You are not likely to be offered a professional job at an initial interview. Success at your initial interview means being invited to a Site Visit, which is a step toward a job offer, your ultimate goal in the interview process.
If you follow my advice in this article, you will benefit in five ways:
- You will be able to answer the two most central themes of a typical interview: Why should we hire you? Why do you want to work for us?
- You will be able to answer the frequently asked question: 'Tell me what you know about our company.'
- You will convince your interviewer that you are truly interested in his or her firm and that you come prepared to meetings.
- You will be more successful with the questions you ask at your interview.
- You will allay a good deal of your own interview anxiety because you will know you are well-prepared.
Running through your entire interview will be questions focused on two basic themes, which I call the twin peaks of interviewing:
These are the interviewing principles I teach my students. Review them frequently as you go through the interviewing process.
- An interview is a business meeting between equals. Both you and your interviewer have business objectives: The firm wants to hire good employees; you want a good job. The interviewer is not an all-powerful corporate giant who holds your fate in his or her hands, and you are not "a kid" or "just a student." You want a good job; the company wants a good employee. The situation is perfectly balanced.
- Always put in; never put on. A key to interviewing success is the preparation you put in before each interview; you cannot compensate for lack of preparation by putting on behavior designed to con or psych-out your interviewer.
- Don't worry! What's the worst that can happen? Ax your anxiety by putting your worries in the proper perspective and focusing on a constructive outlook.
- Be yourself at your best. No one else can be you, and you can't succeed if you try to pretend you're someone else. Besides, the firm invited you to the interview. Let the best of you-the major part of the real you-come out.
- Let the good things in your past predict your future. Your past is neither a straitjacket limiting you nor a golden passport guaranteeing success. You will give your future employer some of the benefits you have given to past employers, co-workers, and social acquaintances.
- Promote your Positive Characteristics; no one else will. Your Positive Characteristics will impress employers if they are believably the way you are.
- Dress without distress. This year's power tie or "in" hemline won't get you hired.
- Focus on your purpose: getting a job offer. Direct all your energy toward that objective.
- Don't think about your competition. Focus only on things you can influence, such as the quality of your own preparation.
- Internalize-don't memorize. Study but don't try to memorize these principles or your responses before an interview. Let the principles and your responses become a part of you that comes out naturally during an interview. If you memorize, your interviewer will know it and won't see you as a professional at a business meeting.
- Why should we hire you?
- Why do you want to work for us?
Alice, an accounting major, was very excited when she came to see me in October of her senior year. A very high academic achiever, Alice had earned interviews with most of the accounting firms to which she had applied. Could she succeed with the next, dreaded step--her interviews?
Why Should We Hire You?
To prepare an answer for 'Why should we hire you?* seemed like a daunting challenge. Alice felt that there was so much to say but so little she could articulate.
Alice and I sat down to discuss an approach to this question. Because her first interview would be with Sincere & Olde, a prominent public accounting firm, we decided to focus on that interview. My first step was to help Alice organize the material she was learning so that the information in it was readily available for both immediate use and the later stages in her job search process. Building on her informational interviews and resume preparation, I suggested that Alice needed to identify:
- What was important to public accounting firms in general?
- What was important to Sincere & Olde in particular?
- What examples would show that Alice had those attributes?
Although Alice's chart needed some fine-tuning, she was now in a position to answer the question 'Why Should We Hire You?' I role-played a Sincere & Olde interview when Alice showed me her chart.
"Interviewer'': Alice, I was very impressed by your resume. That's why I decided to interview you. Why do you think S & O should want to hire you?
Alice: (pauses for a moment to collect her thoughts): I'm glad you liked my resume and invited me to this interview because I'm very interested in pursuing a career with S & O. [With this sentence, Alice has followed up on my opening comment and seized the opportunity to express interest in the firm. Alice then continued with her response to the main part of my question.]
When I researched the public accounting field, I found that a number of attributes for a good accountant were frequently mentioned. For example, a good accountant should have leadership skills. I demonstrated those skills many times--for example, when I galvanized my co-workers at Good Buy Department Store to get a project completed quickly and without a directive from on-high. Another important skill is communication, and I am strong there, particularly in writing. For example, my professors have noted my clear writing style on essays.
Your S & O recruiting brochure mentioned teamwork as being important to the success of the firm. I was elected captain of our intramural softball team because my teammates recognized that I would work for the good of the team and not just my own ego.
To fine-tune Alice's chart, I gave these suggestions:
- Your examples should come from different areas of your life- -different jobs, academics, extracurricular activities. Draw your examples from several jobs, not just Good Buy.
- Your examples should be as meaningful as possible. The initial example of negotiating (reduced prices for the sorority barbecue) did not involve much negotiating. Consider adding or substituting other examples.
