State Street Bank Associate Interview Questions and Answers

Q1. What do you know about IFRS 9
Ans. 
IFRS 9 is an international financial reporting standard that addresses the classification and measurement of financial assets and liabilities.
• IFRS 9 replaced IAS 39 and introduced a new classification and measurement approach for financial instruments.

• It requires entities to classify financial assets based on their business model for managing the assets and their contractual cash flow characteristics.

• IFRS 9 also includ...read more
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Q2. Your understanding of product control
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Product control involves monitoring and analyzing the financial performance of products within a company.
• Monitoring revenue and expenses related to specific products

• Analyzing profitability and cost efficiency of products

• Identifying trends and making recommendations for product improvements

• Ensuring compliance with financial regulations and reporting standards

• Collaborating with various departments to gather data and insi
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Q3. Explain balance sheet substantiation
Ans. 
Balance sheet substantiation involves verifying the accuracy and completeness of the items reported on a company's balance sheet.
• Process of reconciling balance sheet accounts to ensure they accurately reflect the financial position of a company

• Involves comparing account balances to supporting documentation such as bank statements, invoices, and contracts

• Identifying and investigating any discrepancies or errors to ensur...read more
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Q1. Explain Swap products
Ans. 
Swap products are financial instruments where two parties agree to exchange cash flows or other financial assets.
• Swap products involve two parties exchanging cash flows based on a predetermined set of terms

• Common types of swap products include interest rate swaps, currency swaps, and commodity swaps

• These products are often used by companies to manage risk or speculate on market movements
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Q2. What do know about Mccaulay duration
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Q3. What do you know about front office and accouting pnl reco
Ans. 
Front office and accounting P&L reconciliation involves comparing the profit and loss statements from both departments to ensure accuracy.
• Front office is responsible for generating revenue through client interactions and trading activities.

• Accounting is responsible for recording financial transactions and preparing financial statements.

• P&L reconciliation involves comparing the revenue and expenses reported by the front...read more
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Effects of social media in our life

Q1. Explain your favorite advertise and why?
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Q2. Commercialization good or bad?
Ans. 
Commercialization can be both good and bad depending on the context and industry.
• Commercialization can lead to increased accessibility of products and services to a wider audience.

• It can drive innovation and competition in the market.

• However, it may also prioritize profit over ethical considerations or public welfare.

• Examples: Pharmaceutical industry commercializing life-saving drugs at high prices, tech companies comm
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Q1. Tell me abt yourself and communication skills
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Q2. Tell me abt yourself and communication skills and positive approach
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Q3. Should answer it honestly and communication Skills should be professional and should handle any roles given by organisation
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Aptitude questions consists of English, maths ,non verbal, general knowledge, ms office, behaviour round

You have to talk about a topic that they will mention and also discuss it with other members of gd, you need to have fluent communication, topic would be anonymous

Q1. Basic he questions And questions related to your hobbies Basic Banking questions General knowledge
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Q2. Ministers of India How to open a bank account What is e commerce
Ans. 
Opening a bank account requires valid identity and address proof. E-commerce refers to buying and selling goods online.
• To open a bank account, visit the bank with valid identity and address proof documents

• Fill out the account opening form and submit the required documents

• Once the account is opened, you can start depositing and withdrawing money

• E-commerce refers to the buying and selling of goods and services online

• Exam...read more
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Q1. Question on REST architecture and Java
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Q2. Find output of java programs
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Java programs output can be determined by running the code and observing the console or log files.
• Compile the Java code using a compiler like javac

• Run the compiled code using the Java Virtual Machine (JVM)

• Observe the output in the console or log files

• Output can be text, numbers, or other data types
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Q1. Basics of Spring Framework
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Q2. Java 8 Features and uses
Ans. 
Java 8 introduced several new features including lambda expressions, streams, and functional interfaces.
• Lambda expressions allow for functional programming and simplify code

• Streams provide a way to process collections of data in a functional way

• Functional interfaces allow for the use of lambda expressions

• Default methods allow for adding methods to interfaces without breaking existing implementations

• Date and time API im
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Q3. Streams and their applications
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Streams are a sequence of data elements that can be processed in parallel or sequentially. They are used in various applications.
• Streams are used for data processing, such as filtering, mapping, and reducing.

