is very speculative as its probably too early in my career to tell properly, but this would be an ideal scenario.
179
Motivation for the position (Wealth)
My motivations behind applying to the private wealth management dividsion come from my family background. Always grew up in a family that encouraged helping people; grandparents were in the police force, as well as mum working at charity shop. Ingrained in me to help people, for example volunteered for over 300 hours during A levels coaching football to younger year groups. I also have previous experience interning at a small independent wealth management firm, and found it very rewarding seeing the impact that pwm has on individuals and families. Also, I like the integration of the portfolio management and investment strategy aspect that an internship on the solutions team would provide. In my spare time, I have built a discretionary investment portfolio, as well as spent time developing quantitative trading strategies, and these are things that I have thoroughly enjoyed. I find that I have a quantitative mind, and really enjoy solving problems, so combining these attributes into a role where I can help others is something that I would thoroughly enjoy. This combination of employing both my analytical abilities and personable nature to have a real world impact on people and families is my ideal job, and this is exactly what I envisage working in private banking in the solutions team provides.
180
Where would you spend 10k
First thing is to say that I would be looking to use the money as a long term investment, so am willing to take above average risk to grow capital. Also, because the pot of money is small, I would only be able to invest in index funds or ETFs to achieve sufficient diversification. Investing a portion in a high growth index fund or ETF, maybe a tracker of the Nasdaq which does about 14% annually or another tech ETF could be a good idea. I would allocate about 70% of my portfolio here, and then invest another 10% in water equities, probably through something like the Lyxor World Water ETF as I have a positive outlook on the future of water companies given the potential water scarcity problems causing greater demand for innovation in this sector. The remaining 20% I would invest in a corporate bond index fund tracker, as I would like some diversification to my portfolio in case of a global equity crash, but corporate bonds are more atractive due to higher rate of return and I am happy to take on more risk given my investment horizon. With more money available, I would look to see diversification by investing in other countries stock markets, for example in the FTSE100 or DAX30, and then look to invest in some more exotic investments like gold or cryptocurrency.
181
Tell me about a situation where you have little or no information
Assess where the missing info is. Try and find out why you don't have the info and try and solve. If not successful, Try find a proxy, and research how you could fill in the information. Talk to people in the know.
182
Where do you see yourself in five years.
Hard to really say because depends on so many things. I may be completely wrong with this but based on my current interests I would hopefully be a portfolio manager or even co- portfolio as I like the idea of running a portfolio alongside someone so we can bounce ideas off of each other. I would also like to do an MBA at some point as I really enjoy learning. Obviously this is very speculative as its probably too early in my career to tell properly, but this would be an ideal scenario.
183
Motivation for the position
My motivations behind applying to the private wealth management dividsion come from my family background. Always grew up in a family that encouraged helping people; grandparents were in the police force, as well as mum working at charity shop. Ingrained in me to help people, for example volunteered for over 300 hours during A levels coaching football to younger year groups. I think this aligns really well with what Wealth Management is, as its all about interacting with clients and working towards their goals together. I also have previous experience interning at a small independent wealth management firm, and found it very rewarding seeing the impact that pwm has on individuals and families. Also, I like the integration of the portfolio management and investment strategy aspect that an internship on the solutions team would provide. In my spare time, I have built a discretionary investment portfolio, as well as spent time developing quantitative trading strategies, and these are things that I have thoroughly enjoyed. I find that I have a quantitative mind, and really enjoy solving problems, so combining these attributes into a role where I can help others is something that I would thoroughly enjoy. This combination of employing both my analytical abilities and personable nature to have a real world impact on people and families is my ideal job, and this is exactly what I envisage working in private banking in the solutions team provides.
184
How do you tackle an urgent task?
I first start by making a plan, working out a timeline, and making sure I have all the resources and learning materials I will require. I will start on the research, making sure I understand everything before jumping head first into it as I think this reduces mistakes. I will then work tog et every part of the task up to a good standard to make sure I hit the deadline, before I go back and improve certain sections.
185
What can you contribute to the business.
