Online Application
This will take around 1/2 hours to complete. It requires you to fill out your personal details, education history and any work experience you have. Goldman requires a CV, however, they don’t require a cover letter, instead, they ask for a 300-word mini-essay on why you wish to work in the division you’ve applied for.
How to respond for success
Firstly, Louis recommends finding out when applications first open for your required internship role and making sure you get your application in within the first 2 weeks. It is important to include all relevant skills, hobbies, experiences and achievements in the application form.
Goldman allows you to apply for up to 3 divisions in your application, however, Louis recommends only applying for one because each division you apply for is sent the same 300-word mini-essay.
Louis believes that for example, if investment banking saw you apply for Asset management too, they would be less likely to progress you through to the next stage as you don’t have a clear vision on which area you wish to work in.
It is difficult to show passion for 3 different finance divisions in the space of 300 words. So he recommends being precise and detailed with one division.
Expect a 3-month wait before progressing to the next stage.
Virtual Interview
This stage is split into 5 separate questions, where you record yourself answering each one. You get around 20/30 seconds to prepare an answer before you have to answer each question. Louis remembers the first 3 being a mix of competency-based questions, and generic questions related to Goldman Sachs as a firm and why you’d want to work there. Then, the final two questions will be specific to the division you are applying for.
Example task
The competency based questions are generic, ‘tell me about a time when’. You are also likely to face questions along the lines of ‘Why do you want to work at Goldman Sachs?’.
How to respond for success
To successfully answer the other questions, be sure to read up on Goldmans core values, and do in depth research into the division you're applying for. Being able to show good commercial awareness, and talk about recent deals of your applied division will stand you in good stead.
Expect a 4 to 6-week wait before progressing to the next stage.
Interview
In this stage, you will face an in-person interview, which is likely to be with a number of analysts and associates. This process will take a couple of hours and you will speak to different people individually.
Example task
You will be asked in-depth about the technicals, for example in IB, what WACC (Weighted Average Cost of Capital) is, or possibly how to calculate ROE (Return on Equity). After his first round of Interviews, Louis received a unanimous ‘YES’, which essentially fast-tracked him to an offer at Goldman. However, the majority of the time, especially when applying for divisions such as IB, you may be asked to proceed to a final round interview. This could be on the same day, or it may be scheduled for a later date. Do not worry, you will be informed well in advance.
Expect a 4 to 6-week wait before progressing to the next stage.
Final Interview
This is the MD / Senior VP round. Similar to the first round interview, you will speak to a number of people individually. The job of the MD is to work out whether they believe you would be a good fit at Goldman, and how easy you would be to work with.
Example task
A common test the MDs / VPs are asked to adopt is called the ‘Airport Test’, whereby they are asked to imagine a scenario where they are on a client project with the applicant, and they are stuck in an airport for several hours. If they could cope with being stuck alone with the applicant they are likely to receive an offer
How to respond for success
Make sure to come across as approachable. The ‘Airport test’ metric is specifically used to decide whether you would be a good person to work alongside.