- Try to construct three examples for each characteristic, in case you're asked for more than one. If you have several examples, you won't be at a loss if you forget one of them.
- Don't be concerned if your chart doesn't contain every Positive Characteristic imaginable. Nobody has every Positive Characteristic a firm would want.
- They addressed the question;
- Alice would like to discuss them more, and, by mentioning them in her answer, she is prompting the interviewer to follow up on one or more of them in the next question.
- 'Alice, please tell me what you gained from your summer or part-time jobs.'
- 'Alice, can you give me an example of your research skills?'
- 'How would a classmate describe you in three words, Alice?'
Feeling confident that her WYSHM chart enabled her to answer the first-peak question, Alice tackled the complementary question, 'Why do you want to work for us?'
Why Do You Want to Work for Us?
'Well, I need a job,' Alice told me with a laugh. 'True enough," I said. "But the firm already knows that. You want to use your time well at the interview, so there's no point in rehashing an obvious fact." I asked Alice to think about what she wanted in three categories: the job, the firm, and the industry or profession.
These three categories would most affect Alice's professional life. Alice took a pad of paper and prepared the rough chart.
Your chart will reflect you as an individual, and most charts should be amended as you think about and rethink the issue at hand. Alice's chart was a good basis for our next step.
"Alice," I said, "in two weeks you're going to interview with Sincere & Olde, one of the largest public accounting firms in the world. Can you tell me how S & O meets what you want in your employer?" Alice told me she knew S & O was one of the "Big Six," but wasn't sure how to find out more. I told Alice that most students would be in the same situation, but, following The Plowman's Principle, we identified the ways in which S & O meets Alice's expectations for an employer.
First, I asked Alice to make a mini-chart by picking one item from each category on her main chart. Alice chose these pairs:
Category What I Want
The job Variety
The firm
Good client base
Profession
Opportunity to move into private industry
Next, I asked Alice to read through S & O's recruiting literature to determine what the firm told prospective employees. Two days later, Alice came back with the expanded mini-chart.
"Good work, Alice," I said. "You have identified three things you want that the firm says it offers. That's probably sufficient to answer the 'Why do you want to work for us?' question. Just to make sure, pick another item from each category, make another mini-chart, and repeat the process."
Hector's situation was a bit different from Alice's. Hector was preparing to interview with Manufacture a major industrial firm. Its recruiting literature was not as extensive, but its annual report was frequently discussed in the business press. Hector's mix of information sources differed from Alice's, but the process for Hector was the same.
A main element in Hector's interview preparation was his use of a list of Fifteen Things to Know About a Company. By using the list as a research
Fifteen Things to Know about a Company
Research about the firm is one of the critical requirements for succeeding at an interview. At a minimum, you should know the information needed to answer the questions below for any publicly held firm (a firm that sells its When Alice read the S & O literature, she noted that the firm openly discussed the fact that many of its former employees ("alumni") had left to accept positions with other firms, often clients. In the public accounting profession, such openness about the next employer is not unusual. In most other situations, however, the opposite holds true. Your prospective employer will be thinking in terms of your long-term growth within the firm, not where you'll find employment if you choose to leave.
This is the advice I gave Alice:
- Focus on your career potential within the firm. Even though the firm openly discusses its "alumni," don't initiate a discussion of prospects beyond the firm at your interview. If your interviewer takes up the subject, it's fine to express awareness of the career potential with other employers.
- Discuss only the career you want to build within the firm, or you will seriously harm your chances of getting a job offer. Most firms do not openly discuss your career prospects if you leave them for another employer.
- What is the firm's line of business?
- What are the products it produces or the services it provides? (Be specific.)
- How large is the firm, in terms of gross revenue and total employees?
- When was the firm established?
- What was the firm's profit/loss last year?
- What has been the trend of the firm's profits over the past few years?
- How is the firm organized, for example, how many divisions does the firm have? Does the firm seem to be organized along product lines, service functions, or another basis? Why?
- How did the chairman or CEO describe the firm's performance in the most recent annual report?
- What major challenges does the firm face over the next few years?
- What plans does the firm have to meet those challenges?
- Who are the firm's major competitors and where does this firm rank in size (or market share) with its competitors?
- In what ways does the firm believe it is a good place to work?
- Describe the state of the firm's industry (changing or static; new technologies; profitability; hopeful signs; danger signs).
- What external events (the economy, the EEC, war) could impact on this company and in what ways?
- Describe at least two news items about the firm that you found in a newspaper or other periodical.
