Equity Research interview preparation

Questions

100

Traced to a firm

72

Firms

45

Updated

September 2026

Asked at

All firmsMorningstar12Man Group6Balyasny Asset Management5BLBlackRock5FTFranklin Templeton5MSCI5Jefferies4CSCredit Suisse3Fidelity Investments3Moody's3Perella Weinberg Partners3Point723S&P Global3The Vanguard Group3WMWellington Management3Advent International2Apollo Global Management2Bank of America2Carlyle Group2DED.E. Shaw2Houlihan Lokey2HSBC2Piper Sandler2Sequoia Capital2SSState Street2Viking Global Investors2WBWilliam Blair2ACAQR Capital Management1BGBaupost Group1BMBNY Mellon1Centerview Partners1Coatue Management1Goldman Sachs1GSGuggenheim Securities1HWHarris Williams1Insight Partners1Invesco1Mizuho1Moelis & Company1MSMorgan Stanley1PIMCO1SCSchroders1Scotiabank1T. Rowe Price1TSTruist Securities1

Topic

All topicsResearch process9Stock pitch6Company analysis8Investment philosophy5Valuation14Modelling2Portfolio and risk8Macro8Sector knowledge2Accounting8Career and fit12Industry knowledge6Quantitative research1Sector: technology3Sector: consumer1Sector: healthcare1Sector: energy1Sector: financials2Sector: industrials1Case and estimation2

Level

AnyCoreIntermediateHard

Type

AnyTechnicalCaseFitBrainteaserMarket view

1. 026What makes up a fund's net asset value?Industry knowledgeCoretechnicalMan GroupEquity Hedge · Boston · 2019

   Say this

   The market value of everything the fund owns, less everything it owes, divided by units outstanding. Assets are the positions plus cash and receivables; liabilities are shorts, borrowings, accrued fees and payables.

   Then walk it

   1. Assets: the mark-to-market value of long positions, cash, margin held at the prime broker, dividends and interest receivable, and unrealised gains on derivatives.
   2. Liabilities: short positions valued at market, leverage and margin borrowings, accrued management and performance fees, redemptions payable, and unrealised losses on derivatives.
   3. Divide the net figure by units outstanding to get NAV per unit. That per-unit figure is what investors subscribe and redeem at.
   4. The judgement sits in valuation. Liquid listed equities are straightforward. Illiquid or level three assets are marked to model, and that is where NAV becomes an estimate rather than a fact.
   5. Which is why the practical questions matter: who strikes the NAV, how often, and is there an independent administrator? A manager marking its own illiquid book is a governance concern, and saying so shows you understand why the question is asked.

   Where candidates lose it

   Giving the formula and stopping. The interesting content is valuation of illiquid positions and the role of the independent administrator. That is what an operations-aware investor actually cares about.

   Expect next

   • How do you value a level three asset?
   • Who strikes the NAV?
   • What is a side pocket?

   Reported by candidates at Man Group (Equity Hedge, Boston, 2019). Source: Wall Street Oasis.

Firm tags come from public, anonymous candidate reports on Wall Street Oasis: strong signal, not sworn testimony. Firms are named as the places a question was reported, not as partners of Fin Maverick. Answers are written for this page to show how to think out loud; they are not scripts to recite.