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«Introduction Test Overview Sample Questions Scoring Introduction We are excited about your participation in the Bloomberg Assessment Test (BAT). ...»

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Accepting criticism and adjusting because of it are essential to workplace success in any role. On a daily basis, managers make decision after decision to keep the business running. The quantity of decisions and the speed with which they’re made often mean that some choices are not the best choices. Recognizing what you could have done better and making changes to improve for next time show your managers you have potential for promotion.

What are we assessing?

This question set assesses the depth of your understanding of what it means to be a manager, specifically working with others, accepting feedback, and embracing change. The prompt asks you to put yourself in a tricky position. You must accept that you may not be as good a manager as you once thought, and it is often tough to handle criticism. You must also accept that every evaluation is valid, even though there is only one negative review. And, you must measure these resolutions against your own opportunity for a future promotion. This question falls at a harder difficulty level because your choice is not obvious and it is multi‐layered. Most people would struggle with a review that is largely positive with only one negative, especially when there is a possible promotion on the line.

Why is this relevant to employers?

Employers strongly value managers with solid interpersonal skills and with the confidence and desire to grow. A popular interview question is “Tell me about a time you made a mistake and how you learned from it.” By listening to your answer, employers will learn how self‐aware, confident, and resilient you are – all traits of great employees and great managers.

Sample Questions

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1) Food prices have risen by a greater percentage than gold prices.  A 2) Gold prices have risen by a greater percentage than food prices. 

3) Gold prices are in a bubble. 

4) Food prices are in a bubble.  Sample Questions

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1) Food prices have risen by a greater percentage than gold prices.  A 2) Gold prices have risen by a greater percentage than food prices. 

3) Gold prices are in a bubble. 

4) Food prices are in a bubble. 

–  –  –

Why is this important?

Inflation, relative prices, and the distinction between nominal and real prices are fundamental concepts in Economics that drive individual and institutional decisions regarding consumption, work versus leisure, savings, borrowing, investment, and asset allocation.

What are we assessing?

While this question does not assume any prior knowledge of the concept of real versus nominal prices, it assesses your ability to analyze and interpret data relating to this concept and to infer a likely explanation for why the data appears as it does.

Why is this relevant to employers?

The global markets are intensely data‐driven, and virtually any job in the financial services sector requires a strong aptitude for analyzing and interpreting data, regardless of the form in which that information is presented. These abilities are also crucial to success in many roles and businesses outside the financial services sector, and are critical to making sound business decisions.

Sample Questions Financial Statements Analysis Immediately after the leveraged buyout of Nikkon Electronic, a Japanese Q electronics firm, the company assumed substantial amounts of debt.

Which term below most correctly states how market participants refer to the debt burden of Nikkon Electronic?

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Financial Statements Analysis Immediately after the leveraged buyout of Nikkon Electronic, a Japanese Q electronics firm, the company assumed substantial amounts of debt.

Which term below most correctly states how market participants refer to the debt burden of Nikkon Electronic?

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Financial Statements Analysis Why is this important?

Leveraged buyouts (LBOs) and financial leverage are both important and widely discussed topics in finance. It is essential to understand that the acquired company in an LBO bears the debt that was issued to finance the purchase. The concept of financial leverage not only drives the motivation behind LBOs but is ultimately the reason why any company raises capital through debt: it increases the shareholders’ return on investment. A large aspect of financial statements analysis, especially for investors and lenders, revolves around calculating a company’s financial leverage through various ratios and metrics.

What are we assessing?

The question assesses your awareness of a fundamental concept within corporate finance: debt financing and the impact it has on a company’s risk profile.

Why is this relevant to employers?

There are certain topics and terms that employers expect candidates to understand.

A well‐prepared and serious candidate is able to use proper terminology and to differentiate between major types of financial transactions in the market.

Sample Questions Corporate Valuation An investor who is a takeover specialist is willing to pay $500 million for a Q target company. However, if he were able to install two board members and a CEO of his choosing, he believes that the earnings power of the entity would be significantly higher. Thus, in this case, he would be willing to pay $700 million. Which phrase below most correctly describes the additional amount the investor is willing to pay?





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Corporate Valuation An investor who is a takeover specialist is willing to pay $500 million for a Q target company. However, if he were able to install two board members and a CEO of his choosing, he believes that the earnings power of the entity would be significantly higher. Thus, in this case, he would be willing to pay $700 million. Which phrase below most correctly describes the additional amount the investor is willing to pay?

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Corporate Valuation Why is this important?

The control premium is an important concept because it highlights that valuation is different depending on the type of transaction and investor. An essential characteristic of stocks or equity is the aspect of dilution of control. Many business owners deliberately avoid raising money through equity issuance because they fear losing control of their company. It often requires significant incentive from investors for a company’s owners or managers to cede control, making control premiums an important subject during valuation negotiations.

What are we assessing?

The question assesses whether you understand why large price premiums may be paid during acquisitions and how board seats and management play an important factor in determining control. Typical control premiums range from 20‐30% for publicly‐traded companies in the United States.

