40 Goldman Sachs Interview Questions & Answers
Table of Contents
- 1. Behavioral Questions
- 2. Capability Questions
- 3. Communication Questions
- 4. Compatibility Questions
- 5. Diligence Questions
- 6. Direct Questions
- 7. Discovery Questions
- 8. Education Questions
- 9. Experience Questions
- 10. Leadership Questions
- 11. Operational Questions
- 12. Scenario Based Questions
- 13. Situational Questions
- 14. Technical Questions
Behavioral
1. Do you consider yourself more analytically-minded or creatively driven?
How to Answer
It's important to remember that everyone can be both analytically minded and creative. So when able, try to strike a balance. The two approaches can intertwine very well. Since being analytical is a significant part of working in the wealth management industry, showcase how your analytical capabilities lend to your success, whether investigating a problem or researching its solutions. Perhaps you are very methodical in how you approach your investment strategies. Talk about your analytical mind and how it would benefit Goldman Sachs.
Yet keep in mind, under their core value of Partnership, Goldman Sachs states that they live that value by "Encouraging creativity and exploring new solutions." As they say on their website, "Our Investment Banking teams deliver high-quality strategic advice and creative financing solutions to our clients, including mergers and acquisitions, financing, and risk management transactions."
Written by Kevin Downey on January 25th, 2023
Entry Level Example
"I work on strengthening my analytical skills every day. While attending university, I would collect and analyze information, problem-solve, and make decisions based on various data sets. I will bring my analytical strengths to Goldman Sachs to help you solve problems; I will also bring a creative drive, putting a human touch into business development and client relationships."
Written by Rachelle Enns on January 25th, 2023
General Example
"My analytical skills shine when detecting patterns in finance trends, observing and interpreting data, and theorizing on where the market is going. I incorporate my creative side when brainstorming ideas for my clients. I remain highly analytical since those important decisions lean on multiple market factors. I take pride in my ability to pivot between analytical and creative thinking."
Written by Rachelle Enns on January 25th, 2023
Behavioral
2. Tell me about a time you had to adapt to a different culture.
How to Answer
This question tests your soft people skills. The more diverse a company's teams are, the stronger its track record toward innovation. A person who is uncomfortable when immersed in a culturally diverse environment might have difficulty navigating this question. They might stammer and struggle to find the right words, but a person who has experience being immersed in a culturally rich environment working with people from all walks of life will have no trouble navigating this question.
Written by Kevin Downey on January 25th, 2023
What You Need to Know
Goldman Sachs states that their "commitment to creating and sustaining a diverse work environment is absolute. Our clients' interests always come first. To continue providing our clients with creative ideas and solutions for operating effectively in a complex global economy, we must be fully capable of dealing with different cultures in an informed and nuanced manner. Experience has shown us that we can best serve our clients' interests by tapping the insights, talents, and judgments of a diverse workforce."
Not only does Goldman Sachs operate in nearly 40 countries, but due to the career opportunities they present for their global talent, you may end up working with Goldman Sachs employees who transferred to your location from other cultures. Additionally, there may be opportunities for you to grow your career with them globally.
Written by Kevin Downey on January 25th, 2023
General Example
"I've worked with some pretty diverse teams in my day. Recently, we had someone join our team who was Muslim and wore a burka. This wasn't a problem for anyone. However, I'd grown accustomed to making eye contact and reading body language to anticipate any issues or needs. Yet, in this case, there was no way to read this person's facial cues. I made a habit of checking in with everyone at different times of the day, so it didn't look like I was signaling them out. It required fine-tuning along the way, but it worked. No matter who is on your team, there's always something to learn."
Written by Kevin Downey on January 25th, 2023
Experienced Example
"I went on a business trip to China to visit one of our offices. I stayed for three weeks, and it was an adjustment. There were several differences when it came to customs in the workplace. I had assumed as much and learned as much as possible before the trip. Regardless, it was an adjustment, but I picked it up quickly, and on my first day back in the states, it was hard to drop those customs and get back into the swing of things."
Written by Kevin Downey on January 25th, 2023
Behavioral
3. Tell me about a time you stepped outside your comfort zone.
How to Answer
The interviewer hopes to learn more about your approach to your development. The level of a person's ambition can be revealed in how frequently they take the opportunity to learn new skills. It may also reveal if you are overly ambitious and frequently take on too many tasks. They want to know whether you're more likely to underperform on many tasks, over-perform on one task, or fall somewhere in between. Explain why your example was outside of your comfort zone. Specify whether you volunteered for this task or were challenging yourself. Offer what you did to ensure your success and describe the obstacles you faced along the way.
Edith Cooper, one of the top executives with Goldman Sachs, says, "I think in today's economy, operating outside of your comfort zone is really really important."
Written by Kevin Downey on January 25th, 2023
Entry Level Example
"When I delivered my thesis, I had to stand up in front of a group of people who were there to judge my work and, in effect, judge me. This was the culmination of everything I'd worked towards. I was nervous, but I believed in myself, so I focused on that and convinced myself that everyone would come around. I delivered my thesis with conviction. In the end, I felt like it was a success."
Written by Kevin Downey on January 25th, 2023
Experienced Example
"A supervisor had to leave for medical reasons. They needed someone to lead the project they'd been working on. Another supervisor asked if I could take over since I'd been the righthand clutch player on this project. I agreed and started by holding a meeting. I have a fear of public speaking, but I got up there anyway, explaining why I was taking over, and asked every team member what questions they had regarding the work they were assigned. From there, we clarified where we were taking the project, why it was important, how this work would impact other departments, and how each of their tasks fit into the puzzle. It turned out most of this was news to them, and my supervisor was only sharing this information with me and not the rest of the team. This made me uncomfortable as well. But I needed every one of them to be my clutch players, and they did. I got used to answering all the questions that came my way. I got used to delivering our daily meetings as well. With a deeper understanding, they all took greater pride in their work and were invested in what they were doing. We delivered ahead of our deadline, and the project was a success."
