IIM Bangalore - The interview

Mar 12 2:00 P.M was my date with an enviable challenge - the chance to make it to IIM Bangalore - among India's most sought after B-school if not the most sought after B school. I was glad that I reached the center (which was IIMB itself ) a good 45 minutes before the selection process was meant to commence . Saw a few familiar faces including someone from my own college. After some relaxing chit-chats about how previous interviews had been we were all asked to assemble on the first floor outside a room inside which the destiny of the 10 of us who were in the assigned group would be decided. Sharp at 2 we were asked to enter the room and told to write a one page essay (and that's as much space that is provided. One cannot ask for an extra sheet to write on) on or the most likely reason for price rise . That if it was a productivity or distribution issue.We had a good 10 minutes to think about the topic followed by 20 minutes in which to pen those thoughts which one would imagine is rather sufficient. I thought I did okay with the essay. Nothing great really to talk about.

The panelists took the paper away from us exactly after 30 minutes from the point they directed us ti begin thinking. We were then asked to wait outside the hall and that we would be called in the order in which we sat. I was meant to be No 2. but the first guy had not turned up which made them tell me 'You are first up. Don't go too far away'. I didn't . just waited outside for my turn and was asked to enter the hall at 3:00 P.M

There were 3 panelists inside. One alumnus and 2 professors . The alumnus was from a finance background and there were professors each from Finance and Business communication.
Written below in conversational style is an account of what transpired in the next 20 minutes. I shall refer to the interviewers as I1 (finance prof),I2 (alumnus) and I3 (Business Com prof)

I3: So you have got 2 files.Please hand them over and be seated.
Kunal: Yes[Smiled]. There is one for academic certificates and one for co-curricular. Good afternoon! [Didn't mess it up with a 'Good morning' this time :)]

I2: You work for ... [There was pause .Perhaps meant for me to spell out my company's name,which I did. After which he followed] Goldman Sachs [And I knew where the rest of the discussion was headed. It's all up to you dear firm :) ]Who is the CEO?
[Nice to start with a sitter]
Kunal: LLoyd C. Blanfein

I2: Your C.E.O was in the news recently. What was that for?
['How recent?' I thought.Then I thought I should say the most recent one]
Kunal: Rajat Gupta was on the board of directors of GS in the past. Lloyd Blankfein was reported to have been willing to testify in the trial

I2: What else? Goldman was in the news otherwise too
[I knew this was for what had happened sometime in May last year]
Kunal: Yes there were allegations of fraud.
[I ventured to explain what the CDO containing the mortgage backed security was about and the affected parties ABN Amro ,Paulson and Co and the Royal bank of Scotland . All information available in public domain]

I2: Don't you think that it was wrong?
Kunal: Well if a company (trying to generalise the issue) is found not to have complied with rules and regulations the it does become a question of morality ...

I2: How many employees are there in Goldman globally?
Kunal: there are about 30000 employees

I2:Kunal, I heard after the allegations ,Goldman came up with a 14-point guiding principles for the employees correct? I have only heard it from others. What does it guide you about?
Kunal: [Smiled] Before I answer that just wanted to let everyone know that the 14-point guideline have always been there and were not constituted as a reaction.Also,I can only disclose as much as is available in the public domain. We obviously give primacy to our customers ,our people and reputation. [Explained a little of how it is important to the firm]

I2: What do you think Goldman is there to make money or service its customers?
Kunal: Making money is at the back of everyone's mind.But what is important is how you get there and for Goldman its important that Client is serviced.......

I2: Kunal, I want you to think about this. On the one hand you promise to service your customer but on the other hand hand the activities are ones that are meant to enhance profits. Don't you think this is wrong?
Kunal:[Again trying to generalize. Guess had to repeat my earlier answers in a new way!]I think both the things go together. You would always make a profit if you service your clients and earn there good will and .....

I2: Kunal, so how would a new joiner fresh out of college look at Goldman Sachs ? As a money maker?
Kunal: I was recruited fresh out of college myself from NIT Calicut and I was aware that being a financial services firm the firm would of course make money . What really is important is the underlying principles of ....

