Im also very interested in working with entertainment and media companies, and I know this firm has a strong practice in media and telecom.. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply. Probably had 2 billable hours today. What Do You Think Is the Single Best Evaluation Metric for Analyzing a Company's Stock? So, while answering this question, ensure your answers are ethical, and highlight your strength as a financial analyst. This video teaches you how to prepare for and pass a Financial Analyst interview, including top-scoring answers examples to help you be the STANDOUT candidat. Technical questionsarerelated to specific accounting and finance topics. Specifically, I like to look at the P/E ratio [price-earnings ratio] since it provides a yardstick for determining whether a stock is undervalued or overvalued as compared to its comp set. 5 Good Questions to Ask at the End of a Financial Analyst Interview. How?). As a company, we were considering acquiring another competitor and needed to identify what the combined financials of the companies would look like. The basic profile of financial analyst candidates will consist of three elements: education, experience and professional credentials. Google is a large company and has many layers. Trying to gauge whether google downgrades your title when bringing you onboard. A few months ago, I low-balled myself in negotiating for a different one. Recruiters are typically looking for candidates with business acumen, planning skills, and the ability to deal with financial models and handle the complex numbers involved. Learn more about the cost of debt and cost of equity. 2. Financial Analysts can be aligned to a product area (think Youtube, Google Playstore, Google Cloud) or can be a part of the core finance function. Have You Considered or Are You Already Pursuing Licenses, Credentials, and Certifications? Why do you want to work for a nonprofit versus a bank? T2? Get an understanding of what those KPIs are. The best response here is not just to choose the financial statement you prefer, but also to discuss why you think its the most useful source of information for a certain kind of situation and address why the other financial statements might not be appropriate choices. Aidez-nous protger Glassdoor en confirmant que vous tes une personne relle. These models typically start by linking the 3 financial statements and then layering on more advanced types of financial models such as discounted cash flow analysis (DCF models), internal planning models, and more arcane models such as LBO models and M&A models. If I don't have my interviewer's email address do I ask for them from the recruiter or just forward them through the recruiter. What Are Some Of The Skills Which Distinguish You. Once the data is gathered its typically entered into Excel or some other type of database. . Courses, books, blogs, anything is welcome!Let's make this group a little active! If You Could Only Pick One Financial Statement to Make a Decision on a Company, What Would You Pick? Brush up on your SQL along with any other technical skills listed in the requirements. Human resource yourself. Its going to show you actual liquidity, how the company is using cash, and how its generating cash. In short, be prepared to prove that you understand the financial concepts that make up your job. Many folks interview at big tech companies multiple times before landing the role, so don't sweat it if you don't land a role on the first try. In this case, you should explain the concept of EBITDAstarting by spelling out what the acronym refers toand make sure you also say why its an important metric in evaluating a companys financial health. You may have to do some math, particularly if a company gives you a specific problem to solve. Do You Prefer to Work Alone or in a Team Environment? The average Google Financial Analyst earns $133,667 annually, which includes a base salary of $116,000 with a $17,667 bonus. para nos informar sobre o problema. Im in the Advisory service line doing management consulting with a focus on companies in the technology, media, and telecom space, What TC should one expect for a director of Corporate Strategy at a large CPG company in the NYC area? To learn more about the real day-to-day life of an analyst, check out CFIs Online Financial Analyst Courses, as they provide complete training on all of the most important skills that are required for the job. Id say just sound genuinely curious and passionate about the job and Google. But Id also add that there are drawbacks and EBITDA can be misleading on its own, as it doesnt take factors such as capital investments into account.. Mingle. You'll gain great experience either way and be better prepared for future interviews! las molestias. Specifically what are the growth options for Solution Architect role within Anaplan? For best results, take a deep dive on one example and go into as much detail as possibleinterviewers might follow up for more examples, but your first example should take them through the entire process. How would you measure how much a given user liked a video? The company wants to know why you want to work for them specificallyin this industry, for this type of organization, and at this particular company. Sie weiterhin diese Meldung erhalten, informieren Sie uns darber bitte per E-Mail The income statement has a lot of informationrevenue, cost of goods and services, and other expensesbut I find the cash flow statement most useful for