9 questions reported in Raymond James interviews, organised by the group that asks them. Every question carries a model answer and graded feedback on your own attempt.
Questions
Easy · Medium
Hard
Model builds
Built in the spreadsheet grid
Reserve-based valuation, commodity decks, contracted cash flows and PPAs. 5 questions
The core downstream question. Refining margins are what separates integrated majors from pure-play E&P.
Explain the refining crack spread. What drives refining margins and why are they so volatile?
OFS companies are highly cyclical. This tests whether you understand the sector dynamics.
Explain the relationship between oilfield services companies and E&P operators. How does the cycle work, and why are OFS margins so volatile?
Every E&P valuation includes oil price sensitivity. This tests whether you understand the mechanics.
An E&P company has PV10 of $1 billion at $70/bbl oil. What happens to PV10 at $60/bbl and $80/bbl, and why is the relationship non-linear?
Tests whether you understand sector-specific valuation metrics versus generic multiples.
Why do E&P companies trade on PV10 rather than EV/EBITDA, and what does PV10 actually measure?
An E&P coverage analyst is expected to turn a benchmark price deck into a realised-price and cash-flow forecast.
An E&P company forecasts 10 million barrels of production. Your WTI deck is $75/bbl, but its basin has a $6/bbl transport differential, and 40% of volumes are hedged at $70/bbl. Calculate the blended…
Recurring revenue quality, Rule of 40, retention and growth-adjusted multiples. 2 questions
Cybersecurity is a critical and growing sector. This tests understanding of the business model.
What are the common business models in cybersecurity, and how do they differ from traditional software?
Gross margins are critical in software. This tests understanding of cost structure.
What drives gross margins in software companies, and what does margin compression indicate about the business?
Pipeline risk-adjusted valuation, reimbursement and patent cliffs. 1 question
Healthcare real estate is a growing asset class. This tests understanding of the property side of healthcare.
Explain the business model of a healthcare REIT. How do they generate revenue, and what are the key risks?
Regulatory capital, ROTE against cost of equity, and why EV is meaningless. 1 question
Bank M&A has unique considerations. This tests sector-specific deal knowledge.
What are the key considerations when valuing a bank acquisition? How does it differ from valuing a non-financial company acquisition?
Write your answer, get it graded on technical accuracy, completeness and communication, and see exactly which mechanic you missed.
Company tags reflect where a question type is commonly reported in interviews. They are not sourced from, endorsed by, or affiliated with Raymond James.