I think my previous experiences have allowed me to develop skills that will help me during the role, and I believe my hardworking and personable nature will allow me to thrive. For example, Through my entrepreneurial efforts, I have experience building a quantitative portfolio utilising technical analysis strategies, as well as managing a small five figure discretionary investment portfolio. During these projects, I have been able to develop my quantitative and problem solving skills, which will put me in good stead when performing portfolio or investment analytics. Also, I have co-launched a YouTube channel that aims to educate others on the use of technical analysis for investing and trading, so far producing 70+ videos and reaching 417 subscribers. I did this alongside two of my friends, which fostered my teamworking skills as well as taught me how to organise myself effectively. I would also say that I am a good personality to be with in the office; I am more than willing to put the hard graft in, and I frequently covered for colleagues who were ill during my stint at Marstons but can also lighten the mood and be a friendly face.
186
What can you contribute to the business.
I think my previous experiences have allowed me to develop skills that will help me during the role, and I believe my hardworking and personable nature will allow me to thrive. For example, Through my entrepreneurial efforts, I have experience building a quantitative portfolio utilising technical analysis strategies, as well as managing a small five figure discretionary investment portfolio. During these projects, I have been able to develop my quantitative and problem solving skills, which will put me in good stead when performing portfolio or investment analytics. Also, I have co-launched a YouTube channel that aims to educate others on the use of technical analysis for investing and trading, so far producing 70+ videos and reaching 417 subscribers. I did this alongside two of my friends, which fostered my teamworking skills as well as taught me how to organise myself effectively. I would also say that I am a good personality to be with in the office; I am more than willing to put the hard graft in, and I frequently covered for colleagues who were ill during my stint at Marstons but can also lighten the mood and be a friendly face.
187
Tell you about the project which was a failure.
Not really a project, but more an experience. I actually got an offer from University of Oxford to read Economics and Management, but missed my offer because I underperformed during A levels. Obviously this was quite disheartening, but I ended up at the University of York and wanted to do my best here. I ended up finishing with the highest overall degree % of any Economics graduate for 2021, rewarding my resilient attitude.
188
Tell you about the project which was a failure.
Not really a project, but more an experience. I actually got an offer from University of Oxford to read Economics and Management, but missed my offer because I underperformed during A levels. Obviously this was quite disheartening, but I ended up at the University of York and wanted to do my best here. I ended up finishing with the highest overall degree % of any Economics graduate for 2021, rewarding my resilient attitude.
189
Describe a situation where you went above and beyond of what was expected of you in a project.
When working at Marstons, was contracted to be part time bar staff. However, often colleagues like potwash or waiters would call off sick, and my boss would call me to come in to cover the shift. This didn't happen often at first, but because my boss realised that I was always willing to help, I ended up being first port of call when anyone was ill, and this was actually recognised by my regional manager.
190
describe a time you can't complete what you promised
Example - Bar Staff at Marstons.
Scenario -
Task - Informed customer only 20 minute wait on food. This was incorrect, and was actually over 30 mins.
Action - Had to go and explain to customer who appreciated my honesty and thanked me for coming and updating them rather than just letting them sit there wondering
Responce - Learned that you should always be honest and keep clear communication with customer even in light of mistakes.
191
describe a situation you don't have enough information and you might miss your deadline.
Exams. Plan timeframe. Work out deadline. Worked through the night. Didnt finish any exam before 2am, and actually stayed up all night on my last exam to get it done.
192
Q. Tell me a time you showed integrity?
When I was at Marstons working on the bar, we got paid weekly. I remember one time where I had clearly been paid more than I had worked, and I brought this up to my manager. It turned out that someone had accidentally put down their hours under my name on the timesheet, and my manager appreciated my honesty and even bought me some food for it.
193
describe a time you can't complete what you promised
Example - Bar Staff at Marstons.
Scenario -
Task - Informed customer only 20 minute wait on food. This was incorrect, and was actually over 30 mins.
Action - Had to go and explain to customer who appreciated my honesty and thanked me for coming and updating them rather than just letting them sit there wondering
Responce - Learned that you should always be honest and keep clear communication with customer even in light of mistakes.
194
describe a situation you don't have enough information and you might miss your deadline.