I3: What is your job there at Goldman?
Kunal: I work there as a technical analyst for the support and development of Goldman's global P.W.M business. [To put things in perspective told them a little about how a typical day would be for me]

I3: What is the need of technology ?[The question was very long and also supported by I1. the gist of that was I think 'Why do companies invest heavily in technology ?']
Kunal: Technology is an absolute must. For example one of the feature which gives a lot of wall street firms an advantage is the principle of mark to market(which helps hedge against a counter party default) for which you need technology as you need to do the computation daily. This can't be done without technology

I3: Mark to market. Mmm How does it work?
Kunal: You take the latest price and if say you have agreed on a future transaction at Rs 85 kilo of rice to materialize on the 12th of May and the current price rises or falls by one rupee then that rupee has to be exchanged between the interested parties and this helps prevent .....

I2: How do you arrive at the pricing?
Kunal: Since it is done daily I would imagine that the last closing price of a product would be taken as the current price.

I1: Are you sure?
Kunal: Pricing is the responsibility of another department. So ..

I1: [Smiles] Tell me if you know or not?
Kunal: I would not be completely ...

I3: Lets say Reliance share is selling at rs 1000 the whole day and just before the market closes someone buys it at Rs 5000. What will be the price of Reliance at the end of day?
Kunal: The value of the share is always the last price at which it is sold and in this case it would be Rs 5000 ... [Not sure I understood that question completely though]

I3: Don't you think that's wrong?
Kunal: [Smile]Before I answer , would like to state that that this is a doubt that i have had myself about product pricing and i have raised it in different forums> I don't think think such a scenario would happening mature markets

I3: No no, we are not talking about mature markets here. Lets say someone decides to buy Reliance at Rs 5000 a share? How do you think the calculation would work?
Kunal:[Thought a little]I would imagine they would take the average of the prices at which it was traded the whole day and because ..

I3: But that's not easy correct?
Kunal: mm . I don't think there would be any ambiguity w.r.t the prices at which shares were bought. We just add them up and take the average
[I3 responded by saying something. Do not recollect now]

I1: So its all finance? why do you want to take Marketing up?
[Phew ! where did that come from . I didn't mention it in my SOP that I wanted to opt marketing. was a little puzzled]
Kunal: The reason why I want to pursue MBA is that I want to open a business of my own in the education sector. [Told them how teaching is my passion and how I observed the difference in business knowledge in new york between Indians and westerners, was asked to come straight to the point and told them that i want to impart basic financial knowledge to students fresh out of school so that they can make an informed choice ]

I1; Why do you want to do this?
Kunal: To start, teaching is my passion ..

I1: passion is one thing what else?
Kunal: A lot of students want to take up M.B.A without really knowing why.They do an MBA just because everyone else is doing it. i want to help people make an informed choice?

I1: Don't you want to make money. Why do want to glorify your intentions?
[On Dear Lord]
Kunal: Making money is at the back of everyone's mind but ..

I1:I think it is the front of everyone's mind.
Kunal: Well... i was reading this book one minute entrepreneur and there they had stated that for anyone to sustain any business it is important to keep making money and lets say for that reason alone, one would want to earn money.

I1:What skills do you presently have that you think you would make a successful entrepreneur?
[Never thought about that]
Kunal:[kept beating about my being organized and about my organizational skills in the past and then stopped]

I3: Being organized that's it? I would imagine that chaos is what would make a person go for entrepreneurship! [looking at I1 for agreement]
[Aah! Cleaver play of words.]
Kunal: Well i think you need a certain amount of entropy to start with. thereafter its you organizational skills which would give the firm a direction.

I3: IIM Bangalore is not a place famous for entrepreneurs. Of the 300 students barely one turns out to be an entrepreneur.
Kunal: I thought there were quite a few actually.There is the NSCREL. I was going through the websie and I did find quite a few start-ups including Just-books ..

I3:All those are from NSCREL, the PGP program doesn't have anything to do with it.
[I was taken aback as I had all the while being thinking that the 2 were neatly tied]
I1: That should be enough. thank you.
I3: Yes . Thank you. You got any question for us?

Kunal: [Still not completely out of the surprise.I paused] mm PGP and NSCREL are not tied?
I1: No. They aren't . They just operate within the campus

Kunal: but there would be electives catering to entrepreneurship?
I1: Yes, yes that there will be.

Kunal: [Thought that should be it]. Thank you. It was a pleasure


Dunno how to rate this. Was I too assertive or too meek to their linking. Fingers crossed.