I have what might turn into an interview for a sell side high yield analyst position. Are there any high yield analysts out there? Any sector is fine. How did interviews go for you? Was it more of a drilling of your technical knowledge or was it more like an investment discussion?
I’m on the investment grade buy-side with 6 years of experience, so I’m not sure how much this will apply to you.
In the first round of interviews, I’ve been asked to give my opinion of the general market and how I assess the credit profile of a company. They usually ask what my process is in developing an opinion. In second round interviews, I’ve been asked to write research reports on an issuer from the sector they want me to cover. Out of the two more recent 2nd rounds I’ve made it to, one grilled me on the report while the other company spent less than a few minutes on it. However, in both 2nd round interviews, the majority of the time revolved around “fit” with their team.
high yield, does it include senior loan? If so, be prepared to answer very different questions.
SL - all you want to do is getting the money back. Forget about the upside. You need to defend why you can get all the money back.
HY - projected return, how much should come from spread contraction and why is the market wrong.
overall market - is it too hot? good to understand the technicals as well.