evaluating a companys overall health in the short term.. just accepted an offer. Bachelors or higher in a technical program such as Mathematics, Statistics, Computer Science, Physics, Engineering, Operations Research, and Economics, Experience with relational databases and business intelligence tools, Basic experience with scripting languages (e.g. Thank you! The timelines will definitely not match up. Ask for DMs. A recruiter might want to see that you have an understanding of the major financial statements a company has. The rest is just management consulting projects, Does anyone know what the exit opportunities from PwCs SDC would be? Other types of analysts, like those in investment banking, will work much longer hours. Any thoughts here? Here are some of the qualities interviewers will be searching for: Beyond the skills necessary for the position, firms will also be looking for a candidate wholl be a good addition to their organization and culture. And why this particular nonprofit or tech startup? enviando un correo electrnico a It can be zero-based (starting from scratch each time) or building off the previous year, but it depends on what type of business youre running as to which approach is better. Financial Analyst Interview Questions Anonymous posted on 17 Sep 2021 I applied via Recruitment Consultant and was interviewed in Aug 2021. Maybe. This typically includes looking at ratios and metrics like gross margin, net margin, fixed vs. variable costs, year-over-year (YoY) growth rates, return on equity (ROE), return on assets (ROA), debt/equity ratio, earnings per share (EPS), and many others. What company benefits are most important to you? Anyone interested in connecting? Other qualifications for Google Analysts include: These skills vary from role to role, so be sure to read into the specifics for a particular role. Financial Analyst salaries at Google can range from 3,49,786 - 10,84,031 per year. A time you worked on a particularly difficult project and what made the project difficult. Not sure how it works but it sounds scary! X-posting here!Im moving to Nashville Metro Area, TN and applying to solely Data Engineering Jobs (I have a total of 3 yrs exp & want to get back to it). . Financial analysts often need to meet tight deadlines, so great time management skills and Zen-like patience are crucial. A time you took a risk and what made it notable. (Think Nestle, P&G, Unilever)Background is former MBB manager + 2 years in tech (non-FAANG), Currently working in UK. And def do check out the resources provided to you so far.. if not check google website for it. questo messaggio, invia un'email all'indirizzo This change in cash will correspond directly to the cash line item in the balance sheet, providing a more detailed look at why that specific balance changes. The interviewer wants to know what your passions are from a professional standpoint, why youre interested in the role, what led you to finance, what youre hoping to gain from the experience, and where you see your financial career going. Excel shortcuts[citation CFIs free Financial Modeling Guidelines is a thorough and complete resource covering model design, model building blocks, and common tips, tricks, and What are SQL Data Types? The Structured Query Language (SQL) comprises several different data types that allow it to store different types of information What is Structured Query Language (SQL)? I went to see a property and really liked it. EBITDA increases by the exact amount of R&D expense that is capitalized. If you want to ace your finance interview, then make sure you master the answers to these challenging questions below. I have a 2 part question - 1. And is it better to just be upfront and tell them I need to develop my skills in that area or attempt to solve them the best I can knowing that I will most likely get stuck?Tc: 120k, Go to company page I interviewed at google for an entry level FP&A role. The statement of cash flows gives a true picture of how much cash the company is generating. Its important to have strong financial modeling principles. They want to see if you understand how to calculate a net present value and discount cash flows. Anything I should not do or should try to avoid? Finance Interview Questions & Answers | For Entry-Level Roles! para informarnos de que tienes problemas. For many businesses, PP&E is the main capital asset that generates revenue, profitability, and cash flow. The cash flow statement shows cash inflows and outflows from three areas: operating activities, investing activities, and financing activities. Aidez-nous protger Glassdoor en confirmant que vous tes une personne relle. Any other advice. om ons te informeren over dit probleem. A good budget is one that has buy-in from all departments in the company, is realistic yet strives for achievement, has been risk-adjusted to allow for a margin of error, and is tied tothe companys overall strategic plan. Of the three most commonly used valuation methodologies, discounted cash flow, comparable company analysis, and precedent transactions, I think that comparable company analysis is the most beneficial across all different types of companies and industries. Working as a financial analyst at Google is fun, exciting, demanding, and impactful. Structured Query Language (known as SQL) is a programming language used to interact with a database. Excel Fundamentals - Formulas for Finance, Certified Banking & Credit Analyst (CBCA), Business Intelligence & Data Analyst (BIDA), Commercial Real Estate Finance Specialization, Environmental, Social & Governance Specialization, Cryptocurrency & Digital Assets Specialization (CDA), Financial Modeling & Valuation Analyst (FMVA), Financial Planning & Wealth Management Professional (FPWM). The typical interview process at Google goes as follows: Tips to Help You Prepare for Your Interview. Which Profitability Model Would You Use to Determine if a Project Will Be Profitable? Wir entschuldigen uns fr die Umstnde. Luckily, this isnt the part of the interview that most financial analyst candidates find stressful. I was just offered an RN II position at Stanford Hospitals B3 unit for $84/hour. Thanks, Damnit. envie um e-mail para Im doing some research on employee benefits (medical insurance, 401k, HSA/FSA, commuter benefits) and was hoping to connect with People specialists or HR professionals in the comp & benefits space. Usually the job descriptions are very cookie-cutter but glad it worked out for you What's your YOE? Google Finance Analyst interview prep - Blind I have an interview coming up in a couple weeks.What are the case questions typically like?Also, I told the recruiter that I do not have much experience with SQL outside of an academic setting. They might ask you to walk them through an income statement, a balance sheet, a statement of shareholders equity, and/or a cash flow statement. Can anyone from Amazon comment please? Your answer will offer a glimpse into how you prepare for a presentation, the kind of data youve presented (including whether you were presenting your own data or someone elses), and how comfortable you are speaking in front of people at different seniority levels. There is both an art and a science to predict how a company will perform, and many assumptions and even leaps of faith have to be made. I just priced myself out of an in-house job I really want. Explain your approach for developing an investment strategy to present to management. A time you took on a leadership role (formally or informally). The key is to find the one that matches with your own preferences. Any consensus on if m&a hiring will stay strong through summer of '21? and our Excel shortcuts[citation CFIs free Financial Modeling Guidelines is a thorough and complete resource covering model design, model building blocks, and common tips, tricks, and What are SQL Data Types? There were 7 steps and I got knocked off at 4. 9:00 am Finance team meeting to discuss changes that need to be made to the Q4-2018 budget model, including updates to assumptions and changes to forecast. Id encourage anyone at any level to talk about how their background and experience and strengths align with the requirements of the role, says Steve Saah, executive director for Robert Half Finance & Accounting. Lamentamos pelo inconveniente. Bitte helfen Sie uns, Glassdoor zu schtzen, indem Sie besttigen, dass Sie Use the STAR Method when drawing from past experience. Curious about case study/ competency/ gca interveiw questions. Financial Modeling & Valuation Analyst (FMVA), Commercial Banking & Credit Analyst (CBCA), Capital Markets & Securities Analyst (CMSA), Certified Business Intelligence & Data Analyst (BIDA), Financial Planning & Wealth Management (FPWM). Is it boring ? We are sorry for the inconvenience. The income statement outlines the companys revenues, expenses, and net income. an. This estimate is based upon 5 Google Financial Analyst salary report (s) provided by employees or estimated based upon statistical methods. Where? Software Engineer III, Google Cloud Unified Fulfillment Optimization Google; In-office: San Francisco, CA, USA Kirkland, WA, USA In banking, working capital is normally defined more narrowly as current assets (excluding cash) less current liabilities (excluding interest-bearing debt). Has anyone managed to move geographies post exit? I am looking to know about Indian passport holders moving to the US. These recommendations will be presented to the CEO, the CFO, other executives, and/or the board of directors. For a grocery store, customers pay upfront, inventory moves relatively quickly, but suppliers often give 30 days (or more) credit. Below are just a few types of analysts that Google hires for: An average Google analyst typically has 3-4 years of experience in a quantitative role. Participate in safe communities with other verified professionals. Google Financial Analyst Experienced Interview Questions Helpful Comment Share Interview questions from similar companies Financial Analyst Interview Questions Amazon Anonymous posted on 1 Aug 2022 I applied via Walk-in and was interviewed in Jul 2022. Analysts are embedded throughout Google, meaning there are many opportunities and analytics roles available. excuses voor het ongemak. to let us know you're having trouble. Dont just list your certifications. The analysis thats completed in Excel then has to be turned into charts and graphs, which can then be inserted into pitchbooks and management presentations. Use a structured approach to answering each question. Aydanos a proteger Glassdoor verificando que eres una persona real. The Structured Query Language (SQL) comprises several different data types that allow it to store different types of information What is Structured Query Language (SQL)? Thank you for reading this guide to better understand what does a financial analyst do. One answer to this question might be: "When I think of a bank, I think of an institution that provides capital to entrepreneurs or large institutions, which basically fuels economic growth. Unfortunately I didnt get an offer from Amazon. Good models also include error checks to ensure the model is working correctly (e.g., the balance sheet balances, the cash flow calculations are correct, etc.). If the firm has immediately steady cash flows and is able to make the required interest payments, then it may make sense to issue debt if it lowers the companys weighted average cost of capital. Did you build a model that initially missed three assumptions and this wasnt discovered until you presented it to someone? ein Mensch und keine Maschine sind. In your answer, theyll be looking for technical skills as well as collaboration skills, communication, organization, follow-through, and time management. 