Banking Interview Questions & Answers

My interview was done via an external 3rd party called Sonru, an organisation that proved to be very communicative and friendly. I was sent a link to Sonru's interview window, whereby I would sign in with my unique details (provided in an email) and go through a series of practice questions before moving onto 3 questions for the video interview. I was informed to the topics that these 3 questions would cover in the email that initially invited me to the video interview, but I did not know the specific word of the questions, only the topics. This allowed me a few days to prepare a plan and structure in order to answer these questions in as informative and concise a manner as possible. This was vital, as once the question had been shown, you had 60 seconds preparation time and 90 seconds to speak.

"Name a time whereby you went the extra mile to provide an exceptional service or piece of work, whether that be for a client or for yourself" (ideally showcase an example relating to another individual e.g. extra hours put in at work to help an individual that was struggling with a certain task)

. Research the ethos of the bank before applying, its values, its place in the British economy, what sets it apart from other banks

. Be prepared, be calm, be confident

. Be yourself - honesty, conviction and personality stand out

. Stay positive - you are unique and can bring things to the table that no-one else can, don't forget that

. Ask for feedback whenever possible

. Practice assessments (verbal, numerical) and speaking in a concise manner

. Maintain a positive outlook regardless of outcome - finding a job as a graduate is very difficult and can be disheartening at times, but you CAN do it.

Beginning at 1pm in London, the assessment centre consisted of 3 tasks; a group exercise, an individual exercise and an interview. During my assessment centre experience, I was with 7 other candidates, but this can vary depending upon the organisation you are applying to. You are treated as guests, and if you have made it to this stage, should be very proud of your achievement. This was reflected by the Bank of Ireland, who were very open and approachable throughout the day, in stark contrast to their very poor communication skills prior.

The first task, the group exercise, consisted of individuals being given a case study and individual parts of the business in this case study to be held responsible for. The organisation in the case study was going through a modernisation process, updating its systems for the 21st century in the wake of complaints about its archaic systems. For the year, there was a budget of £6 million, with tasks/updates that each section of the business had which could be implemented in order to improve the business. For example, I was put in charge of customer services, with updates available like a 24-hour helpline and skills programmes for existing employees in order to update their knowledge and bring the customer service the company held so dear, into the modern age. Each section of the business would have 3 choices, all of which had either and/or initial and on-going costs to implement, with every choice totalling roughly £25-£26 million. As a result, you had to work with your team to build a package of upgrades to ensure the business updated and retained customers without losing its identity, whilst simultaneously arguing why your choices were important and needed to be implemented. Strong team-work and communication skills were vital, as well as the ability to build a case for why your choices were the most important. Of extra note is conveying that it is important for the business to not lose its unique identity and merely become a clone of its competitors; something the Bank of Ireland claims not to do and would give you an edge if you can highlight. If I could give one piece of advice relating to this task, it would be to remain calm. If like me this is your first assessment centre, it is quite easy to be initially intimidated sitting in the board room of a bank alongside some of the countries most talented graduates but remember that you are there for a reason; don't worry, stay calm, listen closely and if you need an extra couple of minutes to finalise your argument or need anything else explaining/repeating, just ask; you're a team.

The second task consisted of another case study, this time one performed individually. You were given a case study, but crucially had to ask the interviewer (who was playing the role of the CEO of the organisation in the case study looking to accept an offer to join a massive multinational organisation) for additional information, whereby the interview would either provide you with the information or say "I'm sorry, we don't have that information". This task relied upon your ability to build an argument, link ideas together and ask the right questions. Of note, if I could do the assessment centre again, I would ask "Ok, so what information can you give me about xxx, what have you got on them so far?". Whilst it is possible they may say that you need to be more specific, starting off with one general query to at least try and get as much info as possible is probably not a bad idea, rather than diving head first into very specific questions.

The final stage was an interview, lasting about 10 minutes, discussing examples from your academic and personal history that you showcased the skills the Bank of Ireland is looking for. For example, I was asked "Name a time when you went the extra mile to ensure success, whether that be for yourself or for a client/individual". My advice here is to again remain calm, but also be honest; sincerity is key. The interviewers are looking at you as a person, not an application on a page. This is a chance to showcase your passion, so use it, prepare some examples beforehand, be honest with the experiences you have and don't have and most importantly, enjoy it.