Exams. Plan timeframe. Work out deadline. Worked through the night. Didnt finish any exam before 2am, and actually stayed up all night on my last exam to get it done.
195
Q. Tell me a time you showed integrity?
When I was at Marstons working on the bar, we got paid weekly. I remember one time where I had clearly been paid more than I had worked, and I brought this up to my manager. It turned out that someone had accidentally put down their hours under my name on the timesheet, and my manager appreciated my honesty and even bought me some food for it.
196
How do you prepare for a meeting
Calm myself. Check I have everything. Prepare myself mentally. Drink a small bit of water.
197
what did you do to get to know this program
Reseaqrched on company website, looked at social media presence. Read company report. Spoke to xyz.
198
How did you handle stress?
Meditating using headspace, productivity planner to make sure I don't forget things to do. Walking / running helps.
199
How do you respond to feedback from others?
Feedback is an opportunity to improve; both positive and negative feedback is welcome. Make sure I understand everything fully; ask questions until I 100% understand everything. Reflect on my own performance. Work out how I can improve; research courses, books etc and then plan when I can actively work on this feedback.
200
Describe a time you went above and beyond for a customer,
Marstons. CUstomer facing role on bar. Had to put customer first always, such as checking on orders, friendly face etc
201
What are some of the current events that are happening in the stock market.
Driving higher on higher, mainly driven by really good company earnings and really low interest rates.
202
What is your previous experience in dealing with a difficult time and how did you resolve it?
I actually got an offer from University of Oxford to read Economics and Management, but missed my offer because I underperformed during A levels. Obviously this was quite disheartening, but I ended up at the University of York and wanted to do my best here. I ended up finishing with the highest overall degree % of any Economics graduate for 2021, rewarding my resilient attitude.
203
Describe a time you went above and beyond for a customer,
No specific example, but when I was at Marstons. CUstomer facing role on bar. Had to put customer first always, such as checking on orders, friendly face etc. Frequently commended for keeping customers in the loop with delays to orders etc which was always well received as many people forget to do so.
204
Describe a project you previously worked on with a team. What made the team successful?
When attending the HEC Paris Investment Banking and International Finance summer school, we were assigned groups and we had to make a case study on how we would value a company. There were 19 different nationalities represented on the summer school, and in my group of 6 people there were 5 different nationalities. However, we all worked well together, and everyone was patient on the communication side of things and double-checked everything to make sure there was not any miscommunication. Making sure the communication was strong and everyone working hard were key proponents of why our team was successful.
205
What is the current largest Market Risk in your opinion?
think the recent news story that has really stuck with me is the current inflation levels in the United States. The current level is around 5.4%, which is a significant departure from the 2% target. However, the chair of the federal reserve Jerome Powell has expressed his belief that the current inflation level is only transitory, and hence inflation should reduce in the near future. However, with the continued supply constraints and other factors, it remains to be seen as to whether inflation is actually transitory, and the definition of 'transitory' itself is very unspecific in time frame. The thing that is critical about this story is that, If inflation continues to persist at these levels, the federal reserve may be forced to increase interest rates, which is likely to halt the fantastic bull run we are seeing in the US equity markets, as well as having ramifications for the wider markets such as the Foreign Exchange rates or even the bond market. An increase in US interest rates is likely to cause people to rebalance portfolios, and most if not all asset classes are likely to be impacted, something that is evidently quite significant.
206
Who would be the three people you would want to take on a road trip.
Just for enjoyment?
207
What is your previous experience in dealing with a difficult scenario and how did you resolve it?
I actually got an offer from University of Oxford to read Economics and Management, but missed my offer because I underperformed during A levels. Obviously this was quite disheartening, but I ended up at the University of York and wanted to do my best here. I ended up finishing with the highest overall degree % of any Economics graduate for 2021, rewarding my resilient attitude.
208
What is your previous experience in dealing with a difficult customer and how did you resolve it?
Marstons. CUstomer facing role on bar. Had to put customer first always, such as checking on orders, friendly face etc Always try put yourself in the clients shoes, which allows you to empathise and see it from their perspective. Always remain cool, calm and collected and do your best to sort the situation out for them. As long as they can see you are trying to rectify the issue, quite often they are receptive and calm down.