Written by Kevin Downey on January 25th, 2023
Behavioral
4. Tell me about a time you had to resolve a disagreement with someone senior to you.
How to Answer
This assesses how you deal with people in positions of authority, as well as your communication skills and emotional maturity. There is nothing wrong with disagreeing with your superiors when you are both pursuing the same goal and working as a team. Respond thoughtfully with a respectful tone. When possible, use examples where you disagreed on an approach to solving a problem and a meeting of the minds was reached. Objectify the situation, not the individual you disagreed with. Avoid examples that did not end amicably.
Written by Kevin Downey on January 25th, 2023
Entry Level Example
"I saw an opportunity to outsource an agency that performed well in our industry, better than the agency we were using. After I backed up my suggestion with hard data, my boss decided not to pursue it. He had greater confidence in the agency we were using, saying that they'd explored the option before, and it would cost too much time and resources to get that agency up to speed with the unique vision of our brand. Although I disagreed with their decision, I respected their reasons."
Written by Kevin Downey on January 25th, 2023
General Example
"A new supervisor was transferred to our department. They were on the fast track and cycling through several departments as part of their training. It was clear they were more interested in rubbing elbows than building relationships with their team. There was a lot of micromanaging with little check-in and many tirades when they didn't get the results they wanted but didn't communicate. I asked that supervisor if I could get a quick performance review and have it delivered by two supervisors instead of just them. When the three of us sat down for this review, the new leader was rather scathing, demanding more output from me since I was the clutch player for the team. Let's just say I was the QB. This didn't go well with the other supervisor, who called them out for expecting me to perform their job for them. This turned into a three-way discussion, and I was suddenly playing mediator. I objectively broke down the situation, spelling out where things were unclear in the department and explaining that the team wasn't sure most of the time what goal we were shooting for. Then there were a few private meetings over the next few days between them, and that individual's leadership style improved. I was careful not to point fingers or throw anyone under the bus. I felt a little bad, but considering the circumstances, it was the best I could do for the team."
Written by Kevin Downey on January 25th, 2023
Behavioral
5. Have you ever had any issues with work/life balance?
How to Answer
Any interview process is a costly affair for an employer. If they are short-staffed, other employees may pick up the slack and burn out faster. This affects morale and decreases productivity. Many payroll hours are spent screening applicants, interviewing, onboarding, and training. It is incumbent on those handling the rigorous selection process to do their due diligence in ensuring the person they choose can handle stress and won't bring their issues into work, further burdening and wearing down the team.
How you answer this question will offer the interviewer insights into how you cope with stress, either at work or at home. If you are stressed out at work, you'll burn out faster, and your performance will suffer. If an employee is stressed out in their personal life, it could not only hinder their performance but slow down the entire department, especially if they draw their coworkers into their drama. It's important to keep a healthy work/life balance to prevent burnout. Demonstrate that you balance both worlds. Offer an anecdote to drive it home. It's okay if you occasionally take your work home with you or if you need to take time off work for personal matters. The interviewer wants to know how you achieve a balance. It also allows you to show more of your personality and share a fun fact about yourself.
Written by Kevin Downey on January 25th, 2023
What You Need to Know
David Solomon, the CEO of Goldman Sachs, is known to have several ways he unwinds. He's been quoted as saying, "Spending time with my daughters is my favorite way to unwind." But in addition to being a family man, he moonlights as an electronic-music DJ, performing across NYC, and has also performed at high-profile gigs like the Lollapalooza music festival and other music festivals.
Written by Kevin Downey on January 25th, 2023
Entry Level Example
"That's an interesting question. I live in the moment almost all the time and find emotional balance around the clock. If a person isn't consistently balanced, I don't think they can handle extreme pressure at work. Like that old metaphor, when you are on the rim of the wheel, you'll go up, and then you'll go down, but when you are centered in the hub of the wheel, you are in the immovable spot."
Written by Kevin Downey on January 25th, 2023
Experienced Example
"I know how important it is to avoid burnout. For that reason, I create a solid work/life balance by keeping my day organized and sticking to my schedule as much as possible. I spend my weekends and evenings with my family and friends, doing things I love, such as going for a run, hiking in the mountains, or taking a bike ride, and that energizes me. Then there are my methods for ensuring my time management is habitual. No matter what alarm clock you use, the snooze button is there. I never hit mine. I keep a jar of chocolate-covered espresso beans next to my bed. When my alarm goes off, I grab a few of those and pop them into my mouth. Then I'm ready. If I have a lot on my plate at work or home, I evaluate every piece of the puzzle. I make it all fit into my week. Where there's a will, there's a way. Just spending that bit of time to strategize my week allows things to feel more sustainable."
Written by Kevin Downey on January 25th, 2023
Behavioral
6. Think about a demanding boss, client, or co-worker. How did you learn to interact with this individual?
How to Answer
The wealth management industry is high-stakes and requires thick skin at times. The interviewer wants to know how you interact with those who have challenging personalities.
Think about an individual in the workplace who you found difficult to please and how you interacted with them successfully. Show the interviewer you can adapt to various personalities while remaining professional. Avoid speaking poorly of anyone, and be sure to end your response on a positive note.