As a final note, I would specifically ask that regardless of the outcome of your time at the assessment centre that you are provided with feedback. This was promised to all of the people who attended the assessment day with me, and all of us that were unsuccessful have received none (it is now 2 months after the assessment centre). Not only that but we were not told how many people they would be taking on or when we would hear from them. This was a recurring theme with the Bank of Ireland, as I found their communication very poor (a sentiment reflected by all of the candidates that attended the assessment centre whilst I was there). At the first stage, I was supposed to be sent 2 tests to complete immediately after sending in my application, which were not there. After emailing BOI to inform them that I had not received the tests, they sent them through 2 weeks later and asked me to complete them by 18:00 on Friday, when I had received this email at 17:27 on Friday. After my video interview, I was supposed to be informed of the result 2 weeks before the date of the assessment centre; I was informed 4 days prior. The communication was terrible, especially after the assessment centre. To have made it into the final 32 candidates to then be informed of being unsuccessful by email rather than the promised phone call and to be told in the copy-paste email "we hope you are not too disheartened" was incredibly unfair. Ensure that communication channels with the Bank of Ireland are open, frequent and that they are prepared to give you feedback. The opportunity is amazing but the communication is less than stellar. As previously stated, it has been 2 months, and after 3 emails and 3 responses of "sorry you haven't heard back yet, I have escalated this query to the graduate team who will be in contact with feedback from you performance at the assessment centre shortly", I have heard nothing.

There where 3 stages to the interview process after an initial CV and cover letter approval, which were:

Initial interview
The initial interview was undertaken by junior members of the team, employees who had recently finished the grad program themselves. In this interview they asked questions around my CV to gather greater detail about what I had done during my time in education and also work experience. There was also a couple of standard competency based questions, e.g. 'Describe a time you recently working in a team and how did it go?'. This interview was relatively informal and was more of a get to know you type interview.

Online test
After being successful from the initial interview they sent me some standard online tests to do on numeracy and verbal reasoning.

Second round interview
The final stage was a second round interview with 2 more senior members of the bank, again they asked more competency based questions however this time it was more formal and harder questioning that required more details explanations and reasonings. This interview also included a question about the reasons that I applied to their specific bank and reasons for wanting to do wealth management.
Finally the interview was followed up with a quick brief from the HR team asking a few questions on your knowledge of the bank, also giving a description of the role and the salary and benefits.

Describe a time you didn't agree with a manager?
What are your reasons for wanting to do wealth management?
Describe a time you work with a difficult person?

Make sure you have a very good reason for wanting to do wealth management and also be able to back up what you have claimed as your reason.
Make sure you come dressed very smart as it is an exclusive bank and you need to look presentable.
read the news and relevant press around the business sector and maybe prepare a few questions to ask them at the end to show you know what your talking about.

NA

Following the online numerical test there was no phone interview. Selected candidates are invited straight to business interviews for the Corporate Banking Europe programme. The first round of interviews consisted of two 45-minute interviews (two interviewers per interview) held either side of a written marketing exercise (to check that you have some of the required skills for pitchbooks). These interviews were designed to assess your motivation for applying to the specific scheme with the bank. The recruitment team (business specialists, rather than the HR team) went through my CV and asked both competency based and technical questions. I speak a foreign language and therefore was partly interviewed in the foreign language by a member of the recruitment team. I was asked back for the final interview which was a week later with a Managing Director. This interview was slightly more relaxed as the MD was trying to understand my background to finance as well as my motivation and asked purely technical (and not competency) questions.

The most difficult questions were the finance/technical questions. They needed a good understanding of the global markets, yet, remember that the scheme is specifically concerned with European corporate and investment banking.

Another relatively tough question was what are your three biggest strengths and weaknesses. Of course this can be pre-rehearsed, but it is not easy to describe three weaknesses. The candidate must try to frame the weaknesses in a positive light, explaining how you have learnt from them.