209
What is your previous experience in dealing with a difficult team member and how did you resolve it?
I was working with two others on YouTube channel. We were having a discussion about which content to make and there was some disagreement. However, I suggested we narrowed down to two options and then go away have a think and then vote on it; we ended up unanimously voting the right way and everyone agreed the right decision had been made. We ended up making both anyway!
210
What are Derivatives
Finally, derivative securities such as options and futures contracts provide payoffs that
are determined by the prices of other assets such as bond or stock prices. For example, a
call option on a share of Intel stock might turn out to be worthless if Intel’s share price
remains below a threshold or “exercise” price such as $20 a share, but it can be quite valuable if the stock price rises above that level. 2
Derivative securities are so named because
their values derive from the prices of other assets. For example, the value of the call option
will depend on the price of Intel stock. Other important derivative securities are futures and
swap contracts. We will treat these in Part Six.
211
Current price of Dow Jones?
Around 34,700
212
Portfolio Process?
Asset Allocation --> Security Selection
213
What is the Top down approach?
Decide asset allocation then security selection
214
What is the bottom up approach?
Decide security selection no matter impact on asset allocation.
215
What happened in financial crisis?
Risky subprime mortgages were repackaged into new products like CDO's that concentrated the risk onto one class of investors. This was done by tranches. Junior trance riskier than senior tranche, and hence senior trances received very high credit rating (AAA). However, once defaults started happening, turned out to be a lot more than expected and the senior tranches were not very protected at all, and were actually very risky. This meant a lot of 'safe' investments were actually risky and defaulted, so a lot of financial institutions lost a lot of money that was almost guaranteed to be 'safe'.
216
Why were credit ratings wrong?
Used out of date information that was based on housing boom and uncommonly prosperous economy, so probabilities of default were majorly underestimated. Also, there was a principal agent problem; rating agencies were paid by the people selling the securities, so there was a massive conflict of interest.
217
What is a CDS
A credit default swap, or CDS, is in essence an insurance contract against the
default of one or more borrowers.
218
What is Dodd-Frank act?
The crisis engendered many calls for reform of Wall Street. These eventually led to the
passage in 2010 of the Dodd-Frank Wall Street Reform and Consumer Protection Act,
which proposes several mechanisms to mitigate systemic risk.
The act calls for stricter rules for bank capital, liquidity, and risk management practices,
especially as banks become larger and their potential failure would be more threatening to
other institutions. With more capital supporting banks, the potential for one insolvency to
trigger another could be contained. In addition, when banks have more capital, they have
less incentive to ramp up risk, as potential losses will come at their own expense and not
the FDIC’s.
219
Volcker Rule?
The act also attempts to limit the risky activities in which banks can engage. The socalled Volcker Rule, named after former chairman of the Federal Reserve Paul Volcker, prohibits banks from trading for their own accounts and limits total investments in hedge
funds or private equity funds.
220
What do you need to consider when making a portfolio?
elations, the investor’s financial situation, the time horizon
involved, personal factors and investment constraints, the person’s investment objectives and policies, and the person’s ability to tolerate risk (volatility of returns), whether you need constant income.
221
Different investment objectives?
Provide current income, Capital preservation, long term capital growth, aggressive capital growth, tax advantages, reasonable current income and moderate capital growth
222
Aggressive vs defensive?
Aggresive is higher risk, higher retun, defensive is lower risk, lower return
223
Capital concentration?
Higher risk / aggressive investors may have greater exposure to an asset class (less diversification)
224
Possible asset classes?
Domestic equities, Foreign Equities, Domestic Bonds, Foreign Bonds, High yield bonds, Cash/Money Market, Real estate, Alternatives, commodities, convertible securities, crypto
225
Tell me about Yourself
- Undergrad at University of York in Economics and Finance. Graduated top of class and won head of department prize. Now studying Masters in Finance at University of Warwick
- During 1st year of undergrad got introduced to world of trading and investing through a friend
- During Covid pandemic in my 2nd year, had a lot of free time and nurtured my interest
- I actually managed a portfolio of quantitative strategies up to about 30k trading Dow Jones
- Encouraged me to do a masters in finance to really learn more about the finance world.