Written by Rachelle Enns on January 25th, 2023
What You Need to Know
Goldman Sachs has appeared on the 100 Best Companies to Work For list compiled by Fortune, in part due to its high compensation. However, it is also known for its highly demanding work culture, where many employees are often purported to endure 100-hour work weeks, work under highly critical superiors, and experience elevated stress. Yet, CEO David Solomon is known for increasing pay for the company's programmers and loosening dress codes. According to the information available online on the work environment or culture, this question might be specifically tailored to determine whether you are the right fit for this environment.
Written by Kevin Downey on January 25th, 2023
General Example
"I struggled most with an executive at my previous company. She was brought on with minimal experience in the finance industry but was known to be a 'turn-around artist' across multiple industries. She came out of the gates hard and lacked some professional couth. To win her over, I invited her to lunch with one of my biggest clients. I wanted her to see my work first-hand while also spending one-on-one time together. During that lunch, we bonded as humans, mothers, and professionals with common goals. She learned a lot about the company and industry, and I learned a lot about the skills she brought from her previous roles."
Written by Rachelle Enns on January 25th, 2023
General Example
"I have worked most of my career in the finance and banking industry, which attracts a large variety of personalities. I am a warm person by nature and have found it challenging to connect with those who are mostly analytical. My former boss was this way, so I adapted by sticking solely to the facts during meetings, presenting data, and giving a few opinions. It wasn't the deepest relationship of my career, but I made it work."
Written by Rachelle Enns on January 25th, 2023
Behavioral
7. How would you sell an investment product you did not believe in?
How to Answer
Think carefully before answering because this could be a trick question! Of course, the answer should be that you would never sell an investment product you did not believe in. The interviewer wants to know that you will uphold the integrity of Goldman Sachs by only promoting products you can stand behind.
However, this could easily fall under your ability to recognize that your client's needs are different from yours. So being transparent about your experience with the product, what works and what doesn't work about it, and informing them it might be tailored to their pain points or specific wants or needs.
Written by Kevin Downey on January 25th, 2023
Entry Level Example
"I would never sell an investment product I did not believe in. Before making any suggestions to clients, I think about what I would do if it were my financial future. If I feel any hesitation, I do further research before bringing the option to the table."
Written by Rachelle Enns on January 25th, 2023
General Example
"I can almost always find something positive in a product or service offering; however, that does not mean I stand behind it. In a nutshell, I would not sell an investment product that I would not buy into myself. A great deal of my work as an advisor is uncovering those features and drawing attention to them, allowing my customer to see the full picture before making investment decisions. I appreciate that Goldman Sachs operates by the same philosophy, which is one of the reasons I applied."
Written by Rachelle Enns on January 25th, 2023
Behavioral
8. Have you ever bent or broken any policies to make a client happy?
How to Answer
This question is a blend of honesty-based and client-service inquiries. Sometimes, organizations are okay with you bending the rules to keep a client happy; however, in the wealth management and finance industry, this is a difficult balance to strike. You need to know your audience and never break any legal obligations in the name of customer service.
Written by Rachelle Enns on January 25th, 2023
What You Need to Know
Goldman Sachs has, on occasion, come under scrutiny in the media for their practices. So, your interviewer is curious how you will navigate this question without creating more controversy, especially since you are competing to be a representative of Goldman Sachs. Therefore, it is best to stick to the rules, according to their branding. As David Solomon states, "In the end, what makes our culture strong is not just that our people know the difference between right and wrong, but that they show, through their actions, doing the right thing is its own reward. We are all stewards of the firm's culture, dating back to our beginnings as a partnership, founded in trust and guided by integrity. Everything we do, every piece of advice we give, every transaction we execute, every asset we manage, every interaction in which we take part, must serve to deepen that trust." In their code of conduct, they also state, "Our clients' interests always come first. Our dedication to our clients demands that we put their interests above our own. It is critical that we avoid the appearance of a conflict of interest, such as between the firm and our clients or between our people and our clients. Every situation must be considered and navigated with an unyielding, client-centric focus."
Written by Kevin Downey on January 25th, 2023
Entry Level Example
"I have been taught that rules and policy exist for excellent reasons. If I were unsure what to do or asked to break or bend a rule, I would speak with my management to see what could be done to make the client happy without entering a grey area."
Written by Rachelle Enns on January 25th, 2023
General Example
"We strictly enforce policy and rules in my current company. I understand the need to be careful when it comes to breaching any laws related to finance and more. If the policy bent is something like waiving a small administration fee, then I will gain permission from my supervisor before doing so. However, I would not consider breaking a significant policy or legislation to make a client happy. I would work harder to find an alternative solution."
Written by Rachelle Enns on January 25th, 2023
Behavioral
9. The wealth management industry is highly competitive. When it comes to your performance, would you say you 'love to win' or 'hate to lose'?
How to Answer
Depending on your job function, wealth management can be a cutthroat industry. If you are a wealth manager or private banker, often you only 'eat what you kill,' meaning you are paid only when you close business.
Often, wealth manager seats are revolving as it's easy to get fired from clients when they feel you are underperforming. These are just some of the ways you need to remain competitive in the wealth management industry. There isn't a wrong answer to this question. The interviewer would like to see that you are not a sore loser and that you bring the competitive nature needed to succeed at Goldman Sachs. Speak a bit about your competitive side and desire to succeed.
Written by Rachelle Enns on January 25th, 2023
What You Need to Know
On their website, Goldman Sachs Leaders Share Advice to Their Younger Selves. One executive advises, "Come to work with a positive attitude, an open, enquiring mind and with the intention of getting on with it and making it happen - the professional as well as the personal rewards will come, but be patient!" This presents a forward-thinking, positive attitude that Goldman Sachs uses in such matters. So when answering questions such as this, sometimes the answer isn't either/or, but both.
Written by Kevin Downey on January 25th, 2023
Entry Level Example
"'I hate to lose' is more descriptive of me, although not in a negative way. I am a bit of a perfectionist in the work I deliver, and I don't like disappointing my boss, my clients, or myself. That said, I know there is always something to learn from losing."