As is the case for other, jobs candidates must really know and understand the role they are applying for. Although this is framed as 'Corporate Banking Europe' it is very much on the investment bank side (other firms often separate corporate and investment schemes). It is also important to understand the differences and benefits of an international bank operating in the City as opposed to a British domiciled bank.

Interview format at each stage of the application: The first round of interviews consisted of two 45-minute interviews (two interviewers per interview) held either side of a written marketing exercise (to check that you have some of the required skills for pitchbooks). The final interview was one-to-one interview a week later with a Managing Director.

The interview was meant to last between 30-50 minutes and it was bang on time. The lady called me at 12:20 exactly (I was expecting there to be a +-5minute delay, but their time keeping is spectacular. She went through the structure of the interview with me and asked me if I had any questions then, but I said I'd prefer to ask anything at the end of the interview.
With every question based on HSBC's 3 values (Openness, Integrity and Empathy), she did give me a few prompters and she was overall a good interviewer as she gave me feedback at the end. I didn't get the job though and she emphasized that it was because I didn't elaborate as much as they would have liked. I saw this as me not bragging, but advise: brag about all your achievements and how you've done it because that really is what employers want to know- they want to know you are up to whatever task they put you up to.

"Describe a time you have shown integrity and the processes /steps that helped you achieve this"

Make sure you outline any processes you took to achieve whatever it is they ask you about. They want to know you can plan out properly and follow a schedule.
Read about the company before the interview so you can highlight how you feel you would fit into the company

I did not attend an assessment centre

Firstly you had to fill in a an application form stating which statement applied best to you approximately 30 mins to complete. After passing the initial stage a telephone interview was conducted which consisted of an numerical test which you had to pass in order for you to continue with the whole telephone interview. The whole telephone interview lasted approximately one hour.
The next stage of the interview consisted of competency questions related to scenarios which were from past work experiences. Once that was passed an interview was then scheduled.

Describe a time built a relationship with a customer, what was the outcome, how did this come about and finally what was the benefit of this?

Read up on the company on company website, search 'competency interview questions' really helps to talk about practical examples that has happened to you at work in the past and current job. Be enthusiastic when talking about the job role as they want to feel you ultimately want to be successful in application process.

I was given competency questions that were split into four sections which lasted approximately an hour. Followed by a timed practical example of a customer wanting to travel with a family and were wanting to book a holiday.

The interview was done via a teleconference as the position was based in Luxembourg. The interview process was really good, everybody was quite prompt and the atmosphere was quite tranquil and comfortable, so much so that I did not even feel the interview time go by. The questions were quite challenging in so far as technical knowledge went as it was my very first interview, however that was a reflection on my poor preparation. Other than that the interviewer was quite humble, polite and jovial.

The most difficult question, I found were the technical question and the one where they asked about weakness, because I am quite a self aware person and I had never contemplated upon my weaknesses. However it was good to have been put on the spot.

Always be prompt, if not make sure you phone in and let them know. Be polite, courteous and confident not arrogant but confident. Do not blag any answers if you don't know.

I have had no experience of assessment centres as yet, all of my interviews have been telephone or face to face.

Initially, after doing the respective entrance tests, I received a call from their team in Glasgow where I applied for my placement. They were very friendly and courteous on the phone and wanted to know why I decided to apply for a career at Morgan Stanley, why in Operations and Why in Glasgow instead of London or other markets? Thy were also interested in my background as I came as an an applicant with a Canadian undergraduate qualification and a prospective UK postgraduate masters qualification. They were also interested to know what I knew about the company and what challenges would be up ahead in the industry. I also came in through an employee referral due to my contacts so that gave me the edge I believe in being able to convince them to take me on, which they did. About a week or two after the first informal chat (held in May), they scheduled me for a telephone interview with one of their Team managers/heads. I cannot emphasize the role of preparation, awareness of the STAR method and the ability to back up whatever you tell them as they will guage the authenticity of your statements. Don't feel you need to go into it immediately after the assessor asks you questions. Rather, wait and supply an appropriate response, even if you were like me and were referring to your notes on a notebook. Speak loudly and clearly and be very articulate in what you are trying to say.

