This is my experience at Goldman Sachs for a graduate scheme at their Global Investment Research (Equity).
I imagine it can be pretty different depending on the student’s background.
First round: 30 min, two interviewers. Competency based plus motivation question (why research in finance? give me an example of an achievement/a situation where you were out of your control zone + an example of something you had to do under time pressue + an example of a time when you had to influence others). Quite “classic”. Time for me to ask questions. Got emailed back the next day to book in the second round.
Second round: 45 min for the tests and 5 interviews face to face 30 minutes each, no break. 7 to be interviewed candidates had no break to break of 30 min to 2h btw interviews.
Tests: Verbal and Numerical NO calculator.
How has the market evolve the last year. What’s the difference between company X and Y. Value company X. One Fermi type question.
Why interested in equity. What would you do if i gave you 10m$. If company X trades at 9 times their earnings and company Y at 12 times which one is the most interesting. What is the value of the car insurance market in UK. Why should i hire you. Question on courses i attended. What’s entrepreneurship? Why finance. If you’re interested in economy and finance why don’t you just read the ft? I give you £1000 to invest for a year where do you invest them? You’re given company X’s annual report, estimate their revenue and profit for next year. What’s your greatest achievement. What did you do at company X. Which sector would you be interested in. What are your strength and weakness for the job. What would you need to develop. Which skills would you need to develop at GS. Do you have any sale skills. How do you feel like working in a team? What if you don’t like the job after 3 years? Why GS more than UBS? Why GS has such a bad press?
Got called back a week after to tell me I did not get the job and give me feedback. I kind of expected it was negative as I trusted that if it was positive they would have called me the next day like after the first round but maybe I am wrong.
Hope that can maybe help.