The Annual Report
Hector and I planned his research strategy for Manufacturco, which is a publicly held firm (it is owned by shareholders who can trade their shares in the stock market). We knew that, at a minimum, its annual report was publicly available. In addition, Manufacturco published recruiting literature designed specifically for college seniors. We also knew that news articles about the firm probably appeared in both the general press and trade publications. Hector and I decided that he would start his research with the firm's annual report, which was available in Emeritus's library. (If your school library doesn't keep annual reports on reserve, you can call a firm's headquarters to request that an annual report be sent to you.) Hector reviewed the Fifteen Things to Know About a Company to help his note taking as he read the annual report.
Hector knew the value of getting an overview of the contents of something you're about to read. He looked through Manufacturco's latest annual report and noticed that a thumbnail sketch of the firm was on the inside cover, financial highlights were presented on early pages, and detailed data were at the end. In between were: a message to shareholders from the firm's chairman, pictures and descriptions of the firm's products, and plenty of photos showing smiling employees.
Although every firm's annual report will be different in some way, Manufacturco's was not atypical. Let's see how Hector used each part of Manufacturco's report to help him with his research.
The inside cover was brief but very helpful. It stated that Manufacturco "is a leader in engines and related parts. Our products and services include large turbines, automotive engines, spare widgets, and general gadgets." That information, in a nutshell, told Hector what line of business the firm is in, the first of the Fifteen Things.
The financial highlights page had a chart and several graphs. The first graph showed that Manufacturco's revenue had grown from about $10 million in its initial year of operation (1962) to $430 million in 1991. Hector noticed that the vertical bars showing revenue were constantly higher each year, indicating steady growth. But what were Manufacture's profits, its revenue minus expenses? Hector found a chart that showed 1991 'income' (profits, in everyday language) of $137 million, an increase of 15 percent over the previous year. From this page, Hector learned about the firm's gross revenue, when it was established and its profit for the past year (three more of the Fifteen Things). Hector didn't know yet about total employees or about the trend in profits.
Hector next read Manufacture's chairman's message. The first sentence announced: 'We are pleased to report that 1991 was the 28th consecutive year of increased sales and earnings for Manufacturco.' Hector noted that earnings (profits) had been on an upward trend, just like revenue. Because profits don't always move in the same direction as revenue, this was useful information. The chairman discussed some details about stock splits, but Hector realized that this information was probably not critical for his purposes.
The chairman's next paragraph seemed mundane, but Hector paused to think about it. 'During the year, Manufacturco successfully passed on the metal price increases of last November. The increase in metal prices we anticipated for April did not materialize and we do not anticipate any further increases this calendar year.' Manufacturco used large amounts of metal, and the ability to pass price increases to customers affected the firm's profit. 'Is this a challenge the firm is addressing?' Hector asked himself.
The chairman then reviewed capital expenditures (investments) for new plant capacity as the firm completed its third year of a Five-Year Expansion Program. Apparently, Manufacturco was confident that there would be demand for its products. Hector asked himself two questions: 'Is there a risk that Manufacturco has over expanded? What role do the financial analysts at Manufacturco have in these investment decisions?' These questions were related to Hector's goal of becoming a financial analyst at Manufacturco, and he made note of them as possible questions to ask at his interview.
The chairman continued his message with a review of the past year. 'In 1991,' he wrote, 'the Firm did accomplish our objectives.' He then cited the key objectives: cost control, expansion of manufacturing capability, and penetration of new markets. For the forthcoming year, the chairman indicated, Manufacture's goals were: improving cost controls, maintaining financial strength, opening new markets, and reinvesting in the company. Hector realized two things. First, the goals for the new year were similar to those of the previous year. Second, given the emphasis on cost control, reinvestment, and financial strength, financial analysts would seem to have an important role to play in the firm. The last part of the chairman's message addressed, at least partially, items 8, 9, and 10 of the Fifteen Things (the chairman's view of performance; some challenges to be faced). Hector had identified two areas he might want to ask about at his interview (risk of overexpansion, and role of financial analysts in meeting the firm's objectives).
Hector already had some sense of the firm's line of business, record, and objectives when he turned to the next section in Manufacture's annual report: product descriptions. Manufacturco produced and sold four major products; each product was made by a distinct division of the firm. Hector wrote down the names of the major products:
- Terrific Turbines;
- Marvel Motors;
- Wonder Widgets;
- General Gadgets.
Hector proceeded to read through the extensive financial data at the end of Manufacture's report. He remembered my advice to look for key facts identified by the Fifteen Things and not spend his time with topics like earnings per share and working capital. Realizing that he should spend his research time where it would strengthen his interview most, Hector found a chart on Manufacturco's operations that showed:
- Net income (that is, after-tax profits) had risen consistently from $10 to $36 million over the previous 10 years;
- The number of employees was 2,900.
Hector wanted a clear picture of what he knew and didn't know about Manufacturco before he proceeded with his research. Based on the Fifteen Things to Know About a Company, he made the chart.