Why is this relevant to employers?

Financial services employers would value candidates who understand that dilution of control greatly impacts pricing and decisions made in financial transactions.

Sample Questions Investment Banking  Recent IPOs of social‐media internet companies have employed an Q approach called “Slim to Win,” in which the offering size has been limited. In these common stock offerings, the total shares offered have represented less than 10% of the total shares outstanding. This strategy was used by LinkedIn Corp., Zillow Inc., and, most recently, Groupon Inc.

Which statement most validly explains why these companies chose to restrict the supply of stock in their IPOs?

1) The limited float of stock would reduce volatility in post‐offering  A trading. 

2) The smaller offering size would enable the original filing range to be  higher. 

3) The lower number of shares would reduce the turnover of stock  originally purchased in the initial public offering. 

4) The scarcity of supply would create demand and increase the stock  price once the shares started trading.

Sample Questions Investment Banking Recent IPOs of social‐media internet companies have employed an Q approach called “Slim to Win,” in which the offering size has been limited. In these common stock offerings, the total shares offered have represented less than 10% of the total shares outstanding. This strategy was used by LinkedIn Corp., Zillow Inc., and, most recently, Groupon Inc.

Which statement most validly explains why these companies chose to restrict the supply of stock in their IPOs?

1) The limited float of stock would reduce volatility in post‐offering  A trading. 

2) The smaller offering size would enable the original filing range to be  higher. 

3) The lower number of shares would reduce the turnover of stock  originally purchased in the initial public offering. 

4) The scarcity of supply would create demand and increase the stock  price once the shares started trading.

1) Incorrect. The lack of liquidity would increase volatility.

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4) Correct. Whether real or perceived, the lack of supply is a marketing mechanism to generate after‐market demand.

Sample Questions  Investment Banking Why is this important?

Initial Public Offerings (IPOs) give average retail investors the opportunity to invest in corporations. These offerings also give companies publicity and greater access to capital. Participating in an IPO is attractive to many investors. Determining the offer size and price involves a lot of strategy. Supply and demand is a big factor behind stock price movement, and it is therefore an important consideration during the IPO process.

What are we assessing?

The question discusses IPO strategy and the law of supply and demand using actual and recent transactions. Therefore, the question assesses your awareness of current events and the basic factors of stock price movement. Actual knowledge of IPO strategy is not required.

Why is this relevant to employers?

Employers like to ensure that candidates pay attention to the market and will often use real‐world examples in interviews. Recent social‐media IPOs have garnered a lot of attention in the past year; therefore, knowledge of IPOs and their importance in the markets is essential.

Sample Questions Financial Markets Bloomberg News reported recently that Bolivia is in dialogue with Bank Q of America Merrill Lynch and Goldman Sachs about an international bond issuance of $500 million, its first global bond sale since 1920. In doing so, what macroeconomic tool would Bolivia be utilizing for the first time since 1920?

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A 2) Advice from international rating agencies 

3) Financing from international capital markets 

4) Control of government expenditures Sample Questions Financial Markets Bloomberg News reported recently that Bolivia is in dialogue with Bank Q of America Merrill Lynch and Goldman Sachs about an international bond issuance of $500 million, its first global bond sale since 1920. In doing so, what macroeconomic tool would Bolivia be utilizing for the first time since 1920?

–  –  –

A 2) Advice from international rating agencies 

3) Financing from international capital markets 

4) Control of government expenditures

–  –  –

Financial Markets Why is this important?

Access for sovereign issuers to the international bond markets is one of the most urgent issues currently affecting the global economy. The sovereign debt crisis affecting a number of EU countries and its impact on the euro and on economic growth globally are perhaps the most important drivers in the financial markets in 2012.

What are we assessing?

This question assesses your familiarity with global economic news and activity.

While it assumes no prior knowledge of macroeconomics, it gauges awareness of the current crisis in the international sovereign debt markets, the importance of those markets to any country’s solvency and growth, and the impact of stress in any one region on the entire global economy.

Why is this relevant to employers?

A curiosity about and familiarity with current events and their global implications are necessary in order to understand how they impact the markets on a macro level as well as business activity at the firm level. The ability to make sound strategic business decisions in any industry and good trading decisions in the finance industry depends on a sound understanding of these issues.

Sample Questions Investment Management  Which statement describes the correlation between the percent changes

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1) The correlation is between zero and one.  A 2) The correlation is between zero and negative one. 

3) The correlation is greater than one. 

4) The correlation is less than negative one.

Sample Questions Investment Management Which statement describes the correlation between the percent changes

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1) The correlation is between zero and one.  A 2) The correlation is between zero and negative one. 

3) The correlation is greater than one. 

4) The correlation is less than negative one.

–  –  –

Investment Management Why is this important?

While markets and sectors such as shipping and some commodities are not often seen in news headlines, they are nonetheless important components of industrial production and international trade as well as important indicators of global economic and business activity and growth. In addition, analysis of the correlation between different variables can often give valuable insight that drives business decisions, trading strategies, and projections of future economic activity.

What are we assessing?



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