FINANCE

Interview Experience
Name Profile Student Prep Int exp. deliverables feedback
Suthej Goldman Finance It’s a nice Python project
Nayak Sachs background place to be, Competitor analysis
(8/9/8) Equity Research need to be of various drugs
Macro-economic hard working Difference b/w
condition intravenous and
News Really value subcutaneous
3 rounds of being curious injections
interview Knowing
1st Analyst Python is a
2nd VPs tremendous
3rd MD advantage

High
conversion
(PPO)
Ranjana American Preparation 1st round Credit and Fraud risk Prepare well for
Kamath Express inclined towards around CV, division – merchant amex
(9/8/9) marketing info, about fraud risk
Fresher American "I worked on
Peer-to-peer express, identifying Merchant
GDs and PIs industry 2nd Fraud and improving
(daily) round more Merchant experience
on technical by modifying Fraud
Form interview rules.
Aptitude Test Since I worked with
such large data sets, I
had to learn SQL
within a very short
time period. I had
zero idea about
coding or data
analysis. Overall, it
was a good
experience. AMEX is
an exceptional
company, extremely
supportive work
culture. I got to learn
a lot in 8 weeks."
Akhyat Citi Bank FinSoc materials Comes for Research about the Office
Singh Crap Task CCB and rising tech based environment
(9/9/8) TTS profile sectors
B. Tech was good. Strict
IIT GD Round Obtain potential working hours
Madras Interview – banking opportunities
Fresher HR questions in these sectors
and
Gokul HUL FinSoc content Shortlist Customer Really good
Krishnan sessions based on CV development team learning
(9/9/9) YouTube and (~40 experience,
website for students) Mainly to maintain hectic but
materials TTS (Trade Term overall a good
2 FSC projects Automated Spends)- giving experience.
in finance interview discounts to the
round – customers of HUL
3 questions:-
General Project was of data
financial analytics and
news automation -> making
dashboard using
Final powerBI, python and
Interview -> SQL
Technical
interview, Driving sales
about FSC analytics to the
projects customer
development team
Ashray Aditya Birla FinSoc sessions CV Financial planning Good
Jain Fashion and materials shortlisting and analytics environment to
(9/9/8) (Pantaloons) Senior’s inputs One department work in,
interview flexible timings
round -> CV Analyse the
based and environment and
technical industry
Get insights from the
financial reports (of
competitors as well)
Improvement that can
be done, areas of
improvement
Eish Goldman Make end-2-end GIR and IB Live Team and Live Long hours, but
Salooja Sachs model for any profiles came Project it’s a great
(9/9/7) company (to learning
B.Com learn financials) Interview -> Structure finance team experience
8 grilling on -> gives loans to
months FinSoc materials CV, infrastructure
work ex and Bcom especially companies
 materials finance
things End to end pitch to a
Learning the fin company
basics and
getting into the
depths
Sidhhant Morgan FinSoc Test and a Fixed Income division Flexible timing,
Jain Stanley Materials CV shortlist work from
(9/9/9) SPG team (Securitised home. Good
MoneyControl 4 interviews Products Team) -> experience,
or any other -> 3 work was to securitise diverse
website technical and experience
Keep yourself 1 HR 3 projects, on the working with
updated in previous deals done US and
macroeconomics Questions by Morgan Stanley Budapest
related to - Teams
Bond
Mathematics,
Trading
Neha JP Morgan Base from Preliminary Wholesale Credit Risk Not a very fin
Prasad B.Com Application (IB division) heavy role, can
() FinSoc material Test – fin, be done by
B. Com – (sector maths, London Office – anyone
analysis also general Natural Resources
asked in questions
interview) Workshop – Client from Oil and
case study Gas, Renewables
Basic fin prep GD firms
Behavioural Final
questions Shortlist Line of credit
2 Rounds of assessment for clients
Interview ->
Technical Case study ->
and simulation project of a
Behavioural real life deal

