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The Word on Business: It's an Information Economy - Be a Smart Informer
Jenny Luesby ,
Inc. Macromedia , and
Lincoln D. Stein
Manufacturer: Prentice Hall
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Binding: Paperback
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ASIN: 0273644114 |
Book Description
This guide includes more than 50 actual case interviews, and other consulting interview cases. It also covers important frameworks including Porter's Five Forces, the capital asset pricing model, the BCG Matrix and more.
Customer Reviews:
a few mis-print and typos in the book.......2007-09-11
The book i received has some charts not shown up clearly. Some charts are misplaced in the book like the ones on page 51. The quality of the book (at least the print) doesn't look professional. The content is similar to other case interview books.
this book got me my job........2007-07-22
Great book. This and Marc Cosentino's book "Case in point" are the only two books you need. I read these books 1 week before my interviews and practiced as suggested and received my offer.
Thank you Vault.
VERY GOOD BOOK ON CASE REVIEW IN INTERVIEWING.......2007-06-09
VERY GOOD BOOK IN INTERVIEWING AND INVESTIGATION. AND IN GETTING A JOB AND MUCH MORE.
Grate opportunity.......2007-05-19
This is a very useful book. I highly recommend it to everybody interested in consulting.
Good book, but not the ultimite guide.......2007-04-01
I have read the biggest part of this book, and most of it satisfies my expectations. There are a lot of tips and stories about consulting cases in it. I helped me to understand what to expect for consulting cases and how to prepare them.
I am a bit disappointed about the quality of the book, if you compare it to the price. The book is not very thick, it is made of recycled paper and there are advertorials in it.
Otherwise the inside information is useful, so it is a good thing to buy this book.
Book Description
This unique guide is loaded with sample questions, charts, formulas, and frameworks covering everything from accounting concepts to bond pricing, interest and exchange rate. Job seekers can prep for their tough finance interviews with investment banks and investment management firms.
Customer Reviews:
Everything you need to know, but not enough!.......2007-01-25
The Vault Guide to Finance Interviews is an essential read for any college student trying to start off his or her career with a high powered job in the world of banking or investing. This is particularly useful for those seeking a job in the investment banking field, trading, equities research, or anything closely related to Wall Street.
The guide helps by telling what sort of unpleasant surprises to expect from the interview process. If you haven't had any interviews or hadn't attended an interviewing class or workshop, you will be surprised after reading this book how intense some of these interviews can get. The Vault Guide tries be a good coach with some good behavioral tips to navigate those stressful moments.
The bulk of this book is a review of general finance skills - everything from DCF's, CAPM, financial statements, to derivatives, PE ratios, and bond pricing. The material is extremely comprehensive and should only be a review of what to know. Don't read this expecting to learn finance because there is too much information in too little space. The final part of the Guide has a few common brainteaser questions and suggested solutions to properly answer them.
The Vault Guide is not an answer to getting a Wall Street job, but it's a good starting point and a necessary tool in your arsenal of interview preparation. I suggest using this as a guide to find your weaknesses and obtain other books such as "How Would You Move Mount Fuji?"
A very good start.......2006-10-23
I'll be working for Morgan next year and I really credit this book. I had only taken a couple finance classes two years ago so this was a nice refresher. It provides a great summary of all the equations and relationships that you need to memorize for i-banking interviews. Read it carefully but also stay up on your WSJ. You'll need to talk current events and not just formulas.
