What is Superday?
A Superday is a comprehensive daylong event, which is the final stage of the interview process for candidates who have successfully cleared the initial campus screenings. It is designed to recruit summer interns, 1st year analysts and 1st year associates in investment banking. The number of interviews conducted during a Superday typically varies from 5 to 10 rounds, with each session lasting between 30 to 45 minutes, with the likelihood of receiving an offer in the range of 35-40%. During a Superday, you will be evaluated based on three key criteria: your resume, networking abilities, and interviewing skills. While the day can be quite stressful for many, we have a few survival tips that will help you navigate through this challenging experience with confidence.
Key Learning Points
- A Superday is the final stage of the interview process, involving multiple rounds of assessment focusing on three crucial aspects: resume, networking abilities, and interviewing skills.
- The process is both extensive and challenging. It is highly recommended to dedicate a day beforehand for self-assessment, identifying your strengths and weaknesses.
- Having prior internship experience in investment banking and private equity can be a significant advantage. Make sure to thoroughly prepare and be well versed in your past experiences to guide the direction of the interview.
- If you lack relevant internship experience but have made it this far, the good news is they already have a strong interest in you. Focus on improving your interviewing skills and networking abilities.
- Candidates from non-finance backgrounds contribute to the bank’s diversity goals. For such candidates, enrolling in a certified course in investment banking beforehand is highly recommended. It will provide additional talking points and help you answer the basic question, “Why investment banking?”.
- One such certified course is ‘The Investment Banker’ by Financial Edge (Use code BBD25 for a 25% discount).
- A Superday is a packed day, and the more prepared you are, the better your chances of receiving a final offer. Even then, it is essential to plan ahead, explore multiple opportunities, and participate in as many Superdays as possible.
Superday Interview Process
For a Superday, you are invited to the company’s office or a designated location for a series of interviews. You will typically meet with multiple interviewers, which can include associates, vice presidents, executive directors, managing directors, and other senior professionals from various departments within the investment bank. The number of interview rounds can vary, usually ranging from 5 to 10, with each round lasting around 30 to 45 minutes. They can be back-to-back or with intermissions, depending upon the availability of the interviewer. Generally, banks have a list of strong candidates, which they want to interview first. This shortlist is prepared by analyzing resumes. However, you can still sail through the interview with the following tips:
- Research the company: Every bank is different. Gain a deep understanding of the company, its departments, culture, values, products, and services. This knowledge will demonstrate your genuine interest and enthusiasm during the interview.
- Keep it conversational: Start the interview with a genuine smile, stay relaxed, engage in informal conversations which generally happens before the start of an actual interview, listen carefully to the questions and provide thoughtful responses, avoid monotone or one word answers, ask follow-up questions and share your enthusiasm.
- Be confident: Confidence is about believing in yourself and your abilities. By being well-prepared, showcasing your strengths, and maintaining a positive attitude, you can increase your confidence and perform your best in the interview.
How to Prepare for a Superday
During a Superday, your evaluation will be based on three critical factors: your resume, networking abilities, and interviewing skills. While there are no strict guidelines, the assessment may carry approximate weights of 40%, 30%, and 30% respectively for each of these parameters. They’re keen to evaluate your uniqueness amidst other conventional candidates they interview. To stand out positively, conclude the interview with tailored, personal questions. Ultimately, it boils down to your compatibility with the existing team members.
Resume:
A strong academic background is a must, but not the only factor in hiring. Investment banks seek well-rounded candidates with relevant internships, extra-curricular activities, networking skills, and a passion for the industry. Prior internship experience in investment banking or private equity or management consulting is advantageous. This is the best way to get deal experience which you can demonstrate in your resume and during the various interview rounds. Be prepared to discuss the details of the deals you’ve worked on and highlight the aspects of your internship that resonate with you the most. Even if you don’t have any relevant deal experience, participating in case-study competitions or group work at university can help. You should demonstrate how quickly you can learn new stuff, work on multiple projects and yet still be on top of everything. The industry is full of people with similar backgrounds, and they do look for a fresh perspective.