Value
curiosity a
lot
Mridul Goldman Basic learning of Shortlist Supportive
Agrawal Sachs the 3 accounting staffs, group
() principles Interview -> discussions,
B. Com TMAY, training
FinSoc knowledge sessions
material/sessions of finance,
 current Pretty elaborate
affairs of fin, internship
Why program
Goldman
“Learning never
Expected stops”
Case study
round ->
why
valuation is
low or high,
any financial
world’s case.
Case study
not there last
SIP season
but it used to
be there.
Kartik Bharti FinSoc CV shortlist M&A division Flexible culture,
Panwar Enterprise sessions/material 1 Interview - approachable
(9/9/9) Notes and > CV each 2 Projects and helpful
B.Com Materials from point, Life in people, close nit
UG general, Expansion strategy for culture
general Airtel – SE Asian
awareness region Immense
questions, Analyses of the learning
question to market in those
them countries – deep into
industry, competitors,
key deals, acquision
opportunities
Recommendations in
them

B2B side -> analyse

growth strategy for
Airtel B2B
Find the opportunity,
fill in those gaps,
analysis of major
services provided by
the competitors
Avneet Goldman FinSoc Sessions 2-3 rounds of GIR (Global Good overview
Kaur Sachs HR answers on telephonic Investment Research of financial
Khokhar finance -> Why Interview Division) world
(9/9/7) finance, why and 1 VC
 particular round -> Single Stock research Accommodative
company Finance -> Research on them collegues
questions, for clients -> Macro
HR questions trends, Micro trends
of
businesses/company
Impression is
very Working with a team
important and assisting

Preparing decks,
excel, PowerPoint,
analysis
Kushal Mahindra Regular 2 Rounds of Treaseary Department Good Culture,
8 preperation for Interview great working
months consulting and 2 Projects hours
workex finance 1st Round ->
HR +
Case(market
entry)
2nd Round -
> completely
HR based
 COMPANY PROFILES

1. AMERICAN EXPRESS (from hook the merchants to hook the cardholders too)
• Overview: One of the biggest credit card companies in the world. It’s the one that’s
been doing credit cards since 1958. American Express was founded in 1850 as a
freight forwarding and mail service company. Besides credit card services, American
Express also offers a host of other digital products.
• Chairman and CEO: Stephen J. Squeri
• Vision: Provide the world’s best customer experience every day.
• Mission: Become essential to our customers by providing differentiated products and
services to help them achieve their aspirations.
• Values:
o we deliver for our customers
o we make it great
o we do what's right
o we need different views
o we respect people
o we win as a team
o we care about our communities
• Financials:
o In 2023, American Express generated about $60.5 billion of revenue and net
income of about $8.4 billion.
o As of May 4, 2024, American Express had a market cap of just below $166
billion.
o While the percentage charged to each merchant is still small, when
cardmembers charge $1.46 trillion, it creates a huge amount of revenue for
American Express.
• Revenue Model:
o Cardholders and Merchants.
o Cardholders: Via outstanding interest on payments and through late fees. They
also offer premium cards at various prices which has a large initiation fee.
Foreign currency conversion and member delinquency fees are other sources.
o Merchants: American Express earns money by charging high merchant fees,
higher than those its competitors charge.
o Amex cardholders are relatively wealthy and hence, the merchants willingly
accept it and pay a higher fee.
o Which is why Amex can charge higher than Mastercard or Visa.
o They want to grow the overall no. of transactions through special offers,
incentives, and strong customer loyalty.

• News and Future:

o After reduction in merchant fee, American Express has signaled that it may be
revising its business model to keep fees across the board lower in an effort to
boost the overall number of transactions.
 o expanding its leadership in the premium consumer area, continuing to grow its
commercial payments segment, improving its global integrated network, and
continuing to focus on its digital offerings.
• Challenges:
o High Merchant fee than its competitors.
o Global acceptance is low.