- Now want to work in Asset Management as I have a desire to learn how to invest and build portfolios from the best in the business.
- I am really interested in Football, support Man United and am a qualified FA referee.
226
What is your greatest strength
- Main strength is intellectual curiosity - I always want to learn more. I read a lot of very different books; for example have read Stephen Hawkings 'brief answers to the big questions' as well as a lot of productivity books like 'The compound effect' or 'Mindset'. I think this is why I am interested in finance, as you can always learn more in the field. Lends itself nicely to other strengths, as it leads easily to being hardworking because you always want to learn more about things.
227
What is your greatest weakness
I think my main weakness is that I occassionally get distracted. For example, I will be doing a task like focusing on Uni work, and then get side tracked reading something interesting on quora about space or something like that. However, I have attempted to mitigate this weakness by buying a productivity planner which sets out which tasks I need to complete over a day / week and this has helped tremendously.
228
Why should we hire you
I think my previous experiences have allowed me to develop skills that will help me during the role, and I believe my hardworking and personable nature will allow me to thrive. For example, Through my entrepreneurial efforts, I have experience building a quantitative portfolio utilising technical analysis strategies, as well as managing a small five figure discretionary investment portfolio. During these projects, I have been able to develop my quantitative and problem solving skills, which will put me in good stead when performing portfolio or investment analytics. Also, I have co-launched a YouTube channel that aims to educate others on the use of technical analysis for investing and trading, so far producing 70+ videos and reaching 417 subscribers. I did this alongside two of my friends, which fostered my teamworking skills as well as taught me how to organise myself effectively. I would also say that I am a good personality to be with in the office; I am more than willing to put the hard graft in, but can also lighten the mood and be a friendly face.
229
Tell me about a time you showed leadership
When attending the HEC Paris Investment Banking and International Finance summer school, we were assigned groups and we had to make a case study on how we would value a company. I was assigned to be group leader, where I had to do the introduction and conclusion and make sure the presentation was cohesive and well structured. I also organised regular check ins to make sure everyone was working on time. Our presentation went really well and the summer school leader noted that everything linked together nicely
230
Tell me about a time you were successful on a team
When attending the HEC Paris Investment Banking and International Finance summer school, we were assigned groups and we had to make a case study on how we would value a company. I was assigned to be group leader, where I had to do the introduction and conclusion and make sure the presentation was cohesive and well structured. Our presentation went really well and the summer school leader noted that everything linked together nicely
231
What would your friends say about you?
Smart, hardworking, loyal.
232
Describe your most challenging project
Building a quantitative portfolio, jargon is heavy and requires a lot of attention, patience and quantitative skills. Also doing it alongside some friends, and we all have to juggle progression and keeping up with our day jobs.
233
Tell me about a proud accomploshment
Probably that I finished top of my undergraduate cohort for the whole economics department, which is about 200 people, as I got the highest overall degree %. After underperforming during my A levels, and missing my offer to study at my first choice university, I was determined to make amends by graduating from university with a high first. By following a structured learning timetable, and making sure I properly understood all of the material, I finished my degree with the highest overall % of any Economics undergraduate, and to do this after such a setback from A levels is something I think I should be really proud of.
234
What do you like to do outside of work
Quant portfolio, discretionary investment portfolio. As more personal level, really enjoy football; am a manchester united supporter and a qualified FA referee. I also enjoy reading about a range of different subjects; currently reading heavily into behavioural economics.
235
Tell me about a time you had to manage conflicting priorities
I don't actually have any scenario that immediately jumps to mind, and I don't want to just make one up on the spot. However, I think the best example of this is how I deal with managing my small business duties as well as a social life with friends and my girlfriend. If there are conflicting events, I will always have to focus on the small business things, especially because have made a commitment to my co founder as well as community members, so unfortunately work comes first and then social engagements after.