After my first competenecy telephone interview, I was given the opportunity to attend an assessment centre in Glasgow, which they fully compensate you for if you make it to this stage. Bring a passport and/or License on the day for ID purposes and be prepared in your competency responses as you will not be permitted to bring in your notes for it. However, as there was a group exercise component, which they gave you the scenario beforehand relating to 4 different scenarios (1 chosen on the assessment day), you are allowed to bring in your notes for the group exercise. I find, however, being aware of the company outlook and general knowledge of the company will come in handy on this date.

Whilst the questions themselves are strictly confidential and vary to each assessor, you are tested on the following compentencies

Control
??? Demonstrates a clear understanding of the business they support
??? Understands what is important and prioritizes accordingly
??? Ability to explain risk management and articulate their role in identifying and escalating risk issues
??? Understands the importance of following defined procedures and completing the appropriate checklists
??? Proactively escalates issues as they occur
??? Does not compromise control to comply with clients requests
Commercial
??? Demonstrates an understanding of client???s (internal and external) requirements
??? Responds to client requests with accuracy and speed
??? Takes personal responsibility for resolving client issues, is able to clearly escalate cause and resolution
??? Demonstrates accountability for actions and errors
??? Actively seeks opportunities / challenges broader than current scope of role
??? Actively seeks out new opportunities for self development and career development
??? Develops a full understanding of team???s performance metrics and how this can impact the wider business environment.
People
??? Helps to create a positive work environment that builds trust, finds innovative ways to improve team work
??? Actively participates in team meetings, raising issues, questioning others and offering solutions/ideas.
??? Shows a willingness to help others in the team with tasks and issues
??? Proactively ensures upward and peer communication of initiative, issues and successes
??? Takes responsibility for their own personal goals and the delivery of the team???s goals.

It's American, not British, but housed in the UK - so be aware of the role of globalization. Don't let on that you intend to relocate to their offices in New York or Toronto - stick to the original location (Glasgow) even if it's remote to your current location (London). Be smart, be generous, and be the best you can be as competition is fierce in a post 2008 market crash era.

Be aware of the STAR method
Be aware of how you come across to the interview panel - for a North American whose voice and behaviour is confident and competent compared to his British counterparts, you sometimes have to "tone it down" and not appear to enthusiastic, even if it's an American firm you are applying to as it is British people who are interviewing you and it is predominately a conservative environment akin to British poeple. Stay postive, however and maintain good eye ocontact and dress for success. It's also best to have a great sleep regimen and diet regimen weeks into the assessment centre so you look refrshed and healthy.

Be proactive however, in your approach to meeting people as the strangers (students) in the lobby, also taking the assessment centre with you, are the ones probably who are going to be working on the group assignment with you.

Be prepared to work with candidates from the E.U and being able to work with people from various skill sets.

The Bank of Ireland Graduate Roles start with an online application followed by the standard series of online tests. If you have successfully passed these you will be progressed towards a video interview. The timeline between application and video interview was about 3 weeks (October/November). The video interview was pretty basic and easy to be honest.. (Pro tip; if you are concerned about video interviews then apply to random other programmes so you are invited to their video interviews and that way when it comes to the video interviews you care about you have some practice under your belt.. furthermore for the Bank of Ireland programme I actually applied to more than one of the streams and was invited to all of the video interviews which all had the same questions.. therefore I was able to do my least preferred programmes video interview first and then know exactly what to prepare for the two preferred ones.. giving a huge advantage. If you're not too late I would advise doing this- apply to a programme they have that you don't particularly care about just so you get a preview of the questions). Having said that, it might not be worth the effort in this case since the questions were very easy... I can't remember exactly but they were along the lines of "why BOI", "why you" and "why this stream"... something pretty basic. The main thing most organisations look for at this level is if you are a nice, normal, socially-competent person; so be likeable; smile and be a person, not a robot (this goes for all video interviews).
If you are successful at this stage you will be invited to the assessment centre in London (only London if you apply for the BOI(uk) streams obviously).

Nothing in the video interview was tricky. To be honest if you're shocked by anything on it you really need to reconsider a career in anything office related.

