This book is a must read! Heard on The Street is the first and the original book of quantitative questions from finance job interviews.
Painstakingly revised over 22 years and 18 editions, Heard on The Street has been shaped by feedback from many hundreds of readers.
With over 50,000 copies in print, its readership is unmatched by any competing book.
The revised 18th edition (ISBN 978-0-9941386-4-4; published July 2017) contains 211 quantitative questions
collected from actual job interviews in investment banking, investment management, and options trading.
The interviewers use the same questions year-after-year, and here they are with detailed solutions!
This edition also includes over 170 non-quantitative actual interview questions, giving a total of more than 380 actual
finance job interview questions. There is also a revised section on interview technique based on Dr. Crack's experiences
interviewing candidates and also based on feedback from interviewers worldwide.
The quant questions cover pure quant/logic, financial economics, derivatives, and statistics.
They come from all types of interviews (corporate finance, sales and trading, quant research, etc.),
and from all levels of interviews (undergraduate, MS, MBA, PhD).
The first seven editions of Heard on the Street contained an appendix on option pricing basics. That appendix was
carved out as a stand alone book (Basic Black-Scholes) in 2004,
and it is now available in its revised fourth edition (published December 2017; ISBN=978-0-9941386-8-2).
One in every three copies of Heard on the Street is sold to an interviewer.
There is a good chance that you will face one of those interviewers.
When Heard on the Street first appeared, it contained questions collected
directly from students after interviews. It still does, but nowadays the interviewers at
top firms also contribute new questions directly! For example, one interviewer at a big-name New York
investment bank recently sent the bank's latest full written quantitative interview test with 30 questions (and answers)!
The great majority were very similar to those already in the book.
Why do interviewers at top firms supply their interview questions
to put in a book to sell to their job candidates?
Because job candidates who make a serious investment of time in revising the questions deserve to be hired!
Heard on the Street is a soft cover phone-book sized paperback and approximately 330 pages in total.
Don't worry if Amazon.com says "Usually ships within 1 to 3 weeks," rather than "In stock," because this book is printed on demand.
A copy of the book is printed as soon as you place your order (it takes only a minute to print and bind it). It is then
shipped to you in an Amazon wrapper.
There is an eBook version of the older 14th edition available (no 17th edition eBook is planned). You can read it with
free adobe digital editions (ADE) (help here).
This new software seems to be disappointingly inferior to the old acrobat reader. You can click on question numbers
to be linked to the answer, but ADE has no back button. So, I used the "bookmark" feature useful; I bookmark the page
with the question, then click on the bookmark to go back to that page. The eBook does not allow printing or copying.
Pocket Heard on The Street editions out now:
Two pocket-sized editions of finance job interview questions.
Compared with the full-sized edition of Heard on The Street, these pocket editions are
cheaper, physically smaller, and have fewer pages. They contain a careful selection of the best questions
from the full-size edition of Heard on The Street. The pocket editions are easy to put in your pocket or purse,
and easy to read on the subway, bus, train, plane, etc!
Note: Whereas the quantitative questions in the first pocket edition usually require math/stats,
the brain teasers and "thinking questions" in the second pocket edition usually require
little or no math. The thinking questions fall half-way between brain teasers and true quant questions.
Dr. Timothy Falcon Crack did PhD coursework at MIT and Harvard, and graduated with a PhD in Financial Economics from MIT.
He has degrees in Mathematics (with a lot of Statistics), Finance, and Financial Economics and a diploma in Accounting/Finance.
He also holds the Investment Management Certificate from the UK Society of Investment Professionals.
He has won six university teaching awards and been nominated for at least five others.
Dr. Crack has published in the top academic journal in Finance (The Journal of Finance), the top
practitioner-oriented journals in Finance (The Financial Analysts Journal and The Journal of Futures Markets),
and the top pedagogical journal in Finance (The Journal of Financial Education).
He has also published in what was the top interdisciplinary Business journal (The Journal of Business).
He has written seven sole-authored finance books (the following links direct you to the latest editions for sale at Amazon.com
Dr. Crack taught at the university level from 1985 to 2000, and again from 2004 onwards, including four
years as a front line teaching assistant for MBA students at MIT, and five years teaching undergraduate,
MBA and PhD courses at Indiana University's Kelley School of Business.
He is now a chaired full professor of Finance at the oldest university in New Zealand.
Dr. Crack has worked as an independent consultant to the New York Stock Exchange and to a foreign
government body investigating wrong doing in the financial markets. His most recent practitioner job was as
the head of quantitative active equity research for the UK and Continental Europe in the London office of
what was the world's largest institutional asset manager.