Don't waste your time and money on this one.......2006-04-10
If you absolutely have no idea what "finance" is, you might want to check out this book at your local friendly public library. Otherwise, check out other finance career guides. This book is a waste of time and much of the stuff is either inaccurate or not useful at all. I know because I sit on the other side of the table at finance interviews: I'm a seasoned interviewer. (In fact I'm better at recruiting at doing my real job... Sigh.) Let me tell you this: yes, I (and my fellow Wall Street interviewers) will ask some of the basic questions you'll see in this book, but we are lookign for honest, personal answers, not canned ones. Also, we look for *common sense*. Trust me, all successful candidates demonstrate common sense, and also each person's uniqueness ("what makes you sparkle"). Then, for the difficult questions you'll likely encounter, you won't find in this poorly written, poorly edited book. It'll likely confuse you. Instead, read the Wall Street Journal, read up on finance topics that interest you, and beef up your basic math skills if they are lacking at the moment. Again, we want smart people who can think, not someone who just fits into a formula. Of course, many people who do get finance jobs are formula kind of people, but do they get paid a lot? I bet not.
Disappointing, Insufficient.......2002-08-13
While many of the examples presented often arise in interviews, a majority of those given are among the most basic and simplistic questions you might be asked. You need to be prepared to be hit with far more in-depth and probing questions during the interview process. If you have no idea what to expect, this book will get you started. But for most people considering a career in finance, it will provide little benefit.
And a skimpy 150-page paperback, list-priced at $, (or for that matter, ANY book) really shouldn't have full page ads interspersed throughout; What is going on with that?
This book feels like the author churned it out in a weekend. It is more akin to a supplement that a magazine or newspaper might issue, than an actual book.
An investment with a fast pay off.......2002-01-22
I am studying an MBA at IESE's Business School in Barcelona, and this book has been key to help me succeding in getting a Summer Internship in Investment Banking. It is clear, concise, and covers most of the issues asked in Finance interviews. It is a must read for anyone with real interest in Investment Banking and without previous experience in this industry
Book Description
Professional career guide from the Vault Career Library covering bond fundamentals, statistics, derivatives (with detailed Black-Scholes calculations, fixed income securities, equity markets, currency and commodity markets, risk management.
Customer Reviews:
Embarrassing.......2006-01-22
I am not quite sure who is supposed to read this book. I am about to finish my M.Sc (Industrial management and engineering) and almost everything (98%) in this book was known to me.
Regarding all the errors, I stopped marking them at about the 20th page. It is really terrible how there can be so many factual errors in one book (by far the worst book I have seen at least). E.g. the part on CAPM where it says that beta must be a nonnegative number.
Please do not buy this book, at least not until the second edition has come out!
Errata.......2005-12-09
Hi, thanks for all of the comments. I was not aware that there were many typographical errors and I will go through the book very carefully over the next month so that hopefully soon (Jan 15, 2006 is my target) there will be an errata sheet posted on my website, treasuryfinance.com. Plus, I hope to add some spreadsheets used in the book and even a few new questions. Thanks again. (Sorry, I was forced to add a rating or I would not have been allowed to submit this).
Potentially Good But Spoiled by Errors.......2004-08-31
Considering the academic qualifications of the author, I expected more from this book. I have a finance degree from the top undergrad business program and bought this book to review some topics for an interview. There are some places where the author's explanation takes a leap that is simply hard to follow. In some example problems she works out, there are major errors as the math gets worked out, which ruin the lesson. Because this book is an overview of important finance topics, each example problem is that much more important to the learning value. The errors make it hard to put faith in this book. Hopefully these errors get corrected in future versions, as I feel this book has the potential to be a very good tool.
maybe good for MBA.......2003-11-28
The book might be good for someone with MBA as a general review but definitelly not for someone preparing for quant job/interview.
For that purpose "Heard on the Street: Quantitative Questions from Wall Street Job Interviews" is at least 100 times better.
Everything you learned in your MBA but forgot!.......2003-07-18
This book is a great review for anyone who has taken finance courses yet may not have retained as much as they would like. I picked up this book after graduating from an MBA program, and found myself saying, "oh yeah, I forgot about that" on many occasions. Overall, it's a keeper that has earned a spot on my professional bookshelf.
Book Description
From the Vault Career Library covering the basics of financial statements, fit portion of interviews and equity and debt valuation techniques in a step-by-step process.