2. BHARTI ENTERPRISES

• Overview: The company initially started manufacturing bicycles before diversifying

into other sectors. The group is present in telecommunications, manufacturing,
insurance, real estate, hospitality, and food. Its Telecom wing if airtel, operates in 17
countries. 360 MN customers in india.
• MD: Sunil Bharti Mittal
• CEO: Mamta Saikia, IMT
• Vision: Our vision is to enrich the lives of customers. Our obsession is to win
customers for life.
• Values: Alive, Inclusive, Respectful.
• Financials:
o In the financial year 2020, Bharti Airtel Limited
reported a net debt of about 1188 billion Indian
rupees.
o Airtel has Rupees 789,298 Mn worth of Equity.
• Revenue Model:
o Airtel believes in outsourcing everything else apart
from their marketing, sales, and finance operations
and the 'minutes factory' model of low cost and high
volumes.
o It makes money through DTH, Tele media, Sim cards, Tablets, Wallet
services.

• News and Future:

o Nxtra by Airtel, one of India’s leading data centre companies, has joined the
RE100 initiative - a flagship global initiative
o Wynk has achieved an industry-leading milestone of an impressive 1.7+
billion streams for songs by independent artists of Wynk Studio.
o Bharti Airtel appoints Sharat Sinha as CEO of Airtel Business
o Airtel and Google Cloud Enter into a Long-Term Strategic Collaboration to
Accelerate Cloud Adoption and Deploy Generative AI Solutions.
• Challenges:
3. HDFC

• Overview: HDFC Ltd was founded in 1977, when the Late Shri. HT Parekh, Founder
and Chairman of HDFC Ltd, dreamt of millions of middle-class citizens of India
owning a home and not having to wait till their retirement. HDFC is among the
biggest conglomerates listed on the Indian Stock Exchange. The largest Bank in terms
of market capitalization, even greater than SBI.
• CEO and MD: Sashidhar Jagdishan
• Vision: The vision of HDFC Bank is to be the most preferred financial solutions
provider globally, known for its customer-centric approach, innovation, and trusted
relationships.
• Mission: HDFC Bank’s mission is to be a world class Indian bank. We have a two-
fold objective: first, to be the preferred provider of banking services for target retail
and wholesale customer segments. The second objective is to achieve healthy growth
in profitability, consistent with the bank’s risk appetite.
• Values: The bank is committed to maintaining the highest level of ethical standards,
professional integrity, corporate governance and regulatory compliance. HDFC
Bank’s business philosophy is based on five core values: Operational Excellence,
Customer Focus, Product Leadership, People and Sustainability.
• Financials:
o As on 31-March-2024, the authorized share capital of the Bank is ₹ 1190.61
crore.
o HDFC Bank annual revenue for 2024 was $49.367B, a 104.83% increase from
2023.
o The consolidated profit after tax for the nine months ended December 31,
2023 was ₹ 464.4 billion.
• Revenue Model:
o HDFC’s 83% of loan business came from the network of HDFC Bank and
subsidiaries of the HDFC Group. The two companies share a unique direct
selling agreement in which HDFC Bank sources a home loan for HDFC, gets
 fees and then by the end of the quarter buys 70% of the loans from the books
of HDFC. This stopped HDFC Bank from selling home loans to its existing
customers and as a result of which 70% of the bank’s existing customers have
home loans from other lenders. HENCE THE MERGER.
o Interest Income: The bank earns interest on loans and advances provided to
customers, as well as on investments in government securities and other
instruments.
o Non-Interest Income: This includes fees and commissions from various
services, such as credit cards, remittances, trade finance, and cash
management services.
o Treasury Operations: HDFC Bank’s treasury operations generate income
through trading in foreign exchange, government securities, and other
instruments.
• News and Future:
o 2022 the merger of India’s largest Housing Finance Company, HDFC Limited
and the largest private sector bank in India, HDFC Bank was announced.
• Challenges:

4. MORGAN STANLEY
• Overview: Morgan Stanley is an American multinational investment bank that
mobilizes capital to help governments, corporations, institutions, and individuals
around the world achieve their financial goals. Morgan Stanley is a consistent
industry leader in modern finance which continues to break new ground in advising,
serving, and providing new opportunities for its clients. Morgan Stanley is committed
to maintaining the first-class service and high standard of excellence that have always
defined the firm, which has more than 60,000 employees in 1,200 offices across 41
countries.
• CEO: Ted Pick, Harvard MBA
• Executive Chairman: James P. Gorman
• Values: Do the Right Thing, Put Clients First, Lead with Exceptional Ideas, Commit
to Diversity & Inclusion, Give Back.
• Financials:
o Morgan Stanley reported profit of $2.02 per share, sailing past analysts'
average estimate of $1.66, according to LSEG data. Total revenue rose to
$15.14 billion compared with $14.5 billion a year earlier.
o For fiscal year 2022, the company reported $53.7 billion in net revenues. This
was a 10.2% decrease compared to the $59.8 billion in revenues reported the
prior year.
• Revenue Model:
o Institutional Securities' business segment offers services such as investment
banking, sales and trading, corporate lending, and more. Morgan Stanley's
investment banking department makes money by charging fees on advisory
services such as underwriting and mergers and acquisitions
o For its wealth management clientele, Morgan Stanley offers products and
services in brokerage and investment advisory, retirement plans, financial and
 wealth planning services, and more. Morgan Stanley earns money from fee-
based clients by charging a contractual percentage of their assets related to
accounts that are generally not driven by asset class.
o Investment Management, Morgan Stanley’s smallest department, does most of
its work with institutional investors. Net revenues in the Investment
Management segment are derived from two areas–Investments and Asset
Management.
• News:
o AI @ Morgan Stanley Debrief acts as notetaker, summarizer and first draft
communication composer for client meetings, greatly enhancing efficiency
and enabling scale for Advisors and their practices
• Challenges: The rise of fintech companies offering innovative financial solutions at
lower costs, Ongoing trade tensions between the U.S. and other countries, like China,
can affect market stability and investor confidence, impacting Morgan Stanley's
investment banking revenues. The rise of blockchain technology and cryptocurrencies
presents both opportunities and threats. Morgan Stanley must navigate regulatory
uncertainties while exploring these new markets.

5. CITI
• Overview: Founded in 1812, the bank was established as a response to the need
for a stable financial institution in the rapidly growing and ever-changing landscape of
New York City. Today, Citigroup stands as one of the world’s largest and most diversified
financial institutions. Citi employs advanced data analytics and machine learning
algorithms to provide personalized recommendations to customers. Whether it’s applying
for a credit card, a mortgage, or investment advice, the platform streamlines the
application process, making it quick and hassle-free.
• CEO: Jane fraser
• Head of N.A: Sunil Gard
• Head of Banking: Vis Raghvan
• CFO: Mark Mason
• Mission: to serve as a trusted partner to our clients by responsibly providing
financial services that enable growth and economic progress.
• Financials:
o Morgan Stanley reported profit of $2.02 per share, sailing past analysts' average
estimate of $1.66, according to LSEG data. Total revenue rose to $15.14 billion compared
with $14.5 billion a year earlier.
o For fiscal year 2022, the company reported $53.7 billion in net revenues. This was
a 10.2% decrease compared to the $59.8 billion in revenues reported the prior year.
• Revenue Model:
o At the heart of Citigroup’s business model lies a commitment to providing a
comprehensive suite of financial services to meet the diverse needs of its
clients. This includes offerings such as personal banking, commercial
banking, investment banking, wealth management, and global markets
 services. The company’s online platform, available through its website and
mobile app, serves as the gateway for customers
o Citigroup offers an array of features and services, including: Banking,
Investment, Insights and Insurance.
o In Banking: Citigroup earns revenue by charging interest on loans it extends
to customers. Additionally, fees for various banking services, such as
overdraft fees and wire transfer charges, contribute to the bank’s income.
o The company provides advisory services for mergers and acquisitions (M&A),
helps companies raise capital through initial public offerings (IPOs), and
offers trading services in various financial markets.
o Citigroup offers wealth management services to high-net-worth individuals
and institutions. Manages investment portfolios through its asset management
division, including mutual funds and ETFs. charges management fees based
on the assets under management (AUM) and may also earn performance fees
for achieving specific investment goals.
o These credit cards generate revenue through annual fees, interest charges on
outstanding balances, and transaction interchange fees. Additionally, Citigroup
earns fees from merchants each time a customer uses a Citigroup credit card
for payment.

