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goldman receives over 200 000 applicants for their analyst and summer analyst positions each year with an acceptance rate of just four percent how will you make sure you stand out and get in find out in this video hey guys i'm barbara from tap in and today i'm going to share with you everything you need to know to get into goldman sachs for this video we've spoken to current goldman interns and graduates who have given us their advice to help you with everything you need in order to secure an offer from the investment bank now before we get started for those of you that are new to the channel make sure you subscribe to tap in and hit that notification bell that way when we release new videos like these you'll get notified have you applied to goldman sachs or any other investment bank leave a comment down below and let us know where you replied and how that was like for you we've time stamped every section of this video so if you'd like to skip to a particular section check out the description box below let's jump straight into it goldman sachs reputation speaks for itself working at the firm is prestigious enough but oftentimes many of the bank's alumni go on to find a lustrous career of success even upon leaving from central banking to politics to tv anchoring many of the world's best and brightest started at the phone this can be intimidating to a prospective applicant but you certainly shouldn't let this deter you so how do you make a competitive application to this investment banking heavyweight this video is going to be packed with our top tips on what you'll need to get your foot in the door and receive an offer to work with goldman sachs but first what can you expect from an internship at goldman sachs your internship experience will really depend on what division you've applied for workdays typically start about 8 am to 8 30 am with typical end time falling in the range of 6 p.m to 1 am for interns and securities also known as markets elsewhere along the street a workday could start at 6 a.m and finish reasonably early for those in investment banking start times could be later but end times are undefined and for other areas such as investment management hr risk and operations the times will be more of a typical normal working day what do you do in that time though for interns the days are often filled with networking and shadowing it's your responsibility to arrange this so for front office roles in an investment bank it's important to ask yourself whether you're comfortable with taking initiative and being a people person goldman sachs placements are traditionally structured with a large emphasis on rotation in a summer internship you'll rotate every two weeks with the prospect of any one of your managers giving you work whilst you're on a different desk for this expectations management relationship management organizational skills and resilience is key treat face time with the firm's employees as learning opportunities you will also be assigned work projects and buddies or mentors as well as being invited to attend speaker events times you'll find the best way to split your time is to spend the day talking to employees and the evenings completing your work all that work won't be in vain though because you could potentially be making a whopping 6 000 a month interning for the company there are actually two different processes you can take to get an internship at goldman sachs the first process is arguably trickier the assessment process involves over five phases and the internship takes place in your penultimate year of university the alternative way is to apply for a divisional spring internship in the first year of university or second year of a four year course if you've applied to other investment banks before you're probably familiar with online numerical tests logical reasoning and verbal reasoning tests you must complete while applying well scrap all of that as goldman sachs don't believe in those to apply all you need is a cover letter and cv now right off the bat a first class in your degree isn't a prerequisite for obtaining a job offer or a degree from what's often described as a target university some people in goldman sachs don't even have a degree however goldman sachs do ask for an academic transcript and the recruitment process is incredibly competitive so if you can demonstrate academic prowess it will support your application try to stay on track for a 2-1 or a first now we know it can be incredibly frustrating to be asked for experience for a job you're applying to to gain experience for these companies though especially for companies like goldman sachs work experience is necessary to demonstrate dedication enthusiasm and cultural fear without work experience your application won't stand out against the other applicants recruiters at goldman sachs are looking for full cvs with experience not just grades starting off with week-long work experience are a great way to stand out when applying for a summer or full-time position these week-long experiences can be called insight weeks aka spring internships because they typically take place during the easter holiday in university insight weeks give you the best chance to spend time in top firms shadowing professionals and getting a feel for the culture of a firm companies like barclays jpmorgan bmp parabol and blackrock are just a few other investment banks that offer these insight weeks another great way to stand out is to apply for different sectors during your insight weeks for example spending a week with operations at the black rock technology with jp morgan trading with bnp and investment with barclays inside evenings are offered to first and second year students at university which are fantastic ways to get work experience at other firms you'll get to meet people who work at the company chat with them and network make sure to network efficiently collect business cards and names you'll make a very good impression if you email them as soon as you get home thanking them for their time keep all these name cards as they will come in handy later top tip don't feel like only relevant work experience is what will stand you in good stead it's equally important to make sure you continue with extracurricular activities companies and especially goldman sachs want to see that you have a multi-dimensional personality and appreciate a diversity of backgrounds don't be afraid to put down that you are part of a drama society or the football team be prepared to explain what you took away from these experiences with regards to extracurricular activities there's no archetype for gs bangkok in fact the firm's current ceo david solomon dj's on the side [Music] once your cv is prepped polished and good to go you can proceed to directly apply to goldman sachs your cv should be neat to look at and contain a breadth of transferable experiences now you need to articulate why you and ygs in a cover letter goldman sachs cover letters are 300 words long and should be split into three paragraphs 100 words each covering why goldman sachs why the specific division you have applied for and why you there's only one thing that can help you with this part research research goldman sachs and the specific division you're interested in research what is they do what makes them different from other firms and what sort of qualities they are looking for in their applicants that way you'll be able to tailor your cover letter to highlight all of your strengths and link them to how you'll benefit the company when in doubt check out the goldman sachs website as it is a good springboard and a good reference point click the link in the description box below to see a full list of goldman sachs divisions remember all of this research is a common handy layout never be inauthentic if you're successful in applying people will remember your video interviews and your general application they've started to build a picture of who you are in their head and you don't want to compromise that remember to make sure your answers reflect a genuine interest you can start this by building interest in advance by paying attention to what's going on in the news are you finding yourself drawn to the stories of the ipos and tech unicorns perhaps ibd is what you'd enjoy all stories on how companies are insulating themselves against brexit perhaps corporate effects is something you'd be interested in applying with some idea of what you want to say will be much easier top tip remember the inside evenings you went