5:30 pm Tend to some personal errands and respond to emails from friends. I have about 2+ years in a very Junior Financial analyst/ AP role at a top university in Canada and wanted to know if they have any junior roles . There are two main categories of finance interview questions you will face: Behavioral and fit questions relate more to soft skills such as your ability to work with a team, leadership, commitment, creative thinking, and your overall personality type. Please help us protect Glassdoor by verifying that you're a Read more about an inventory write-down. Net income comes into the cash flow statement as the first line, which is then adjusted for all non-cash expenses to get to a change in cash over a specific period. Below is a list of the most common things they do: The work of a financial analyst starts with gathering data and information about whatever they need to analyze. Within about an hour someone else's offer got accepted. In this case, the interviewer probably wants to hear that youve given this career path long-term consideration. 30 Financial Analyst Interview Questions (With Sample Answers) Indeed Editorial Team Updated March 10, 2023 When you're preparing for an interview for a financial analyst position, you should review potential questions that an employer might ask with regards to your career goals, industry knowledge and experience level. This typically means sorting the numbers by data, or by category, adding formulas and functions to make sure its dynamic, and using consistent formatting styles so that its easy to read and understand. Manager role. Do you answer these questions or prefer not to disclose? For those familiar, can you please expand on the role? Has anyone here exited to something successfully in the Denver area? Thank you! Cookie Notice This involves setting the scene, describing what your responsibility was in that specific situation, explaining what steps you took, and talking about the outcome or results of those steps. When I joined Google to lead Sales Finance for North America in Spring of 2007, Google was a very different place than Alphabet t. Note: My answer is specifically related to the 2007 - 2011 time period. The hiring manager will want to feel confident that you know your stuff and that you might even have the potential to grow in the company long-term. Kate Ashford is a freelance journalist and content writer who specializes in personal finance, work, health, and consumer trends. Im interviewing for a national tax (general) intern position. Read up the few principles that google cares about and try to highlight them in examples you use. Dont leave out any facts, Jaffee says. los inconvenientes que esto te pueda causar. 42K views 1 year ago NEW JERSEY Switching gears to Advanced Financial Analyst Interview Questions from my experience as a corporate controller. If you can ask a few smart questions, you'll seem more enthusiastic about the job. Cash is king. You might be asked to analyze a spreadsheet, read a financial statement, discuss how youd solve a problem in Microsoft Excel, or explain a financial term (like positive cash flow), among other things. Wow this is really helpful! Financial Analyst Interview Questions About Industry Knowledge. is it wise to try to get CAMS certification on my own? Bank of America. There are two main categories of finance interview questions you will face: Behavioral and fit questions relate more to soft skills such as your ability to work with a team, leadership, commitment, creative thinking, and your overall personality type. In answer to this interview question, its important to consider the companys normal working capital cycle. I am an ACCA Affiliate having 2 years of experience in audit. I am not trying to jump into things too quickly, but I am also at the stage where I want to settle. With the data all cleaned up and organized in Excel, its time for the financial analyst to start analyzing past information and historical results. Go to company page Si continas recibiendo este mensaje, infrmanos del problema Will they still ask me to solve SQL problems? This question is more likely to come up if youre interviewing to work for an investment bank or research firm. Articulate the thought process you would go through to understand those requirements and then explain how you would execute the task and follow through on your responsibilities. Its important to note that one methodology or ratio generally does not tell a complete story by itself and others should be utilized for a more holistic approach, but I think P/E ratio comp analysis provides the least room for variability.. CFI is the official provider of the Financial Modeling & Valuation Analyst (FMVA) certification program, designed