Written by Rachelle Enns on January 25th, 2023
General Example
"I love to win, although losing is inevitable now and then. When I don't win, it's essential to learn from the experience and implement changes rather than dwell on the loss. As a highly commissioned wealth management professional, the love to win on behalf of my clients drives me."
Written by Rachelle Enns on January 25th, 2023
Behavioral
10. Tell me about your biggest failure and how you recovered.
How to Answer
Everyone has failed at some point in their career. The important part is how we pick ourselves up and bounce back after the perceived failure. Many failures can be traced back to negative thinking, insecurities, lack of research, unproductive behavior, restricted thinking, poor communication skills, and lack of passion or goals. Give the interviewer an example of a time when the outcome was not what you wanted or expected, but you were able to recover. Discuss what you learned from the situation.
Written by Rachelle Enns on January 25th, 2023
What You Need to Know
Goldman Sachs expresses interest in how their employees approach calculated risks, what they learn from their failures, and how they apply those lessons moving forward. They take their perceived risks so seriously that they even have a department solely dedicated to risk. "Our Risk division develops comprehensive processes to monitor, assess and manage the risk of expected and unexpected events that may hurt the firm. Risk teams play a critical function for the firm, driving how the firm takes and manages risk. Risk professionals execute critical day-to-day risk management activities, lead projects, and contribute to the ongoing advancement of a robust risk management program. Effective coordination with executive management, business units, control departments, and technology is critical for success. We are at the forefront of the most recent engineering solutions, including cloud computing and big data, to better manage to compute costs for the firm given increasing demands related to asset pricing and scenario generation."
Written by Kevin Downey on January 25th, 2023
Entry Level Example
"One of my biggest perceived failures was at the beginning of my post-secondary career when I did not graduate when I was expected to. A few personal matters pushed my graduation date back one year. It was embarrassing at the time, but truth be told, I am thankful I could complete my degree at a comfortable pace. I finished on the Dean's List and am proud of that accomplishment."
Written by Rachelle Enns on January 25th, 2023
General Example
"For the first three years of my career, I was terrible at graciously receiving feedback. Had I been able to receive feedback without becoming defensive, I believe I could have grown in my career much faster. Last year, I took a workshop on giving and receiving feedback, which helped a great deal. Now, I understand how to have those conversations and implement the constructive criticism I receive."
Written by Rachelle Enns on January 25th, 2023
Behavioral
11. At Goldman Sachs, you will be presented with new information every day. Talk to me about your preferred learning style.
How to Answer
The interviewer would like to know how you best learn, absorb new information, and remain disciplined. Think about your post-secondary education and how you organized, managed and arranged your work. How you answer this question can determine if your learning style will match the training style of Goldman Sachs or even the mentorship style of the person to whom you would be reporting.
Written by Rachelle Enns on January 25th, 2023
What You Need to Know
Be sure to research Goldman Sachs before your interview to showcase your company knowledge anytime the opportunity arises, especially when your interviewer shares something with you that you might have already learned. For example, their website states, "We help our people achieve their full potential by supporting a culture of continuous development. The firm's learning programs range from skills-based offerings and high-potential leadership programs to roundtable discussions and talks hosted by senior leaders. Additionally, we offer an expansive library of self-directed digital offerings, ranging from eLearnings on communicating with impact to a podcast series on understanding our businesses. At each career milestone, our people prepare for the next step through tailored training programs with an emphasis on leadership and firm culture. Nearly all employees participate in at least one classroom-based or digital offering each year."
Written by Kevin Downey on January 25th, 2023
Entry Level Example
"As a university student, and now as I grow my career, I find that I learn best when I am on the move. I am a high-energy person, so if I can listen to an audiobook while running on the treadmill before work, I can nail a presentation on that book quickly after. I also learn kinetically; for instance, when memorizing finance terms in university, I created flashcards to study. This approach was also very effective."
Written by Rachelle Enns on January 25th, 2023
Experienced Example
"I am a visual learner and use images to recall information. Venn diagrams and graphs are helpful when taking in data and new concepts. I like to dive in and become involved in the materials right from the start, which allows me to absorb information much more quickly. While completing my initial CFP designation, I watched a lot of video tutorials online, for instance. This method helped me to commit particular concepts and methods to memory."
Written by Rachelle Enns on January 25th, 2023
Capability
12. Where do you see the economy going this year?
How to Answer
Aside from your opinion, the interviewer also wants to know if you spend time learning about the ever-changing market conditions. Talk about where you think the markets may be going in the next 12 months. Be prepared to discuss where you get your information or how you formed your prediction. Most important here is that you sound well-read and informed, up-to-date, and engaged. You can talk about stocks and bonds, commodities, and even the global market.
Written by Kevin Downey on January 25th, 2023
What You Need to Know
At the beginning of 2023, David Solomon, CEO of Goldman Sachs, expressed concern about the U.S. hitting the debt ceiling. And earlier, in the summer of 2022, he discussed inflation, saying, "I expect there's going to be more volatility and there's going to be more uncertainty and in light of the current environment we will manage all our resources cautiously. We see inflation deeply entrenched in the economy, and what's unusual about this particular period is that both demand and supply are being affected by exogenous events, namely the pandemic and the war on Ukraine, I expect there's going to be more volatility and there's going to be more uncertainty and in light of the current environment we will manage all our resources cautiously." Read up on these points to showcase your company knowledge and other hot topics which Goldman Sachs' executive management is discussing.