to reference the individuals you met and talked to you that night in your cover level this will make you stand out from the crowd and once again show your commitment to the industry and goldman itself elaborate on the specific conversation you have and why that motivates you to apply now when writing about yourself expand on your experiences of the societies you are part of at uni all the work that you've done and how they're relevant to the position you are applying for now this is your opportunity to breathe life into your cv and dictate how you want gs recruits to perceive you here's an example of how an unrelated society can benefit you being a part of the drama society committee gave me the skills to work in a team under pressure unrelated work experience can also be tailored to look relevant for example if you were a waiter or worked behind a bar talk about how this job taught you patience teamwork and proper customer service etiquette although try and build your experience in related fields as early as possible competitions for places is tough and you want to make sure your experience stands out when recruiters look through your application now if you're successful getting through to the next round you'll be asked to complete an online interview now don't confuse this with a skype interview instead goldman sachs uses higher view you won't be talking to a person but to a blank screen which will record your answers and send them off to the relevant department you'll get five pre-prepared questions each marked out of five stars you'll get 30 seconds to prep and around two to three minutes to answer now make sure you maintain healthy amounts of eye contact and use little to no verbal fillers these questions will be competency based testing your ability to handle situations that require fixing them you'll need at least three stars on each question to pass the test the key to video interviews is don't just immediately give an answer verbally demonstrate how you arrived at your answer for example if you get a question on your leadership skills follow this simple four-step process for answering situation task action and result or star for sure outline the situation you had to face describe your role in the task and your responsibility in this situation demonstrate the action you undertook to fix the situation and finally describe the final result now if you're asked a question on how you handled a dispute between peers here is an example of how you can fit in your leadership skills and extracurriculars situation a member of the drama society was having an issue with their fellow actor task as drama society president it was my duty to sort out the dispute action i invited them both down to an informal meeting so not as to seem too daunting and ask them to verbally communicate their concerns result it turns out that there was a massive misunderstanding and everything swiftly became cleared up we've included some more examples of these questions in the article on our website check out the link in the description below to see these top tip dress smart you may not be talking to a real person and you may be in the comfort of your own bedroom but you're still being recorded wear formal clothes to show your professionalism groom yourself and you'll make a good impression right off the bat you'll do this online interview and not hear back for a couple weeks now there's no need to panic it will take them some time to get back to you but if all goes well you will progress to the final phase goldman sachs don't just give you one final interview but multiple interviews goldman sachs would like you to meet as many people as possible the more people that meet you the better idea they'll have on whether you're the right fit for the company and the division you've applied for you'll get to see people from across the hierarchy from analysts to partners by this point you should know literally everything about the company and how it runs you'll be asked three types of questions in your interviews the competency questions will test your ability to think on the spot and solve problems an example of a frequently asked competency question is how do you handle a client who goes against the company policy you will also be asked technical questions these are questions that test your knowledge about the company the intensive research you have done will be vital here a commonly used question is what makes goldman sachs different from its competitors finally you'll be asked some brain teaser questions like how many light bulbs are there in the whole of the uk don't panic when you get asked these questions they don't care whether your answer is really correct or not rely on your new mantra show your thought process showing your thought process is vital if you don't know the answer to a question don't just say i don't know or blur out a random answer demonstrate how your thinking works and take the interviewers on a journey to what you think may be the right answer also don't be afraid to ask afterwards what the right answer is at the end of the interview you'll be asked if you have any questions never say no always have a question ready this demonstrates your passion to work for the company and shows that you truly do care some examples of questions you can ask me include what steps did you take to get to your current position ask them about their opinions on relevant current affairs their experiences working with the company what they enjoy and what they think needs to be fixed top tip be yourself of course your ability to answer the question is important but remember you'll be working long hours with these people for up to four months on an internship and a lot longer as an analyst to know that they can share workspace with you and that you're human and have a personality on the same day as your final interview you'll be asked to take part in the assessment center there are three main exercises goldman sachs require you to complete during the assessment center a commercial exercise and an interview a written exercise and a few psychometric tests at the beginning of the video we mentioned we'd return to the second simpler process of getting an internship at goldman sachs remember those inside weeks we mentioned earlier if you're lucky enough to get an insight with a goldman sachs they may offer you an interview to intern for them for the following summer this means you won't have to send in a cv and a cover letter to get the chance to do an online interview and you can skip straight to the final interviews however this back door to the company can only be secured once you complete an inside week just the opportunity to do an insane week at goldman sachs requires a different application process which is a whole other video altogether but be bold apply for spring insight weeks as they can be your golden ticket to securing an internship at goldman if you're not successful in your spring inside week application for any reason don't worry you can stick to the first process and be sure to be successful in your application make sure to let us know in the comments down below if you'd like to see us make a video on spring insight weeks and how to secure them now to quickly recap the application process prepare your application by honing your cv and networking apply with your cover and well-rounded tv research the online interview will require you to show your thought process make sure you are likable in the final interview and don't panic we really hope you found this video useful make sure you check the link to our website in the description below we've written detailed step-by-step guide on how to secure an internship with barclays and while you're there consider signing up a d joining the tapping community thank you guys for watching we'd like to say a massive thank you to israel and zara who are former and present goldman employees who supported us in creating this video if you found this video on how to get into goldman useful hit like on this video and if you haven't already subscribe to the channel share this video and help us on our mission to prepare 100 million young people for the world of work we do weekly videos preparing you for internships and grad jobs and have loads more videos on how to get internships and grad jobs in banking click here to check those out now if you have any questions video ideas or if there's anything you're stuck on let us know in the comments down below we will respond to all the comments we get on our videos i've been bothered for tapping and i'll catch you guys next time