RATIO ANALYSIS

PHARMA INDUSTRY:
3 companies (SUN PHARMA, CIPLA, DR. REDDY)

SUN PHARMA CIPLA DR. REDDY

Debt / Equity (Capital structure) 4.88% 2.09% 7.14%

Current Ratio (Liquidity) 3.36 3.7 3.22

EBITDA growth rate 14.9% 12.5% 21.7%

Net Profit Margins (Profitability) 19.75 16.2 22.28

Inventory Turnover (Efficiency) 1.2 0.8 0.93

Operating Margin (Profitability) 21.12 16.89 18.13

Return on Assets 6.96 13.12 14.3

Return on Capital Employed 12.15 17.61 23.41

• Dr. Reddy's stands out with the highest metrics, but it also has the highest leverage,
indicating a balanced yet aggressive growth strategy.
 • Cipla demonstrates strong liquidity and efficiency in using its capital, though its
profitability margins are lower compared to Dr. Reddy's.
• Sun Pharma presents a moderate profile across most metrics, showing solid performance
but not leading in any particular category.

POWER INDUSTRY:
3 companies (NTPC, ADANI POWER, JSW ENERGY)

NTPC ADANI POWER JSW ENERGY

Debt / Equity (Capital structure) 1.24 0.8 0.46

Current Ratio (Liquidity) 1.06 1.66 0.58

EBITDA growth rate 13.7% 86.9% 10.6%

Net Profit Margins (Profitability) 11.16 47.82 18.5

Inventory Turnover (Efficiency) 6.06 - -

Operating Margin (Profitability) 28.95 61.24 37.6

Return on Assets 4.59 24.94 3.86

Return on Capital Employed 10.55 33.2 8.01

• Adani Power stands out with the highest profitability, growth, and return metrics,
indicating strong operational performance and effective use of resources. It also has a
relatively moderate capital structure with low debt levels compared to NTPC.
• NTPC presents a mixed profile with solid return metrics and good inventory management
but has higher leverage compared to the other two companies.
• JSW Energy demonstrates moderate profitability and efficiency metrics with the lowest
debt levels but faces liquidity challenges.
IT INDUSTRY:
3 companies (TCS, INFOSYS, HCL)

TCS INFOSYS HCL

Debt / Equity (Capital structure) 0 0 0

Current Ratio (Liquidity) 2.2 2.62 2.82

EBITDA growth rate 8.2% 12.7% 9.9%

Net Profit Margins (Profitability) 21.5 21.1 24.26

Inventory Turnover (Efficiency) 0 0 0

Operating Margin (Profitability) 31.2 30.3 37.3

Return on Assets 39.95 23.69 22.31

Return on Capital Employed 75.85 41.23 37.23

• TCS stands out with the highest return metrics, indicating the most effective use of its
assets and capital. It also has a strong liquidity position and no debt.
• Infosys demonstrates robust growth and solid profitability with a strong liquidity position
and no debt.
• HCL presents the highest profitability margins and strong liquidity, but slightly lower
return metrics compared to TCS and Infosys. It also has no debt.

CEMENT INDUSTRY:
3 companies (AMBUJA, ACC, DALMIA)

AMBUJA ACC DALMIA

Debt / Equity (Capital structure) 1.37% 0 0.28

Current Ratio (Liquidity) 2.3 1.6 3.8

EBITDA growth rate 10.4% 5.5% 1.1%

Net Profit Margins (Profitability) 13.02% 10.64% 86.15%

Inventory Turnover (Efficiency) - - -

Operating Margin (Profitability) 16.69% 15.51% 21.88%

Return on Assets 5.29% 9.27% 1.41%

Return on Capital Employed 8.72% 15.86% 1.61%

• ACC stands out with the highest return metrics, indicating the most effective use of its
assets and capital. It also has no debt, suggesting a very conservative capital structure.
• Ambuja demonstrates robust growth and solid profitability with a strong liquidity
position and minimal debt.
• Dalmia presents the highest profitability margins and strong liquidity but significantly
lower return metrics compared to Ambuja and ACC. It maintains a low debt level.