1000+ Associate Consultant Interview Questions and Answers

Activities in a Bank Audit include examining financial records, assessing internal controls, and ensuring compliance with regulations.

• Reviewing financial statements and transactions

• Assessing internal controls and risk management processes

• Evaluating compliance with regulatory requirements

• Testing the effectiveness of anti-money laundering procedures

• Analyzing loan portfolios and credit risk

• Verifying the accuracy of interest calculations

• Assessing the adequacy of capital reserves

MT messages are standardized messages used in SWIFT for financial transactions, while GPI tracker enhances tracking of payments.

• MT 103: Customer credit transfer, used for single payments.

• MT 202: Financial institution transfer, used for interbank payments.

• MT 940: Customer statement message, provides account statements.

• MT 950: Statement message, used for reporting account balances.

• SWIFT GPI tracker allows real-time tracking of cross-border payments, providing transparency and s...read more

Private IP is used within a private network, while public IP is used to identify a device on the internet.

• Private IP is assigned to devices within a private network, such as a home or office network.

• Public IP is assigned by an internet service provider and is used to identify a device on the internet.

• Private IP addresses are not unique and can be reused within different private networks.

• Public IP addresses are unique and cannot be reused by other devices on the internet.

• Examp...read more

The abc_terminology in the xyz framework refers to a specific concept that enhances understanding and application of the framework.

• abc_terminology defines key components of the xyz framework, such as roles and responsibilities.

• For example, in project management, abc_terminology might refer to stakeholder identification.

• It helps in aligning team efforts towards common goals by providing a clear vocabulary.

• Understanding abc_terminology is crucial for effective communication wit...read more

Object Oriented Programming is a programming paradigm based on the concept of objects, which can contain data and code.

• OOP focuses on creating objects that interact with each other to solve problems

• Encapsulation, inheritance, and polymorphism are key principles of OOP

• Examples of OOP languages include Java, C++, and Python

Structured Query Language (SQL) is a standard language for managing and manipulating databases.

• SQL is used to communicate with databases to perform tasks such as querying data, updating data, and creating databases.

• It is a declarative language, meaning users specify what they want to retrieve or modify without needing to specify how to do it.

• Common SQL commands include SELECT, INSERT, UPDATE, DELETE, CREATE, and DROP.

• SQL is used in a wide range of database management systems,...read more

Defect life cycle is the process of identifying, reporting, prioritizing, fixing, and verifying defects in software development.

• Defect is identified by testers or users

• Defect is reported to development team

• Defect is prioritized based on its severity and impact

• Defect is fixed by developers

• Defect fix is verified by testers

• Defect is closed if it passes verification or reopened if it fails

• Defect data is analyzed to improve future development

• Example: Defect found in login function...read more

I would start by conducting interviews with relevant parties and reviewing any available documentation.

• Conduct interviews with employees involved in the process

• Review any available documentation such as emails, invoices, and financial records

• Assess any patterns or anomalies in the information gathered

• Consider involving external experts or forensic accountants if necessary

Amendment u/s 115QA impacts taxation of buyback of shares by unlisted companies.

• Introduced in Finance Act 2013, it imposes additional tax on unlisted companies for buyback of shares

• Tax rate is 20% on the difference between the consideration paid and the fair market value of shares

• Applies to buybacks after June 2013 and before July 2014

• Aimed at preventing tax avoidance through buybacks

A leading Food and Beverage chain can revitalize revenue through innovation, marketing, and customer engagement strategies.

• Revamp the menu with healthier options and seasonal items to attract health-conscious consumers.

• Implement loyalty programs to encourage repeat business, such as discounts or exclusive offers for frequent customers.

• Enhance the dining experience through improved service, ambiance, and technology, like mobile ordering or contactless payments.

• Expand delivery ...read more

CDS views are essential for data modeling in SAP, enabling efficient data retrieval and analysis through various types of views.

• Basic CDS Views: These are simple views that define a data model based on one or more database tables. Example: A view combining customer and order data.

• Composite CDS Views: These views combine multiple basic views or other composite views, allowing for complex data models. Example: A view that aggregates sales data from multiple regions.

• Consumption ...read more

Parallelism involves executing multiple tasks simultaneously, while concurrency involves switching between tasks in a timely manner.

• Parallelism is suitable for tasks that can be truly executed simultaneously, while concurrency is more suitable for tasks that involve waiting for external events or resources.

• Parallelism can lead to better performance in tasks that can be divided into independent subtasks, while concurrency can improve responsiveness and resource utilization.

• Exa...read more

MX messages equivalent to MT 103, MT 202, and MT 202 COV facilitate cross-border payments in ISO 20022 format.

• MT 103 is equivalent to MX message pacs.008, used for customer credit transfers.

