Mock interviews reveal your true finance readiness across knowledge, clarity, and confidence.
Read MoreWhat a Mock Interview Reveals About Your Finance Readiness
- Jan 08, 2025
- Finance
Meet the Mentor
Ankkit Poddar brings a wealth of experience from top-tier consulting and investment banking roles. An IIM Bangalore alumnus, ex-Citibank banker, former Deloitte consultant, and Economic Times Young Leader finalist.
Even at premier institutes, many students fall into a common trap: believing a strong background—such as a CA foundation and Big Four experience—is a direct substitute for the specialized readiness required for Investment Banking or Corporate Finance roles.
An online GoCrackit mock Interview between a candidate from a top-tier management institute and Mentor Ankkit Poddar demonstrated that in competitive interviews, technical effort must be matched by a sharp, industry-aligned perspective. This reality check revealed that the transition from a “good student” to an “industry-ready professional” requires the ability to apply complex logic under pressure while maintaining a pulse on the global economy.
The Mock Interview: A Test of Professional Depth
The Foundation and the "Academic Lag"
The mentor began by testing the foundational pillars of finance. While the mentee could recall academic definitions, the transition to real-world application exposed a lack of technical confidence.
Mentor: “Can you walk me through the CAPM formula and explain the role of Beta?”
Mentee: “It calculates the rate of return relative to risk. The formula is the risk-free rate plus Beta, multiplied by the market return minus that risk-free rate.”
Mentor: “And is Beta representing systematic or unsystematic risk?”
Mentee: “I believe it is… systematic. I am a little hesitant on that specific distinction.”
In high-stakes finance, a “correct” answer delivered with hesitation is a red flag. The mentee identified Beta as systematic risk but lacked the conviction to explain the reason behind her answer. In valuation, Beta is not just a variable; it is the measure of risk that cannot be eliminated through diversification. Without absolute clarity on this distinction, a candidate cannot defend the discount rate they choose—effectively undermining the entire valuation of a deal.
The Resume Trap
The session highlighted the risk of being unable to defend the specifics of one’s own past experience. Having managed GST filings for over 90 clients, the mentee had an impressive operational background. However, the session demonstrated that having a responsibility on your resume is not the same as mastering the logic behind it.
Mentor: “You filed GST returns as an article assistant. Tell me, what is the GST rate for the export of services?”
Mentee: “I guess for exports it is zero-rated… but for services, is it 18% or 28%? I am a bit unclear.”
Mentor: “What about the slabs? How is the tax distributed between the state and central government?”
Mentee: “If it is intrastate, SGST and CGST are charged. For example, if it’s 5%, then 2.5% goes to each. In the case of interstate, IGST is charged.”
The Insight: This exchange revealed two distinct issues: a lack of certainty and a lack of depth. In the first answer, the use of phrases like “I guess” and “I am unclear” regarding a core job function creates an immediate doubt about the candidate’s attention to detail.
In the second answer, while the calculation was correct, it was purely mechanical. Providing a basic 50/50 split explanation without discussing the broader framework of the tax system signals that the candidate may have been following a set process without analyzing why that process exists. For Investment Banking, being “technically correct” is only the baseline; you are expected to speak with the authority of someone who understands how their work fits into the larger financial picture.
Section 3: Visualizing the Financial Flow
The mentor moved to the “Three Statement Drill,” testing whether the candidate could mentally trace a transaction through an entire financial ecosystem.
Mentor: “If the depreciation expense increases by $100, trace that effect across the three financial statements.”
Mentee: “Profit before tax drops by $100 in the P&L, reducing the tax liability. On the Balance Sheet, the asset value decreases by $100. On the equity side, the surplus is adjusted downward after accounting for that tax shield.”
Mentor: “Now, let’s look at WACC. If Company A has debt and Company B is purely equity-funded, which has the lower WACC?”
Mentee: “Company A should be lower because debt is generally cheaper than equity. But I’m struggling to explain the exact structural reason why.”