Hector was glad he had made his research chart. It helped him to organize the notes he had taken about what he had learned so far and to identify quickly the areas where he was still in the dark.
Recruiting Literature
Manufacturco produced a recruiting brochure designed especially for college students, and Hector knew that he should use it to continue his re-search. At the very least, it would tell Hector what Manufacturco wanted people to think about it.
The recruiting brochure was titled 'Manufacturco: Our Financial Management Program.' 'Not an inspiring title,' Hector decided. 'I just hope it's informative.'
The brochure started with a brief description of Manufacturco that was consistent with the annual report, but less extensive. 'It's a good thing I didn't rely on this brochure only,' thought Hector.
The next section caught Hector's eye: 'The Strategic Role of Finance' at Manufacturco. Its first paragraph was:
At Manufacturco, financial managers take a leadership role in major business decisions. They are not just number crunchers. Our financial people have major input into our decisions on acquisitions, cost control, and maintaining financial strength. These areas are critical to Manufacturer's future. In addition, our financial managers play a key role in keeping our four divisions working for the overall good of the firm through the implementation of our internally devised Uniform Financial Controls (UFC).
Hector was glad to read that finance has a major role in Manufacturco, even though it seems to be a manufacturing-driven company. 'Now I know that Uniform Financial Controls are in place. I'll make a note of that term. UFC seems to be an in-house buzz word worth remembering.
"OK, I have a sense of what financial managers do. What about financial analysts?' Hector wondered. The next section, captioned 'Financial Management Program (FMP): What It Offers/ addressed Hector's question directly:
At Manufacturco, our FMP is an intensive 2-year program that combines on-the-job experience with formal classroom training. Our goal is to prepare you for a leadership role in our business. Your training assignments will be 'real-world,' with responsibility for real decisions. You will move to a new assignment every six months. Our classroom will provide you with challenge and technical skills without making you feel that you're back in college again.
Hector noted that there was an apparent balance between classroom training and on-the-job assignments and that the assignments were real and not just practices.
Library Sources
One good source of current information on hundreds of industries is Standard & Poor's Industry Surveys (SPIS). When Hector opened the SPIS in the main library's reference room, he noted that the material was cross-referenced in an index containing the names of about 1,000 firms. Hector looked at this list and saw that Manufacturco was mentioned on pages E20 to E22. When Hector turned to those pages, he saw that they were within the survey of 'Engines.'
'That's great,' Hector thought. "I can find the appropriate industry survey by looking in the index of companies."
* I have synthesized this section. In the SPIS, there is no section entitled "Engines."
From the description of the current situation regarding 'Engines/ Hector noted that the industry was hurt by the slowdown in auto sales, because car manufacturers were major purchasers of engines. Hector also read that Happyco and Dollarco were now challenging Manufacturco's market dominance in widgets and gadgets. In general, the engine industry was counting on expanded markets-at home for autos, and abroad for widgets and gadgets-to absorb the surplus production capacity engines had experienced in 1991. "This industry, in general, is facing economic challenges, and Manufacturco has some new competitors. I wonder what Manufacturco plans to do about this problem," Hector said to himself. He noted on his research chart this new information about challenges and competitors.
To research the business press and the general press, Hector went to the Info Trac section of the reference library. On the Info Trac computer, Hector could find articles about Manufacturco, engines in general, and important customers like the auto industry. Hector wrote down several citations for articles in The Wall Street Journal and The New York Times. An article in The Wall Street Journal, "Slugfest in Engineland: Manufacturco and Rivals in a Dog-Fight" seemed especially relevant. Hector noted that the reference was fairly recent and went to the periodicals section of the library to get the issue he needed. The article told how Happyco and Dollarco were trying to take away Manufacturco's market share and how Manufacturco was fighting back. A chart showed the relative size of each firm and the share of the market it held. "This is great," said Hector. 'Now I know something about Manufacturco relative to its competitors. This article also adds some information I didn't get from the SPIS."
When I saw Hector again, I recommended two very quick ways to get some extra information:
- Call Manufacturco and ask for the public relations or shareholder relations department. Many firms will be glad to send you a media kit containing current news releases about products, profits, and plans.
- Ask a stockbroker to send you a copy of his or her firm's recommendations for buying or selling Manufacturco stock. Many brokerage houses will be glad to oblige, at no cost to you. What you'll get is a current, outsider's evaluation of Manufacturco's status and prospects.
- You will be able to answer well the twin peaks questions;
- You will be able to answer the frequently asked question: 'Please tell me what you know about our company';
- You will show your interviewer that you are truly interested in his or her firm and that you come prepared to meetings;
- You will be more successful with the questions you ask at the end of your interview;
- You will take a major step toward allaying your interview anxiety, because you will know you are well-prepared.