236
Where do you see yourself in 5 years
Hard to really say because depends on so many things. I may be completely wrong with this but based on my current interests I would hopefully be a portfolio manager or even co- portfolio as I like the idea of running a portfolio alongside someone so we can bounce ideas off of each other. I would also like to do an MBA at some point as I really enjoy learning. Obviously this is very speculative as its probably too early in my career to tell properly, but this would be an ideal scenario.
237
Describe your leadership style
bb
238
Tell me about a time you failed
Not really a project, but more an experience. I actually got an offer from University of Oxford to read Economics and Management, but missed my offer because I underperformed during A levels. Obviously this was quite disheartening, but I ended up at the University of York and wanted to do my best here. I ended up finishing with the highest overall degree % of any Economics graduate for 2021, rewarding my resilient attitude.
239
Tell me about a time you made a mistake
I have previously invested in Electronic Arts interactive around October 2018 when I was just starting investing. I made this decision because I liked playing fifa games with friends and thought that it was a good investment based off of thr high revenues they generate from the ultimate team game mode. However, the share price dropped sharply because of a delay to another game in EA's portfolio, BATTLEFIELD WAS DELAYED CASUING OUTLOOKS TO BE WORSE. From this experience I learnt that you cant really focus on one catalyst and ignore everything else; you must weigh up both sides and look at all products from a company.
240
tell me about a time you worked with a difficult poerson
I was working with two others on YouTube channel. We were having a discussion about which content to make and there was some disagreement. However, I suggested we narrowed down to two options and then go away have a think and then vote on it; we ended up unanimously voting the right way and everyone agreed the right decision had been made. We ended up making both anyway!
241
Tell me about a time you had to persuade someone
Probably best example of this is Upsells on Marstons Bar as it is all about persuading customers; if someone ordered a meal / drinks, it was encouraged to try and upsell them extra things to generate more money for the business. I actually achieved the higher upsell % of the region, and was recognised by the regional manager for my upsell performance as well as providing outstanding customer service. I found that most people were very receptive as long as you were nice, upbeat and were upfront about costs etc.
242
Tell me about a time you disagreed with someone
I was working with two others on YouTube channel. We were having a discussion about which content to make and there was some disagreement. However, I suggested we narrowed down to two options and then go away have a think and then vote on it; we ended up unanimously voting the right way and everyone agreed the right decision had been made. We ended up making both anyway!
243
Tell me about a time you created a goal and achieved iut
Wanted to motivate myself to work hard towards my degree, so decided I wanted to graduate with at least 80% overall. Set up a study plan, and went library 8-3 which allowed me to study ahrd but then also have time for extracurriculars. Ended up achieving this, and received head of department prize for highest overall degree % of any 2021 graduate
244
Tell me about a time you surpassed peoples expectations
No specific example, but when I was at Marstons. CUstomer facing role on bar. Had to put customer first always, such as checking on orders, friendly face etc. Frequently commended for keeping customers in the loop with delays to orders etc which was always well received as many people forget to do so.
245
Tell me about a time you had to handle pressure
Exams. Plan timeframe. Work out deadline. Worked through the night. Didnt finish any exam before 2am, and actually stayed up all night on my last exam to get it done.
246
Tell me about a time you had to learn something quickly
Quant portfolio; trying to use a coding language that was very niche and not a lot of learning resources. Switched to Python as the support is obviously a lot more available, and has definitely made our lives easier. Had to get up to speed quickly to not inhibit process.
247
Do you have any questions for me?
Has anyone actually ever said no?
| What is the most misunderstood thing about your role or this programme?
248
Tell me about a time you failed to meet a deadline
I missed a deadline for one of my formative assessments for my microeconomics modules in year 2 of my undergrad. This was one of the reasons I bought a productivity planner which sets out which tasks I need to complete over a day / week and this has helped tremendously.
249
What is your ideal work environment?
Collaborative, opportunities for progression. Working in a team to achieve things leads to best results, and allows you to push each other further. Also, being in a company that rewards ability and hard work with progression is something that would be really motivating.
250
Why Equity Research
One of my main reasons for applying to a role in Equity research is that it seems like an area where you can continuously learn about an industry and firms, and become an expert in that one area. I love learning about topics, and delving deeper to really understand the intricacies of what really drives things to happen, and equity research seems to match up well with this part of my personality.