• They are also used for I/O operations, such as reading and writing files or network sockets.

• Streams can be parallelized to improve performance on multi-core systems.

• Examples of stream-based APIs include Java 8 Stre
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Q4. Find second largest number using stream
Ans. 
Using stream, find the second largest number.
• Sort the stream in descending order and return the second element.

• Use the reduce() method to compare and find the second largest number.

• Create a priority queue and add elements to it. Pop the second largest element from the queue.
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Q1. Spring Boot features and uses
Ans. 
Spring Boot is a framework for building standalone, production-grade Spring-based applications.
• Provides a simplified way to create Spring applications with minimal configuration

• Includes an embedded Tomcat, Jetty or Undertow server for easy deployment

• Supports auto-configuration, which automatically configures Spring based on dependencies

• Offers a wide range of starter dependencies for common use cases

• Enables easy integra...read more
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Q2. Questions on previous projects and technical challenges
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Q1. Salary structure and benefits were explained
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Q1. Basic testing concepts,Unix commands basic,SQL commands -joins,trade life cycle very important
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Q1. Testing lifecycle concepts,basic SQL queries etc
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Q1. Why You want to Join IDFC First Bank ?
Ans. 
I want to join IDFC First Bank because of its strong reputation in the banking industry and its commitment to innovation and customer service.
• Strong reputation in the banking industry

• Commitment to innovation

• Focus on customer service
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Q2. What You will do for the Organisation?
Ans. 
I will contribute my skills, knowledge, and dedication to help achieve the organization's goals and objectives.
• Utilize my expertise in [specific area] to improve processes and efficiency

• Collaborate with team members to brainstorm innovative ideas and solutions

• Take initiative to learn and adapt to new challenges and opportunities

• Communicate effectively with stakeholders to ensure alignment and progress
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Q1. Why you think you are fit for the job ?
Ans. 
I have relevant experience, skills, and a strong passion for the job.
• I have X years of experience in a similar role at Company A, where I successfully managed projects and exceeded targets.

• I possess strong communication and problem-solving skills, which are essential for this role.

• I am highly motivated and dedicated to delivering high-quality work, as evidenced by my track record of consistently meeting deadlines.

• I hav...read more
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Q2. Tell about yourself?
Ans. 
I am a dedicated and hardworking individual with a passion for learning and growth.
• I have a strong work ethic and always strive to exceed expectations.

• I am a quick learner and adapt well to new environments.

• I have experience in project management and team collaboration.

• I am proficient in various software programs such as Microsoft Office and Adobe Creative Suite.
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Q3. Do u think there's career growth for you here in the organisation?
Ans. 
Yes, I believe there is ample opportunity for career growth within the organization.
• I have seen several colleagues who have been promoted within the company.

• The organization values internal talent and provides opportunities for advancement.

• There are various training and development programs available to help employees grow in their careers.
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Problem statement with some objectives type questions

Q1. Write a program
Ans. 
Program to sort an array of strings in alphabetical order
• Use a sorting algorithm like bubble sort or quicksort

• Compare adjacent strings and swap if necessary

• Repeat until the array is sorted
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Q2. Explain different way to solve a particular problem
Ans. 
One way to solve a problem is by breaking it down into smaller tasks and tackling them one by one.
• Identify the main issue or goal of the problem

• Break down the problem into smaller, more manageable tasks

• Prioritize the tasks based on importance and urgency

• Create a plan or strategy to address each task

• Implement the plan and monitor progress

• Adjust the plan as needed based on feedback and results
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