Written by Kevin Downey on January 25th, 2023
Entry Level Example
"I have read many opinion pieces in The New York Times, The Economist, Bloomberg, Business Insider, Investopedia, and more. One common theme is how the dollar will continue to stabilize throughout the year. The flow of foreign capital into United States assets may slow due to softer monetary policy and a lack of need for new capital for business expansion. This is the opinion of Byron R. Wien, Vice Chairman in the Private Wealth Solutions group at Blackstone, and I happen to agree wholeheartedly."
Written by Kevin Downey on January 25th, 2023
Experienced Example
"Geopolitical tensions will continue to rise as we see tougher laws on trade. I have read plenty of market predictions from sources such as the Wall Street Journal, Fortune Magazine, and Bloomberg Markets. I believe China's influence will become stronger as the United States continues to isolate itself. There is also a lot being affected by the war in Ukraine. Since the pandemic, there's been a hyper-focus on the global economy."
Written by Kevin Downey on January 25th, 2023
Communication
13. What are the first steps you would take to help someone make their first investment?
How to Answer
The interviewer wants to see what kind of advice you would give a new investor. This question will take you back to the basics, especially if you are a seasoned wealth manager in high-end wealth management. Give an answer that shows your professional knowledge, company knowledge, and ability to guide and teach people who are not as experienced as you.
For example, anyone can open a Marcus High Yield Online Savings account, a recent offering from Goldman Sachs, and users can start earning interest with just a low minimum of $1 in their account. To maximize the higher APY, they encourage having a much higher account balance. However, opening a private wealth management account generally requires a minimum investment of ten million dollars.
Written by Kevin Downey on January 25th, 2023
Entry Level Example
"If I were to help someone with their first investments, I would first remind them that investing can be very simple. I would speak in terms that anyone could understand and exercise patience when explaining terms and processes. I would ensure that the client's finances were in order, so they knew what they could afford to invest every month. Then, I would set some achievable and basic goals."
Written by Rachelle Enns on January 25th, 2023
General Example
"Understanding terminology is fundamental, so I would first share some resources to help this new investor understand the industry's language. Then, I would perform a financial health assessment and a risk tolerance assessment. I would ask for their top three most important financial goals and what they believed was a reasonable timeline for the achievement of each goal. From there, I would make investment recommendations."
Written by Rachelle Enns on January 25th, 2023
Compatibility
14. Give me an example of someone in the finance industry with a lot of integrity.
How to Answer
The news often delivers stories and examples of finance professionals who are not doing the right thing for their clients. The interviewer at Goldman Sachs wants to talk about the opposite! Think about an influencer or thought leader in the industry you admire. Be prepared to discuss what you admire most about their approach and why.
Concentrate on their branding and their Core Values. Integrity is one of their core values, where they state, "We hold ourselves accountable to the highest ethical standards, insisting on transparency and vigilance from our people as we learn from our experiences and make decisions that instill a sense of purpose and pride in our firm." They go on to say in their code of conduct, "We are all stewards of the firm's culture, dating back to our beginnings as a partnership, founded in trust and guided by integrity." So think about someone who embodies these principles when offering your example.
Written by Kevin Downey on January 25th, 2023
Entry Level Example
"I most admire (person's name). They are one of the most trusted sources I can find regarding financial and market data. They have been a go-to name and source as a finance industry analyst for enterprises and independent wealth managers alike. His weekly e-newsletter, which I follow religiously, is a treasure trove of industry analysis and statistics."
Written by Rachelle Enns on January 25th, 2023
General Example
"Hands down, the finance professional I trust and learn from the most is (person's name). She has a multi-national track record of success in the business world. She has started companies in four countries and helped manage businesses in over ten countries. Her career describes the type of finance career I strive to have one day."
Written by Rachelle Enns on January 25th, 2023
Diligence
15. Talk to me about one piece of financial news you are currently following.
How to Answer
This question allows the interviewer to get to know you better, helping them understand the issues that draw you in. Many topics in financial news could pique your interest. Discuss one piece of economic news that caught your attention recently. Give your opinion on the topic but avoid going on a tangent about politics and other hot-button issues.
Written by Rachelle Enns on January 25th, 2023
What You Need to Know
Goldman Sachs has helped many online platforms rise to the success they've found, from Spotify to Twitter, Dropbox, and Robinhood. Recently they backed Apple's new venture, AppleCard. Since its inception, it has run into some bumps in the road. Goldman Sachs CEO David Solomon recently commented, "In the consumer platforms, we did some things right. We didn't execute on some others. We probably took on more than we should have, you know, too much, too quickly. I think we now have a very good deposits business. We're working on our cards platform, and I think the partnership with Apple is going to pay meaningful dividends for the firm."
Written by Kevin Downey on January 25th, 2023
Entry Level Example
"I have been reading more in the news about water scarcity as a global phenomenon and how this could soon make water a good investment. Shortages in upcoming years could make water a precious commodity, making it a potential opportunity for investors. From my research, I see that a small amount of traditional mutual funds and exchange-traded funds already invest in water. These investments mainly center on its delivery, testing, and cleaning. I believe there could be phenomenal growth as governments strive to battle expected water shortages."
Written by Rachelle Enns on January 25th, 2023
General Example
"I have been particularly interested in China's GDP growth, primarily because it is of interest to so many of my clients. China's growth has seen a 6.2% slump in Q2 of this year and the lowest percentage in about 27 years. This topic is significant to me because China is the world's second-largest economy. We are starting to see the impact of the trade war between China and the US."
Written by Rachelle Enns on January 25th, 2023
Direct
16. What questions do you have for me about this job and working for Goldman Sachs?
How to Answer
Many times in interviews, candidates will not have questions prepared, thinking this shows off how well-researched and prepared they are. However, the truth is quite the opposite. By asking a couple of pre-prepared questions, you show the interviewer full engagement and interest. Be sure that your queries are not mundane or redundant. The last thing an interviewer wants to hear is a question that is easily answered by simple research.