Also, I believe Equity Research allows you to develop a wide range of skills, and allows you to have a lot of responsibility and visibility from day one. Portfolio managers will use your analysis to inform their investment decisions, and having this much responsibility given to an entry level position is very unique.
I also think it is important to note why I am interested in research at a buy side firm. Being able to focus on the investment analysis side of the role rather than the marketing aspect is attractive to me as I believe I will progress quicker, and the research side is particularly what I am intersted in.
251
Why Buy Side equity research
One of my main reasons for applying to a role in Equity research is that it seems like an area where you can continuously learn about an industry and firms, and become an expert in that one area. I love learning about topics, and delving deeper to really understand the intricacies of what really drives things to happen, and equity research seems to match up well with this part of my personality.
Also, I believe Equity Research allows you to develop a wide range of skills, and allows you to have a lot of responsibility and visibility from day one. Portfolio managers will use your analysis to inform their investment decisions, and having this much responsibility given to an entry level position is very unique.
I also think it is important to note why I am interested in research at a buy side firm. Being able to focus on the investment analysis side of the role rather than the marketing aspect is attractive to me as I believe I will progress quicker, and the research side is particularly what I am intersted in.
252
Time youve dealt with criticism?
Continually get constructibe criticism when submitting formative assessments at Uni. I always focused on improving no matter how good the assignment went, and was looking for ways to improve. I think Improving on the feedback allowed me to do so well in final exams.
253
Tell me about a goal you set and reached and how you achieved it.
A Level. Underperformed. Set goal of high first at undergrad.
254
Tell me about the last time your workday ended before you were able to get everything done.
Used to find this frequently, but purchased a productivity planner that allows me to plan my day and track my progress towards these goals. Helps tremendously and I feel like I get a lot more done.
255
Can you share about a time you had to be flexible or adaptable?
Quant portfolio; trying to use a coding language that was very niche and not a lot of learning resources. Switched to Python as the support is obviously a lot more available, and has definitely made our lives easier.
256
Tell me about a time you had to learn quickly.
Quant portfolio; trying to use a coding language that was very niche and not a lot of learning resources. Switched to Python as the support is obviously a lot more available, and has definitely made our lives easier.
257
Tell me about a time when you handled a challenging situation.
Quant portfolio; trying to use a coding language that was very niche and not a lot of learning resources. Switched to Python as the support is obviously a lot more available, and has definitely made our lives easier.
258
Give me an example of a time you made a decision that was unpopular and explain how you handled implementing it.
pp
259
Give me an example of how you set goals.
Look at what I want to achieve. Work out realistic timeframe and then what I need to get there. Use a productivity planner to track my progress and tick them off once complete.
260
Can you give me an example of a time when you felt dissatisfied with your work?
I actually got an offer from University of Oxford to read Economics and Management, but missed my offer because I underperformed during A levels. Obviously this was quite disheartening, and because of my underperformance I had missed out on my first choice university. However, rather than dwelling on it, I wanted to make the most of my new opportunity at the university of york.
261
Tell me about a time when you had to say “no.”
I don't actually have any scenario that immediately jumps to mind, and I don't want to just make one up on the spot. However, I think the best example of this is how I deal with managing my small business duties as well as a social life with friends and my girlfriend. If there are conflicting events, I will always have to focus on the small business things, especially because have made a commitment to my co founder as well as community members, so unfortunately work comes first and then social engagements after.
262
Give me an example of a time when you persuaded someone. How’d you do it and why?
HEC Paris. We were completing a group presentation, and one member of the group wanted to split the presentation into chunks for each individual to focus on, even though some group members expressed that they did not feel comfortable with the material. Instead, I suggested that we completed the tasks in pairs, as this would allow us a better chance of doing them to a high level, and everyone would feel more supported during the tasks. By focusing on the positives of my approach, she later agreed to do this, and our presentation went really well.
263
Tell me about a time you had to build rapport with a coworker or client whose personality was different than yours?
New team member on bar at Marstons; new lad, graduateask qeustions about them to try and find common ground. Get to know them by talking about something that we both have in common to establish a base friendship.
