zzzzzzzzzzzzzzzzz 【 海外人才招聘会 】 最聪明的面试之对冲基金面试题 和其他金融服务业职位相比， Hedge Fund 面试的面试相对没有那么的高度结构化。 常规 Hedge Fund 第一轮面试由 2－ 3 个与资产管理经理 /高级分析师的 30 分钟面试组成。面试题大多是 Behavioral 问题。主要考察性格和背景是否和公司文化符合。 Hedge Fund Portfolio Manager 想了解的其 实 就是 这 几点： ? Are you a normal human being ? ? Will you work hard for us ? ? Will you make us money ? ? Do you know how to pick good investments ? 核心思想就是要明白 “Pitch Both Long & Short Investments”是最重要的硬技能。 Work Hard, Be Persistent, And Good Luck. 面试题示例 HEDGE FUND INTERVIEW QUESTIONS (BEHAVIORAL) Behavioral Questions: ? Tell me about yourself. Walk me through your resume. ? Why do you want to work for a hedge fund? ? Do you have an industry preference? ? What do you plan to do in the next 5-10 years? ? Have you had a performance review? What did it say? ? What skills do you feel are transferable to this industry? ? What separates you from other candidates? ? Why are you working in your current industry? zzzzzzzzzzzzzzzzz ? Do you plan on going to business school? Why or why not? ? Why do you want to work for our firm in particular? What is attractive about our firm? ? What would you say are our firm s strengths and weaknesses? ? What skills do you bring to our firm? ? Why do you think you ll be successful as a hedge fund analyst? ? What do you invest in? ? What do you think of the markets in general right now? ? If you could invest in anything, anywhere in the world right now, what would that be? ? Do you own any stocks or do any non-work related investing? ? Who is your favorite portfolio manager? ? What books are you currently reading? ? What happened when you worked with a team and one member wasn t contributing? How did you respond? ? What happens when you face more work than you can handle? ? What are you biggest strengths? Biggest weaknesses? ? What are the easiest decisions for you? ? Are you risk-averse or do you like taking risk? ? What would your work colleagues say about you? ? Who else are you interviewing with? Investing Questions: ? If you had $100,000 to invest, where would you put it? ? Do you have a Personal Account? What stocks do you own? ? Give me a long idea. Give me a short idea. ? How do you screen for stocks? What is your holding period? ? What is the Federal Funds Rate? ? What do you think of the economy? ? Where do you think interest rates are going? What is driving them? ? What does the yield curve look like and what does it mean? ? What has been happening in the market the past six months? ? What do you read to find out your news? Wall Street Journal? The New York Times? ? What is Duration? What is Convexity? zzzzzzzzzzzzzzzzz ? What does the term delta mean? What does Alpha mean? ? What is meant by the term “securities lending“? HEDGE FUND INTERVIEW QUESTIONS (TECHNICAL) Accounting Questions: ? What is EBITDA? ? Walk me through the major line items of a Cash Flow Statement. ? Say you knew a company s net income. How would you figure out its cash flows? ? What is the difference between the balance sheet and the income statement? ? What is Goodwill? How does it affect Net Income? NOTE: there is a basic answer to this question, a complex, tricky one as well. ? A firmis using LIFO, the COGS start decreasing. What are effects on I/S, BS and CFS? ? What is the difference between Purchase and Pooling accounting? Under what circumstances would you use one or the other? ? What are deferred taxes? How do they arise? ? What is working capital? How would you calculate it? Financial Market Questions: ? What did our firm s stock close at yesterday? ? What is the DJIA at today? NASDAQ? S&P500? Long Bond? Fed funds rate? ? Where is the market going? Bond, equity and foreign exchange? Where do you think? ? What do you think interest rates will be in the next 12 months? ? What happened in the markets in the past three months? ? Do you read the Wall Street Journal everyday? What is on the front page today? ? Do you follow an industry, a stock? ? What do personally invest in? ? What industry do you follow and what numbers do you look at to determine if a firm is doing well in the industry? ? Do you know what the difference between a put and a call option is? zzzzzzzzzzzzzzzzz ? What determines the premium you place on growth stocks relative to their peers? ? You have three companies in three different industries: retail, tech, and pharma. What would you look for in their 10-Ks beyond financials? Bonds / NPV: ? If you are paid a dollar a year for the rest of your life, how much is that worth today? ? How much is a dollar in 20 years worth today? ? What is the relationship between the yield and the price of the bond? ? How does the future value of money relates to the present value (i.e. FV=PV(1+r)^t)? ? What major factors affect the yield on a corporate bond? ? What is the Black-Scholes model? ? How does the yield curve look like? ? You have a 10% note maturing in five years trading at 70. What is the current yield? ? Define the difference between the “yield“ and the “rate of return“ on a bond. Brainteasers / Random Questions: ? How many Hershey s chocolate bars were sold in the U.S. last year? ? If you look at a clock and the time is 3:15, what is the angle between the hour and the minute hands? ? You have a five-gallon jug and a three-gallon jug. You must obtain exactly four gallons of water. How will you do it? ? You are faced with two doors. One door leads to your job offer (the one you want!), and the other leads to the exit. In front of each door is a guard. One guard always tells the truth. The other always lies. You can ask one question to decide which door is the correct one. What will you ask? ? I am drinking beer and you are drinking light beer. Your light beer is 1/3 less filling than my regular beer. I drink 3 beers. How many do you have to drink to be equally full?