Goldman Sachs Interview Questions

Interview Process

Most applicants for Goldman’s summer internship will follow a structured interview process before receiving an offer to work at the bank.

1. Resume Screen
2. Hirevue / Video Interview Submission
3. Superday / Final Round Interviews

Resume Screen

In this year alone, Business Insider reports that Goldman Sachs received a record high of 236,000 applications for its summer analyst program. With that in mind, companies like Goldman typically cut a majority of candidates during the resume screening process.

To learn how to sharpen up your resume, check out the article “My Goldman Sachs Investment Banking Resume”.

Video Interview (Hirevue)

After passing the resume screen, you’ll be offered an opportunity to complete a video interview (also known as a Hirevue) to answer a few questions about yourself and why you would be a good fit for the job.

For those unfamiliar with Hirevues or video interviews, most investment banks will use this type of platform for candidates to answer pre-recorded video questions.

Typical Hirevue Structure

• 3-6 questions
• 30 seconds of prep time per question
• 2 minutes to answer
• 1 attempt per question

Goldman Sachs typically only asks candidates behavioral questions in the Hirevue, but some of the banks may sometimes put in one or two technical questions. To best prepare for this section, see the behavioral questions and answers section in this article.

Superday (Final Round Interview)

If you make it past the Hirevue stage, then congratulations, you have made it to a select group of candidates ready to take on the final round of interviews. The superday at Goldman Sachs and similar banks typically consists of 3-4 back-to-back interviews.

These interviews will likely contain a mix of behavioral and technical finance questions. Goldman Sachs is known to ask mostly behavioral questions, but experiences will vary depending on the interviewer and the candidate's previous finance experience.

Behavioral Questions:

You’ll be able to prepare for most behavioral interview questions with the breakdown below.

1. Understand the position. Interviewers can test this with a number of different questions. It will be critical to know the role you are applying for and how that role adds value to the firm.
2. Your motivations for applying. The industry is known for its high employee turnover. Be able to speak to why you would want this job outside of money or prestige.
3. Financial news. Candidates genuinely interested in finance will be up to date with financial news. Common sources include the Wall Street Journal, Financial Times, etc.
4. Situational questions. Banks like to test character and the ability to perform in difficult situations. Be ready to answer the “What would you do” and “Tell me about a time” questions.

See sample questions and answers below.

Q: Why Goldman Sachs and why the division you are applying to?

A: I’m interested in the investment banking division because of its role in leading transactions that help transform today’s most consequential corporations, and subsequently, in shaping the strategic outlook for the industries in which these companies compete. Goldman is particularly well known for its leadership and strength in investment banking, exemplified by its #1 position in worldwide announced and completed M&A and IPOs for 2021. This type of exposure, especially at the junior level, would be incredibly valuable not only to understand the dynamics of the industry but also to play a contributing role in it. 

After speaking with representatives across IBD at school info sessions, I think that Goldman’s culture is also one that I align closely with. The emphasis on teamwork, in serving as a cog and being adaptable to scenarios across the deal process, and on ownership, given the lean deal team structure, are things that resonate with me and things I look for in an ideal workplace. 

Q: Describe a current event or recent transaction that you find interesting.

A: One recent transaction that I find interesting is JetBlue’s proposed all-cash acquisition of Spirit for $3.8bn. What I find interesting about this transaction is its implications on the airline industry and how the regulatory backdrop on antitrust may impact the potential outcome. While I think there is a strategic rationale for the acquisition since it will 1) expand JetBlue’s route footprint to challenge the Big Four airlines; 2) provide immediate fleet expansion for an industry challenged by broader supply chain woes and mishaps for manufacturers like Boeing; 3) diversify offerings to include ultra-low cost flights, I still see some potential risks. The publicity around JetBlue’s competition with Frontier to outbid each other for Spirit’s assets raises questions on if Spirit’s fundamentals truly justify the price. In addition, despite the airline industry being heavily dominated by the four leading carriers, the DOJ and FTC’s increasingly antagonistic view towards large corporate acquisitions may pose a threat to execution. Goldman’s role as financial advisor to JetBlue exemplifies the firm’s reach across sectors in leading some of the most relevant transactions to consumers globally. 

Q: Why have you applied for IBD Classics (coverage groups)?