Book Description
If you're looking for a job with an investment bank, commercial bank, mutualfund, or as a finance official at a corporation, you're bound to get technicalfinance questions during your interviews. The Vault Reports Guide to Finance Interviews is a must for anyone preparing for interviews. This 150-page guide is packed with key finance concepts and more than 80 sample questions to help you ace your interviews.
A few things you'll find in The Vault Reports Guide to Finance Interviews.
Valuation techniques Bonds and interest rates Stock, including stock splits, buybacks, and preferred stock Basic accounting concepts, including income statements, cash flow and balance sheets Mergers and acquisitions Currencies Option and derivatives Brainteasers, guesstimates, and other stress questions Skills and personality traits finance interviewers are looking for Key terms
And much more!
Excerpts from The Vault Reports Guide to Finance Interviews:
You say accretive, I say dilutive
A merger can be either accretive or dilutive. A merger is accretive when a firm with a higher price to earnings ratio (we'll call the company "Company 1," and label it's P/E ratio "P/E1") acquires a firm of a lower P/E ratio (which we will label P/E2). Why do we call the merger accretive?
The company's new earnings will be E1 + E2. Let's call this Enew. Usually, the new company will maintain the P/E ratio of the acquiring firm. Post-acquisition, it will be valued as P/E1 x earnings.
However, the amount that Company 1 had to pay was only PE2 x E2. Hence it paid a lower price when compared to the additional valuation it received from the market due to the increased earnings. (Mathematically, this can be represented by if P/E1 > P/E 2, then P/E 1(E1 + E2)> P/E1(E1) + P/E2(E2)) Hence the word accretive. A simple way to memorize this is: "Accrete is to add, add what?..value." So if I pay less and receive more value, it is accretive.
The reverse of this situation is a dilutive merger, and occurs when a company with a lower P/E ratio buys a firm with a higher P/E ratio. Here we use the term "buys" because the buying firm determines the final valuation multiple.
We'll look at a hypothetical example of a dilutive merger to make this clearer. Say Big Gun, a sporting goods store wants to buy a fast-growing chain called Ubershoe. Let's also say that Big Gun is valued at $500 million with earnings of $50 million, while Ubershoe is valued at $200 million with earnings of $10 million. Big Gun trades at a P/E ratio of 10/1; the combined company will also trade at this ratio. After the merger, the company will have earnings of $60 million, and will be valued at $600 million. This is a dilutive merger because previous to the deal, the combined valuation of the companies was $700 million.
Sample questions
1. Company A is considering acquiring Company B. Company A's P/E ratio is 55 times earnings, whereas Company B's P/E ratio is 30 times earnings. After Company A acquires Company B, will Company A's earnings per share rise, fall, or stay the same?
Company A's earnings-per-share will rise, because of the following rule: when a higher P/E company buys a lower P/E company, the acquirer's earnings-per-share will rise. The deal is said to be "accretive," as opposed to "dilutive," to the acquirer's earnings.
2. Describe a recent M&A transaction that you've read about.
If you are preparing for an I-banking interview, this is a must prepare question. Read the papers and have at least one transaction thoroughly prepared. You should be able to cover various aspects of the transactions. You should know what the structure of the transaction was. Who was buying whom, or was it a merger of equals? Was it an all-stock ransaction or was there cash involved?
For example, you could talk about America Online's acquisition of Netscape. In that transaction, a stock swap valued at $4.2 billion, AOL acquired Netscape. You should talk about how the acquisition was structured from a financial point of view, and the effect the acquisition is likely to have on AOL's earnings (both long-term and short-term).
3. What were the reasons behind that transaction? Does this transaction make sense?
Perhaps more important than understanding the nuts and bolts mechanics of transactions is understanding the factors that drive M&A activity. The America Online/Netscape deal is especially interesting in this regard because it involves heavy strategic planning in a fast-moving industry (as opposed to, say, the merger between Mobil and Exxon, through which the two giants simply hope to consolidate, save, and boost profits).
