How should I prepare for a job interview for a position in investment management?

This is going to sound like a rehash of 's excellent answer but I had a couple of points that were different enough to make this an answer instead of a comment. This is based on all the interviews I underwent while at B-school, primarily for public market equities positions. There are two major parts of any investment management interview, the stock pitch(es) part and, for lack of a better word, the "HR" part. Stock pitch(es): you have to pitch 1-3 stocks, Buy or Sell. The prep time for this is anywhere between 1 to 3 months as you understand the companies' business models, estimate their future performance and fair valur of stock price with models and, most important of all, create the investment theses that support the Buy or Sell decisions. I would say prepare 2-3 stock pitches well but have 4-5 more additional ideas as well. Usually this takes 50-60% of the interview time - even more in the initial rounds. "HR" part (really need a better name): this is the part where you have to convince the interviewer that you are interested in investing, which as Alex said is far more difficult than it sounds. Now, this could mean different things to different interviewers and different companies. Some may want to focus on your passion (what made you interested in investing, how long have you been investing in personal account, how long have you been following markets, what investing books have you read, who are your favourite investors, etc) while others focus on your way of thinking and decision making (what have been your best decisions in investing and in life, what have been your worst decisions, how do you respond to failure, etc). The best way to prepare for this part is to genuinely think about why you want to be in an investing job (a combination of money, lifestyle and intellectual challenge was and is my answer) and what are anecdotes from your life that support this decision. Some interviewers may also want to know why their company vs others - so do enough research on the companies (the style and performance of major funds and PMs, speak to alums working at the companies about lifestyle and incentives, etc). Hope this is helpful. Investment management interviews are tough and a lot of luck is involved. All the best!

Practice some meditation. Stay centered and be aware of good cop/bad cop techniques. As Jim Conrad, be one of the guys. Be current. Have a few trading recommendations under the sleeve with a good rationale of why they are good trades. Have an example of when you bounced back from a bad situation. They want people that can shake off a bad trade. Also you have to be able to take some senior trader abuse. If you are very sensitive they will know.

Be focused. Forget about the behavorial bla bla bla. This is if you want to work for Fidelity or MFS (No thank you... it's for the harvard kids not for me...).If you want to work for a top HF:- Come with great stock ideas (2 longs and 1 short)- Have a 1 minute pitch for these ideas - straight to the point and concise- Show them that you can make money- Give them a 1 pager that summarizes your ideasBe persistent and you will finally get a job.Good luck!

It also depends on the type of investment management firm you are interviewing with. In addition to the points made below, do your homework on the firm itself. Is it a go-go beta-loving growth shop, it is an school value investing firm, is it a mutual fund supermarket that has everything under the sun, etc.  Different investment disciplines analyze the same companies, trends and financial ratios quite differently......so don't go pitching TWTR to a Graham & Dodd guy.  You'll look like an idiot. This also means pulling 13Fs and being familiar with the firm's top holdings, make sure your "stock pick" is not already something they own a ton of or have recently blown out of.   If they manage mutual funds, pull the morningstar track record of their largest funds and look at the alpha (or lack of it), i.e,, are these guys any good at all at what they say they do?  If not, keep a few  stats handy if the interviewer is being a tool...e.g., "I am curious as to why your flagship mutual fund has had negative alpha with a 1.20 beta over the past five years....is this something you are concerned about?" Yes, it is more research work but it will give you valuable context into any substantive conversation you have during your interview.  And the more senior position, the more this matters.  If you happen to be interviewing at a hedge fund, be sure to have some good short ideas, and ensure your long picks are not consensus holdings like GOOG.  Off the run ideas are better ideas.

What about investment management in the illiquid assets sector? How should I prepare for this?