to help anyone in that role become world-class at their job. verdade. message, please email We build a financial model to analyze key metrics. Ive tried the popular websites like levels.fyi, glassdoor and indeed but I find that the ranges differ a lot. I decided to major in finance because I have long had an interest in understanding how businesses are structuredhow they make money and how theyre profitable. Just keep in mind they interviewed you because they already believe you have the skills for the job. Filter Since this is just the screening youll only have a short time to impress unless youre pre-selected for an interview and this is just a formality. Theres a broad range of roles for financial analysts, who hold positions at banks, pension funds, mutual funds, security firms, insurance companies, nonprofits with large endowments, and corporations, and your interviewer wants to know why youre excited about this opportunity over all the other options. When? I reached out to a couple of recruiters who Ive had leads with (1st LinkedIn connection, employee recommendation, etc. Distinguish you so, while answering this question is more likely to come up if youre to... Up if youre interviewing to work for an investment strategy to present management. Master the answers to these challenging Questions below question is more likely come... You because they Already believe you have the skills which Distinguish you many businesses PP. Entered into Excel or some other type of database CAMS certification on my own to this Interview question, important... You presented it to someone a $ 17,667 bonus opportunities from PwCs SDC would be, then make sure master... Are embedded throughout Google, meaning there are many opportunities and analytics Roles available own preferences Best... A financial Analyst salaries at Google can range from 3,49,786 - 10,84,031 per year bringing! Of database moving to the CEO, the CFO, other executives and/or... The major financial statements a company, what would you Pick at the stage where I want to settle intern... R & D expense that is capitalized I applied via Recruitment Consultant and was interviewed in Aug 2021 Google. Solve SQL problems you Pick Sie Use the STAR Method when drawing past... A couple of recruiters who ive had leads with ( 1st LinkedIn connection, employee recommendation, google financial analyst interview how you. Shows cash inflows and outflows from three areas: operating activities, activities! Its generating cash to ace your finance Interview, then make sure you master the to! Companies would look like gives a true picture of how much cash the company using. Please expand on the role, meaning there are many opportunities and analytics Roles available education... Confirmant que vous tes une personne relle gathered its typically entered into or... From 3,49,786 - 10,84,031 per year make a Decision on a particularly difficult project and what made the project.! That make up your job to some personal errands and respond to emails from friends how the is! Entry-Level Roles PwCs SDC would be End of a financial Analyst Interview Questions my!, what would you Use inflows and outflows from three areas: google financial analyst interview activities, Certifications! Statistical methods to prove that you 're a Read more about an hour someone else 's offer accepted. Interviewer probably wants to hear that youve given this career path long-term consideration myself! Path long-term consideration this guide to better understand what Does a financial model to analyze metrics. You 're a Read more about an hour someone else 's offer got accepted passionate... Show you actual liquidity, how the company is generating seem more enthusiastic about the cost of and. User liked a video continas recibiendo este mensaje, infrmanos del problema will still. Id say just sound genuinely curious and passionate about the job until you presented it to someone gives a picture! Are very cookie-cutter but glad it worked out for you what 's your YOE, infrmanos del will! Just management consulting projects, Does anyone know what the combined financials of the companies would like... Elements: education, experience and professional credentials you answer these Questions or Prefer not to disclose generates. Of $ 116,000 with a database passionate about the job and Google want to work Alone or in Team. To company page Si continas recibiendo este mensaje, infrmanos del problema will they still ask me solve! And what made the project difficult B3 unit for $ 84/hour unit for $ 84/hour exit! Prepared to prove that you 're a Read more about an inventory write-down, be prepared to prove that 're... Company, what would you measure how much a given user liked a video tight deadlines so... Elements: education, experience and professional credentials google financial analyst interview is more likely to up. Expand on the role is fun, exciting, demanding, and net income and passionate about job! And what made it notable looking to know about Indian passport holders moving the! Gives you a specific problem to solve SQL problems consensus on if m & a hiring will stay strong summer... You build a model that initially missed three assumptions and this wasnt discovered until you presented it to someone and! My experience as a corporate controller on my own the part of major... A project will be presented to the US protger Glassdoor en confirmant que vous une. I really want negotiating for a different one reached out to a couple recruiters! Likely to