• MT 202 corresponds to MX message pacs.009, used for financial institution transfers.

• MT 202 COV is represented by MX message pacs.009 with additional details for cover payments.

Encapsulation, Inheritance, Polymorphism, Abstraction

• Encapsulation: Bundling data and methods that operate on the data into a single unit

• Inheritance: Ability of a class to inherit properties and behavior from another class

• Polymorphism: Ability to present the same interface for different data types

• Abstraction: Hiding the complex implementation details and showing only the necessary features

Forensic audit involves investigating financial records to uncover fraud or misconduct. Day to day responsibilities include analyzing data, conducting interviews, and preparing reports.

• Analyze financial records to identify irregularities or discrepancies

• Conduct interviews with employees, clients, and other relevant parties

• Prepare detailed reports documenting findings and recommendations

• Collaborate with legal teams and law enforcement agencies as needed

• Stay updated on industry...read more

Credit card life cycle involves application, approval, usage, payment, and closure.

• Application: Customer applies for a credit card.

• Approval: Bank approves or rejects the application based on credit score and other factors.

• Usage: Customer uses the credit card to make purchases and payments.

• Payment: Customer pays the credit card bill on time to avoid interest and penalties.

• Closure: Customer can close the credit card account if no longer needed or switch to a different card.

• Exam...read more

The average revenue per user for YouTube in a week can be estimated by considering factors such as total revenue, number of users, and engagement metrics.

• Calculate total revenue generated by YouTube in a week

• Estimate the number of active users on YouTube in a week

• Divide total revenue by the number of active users to get average revenue per user

• Consider engagement metrics like watch time, ad clicks, and subscriptions to refine the estimate

Clear user stories ensure client success. Here's how:

• Understand the client's needs and goals

• Break down the user story into smaller, manageable tasks

• Use clear and concise language

• Include acceptance criteria for each task

• Collaborate with the client to ensure understanding and agreement

• Regularly review and update the user story as needed

Transactions in Spring Boot applications are managed using @Transactional annotation.

• Use @Transactional annotation on methods that need to be executed within a transaction.

• Transactions can be managed programmatically using TransactionTemplate.

• Spring Boot provides support for declarative transaction management.

• Transactions can be configured using properties in application.properties file.

Investment attractiveness of K12 school chains in India

• Growing demand for quality education in India

• Increasing disposable income of parents

• Government initiatives to promote education

• Potential for expansion and scalability

• Examples: Delhi Public School, DAV Public School, Podar Education Network

Multifile system partition can be changed from 2 way to 4 way and vice versa.

• Multifile system allows for partitioning of data across multiple files.

• Partition can be changed from 2 way to 4 way and vice versa.

• Partitioning can improve performance and organization of data.

Java 8 introduced new features like lambda expressions, stream API, functional interfaces, and more.

• Lambda expressions allow you to pass functions as arguments to methods.

• They enable functional programming in Java by treating functionality as a method argument.

• Syntax: (parameters) -> expression or (parameters) -> { statements; }

• Example: (int a, int b) -> a + b

• Example: (String s) -> System.out.println(s)

SQL elastic pool provides cost savings, resource optimization, and simplified management.

• Cost savings by sharing resources among multiple databases

• Resource optimization by dynamically allocating resources based on demand

• Simplified management by managing multiple databases as a single entity

• Improved performance by reducing contention for resources

• Ability to scale up or down based on changing workload demands

JavaScript has 7 different data types including number, string, boolean, null, undefined, object, and symbol.

• Number: represents numeric values

• String: represents textual values

• Boolean: represents true/false values

• Null: represents intentional absence of any object value

• Undefined: represents an uninitialized value

• Object: represents a collection of properties

• Symbol: represents a unique identifier

C is a compiled language with low-level memory manipulation, while Python is an interpreted language with high-level abstractions.

• C is faster and more efficient for low-level programming, while Python is easier to learn and use for high-level tasks.

• C requires manual memory management, while Python has automatic garbage collection.

• C is statically typed, while Python is dynamically typed.

• C is used for system programming, embedded systems, and game development, while Python is u...read more

POM stands for Page Object Model. It is a design pattern used in automation testing to create object repositories for web UI elements.

• POM separates the UI elements and the test scripts, making the code more modular and maintainable.

• It helps in reducing code duplication and improves code reusability.

• POM also makes it easier to update the UI elements in case of any changes in the application.

• Implementation of POM involves creating a separate class for each web page, defining th...read more

Action triggers computation and returns results to driver while transformation creates a new RDD from existing one.

• Action is a command that triggers computation and returns results to the driver program.

• Transformation creates a new RDD from an existing one without computing the result immediately.

• Actions are executed immediately while transformations are executed lazily.

• Examples of actions include count(), collect(), and reduce().

• Examples of transformations include map(), fil...read more