done these on both sides of the fence. common in FS and most rigorous in capital markets - this industry wants content not just generic bodies, and is stuffed full of ex consultans who know all the wheezes; the client will want to know you understand the subject domain in depth, so research. impact of getting turned down depends on whether your firm knew they were chancing their arm putting you up for it.. don't bullsh*t in the interview, just demonstrate how you can add value