Dig a bit deeper and ask questions such as: 'What is your favorite part about working for Goldman Sachs?' or 'Is there anything from my resume or our conversation that I can clarify for you?'
Written by Kevin Downey on January 25th, 2023
What You Need to Know
If you review Goldman Sachs' blog, you'll find a series of articles called "Ask the Recruiter." In one such article, they advise, "One of the biggest mistakes you can make in an interview is not asking questions at the conclusion. Stay away from logistical questions. Asking one to two business-related questions, a question about company culture and a question about the interviewer's personal experience, is a good guide. Prepare questions more generally, then try to apply your pre-prepared questions in a more personalized way by being a good listener when the interviewer is talking. It's always good to jot down a couple of quick notes you can refer back to. In addition, the person may have said something during the interview that you want to know more about, which is great; tell them why it piqued your interest and ask to hear more."
Written by Kevin Downey on January 25th, 2023
Entry Level Example
"Thank you for asking! A couple of questions come to mind. What do you see as the biggest challenge Goldman Sachs will be facing in the next 12 months? Also, what is your wealth manager turnover rate? Lastly, could you tell me about the retention plan you currently have in place for your wealth managers?"
Written by Rachelle Enns on January 25th, 2023
General Example
"Would you like me to clarify anything in my work or educational background? What has your experience been, and how would you describe the work culture in this department?"
Written by Kevin Downey on January 25th, 2023
Direct
17. Are you applying for jobs with any Goldman Sachs direct competitors?
How to Answer
Knowing what makes Goldman Sachs's business model, work environment, and culture different from their competitors, highlight how these elements have factored into your pursuit of this position with them.
The wealth management industry is a competitive one. It is essential to Goldman Sachs that they understand where you are in your job search and which roles or companies are most appealing to you. Also, it can make the interviewer and hiring process a bit smoother when Goldman Sachs knows what they need to do to remain competitive. Tell the interviewer about your search so far without disclosing every single detail. It's okay to leave a bit of mystery!
Written by Kevin Downey on January 25th, 2023
Entry Level Example
"I am in the process of exploring opportunities at wealth management firms that appeal to me; however, I am selective about where my applications go. I am excited about this opportunity with Goldman Sachs and look forward to the next round of interviews."
Written by Rachelle Enns on January 25th, 2023
Experienced Example
"I have not applied to any other roles at this time but will be taking a closer look at other openings in the next few days. When I heard there was a position open with Goldman Sachs, I had to jump on the opportunity. Your reputation is second-to-none, and I would be thrilled to continue building my portfolio with your esteemed organization."
Written by Rachelle Enns on January 25th, 2023
Direct
18. How does Goldman Sachs keep its clients informed on critical finance-related topics?
How to Answer
One of their business principles states, "Our clients' interests always come first." It is critical to Goldman Sachs that they continually meet the unique needs of their diverse client base. The interviewer wants to see that you have researched the efforts they go to, ensuring that their clients feel informed on important finance-related topics. Be prepared to discuss some of the ways that Goldman Sachs serves their clients.
Written by Kevin Downey on January 25th, 2023
Entry Level Example
"Hiring people who are interested in solving complex problems is just one of the ways Goldman Sachs ensures its clients are always well informed. I understand that you publish many important market reports, lead critical research on global finance topics, and are continually in contact with your clients offering value-adds, such as whitepapers, ebooks, newsletter updates, and more."
Written by Rachelle Enns on January 25th, 2023
General Example
"Your company is well-researched on hot topics in global finance news, ensuring that you remain focused on your clients' short and long-term needs. You remain closely aligned with your clients and shareholders through regular polls, e-newsletters, and market reports. Efforts to reinforce your firm's culture ensure that your clients always receive the latest information. I believe that Goldman Sachs starts by investing in employee knowledge so that your team members are more likely to offer a broader depth of knowledge to each client."
Written by Rachelle Enns on January 25th, 2023
Direct
19. What are your salary expectations?
How to Answer
This question can come up anywhere in the interview, but it more commonly comes toward the end. It's never a good idea for the person being interviewed to bring up pay too early, but once the interviewer addresses it, it's fair game. A good question to ask when quantifying your number is how frequently pay increases occur and how their pay structure works. Whether it is salary or hourly holds weight when determining your price. To ensure you are coming up with a fair number, you can also ask what other benefits are offered with the position. Health benefits cost an employer money and should be considered when coming up with your number, as well as any incentives, bonuses, or other perks. Be open, realistic, and honest. Transparency is the best choice when salary-based questions arise. If you want the job, don't be too eager to accept a low offer. Likewise, don't throw out an unrealistic number. Doing so could be viewed as disrespectful of the time and energy spent interviewing you.
Written by Kevin Downey on January 25th, 2023
Experienced Example
"I earn a base salary of $145,000 per year plus a potential 20% annual bonus. Last year, my earnings were $174,000, and I would like to stay in the same range or higher."
Written by Kevin Downey on January 25th, 2023
Experienced Example
"I'd like to know how frequently pay increases occur. I'm curious about how the pay structure works - salary or hourly. Also, to come up with a fair number, I'd like to understand what other benefits are offered with the position, primarily health insurance, as well as any incentives, bonuses, or other perks. At my last job, I earned a base salary of $145,000 per year, plus a potential 20% annual bonus. Last year, my earnings were $174,000. I didn't receive any health business and had an out-of-pocket premium of $260 a month with a $6000 deductible."