America Online is a content-driven company with more than 14 million subscribers. Netscape has kick-ass software, in the form of a popular browser and tools for businesses to pursue e-commerce. However, Netscape has seen its browser market share fall as Microsoft, with its immense distribution strength (and questionable pairing of browser with operating system) has elbowed its way into the category. And despite America Online's undisputed lead in market share as an Internet service provider, it had not moved aggressively into what many consider to be the golden road of the Internet - e-commerce.
This deal partners AOL and Netscape with Sun Microsystems, which is a hardware company that boasts strong hardware products and sales and support staff. The partners envision a world in which companies use the e-commerce tools developed by Netscape, hawk their wares on America Online (lured by the audience AOL can deliver), and are supported in their hardware and service needs by Sun. Synergy for the 21st century.
Customer Reviews:
Not bad, but..........2001-12-07
this book is best for newbies still in awe of bulge bracket names.
Excellent, excellent, excellent!.......2001-09-09
in my opinion, don't interview for finance or investment banking jobs without first reading this book.
Essential resource.......1999-03-10
After reading this guide, I don't see how anyone could walk into a finance or I-banking interview without knowing the concepts in this book. It's FUll of actual Wall Street questions...I got a lot of 'em in my interviews.
Book Description
This edition in loaded with sample questions, charts, formulas, and frameworks covering everything from accounting concepts, valuation techniques and M&A basics to bond pricing, interest and exchange rates, options and derivatives, and brainteasers. Job seekers can prep for their tough finance interviews with investment banks, investment management firms, venture capital firms and more with 130 actual finance interview questions.
Book Description
A Girl's Guide to Managing the Money You Make While Living the Life You Want
"Cash in the City is destined to become the urban girl's ultimate guide to a glamorous lifestyle . . . on a shoestring salary. It's overflowing with sage advice for living well, looking good, and having fun. I also found a very powerful and upbeat message for young women everywhere-You can create whatever life you desire . . . if you know how to do it right. Juliette Fairley shows the reader precisely, and with great flair, how to do just that."
-Barbara Stanny, author of Prince Charming Isn't Coming: How Women Get Smart About Money
Looking and feeling good is expensive-especially in America's big cities. From New York City to Los Angeles, single, young, working women in big cities are finding it increasingly difficult to live up to the standards set in TV and movies. No longer do you have to sacrifice a night on the town in order to afford those shoes you must have. By combining financial advice with real-life issues, Cash in the City shows you how to have it all and do it all without breaking the bank. In this first-of-its-kind book, you'll learn how to live the glamorous life, get weekly pedicures, and pay your bills on time!
Cash in the City will help you overcome the obstacles that every hip young woman from San Francisco to Atlanta, Chicago to Boston faces. You'll quickly learn how to avoid money missteps and keep your finances in order while you decorate your apartment, keep yourself looking good, and negotiate for a raise. Dig in your high heels, crack open this book, and find out how to live life to the fullest, even on a budget. You can be an "It" girl and financially savvy all at the same time.
Customer Reviews:
A little ridiculous.......2006-08-21
This is probably the worst finance book for women I have read, but it's easy and quick to get through, which can be a plus. There are some good tips - I don't doubt the author's credibility - but they're well hidden. For example, the author wisely advises single women to save up 3-6 months' worth of living expenses in case of an emergency; however, she lists "emergencies" such as a vacation to Tahiti when work gets too sressful or a new gown for a trendy benefit.
This book is also based on superficialities and stereotypes. It assumes that every urban professional woman aspires to live like the girls of Sex and the City, and that country women don't have to worry about finances because they wear overalls every day, drive beat-up pickup trucks, and marry their high school sweethearts. This book is more about how to live a lifestyle without going completely broke than it is about lifelong management of finances.