Additionally, if you lack any finance background but are interested in exploring investment banking, consider enrolling in a certified course like ‘The Investment Banker’ from Financial Edge. Financial Edge offers excellent finance courses and coaches the entire batch of fresh recruits in bulge bracket investment banks each year, bridging the gap between theory and practice. By combining a strong academic background with practical experience and relevant certifications, you can enhance your chances of success in the competitive world of investment banking.
Networking:
Effective networking for investment banking starts well before the initial campus screening rounds. Utilize your university’s alumni network to connect with investment bankers who are often willing to help fellow alumni. Engage in discussions about the company’s culture, inquire about their motivation in the industry, and express your enthusiasm for investment banking.
During a Superday, maintain awareness that someone is observing your every move. Display likability and high energy throughout the day. You should bring up any mutual connections and interests in the interview. Carry a notebook to jot down interviewers’ names and key aspects you liked about each interview. Use this information when sending thank-you messages on LinkedIn or via email if you have their contact information.
Effective networking involves building authentic relationships and demonstrating passion and dedication to the field. By actively engaging with professionals and staying informed, you can refine your networking skills and emerge as a standout candidate during a Superday.
Interviewing skills:
To excel in any interview, it is crucial to practice multiple times. Consider forming a group in your college for mock interviews and thoroughly practice the questions provided in this blog (check the download section). Structure your responses logically to create a story and avoid repetition. Also, prepare insightful questions to ask the interviewers, showcasing your interest and engagement in the company and the role.
During your Superday, you should quickly jot down questions from previous interviews in your notebook, as you are likely to encounter similar technical and non-technical questions again. This way, you can prepare answers in advance for future interviews.
While we have provided tips on keeping the interview conversational, it’s equally important to keep it alive and enjoyable. Avoid robotic responses and instead express enthusiasm and passion. Utilize open and expansive gestures to convey confidence, avoiding closed or defensive gestures that may signal discomfort. Pay attention to the interviewer’s body language and subtly mirror some of their gestures to establish rapport and connection.
By following these strategies – regular practice, thoughtful questioning, engaging body language, and keen observation, you can sharpen your interviewing skills and impress during a Superday. Showcase your best self and let your passion for banking and confidence shine through in the interview.
Superday Interview Questions
Your interview questions will center around your resume and will include both behavioral and technical aspects to evaluate you. It is highly recommended to dedicate a day beforehand for self-assessment, identifying your strengths and weaknesses.
Common behavioral questions:
- What draws you to investment banking?
- Why do you want to join this particular bank?
- How do you handle stress?
- Tell me a situation where you encountered a complex problem and how did you solve it?
- Can you describe a scenario where you worked effectively in a team?
- How do you prioritize and manage multiple tasks simultaneously?
- Describe an experience where you had to adapt to change quickly.
- How do you handle setbacks or failures, and what have you learned from them?
- Tell me about a project where you had to meet tight deadlines. How did you manage your time?
- Share an example of a situation where you had to communicate complex information to a non-technical audience.
Common technical questions:
- What is your outlook on the economy?
- What are the three financial statements? How do depreciation and tax rates impact each one of them?
- What factors would you consider while evaluating a potential acquisition for the client?
- What is WACC? How would you calculate WACC for a private firm?
- Can you provide an example of a sector or company with a negative beta?
- In the choice between higher NPV or higher IRR, which is preferable?
- What are the industry specific ratios and comparables?
- Why is EBITDA the preferred metric for calculating leverage ratios?
- How does a bond price respond to shifts in interest rates, and why?
- What is a leveraged buyout (LBO)?
- Explain what a special purpose acquisition company (SPAC) is
- Pitch a stock
How Long Until You Hear Back After a Superday Interview?
After a Superday, if you’re chosen for an offer, you usually get a message quickly, usually within a day or two. If you don’t hear back during this time, it might mean you’re on hold. If you don’t get a message within a few weeks, it could mean you weren’t selected. You can send a polite email to HR to check, but they might not always give detailed feedback. Also, if you have any competing offers, let the recruiting team know to speed up your process.
Additional Resources
- Everything You Need to Know about Investment Banking Spring Weeks
- Investment Banking Recruitment: The Ultimate Guide
- The Investment Banker Micro-Degree
- Investment Banking Interview Skills Course
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