What do you think of bonuses?
I said something along the lines of: the media and therefore the public seem to take a very aggressive dislike to bonuses for bankers only. For example, no one seems to care about the excessive bonuses that some top lawyers, hedge fund managers, footballers, high profile television presenters and others get. Saying that however, there do seem to be cases where the bonus is unjust and not really based on performance, which I think is wrong. In an ideal world, everyone should get rewarded but they should only get it if they performed exceptionally well during the some period.
There are three bankers sat in front of you right now, bonus time is just around the corner…How much bonus do you give each of them?
I said that it would depend upon what happened during the year. If for example, we had a major software launch which was successful then I might be inclined to reward them more. However, if it was a ‘normal’ year then perhaps the bonus would be less. I would assume that If I was to choose their bonus I would be a manager of some sorts and hence throughout the year I would try and get a feel of how well I thought they had performed and contributed to the project. Perhaps, in rare circumstances, I would think that someone stood out a lot and hence I would give them an extra bonus. Other then that, I would consult the standard procedures used by the bank and go from there.
A race car does one lap of a track at an average speed of 30mph. How fast does the car have to go in the second lap to ensure that after the two laps, the overall average speed is 60mph.
Using the s=d/t equations solve 30= d / t1 and 60 = 2d / t1 + t2 to find that t2 = 0 hence you have to go infinitely fast in the second lap. It took me a while since I got to t2 = 0 and thought I’d made a mistake. Interview said that was indeed correct after a few moments of awkward silence.
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