This drill identified a specific technical gap: the inability to apply the Tax Shield logic to different financial scenarios.
In the depreciation question, the mentee failed to mention the Cash Flow Statement. Because depreciation is a non-cash expense, the resulting tax savings increase the company’s ending cash balance. In the WACC question, the candidate knew the outcome but missed the cause. Debt carries less risk than equity, so investors require a lower rate of return. Additionally, interest payments are tax-deductible, further reducing the effective cost of capital and lowering the WACC.
In an Investment Banking interview, these are not isolated questions. They test whether a candidate understands how tax laws affect valuation. Without this intuition, a candidate cannot reliably build or defend a Discounted Cash Flow (DCF) model.
Market Awareness
The session concluded with a drill on current affairs. In front-end finance, being disconnected from the morning’s headlines is often an immediate disqualifier.
Mentor: “Where did the Sensex close this past Friday? Also, what is the current trade deficit for India?”
Mentee: “I don’t track the indices daily. I believe the trade deficit was around $35 billion last year, but I don’t have the current figure.”
Mentor: “It’s a bit higher than that, and the Sensex is something you should have on your lock screen. Let’s pivot—Donald Trump has returned to the US Presidency. How will his trade policies specifically affect the Indian economy?”
Mentee: “I honestly haven’t prepared for that. I didn’t think I would be asked about global political shifts.”
Mentor: “In Investment Banking, you aren’t ‘asked’ about the news; you are expected to use it as the backdrop for every answer. If you can’t link a US election to Indian pharma or IT margins, you can’t advise a client.”
An analyst’s job is to interpret how global events—like US trade protectionism or shifting tariff structures—ripple into local markets. By admitting “I didn’t think I would be asked,” the mentee signaled a lack of professional curiosity. The mentor’s interjection served as a wake-up call: in competitive finance, the “news” is not a separate subject to study; it is the environment in which your technical skills must operate.
The Feedback: A Roadmap from a Global Insider
Transitioning from Academic to Functional Mastery
The mentor emphasized that technical knowledge is ineffective if it remains siloed
Mentor: “You are currently treating academic concepts as separate subjects. For Investment Banking, you must integrate them. You need to master Ratios, Corporate Finance, Valuations, and Derivatives as a single toolkit. You should be able to look at two balance sheets and perform a synergy analysis on the fly. Start by practicing how to create financial statements from scratch. If I give you raw data for two companies, you should be able to tell me where the value lies in a merger”
Developing the "Analyst’s Pulse"
The mentor emphasized the need to move beyond a textbook perspective by focusing on the macro-indicators that drive global markets. In front-end finance, these figures are the baseline for every professional conversation.
Mentor: “Technical skills are only half the battle. If you enter a front-end interview and don’t know the Repo rate or the current fiscal deficit, the interview effectively ends there. You must follow the basic indicators every day: Sensex, Nifty, USD-INR, gold, silver, and crude oil prices. You also need to track macroeconomic data like GDP growth and inflation.”
Mentor: “Start reading business newspapers like the Economic Times or Mint every morning. Don’t just read the news—analyze it. If there is a reform in the Union Budget, suggest how you would improve it for the next year. That is the level of critical thought Investment Banks look for.”
The Investment Banking Checklist
For the mentee’s specific goal of Investment Banking, the mentor provided a targeted set of requirements that textbooks often omit.
Mentor: “To stand out in IB, you must analyze recent M&A deals and IPOs. Understand the SEBI guidelines on shareholding changes and study valuation modeling. You should also know about stock splits, bonus issuances, and methods to prevent hostile takeovers. This is the level of detail expected in global locations like Hong Kong or London. Use industry reports from McKinsey, Bain, or BCG to understand the outlook for sectors you are interested in.”
Conclusion
The session demonstrated that mastering the “why” behind the numbers is what separates a student from a finance professional. If you are ready to move beyond textbook formulas and test your technical authority under pressure, GoCrackIt connects you with industry experts who provide honest feedback needed to bridge that gap.
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