264
Tell me about a time you had to build rapport with a coworker or client whose personality was different than yours?
I actually did this whilst at Marstons where I worked as bar staff. We had a new member join the team, and although I was not training this person, just being available for questions, being understanding of the situation of being new to the team and generally being supportive is usually the best way to integrate a new team member. Also asking them questions about themselves and trying to get to know them more will likely make them feel more comfortable.
265
Tell me about a time when you collaborated with others who were different than you.
HEC Paris; range of nationalities. Maintain strong communication and make sure everyone feels included as easier to feel left out with different personalities.
266
Tell me about a time when you collaborated with others who were different than you.
When attending the HEC Paris Investment Banking and International Finance summer school, we were assigned groups and we had to make a case study on how we would value a company. There were 19 different nationalities represented on the summer school, and in my group of 6 people there were 5 different nationalities. However, we all worked well together, and everyone was patient on the communication side of things and double-checked everything to make sure there was not any miscommunication.
267
Share an example of how you were able to motivate a coworker, your peers or your team.
HEC Paris; was very intense, had to attend lectures and then after hours work as a group to complete projects.
268
Share an example of how you were able to motivate a coworker, your peers or your team.
Time I motivated others was when attending HEC Paris summer school. The programme was very intense, and had to attend lectures and then after-hours work as a group to complete projects. To make sure we kept up to date, I organised regular check-up meetings for us all to attend as a group, which allowed everyone to keep their morale high even though the summer school was very intense. This worked well, and our project was a success, with our summer school leader commending us on cohesive our project was, which is likely because of these regular meetings.
269
Tell me about a time you disagreed with a supervisor.
No specific example to this as young in my career. How I would act in this scenario is to speak with them privately to not embarrass them, explain that I don't understand the thought process / information, explain how I view it and then= ask them to explain and clarify it for you.
270
Tell me about a time when you were in conflict with a peer and how the situation was resolved.
YouTuve videos.
271
Tell me about a time when you were in conflict with a peer and how the situation was resolved.
I was working with two others on YouTube channel. We were having a discussion about which content to make and there was some disagreement. However, I suggested we narrowed down to two options and then go away have a think and then vote on it; we ended up unanimously voting the right way and everyone agreed the right decision had been made. We ended up making both anyway!
272
Tell me about a time you wish you’d handled a situation with a coworker differently.
pp
273
Why T Rowe Price
When I was researching the company, I found an interview with Mitchell Todd, who works as the Co-Head for EMEA Equity. I found the interview very informative, and thought the culture of collaboration and being investor focused is a place that aligns with my own personality and beliefs. I also noticed that T Rowe Price has been awarded the Morningstar 2020 exemplary stewardship award, which recognises the strong culture at the firm, and this further drove home that T Rowe Price would be a fantastic company to have experience an internship at.
As a second thing, From my research, I also found out that there is an open door policy at the company, as well as an expectation that interns perform very similar work to that of full time analysts. As someone who loves to continuously learn and push myself, having responsibility and the ability to make an impact during my internship is important to me, and hence the T Rowe Price seems a perfect fit.
Also, T Rowe Price’s position as one of the largest Asset Managers puts the company in a great place to thrive amongst the challenges the asset management industry is likely to face. As the active vs passive debate rages on, being able to learn how to research prospective investments from one of the most prestigious firms in the industry is an incredible learning opportunity and not one I wanted to pass up.
274
Why Research
One of my main reasons for applying to a role in Equity research is that it seems like an area where you can continuously learn about an industry and firms, and become an expert in that one area. I love learning about topics, and delving deeper to really understand the intricacies of what really drives things to happen, and equity research seems to match up well with this part of my personality.
Also, I believe Equity Research allows you to develop a wide range of skills, and allows you to have a lot of responsibility and visibility from day one. Portfolio managers will use your analysis to inform their investment decisions, and having this much responsibility given to an entry level position is very unique.
I also think it is important to note why I am interested in research at a buy side firm. Being able to focus on the investment analysis side of the role rather than the marketing aspect is attractive to me as I believe I will progress quicker, and the research side is particularly what I am intersted in.
