May 30, 2012
Hi everyone, last week we concluded with our tips on consulting companies. This week we will be highlighting tips and tricks on how to tackle finance companies and creating a fine resume when applying. To begin this week we have started off with Goldman Sachs.
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Founded in 1869 by Marcus Goldman an immigrant from Europe, Goldman Sachs was a small enterprise started to present an alternative to high-priced bank credit. Goldman Sachs is regarded as one of the oldest and most prestigious investment banking and securities firm, also goes by the name ?King of the Hill? on Wall Street. It is a public company dealing in various lines of business including asset allocation and management, provides advice on mergers and acquisitions, prime brokerage and underwriting services to its clients. The company is a prime dealer in United States Treasury Security market and also engages in private equity and market making deals. The company has 62 offices worldwide with 30,000 employees.
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So what?s the buzz on getting hired at Goldman Sachs?
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Goldman Sachs known for its expanded reputed success and well established divergent business culture has permitted the company to retain the brightest candidates. The company recruits mostly from the top tier universities but also seeks flair from other universities. The candidates that are being recruited for Goldman Sachs are assessed on six parameters-
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-????????? leadership,
-????????? achievement,
-????????? analytical thinking,
-????????? teamwork,
-????????? commercial focus and
-????????? ability to create an impact.
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The company offers noteworthy rewards, limitless career opportunities, responsibility early on and supreme exposure. But in return the company expects enthusiasm, strong drive and commitment from its employees. The average salary of an associate at Goldman Sachs is $100,856 and analyst is $63,444(Source- Glassdoor).
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Well if you desire to work for Goldman Sachs your degree discipline is not the only factor that the firm considers. They also take into account your sharp sense and interest in financial markets. It?s not surprising that a reputed firm like Goldman Sachs runs a competitive recruitment process for internships as well as graduate programmes. Nevertheless, if you wish to establish yourself as an associate or analyst at Goldman Sachs it is mandatory for you to possess an MBA qualification with 2-5years of work experience. For more tips on interviews you can visit our interview tips section written by alum of Wharton and Goldman Sachs.
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Resume/ Cover Letter:
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Your resume will be regarded as the central item the recruiters use to decide whether or not to interview you. Nevertheless, it is important for you to reflect on your interests and experiences in the field of finance and banking. If you do not possess any work experience try to relate your skills to the necessary job requirements and responsibilities such as client interface, verbal communication skills, analytical capabilities and business acumen. Include other qualities like leadership position related to business, academic performance, achievements in social and extracurricular events and pursuits of excellence. Your resume should provide a reflection of who you are. Your academics should reflect that you are a challenging person and strive for excellence. Recruiters at Goldman Sachs are usually looking for SAT, GRE, GMAT scores and GPA?s. Make sure to include your scores in your resume.
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Your cover letter provides you with an opportunity to highlight your interest in that particular company and specifics in that field. Your cover letter should begin with what is exciting about the position you wish to acquire and what you can offer to the company. In the second section of your cover letter you should be able to highlight your pertinent skills and accomplishments. You should be able to integrate the two and emphasize how you fit in the company. Keep your cover letter grounded by exhibiting specific and relevant skills. For your work experience mention your skills achieved and positions held in retrospect to communication, leadership and teamwork. Further describe what you hope to achieve if you acquire the job. Be authentic, proficient and amiable. Keep the information in your cover letter a natural and articulate story.
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It is important to undertake career networking in the midst of a job search. Networking is considered one of the most priceless tools for acquiring a job. Your career network should not only be used for job search but also for moving up the career ladder. Recruiters at Goldman Sachs take keen interest in researching prospective employees. For example Goldman Sachs has a group on LinkedIn whereby users can read and post information in various discussions that might be useful to those who have worked or are working or those planning to work for the company. Alumni networks are a valuable tool for sharpening up your industry specific skills and to be in touch with industry related news.
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Recruitment Process:
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The recruitment process comprises of three stages:-
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Online application:
Your academic scores & accomplishments play an important role in online applications. The application will require you to provide your contact details, educational qualifications, language skills, exam results, work experience, achievements and certifications, resume and cover letter, other skills and motivation for applying to Goldman Sachs.
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To ace an online application it is important to prepare your answers well in advance and proof read them before filling out your application. Be concise and precise in your answers. This will give you an opportunity to understand the requirements in an application. You will mostly be required to take a numeracy test. Be sure to practise well in advance and time yourself for them.
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Round 1:
If your resume has created an impression for the recruiters you will be provided with an opportunity to be interviewed by two Goldman Sachs professionals. The company during the interview process seek for candidates that possess a balance of teamwork and competition, veracity and intensity, leadership prospective and intellectual oddity. Before you attend your interview prepare for it. Try to acquire and learn as much as you can about the financial market and Goldman Sachs entirely. The more you know about the company the more confidence you will have in answering the interview questions and presenting yourself. Increase your awareness about world affairs that affect and influence the company?s position. Reflect on questions and prepare answers for questions like-
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-????????? What are my long term goals?
-????????? What motivates me to apply to Goldman Sachs?
-????????? How can I convince the recruiter that my past experiences will help me achieve it?
-????????? Elaborate on a time when you had to make a tough decision?
-????????? Why do you want to pursue a career in investment banking?
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As well as knowing the industry you should be able to demonstrate interest in the area you wish to work in. You can also sign up for the mock interviews conducted by the alumni of Goldman Sachs. The practise interview with the alumni will provide you with their detailed verbal and written feedback that would help you focus on the areas you need to tailor and help you better prepare for the interview.
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Round 2:
Should you be able to clear the first round you will be offered to attend a second round of subsequent interviews where you will meet with company individuals from two divisions: the one you have applied to and the one the company may think that is suitable for you. The company is looking for candidates that possess competency skills and basic working knowledge of the area they are applying to. For example if you are applying to the securities division you will asked about current interest rates and where are they heading in the current market scenario. Further you will be assessed on your compatibility with the firm and your interest in Goldman Sachs. You should create an impression of a banker who is a leader and a team player. You should research extensively and ensure that you have sufficient information about the financial/ banking industry and the profession.
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If you are successful at the interviews and if the company feels you would be an asset to them they will extend you an offer.
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You can also register at Interview-Bay for mock interviews conducted by the alums of top financial companies. Our interviewers will help you practise for the interview with their meticulous verbal and written feedback.
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I hope our blog on finance companies will provide you with an easier approach in preparing for your interviews. If you liked our blog you can register with us on www. InterviewBay.com, like us on Facebook, follow us on Twitter and LinkedIn for our updates and join us in our discussions and polls.
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Stay tuned this week for our interview tips on finance companies.
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Source: Goldman Sachs
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