I do not recommend reading this book cover to cover. If you can find it at your local library, pick it up and skim it. If you're looking for solid and easy to read advice, grab Suze Orman's "Money Book for the Young, Fabulous, and Broke."
Very disappointed..........2006-01-16
I was not at all happy about with this book. It seemed like it was trying to be many thing at this same time, and by doing that was spread out too thin. The author should have focused on finance, or fashion, but not both of them.
The author also contradicts herself. She says that get married is not a financial goal ( which it is not) and then she teaches women how to get into charity events so that they can rich men. is it just me, or is this a contradiction?!
The author says that women should only do charity work so they can move up on society, what about doing charity work for the reason it's supposed to be done. To help people out!
This book also gives ridiculous tips on fashion, that seemed like they were pulled out of every fashion book I have ever read.
The author's advice for investing is not clear enough, and should really go into more detail.
On top of all of this, the author spends most of the book telling women they should be financially independent career women....and the rest of the book telling us how we can look good for men...Ugh...no thank you.
superficial, biased, not well researched.......2005-11-23
This book is superficial, biased (full of unsubstantiated generalizations about people), and not very well researched. As a journalism grad, I was disappointed that I bought this and kinda embarrassed for the author, who comes off as superficial, naive, and very provincial. The silly and erroneous generalizations about city vs. country could only come from someone provincial who's never been around. Funny how many NY people fall into that category.
Not Pleased.......2005-06-24
If I could I would have given this book no stars. The title is the best thing about this book. The comparisons between "City Girls" vs "Country Girl" really irritated me. She also wrote how just walking down the street in the big city you spend all your money. The section on decoration your home and your guy why should you decorate your place just to please someone else. If you like "flowers" I think you should add them.
I'm glad I saved my money and checked this book out from the library before I bought it.
Lacking in Content.......2004-07-26
As the last reviewer indicated, this book does indeed have a catchy title. What lies within thought is not anything quite as catchy. Most tips are briefly touched upon without going into more in depth detail. The book seems to be written for single women and even goes as far as to give tips on obtaining and keeping men. Which is out of the subject title boundaries. If the tips were good, I might have been ok with that. The tips were poor, one example being don't have too neat of an apartment because men don't like that. Better advice - just be yourself rather that worrying whether your apartment is too neat. Most men, from my experience, really don't care.
Book Description
With close technical analysis from Bill Gunston and artist Mike Badrocke's meticulous cutaway drawings, presented to the best effect on fold-out pages, this volume tells the full story of the most innovative aircraft company in the world.
Customer Reviews:
A bit disappointed.......2002-06-05
While the cutaway illustrations are magnificent, and the illustrator did a fantastic job, I find that only 1/2 of the 38 Lockheed aircraft indexed have cutaway illustrations. Perhaps it was too much to expect, but I anticipated similar cutaways of the seminal single-engine Lockheeds of the 1930's: Explorer, Air Express, Vega, Sirius, Altair, Orion. Only the Vega is so immortalized.
Also, the index is flawed by the "search for occurrences of" syndrome, as the Model 9 Orion includes a listing for the P-3 Orion, and the Model 10 Electra includes the L-188 Electra.
These are nits - it's a very good book - just not what I thought it was going to be. If you're looking for something specific, check out a copy in your local bookstore. If it meets your needs, *then* buy it.
Tremendous Illustrative Effort.......2001-08-16
This book contains BEAUTIFUL line-art illustrations of a host of Lockheed aircraft, past and present. The artwork was done by Mike Badrocke who is a recognized master at this craft. Bill Gunston is also a master aviation writer. Together they've produced a very beautiful book for the aviation enthusiast. You'll see cutaways of the A-12, C-5, F-16, F-117, U-2, and even the F-22. There are civil aircraft cutaways such as the Constellation and L-1011. Helicopters, WW2 aircraft and before are all represented. It's a wonderful book to help you "explore" the inner workings of these aircraft, and nobody does it better than Badrocke.
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