A: I am interested in IBD Classics because of the broad exposure the group provides to various financial products and transactions. Unlike many other major competitors, the fact that Goldman’s coverage teams have M&A housed internally means that I’ll be able to take greater ownership and have more exposure to M&A deal processes, whether that be putting together CIMs or running with the valuation and EPS analyses. The fact that Goldman has been #1 in global completed M&A for 22 of the past 23 years speaks to the types of transactions I may have the opportunity to oversee. In addition, I’ll be able to get exposure to other transformative deal processes given the group’s strength in equities and increasing presence in debt. 

Q: Why have you applied for IBD Financing (product groups)?

A: Debt has always been a product that I’ve found most interesting because of its complexity and nuance, and working in a debt group at Goldman is something I want to be a part of. In Lloyd Blankfein’s last letter to shareholders back in 2017, he noted that five years prior, the bank had identified debt underwriting as one of its key strategic priorities. By 2017, Goldman produced nearly $3 billion of net revenues from debt underwriting, more than double the Company’s average from 2009 to 2011. Today, the group ranks third in the league tables for debt, all while having a marginal balance sheet compared to investment banks with commercial banking arms. What this tells me is that what differentiates Goldman’s underwriting capabilities is the strategic advice that comes along with it. Getting to learn in this environment is something that I find would make a compelling opportunity for a career. 

Q: How does your experience make you a strong candidate for the job?

A: My previous experience as an FP&A summer intern allowed me to develop the spreadsheet modeling fundamentals that I believe will be very transferable to the job. This experience which involved transforming data into revenue and cost forecasts will allow me to make the thoughtful business decisions valued by companies and clients.

Q: Where do you see yourself in 5 years?

A: It’s hard to say that I know exactly where I want to be in 5 years given how early I am in my career. As a rough guide, I know that I want to spend my early years learning all the little operational details that allow the firm to run on a day-to-day basis. Then towards the end of the 5-year mark, I’ll hope to be able to transition to more of a leadership role where I will be qualified to make more thoughtful and insightful business decisions.

Q: Tell me about a time you didn’t get along with a coworker.

A: I was working on a group project for one of my classes where another group member and I had an initial disagreement because we both wanted to take on one particular part of the project. To resolve the issue, we decided to break down the project into smaller sub-deliverables so that we could both share some of the responsibilities for that section. As a result, everyone came out satisfied with their responsibilities and we were even able to better leverage our individual strengths. This was reflected in our final work product, which exceeded expectations for the assignment. 

Q: Tell me about a time when you were part of a failed project.

A: I was working on a group project for a sister team within the company. The project was quite ambitious, but I wanted to be able to make a great first impression by promising the project would be complete in 2.5 weeks. The project ended up taking 4 weeks, which reflected poorly on our planning, organization, and ability to execute. From this experience, I learned to be more thoughtful in my approach to project milestones and internal team communication. Since then, I’ve given out more conservative estimates on deliverables, as it's always better to “under-promise and over-deliver.”

Q: Give us an understanding of the job you applied for.

A: From my understanding, the equity research department is responsible for providing institutional investors with perspectives on a company’s value based on its underlying financials and business drivers, both macro and company-specific. These perspectives are synthesized in research reports and ultimately form the basis of a bank’s recommendation to buy, sell or hold shares of a specific company. Equity research analysts typically cover a group of companies within a particular sector of an industry, such as Chemicals which more broadly falls under Industrials.

Q: What do you like to do outside of school or work?

A: I enjoy playing basketball with my recreational campus team. I like the competitive nature of the tournaments that we play in and I find that many of the skills needed to perform well on a basketball team are very much applicable to professional work. I also find the strategic part of the game to be very interesting. You have the opportunity to optimize the performance of a team by leveraging different strategies that suit different players in different game scenarios.

Q: What is a weakness that you have and how are you working to improve it?

A: Although I was able to gain experience in financial modeling over the past summer, one area I think I can become more proficient in is technical software like SQL and Python. As technology continues to advance and businesses continue to leverage more data, I believe it will be increasingly important to understand SQL and other data-oriented software skills. I am currently taking an SQL course at my school and I’m excited to be able to apply some of these learnings in my next professional role.  

Technical Questions & Brainteasers:

Be sure to have a fundamental understanding of finance and accounting. You’ll want to be able to speak comfortably about the 3 main financial statements, the 3 core valuation methods, and other financial terms common in the industry. To best prepare, check out our Complete Finance & Valuation course.

Banks and other financial institutions also like to use brainteasers to test creativity and your ability to solve difficult problems under pressure.

To review sample technical and brainteaser questions, check out this guide on Must Know Finance Interview Questions.

Additional Resources

If you’re interested in leveling up your technical finance knowledge to land a competitive finance internship or full-time job, check out our Complete Finance & Valuation Course.

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