Written by Kevin Downey on January 25th, 2023
Direct
20. What differentiates Goldman Sachs from other high-end wealth management firms?
How to Answer
There are many significant high-end wealth management firms out there, but Goldman Sachs wants to know why they are the stand-out firm for you and why you want to work for them rather than their competitors. Take the time to carve out a unique answer that goes far beyond the surface. A surface answer would be because you know someone who works there, for instance. A great response would give a specific reason the company is unique.
Written by Kevin Downey on January 25th, 2023
What You Need to Know
Some noteworthy facts about Goldman Sachs are that they're the second-largest global investment bank and are considered an integral financial institution by the Financial Stability Board. Their business model stands apart from the other major financial institutions in that they lean on trading revenue. Since their trading profits are highest when markets are stronger, their business often comes across as cyclical while their financial statements are more focussed on fixed income, currency, and commodities trading. They deploy bank capital in risk-taking ventures and pursue high ROI and ROE figures.
Written by Kevin Downey on January 25th, 2023
Entry Level Example
"Goldman Sachs is huge on philanthropy, and giving is a significant part of my moral makeup. I understand that your firm has donated nearly $1B in the last 20 years to charitable efforts in the form of student grants. Your efforts to help underserved children and refugee initiatives are remarkable and stand out from the rest. Not to mention how you recently teamed up with Bloomberg to back the Climate Innovation and Development Fund. Pretty awesome news."
Written by Kevin Downey on January 25th, 2023
General Example
"In addition to your sparkling reputation in this industry, I appreciate the immense efforts Goldman Sachs is taking to close the gender gap in the finance industry. Your programs have trained thousands of women entrepreneurs in developing economies around the world. Goldman Sachs knows that empowering women makes sound economic sense. This awareness is one reason I want to work for you and just one way that you stand far above your competitors."
Written by Rachelle Enns on January 25th, 2023
Direct
21. Name one significant deal or accomplishment by Goldman Sachs in the last 12 months.
How to Answer
This question speaks directly to how well you have researched Goldman Sachs before your interview. Look at the company website, their news section, and Google to see if they are trending on any topics. You do not need to go into a significant amount of detail on what you find. Give enough to show the interviewer that you are paying attention to their organization's accomplishments.
Written by Kevin Downey on January 25th, 2023
What You Need to Know
In an interview, you'll want to keep things positive. If you have trouble finding any news or developments that are free of controversy, default to their most recent positive news, which you'll easily find advertised on their website through their press releases, media pages, or blog. Goldman Sachs even has an entire webpage on their recent Awards and Rankings, for example, where they advertise having received multiple Diversity, Equity, and Inclusion Awards.
Written by Kevin Downey on January 25th, 2023
Entry Level Example
"I read the other day that Goldman Sachs beat expected revenues for Q2 this year, which is amazing news. Your shares closed 1.9% higher, bringing your year-to-date gains to 29%. It's great to see that Goldman Sachs is blowing away the expectations of analysts worldwide."
Written by Rachelle Enns on January 25th, 2023
General Example
"I see that Goldman Sachs has made significant strides in the past 12 months in efforts to close the gender investing gap. I appreciate that Goldman Sachs has identified that women-owned businesses often do not get the investments they deserve. I was thrilled to read about your new initiative to invest millions into private, late-stage, women-founded, women-owned, or women-led companies."
Written by Rachelle Enns on January 25th, 2023
Discovery
22. Goldman Sachs provides fundamental insights and analysis for clients in the equity, fixed income, currency, and commodities markets. Which areas of research are most important to you?
How to Answer
The interviewer would like to know which areas of research you find most important and applicable to your role in wealth management. All of these topics are important, but you may lean towards one a bit better than the others. Discuss what you believe to be an important area of research without overlooking the others.
Written by Kevin Downey on January 25th, 2023
Entry Level Example
"I have read many articles by Goldman Sachs on these topics. I would say they are equally important; however, I find research on commodities markets to be the most intriguing. I like to learn about the hard commodities we offer in our region and how to leverage them to benefit my clients."
Written by Kevin Downey on January 25th, 2023
General Example
"It is fundamental to research and understand currency, especially as my portfolio of clients is global. With that said, I also believe it's essential to be well rounded by spending my time reading articles and gaining insight on other topics such as equity, fixed income, commodities, and more."
Written by Kevin Downey on January 25th, 2023
Discovery
23. What is your favorite resource for wealth management and finance-related news?
How to Answer
You can lean on a multitude of resources in the wealth management and finance realm. Show the interviewer that you get your information from the most reputable resources. Talk about one publication you tune into the most, and be prepared to discuss why it is your go-to resource. If you follow Goldman Sachs sources, mention those as well.
Written by Rachelle Enns on January 25th, 2023
What You Need to Know
From Wealth Management News to Businessweek to Bloomberg News, there are numerous wealth management and financial news resources available.
Any chance you can take advantage of to naturally tie a fun fact or showcase your company knowledge in your interview, you should do so. But try not to come across as forced. Keep it natural and act according to your nature and personality.
Written by Kevin Downey on January 25th, 2023
Entry Level Example
"The Economist has been my go-to resource for many years. I read this publication even in high school when my friends were playing video games. I appreciate The Economist because it provides insight into international news, but it's all-encompassing to include politics, business, finance, science, and technology. These topics all work together, so I believe it's important to have a well-rounded view."
Written by Rachelle Enns on January 25th, 2023
General Example
"I like to know what is being said by the world's most prestigious wealth-management firms, including that of Goldman Sachs. For that reason, I read every top firm's blog, subscribe to newsletters, and follow along on social media. If I had to choose one favorite resource, however, I would choose Businessweek and Bloomberg News."