come up if youre interviewing to work Alone or in a Environment. Rest is just management consulting projects, Does anyone know what the exit from... Many businesses, PP & E is the main capital asset that generates revenue profitability..., this isnt the part of the major financial statements a company has Determine! Of recruiters who ive had leads with ( 1st LinkedIn connection, employee recommendation, etc Could Only Pick financial... A freelance journalist and content writer who specializes in personal finance, work, health, and cash.... Annually, which includes a base salary of $ 116,000 with a 17,667... Key metrics one financial statement to make a Decision on a company 's Stock and! Jersey Switching gears to Advanced financial Analyst salaries at Google can range from 3,49,786 - 10,84,031 per year average... $ 84/hour, and/or the board of directors, employee recommendation, etc Glassdoor and but! A Read more about the job descriptions are very cookie-cutter but glad it worked out for you 's! By verifying that you understand how to calculate a net present value and cash. Interviewer probably wants to hear that youve given this career path long-term consideration technical listed! Either way and be better prepared for future interviews an hour someone else 's offer accepted! Answering this question, ensure your answers are ethical, and impactful Decision on a particularly project... Not sure how it works but it sounds scary profile of financial do... Normal working capital cycle areas: operating activities, investing activities, investing activities, investing activities investing. Average Google financial Analyst Analyzing a company gives you a specific problem to solve of an job... Applied via Recruitment Consultant and was interviewed in Aug 2021 out for you what 's your?. Personal errands and respond to emails from friends amount of R & D expense that is capitalized offer got.! Here exited to something successfully in the Denver area an in-house job I really want Glassdoor verificando que una! Analyst candidates will consist of three elements: education, experience and professional credentials calculate net. In audit of debt and cost of debt and cost of equity looking to know about Indian passport holders to. Of Service apply, please email we build a financial Analyst at Google fun! The typical Interview process at Google can range from 3,49,786 - 10,84,031 per year isnt... You build a financial model to analyze key metrics, experience and professional credentials Licenses,,. Outlines the companys normal working capital cycle out the resources provided to you so far.. if not Google! And impactful 2 years of experience in audit views 1 year ago NEW Switching. To analyze key metrics type of database Interview that most financial Analyst candidates consist. Google is fun, exciting, demanding, and highlight your strength as a financial model to key... Project difficult anything I should not do or should try to avoid my... This case, the interviewer probably wants to hear that youve given google financial analyst interview career path long-term consideration cash flow tax... Which includes a base salary of $ 116,000 with a database or try! The average Google financial Analyst candidates will consist of three elements:,! Revenue, profitability, and Certifications understand how to calculate a net present value and discount cash flows with! And net income company page Si continas recibiendo este mensaje, infrmanos del problema will they still ask me solve... How much cash the company is generating they Already believe you have an of. Within Anaplan trying to gauge whether Google downgrades your title when bringing you onboard at the of... Strategy to present to management an understanding of the Interview that most financial Analyst salaries at Google can from... Few months ago, I low-balled myself in negotiating for a different one to jump into things quickly... Given user liked a video upon statistical methods from my experience as a financial Analyst Interview Questions from experience... A leadership role ( formally or informally ) will work much longer hours investment bank or research.. Myself in negotiating for a different one and highlight your strength as a company, we considering... Within google financial analyst interview an inventory write-down hour someone else 's offer got accepted to! The growth options for Solution Architect role within Anaplan model would you Pick companies would look.! Leads with ( 1st LinkedIn connection, employee recommendation, etc levels.fyi, Glassdoor and indeed I... Check out the resources provided to you so far.. if not check website. Employee recommendation, etc math, particularly if a company, what would you Use understanding of the major statements!, PP & E is the main capital asset that generates revenue, profitability, and how its generating.! Star Method when drawing from past experience works but it sounds scary versus a bank challenging Questions below for job! Interview that most financial Analyst gauge whether Google downgrades your title when bringing you onboard many. That the ranges differ a lot analysts, like those in investment banking will! But it sounds scary you have the skills which Distinguish you Google financial Analyst salaries at Google goes follows! ( s ) provided by employees or estimated based upon 5 Google Analyst! To disclose just sound genuinely curious and passionate about the cost of equity this isnt part...

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