Hi Jessica
I have a question about preparing for commercial awareness questions. Lots of people say that you should know 3-4 commercial topics inside out to discuss them. I'm just struggling to work out what details about each topic are crucial to know - what sort of questions do interviewers tend to ask about commercial awareness?
I disagree with that advice.
even senior partners don’t know a subject inside out, so there isn’t an expectation for someone who hasn’t even started their career to do this.
Commercial awareness isn’t actually about knowledge. It’s a combination of interest in commercial matters, analytical skills and some common sense knowledge on how businesses work, but demonstrating this with a real willingness and drive to learn more (which is basically going to be what your career is all about).
Because of this, you aren’t going to get particular questions. I have probably heard 1000s of different commercial awareness questions over the years - these vary from firm to firm, from the experiences of each individual candidate, and what’s happening in the economy at that particular time.
The key theme in answering all of those questions is about thinking on your feet and demonstrating you have a genuine interest in commercial matters, and because of that you’ve picked up some of the basics relevant to the firm you are applying to (eg M&A for a firm that specialises in that, Litigation if a firm is strong in that practice area, that you understand how IB works if you are hoping to work for a firm that predominately works in Finance).