The assessment centre in London started at 8:30 until 12:30 (!! they tell you it's 3 hours but that's highly unrealistic!! - take heed if you are booking flights on the basis of it lasting 3 hours). I know there was a second group taking place at 12:30 ; each with 8 candidates. I am not sure if there are other days of assessment for the Corporate Banking programme but I don't think so. Therefore there are 16 people competing for 3 places.

We were taken immediately into the group assessment - 43 minutes for the assessment + about 20 minutes for icebreakers and introductions etc.
This consisted of a brief from the head of the UK team (who is a complete gentleman!) and there was a candidate to panel ratio of 2:1 (2 candidates being watched by each panel member). The task (as laid out by a previously review here) was to present on company updates;
The company in question was going through updates and each member of the group was assigned a particular department to make recommendations about. We were given information booklets which must be read in 8 minutes, outlining the possible roads for each department to take in their investment. You needed solid reasoning to fight for a portion of the budget to invest in your cause and collaborate as a group to present your findings at the end. No technical knowledge required at all apart from the use of very basic calculator skills to make sure the budget isn't exhausted with all the recommendations. My group were a dream to work with and everyone got along extremely well. Such a nice change from other assessment centres where people are very friendly in the waiting room and become absolute beasts throwing you under the bus in the assessment. Don't be that person. Nobody will like you enough to give you a job if you act that way. Remember group assessments are generally to test your skills in teamwork not to test your individual skills against the rest of your team.

Secondly (with only a few minutes break for me - but some people ended up waiting around for up to 2 hours to be called ) we were taken to the competency based interviews.
These interviews last 45 minutes and are with 2 interviewers - (thank you to the other assessment centre reviewer on this platform for their review for this programme - it was very useful but it is inaccurate in saying that the interview lasts only 10 minutes and is 1-on-1... it is a lengthy interview against 2 people).
The first question was "Walk me through your CV" and followed by one competency based question for each of the 7 tested competencies which they will tell you about in your invitation email. These competency based questions come in the order of the way the core competencies are always listed to you; so very predictable. By the time you have finished all these competency questions your allocated interview time will be up so make sure you capitalise on the opportunity to make your CV come to life in the first question of "walk me through..." - you won't get another chance to talk about whatever you want. I felt very rushed as we ran over time and people kept popping their heads in to get us out o the room but they wont end your interview until you've finished the 7 competency questions so relax.

Lastly was the individual "fact-finding" case study which lasts strictly 25 minutes.
Again this was 1:2 (1 interviewee against 2 interviewers). You are briefly briefed before having 5 minutes to review a set of documents relating to a tech company signing an exclusive trade agreement with a multinational. Followed by this you have 5 minutes to ask the CEO of the other company whatever questions you might have when making your decision to form this contractual agreement or not (taking into consideration benefits, risks and opportunities of the agreement. Finally you will have 10 minutes to prepare a presentation and 5 minutes to present your recommendations to your own company's CEO as to whether or not you recommend forming the agreement.


I felt pretty confident leaving the interview but knowing now that there are only 3 spots and that 16 of us interviewed; it's hard to be hopeful. Everyone else there was quite impressive, came from very competitive universities and had intimidating work experience (HSBC, JP Morgan etc.)

The first round was a single one-on-one interview with a senior member of the finance team (in my case an Executive Director). All questions were competency based, using my CV as a background to delve further into my experience and test my suitability. No industry specific knowledge was required.

"What is your worst character trait? What are you doing to overcome this?" "Give an example of where you have presented information in order to make something happen/persuade someone to take a different point of view?"

The group exercise cannot be prepared for - just be in the right mindset to work as a team and keep an eye on time. The interviews should be prepared thoroughly, use the information from their careers site as that will really help.

In the final round, we began with a group activity involving all 5 candidates. We were asked to organise a charity night at a cinema and given a pack containing various quotes and e-mail communications. From this, we had 45 minutes as a group to cover all aspects of the evening - planning, finances, projected earnings for the charity, etc. After this, we each had another two one-on-one interviews with senior members of the finance team. Both lasted 45 minutes and used only competency-based questions.