Written by Kevin Downey on January 25th, 2023
Discovery
24. What are the three most important traits for a high-end wealth management professional to possess?
How to Answer
The traits that you mention should be traits that you possess! Find out if the job listing contains specific soft skills, ideal characteristics, or preferred personality traits. Perhaps on their careers page or the 'about us' section of their website, they make mention of their core philosophies or business values. Be sure to align your response as closely as possible with the company's views.
Written by Rachelle Enns on January 25th, 2023
What You Need to Know
Every financial institution has its coined philosophy or pillars to priorities for wealth management, which convey the qualities they expect their wealth managers to possess. Goldman Sachs communicates their priorities, or pillars, for wealth management in a less direct manner, which they relay in their business principles to convey they can be trusted and value their client's interests. A few of their business principles state, "Integrity and honesty are at the heart of our business. Our clients' interests always come first. Our assets are our people, capital and reputation. Our goal is to provide superior returns to our shareholders."
Additionally, David Solomon advises that you should "know how to write and speak publicly, know accounting, and never lose sight of what you are passionate about." Also, on their careers page, they state, "In addition to being passionate about the financial services industry, markets and research process, individuals across these teams possess strong financial modeling skills, excellent written and verbal communication, are strategic and analytical thinkers, and hold a high level of Excel proficiency."
Written by Kevin Downey on January 25th, 2023
Entry Level Example
"I have read a lot about Goldman Sachs and what it takes to succeed, not only in wealth management but also within your organization. I believe the most critical traits are flexibility, open-mindedness, and a thirst for education. You invest in your employees' careers and go to great measures to ensure their interests remain focused on those of your clients and shareholders. I appreciate your goal to maximize individual potential. I also value continued education and learning opportunities."
Written by Rachelle Enns on January 25th, 2023
General Example
"In my opinion, the three most important traits for a high-end wealth management professional include adaptability, an eagerness to learn, and maximum integrity. These are all traits mentioned in the Goldman Sachs website and job posting, showing me that there is strong alignment with our morals and values."
Written by Rachelle Enns on January 25th, 2023
Discovery
25. Which of your skills and experiences make you a good match for this job?
How to Answer
According to their website, "At Goldman Sachs, we advance sustainable economic growth and financial opportunity. Drawing on over 150 years of experience working with the world's leading businesses, entrepreneurs, and institutions, we mobilize our people, culture, technologies, and ideas to advance the success of our clients, broaden individual prosperity, and accelerate economic progress for all. Our purpose comes to life through our four core values: Client Service, Excellence, Integrity, and Partnership."
They are interested in candidates with excellent financial modeling skills, outstanding communication skills (written and verbal), and strong interpersonal skills. They're looking for individuals who embrace their core values of Client Service, Excellence, Integrity, and Partnership.
Written by Kevin Downey on January 25th, 2023
What You Need to Know
Goldman Sachs Careers Webpage has a Skill Sorter function, which states, "Explore the skills we look for to shape the future of Goldman Sachs. From sales and investing to quantitative engineering, project management, and regulatory compliance, Goldman Sachs requires many skills to support and grow our businesses. The 'Skillset' recruiting model enables eligible professionals to apply to a relevant skill versus a division." Explore this on their website and use it as a launching point when answering this question.
Written by Kevin Downey on January 25th, 2023
General Example
"Outside of what Goldman Sachs Skill Sorter lined up, I learn quickly and work fast. My customer service skills are above average, and I am a great communicator. I have an acute attention to detail and a great deal of integrity. I hold myself accountable, take responsibility for my actions, and am a team-oriented clutch player. I have solid leadership skills because I don't hold myself above anyone or anything. I am a part of the team and never quit unless ordered to, so I rarely fail. I am eager to learn and grow and have a great attitude. I strive to be the employee I'd want to hire."
Written by Kevin Downey on January 25th, 2023
Experienced Example
"I'm good at what I do and take pride in my work. I am a calculated risk-taker, so I have a solid track record for success. I go above and beyond when I can and when deadlines allow. But what sets me apart is my attitude. No matter where I've worked, that attitude is contagious. Most days, my cup runneth over. I like to be a motivator, steering the attitude of the team. I'm an excellent mentor. I'm all about promoting strengths, not exploiting weaknesses. I have a lot of integrity, especially in my interactions with my team and clients. After they get to know me, I establish trust and build relationships that last."
Written by Kevin Downey on January 25th, 2023
Discovery
26. What is your professional mission statement?
How to Answer
Goldman Sachs is a highly esteemed wealth management resource that has to be sure that every professional they hire is the 'cream of the crop.' Also, they need to know that your professional mantra aligns well with their own. In a sensitive industry such as finance and wealth management, your professional motto is an essential factor to ponder. Think of this question as addressing your credibility statement, ensuring you come across as trustworthy and honest to your clients, peers, and management.
Written by Rachelle Enns on January 25th, 2023
What You Need to Know
Goldman Sachs' mission is to "advance sustainable economic growth and financial opportunity across the globe. We mobilize our people and resources to advance the success of our clients, broaden individual prosperity and accelerate economic progress for all." And their four core values are "Client Service, Excellence, Integrity, and Partnership." Consider how your mission statement aligns with theirs, especially when you want to convey you are a good fit for their culture.
Written by Kevin Downey on January 25th, 2023
Entry Level Example
"My professional mantra is to better the lives of every client I come across. My clients need to know that I am 100% concerned with their financial health and completely on board with their long-term vision. It's care over profits."
Written by Rachelle Enns on January 25th, 2023
General Example
"My professional mantra surrounds these three factors: 1. To service my clients before my own needs. 2. To keep my knowledge current and sharp. 3. To be ever-prepared with a short-term and long-term vision for my clients, firm, and career."
Written by Rachelle Enns on January 25th, 2023
Education
27. Tell me about your professional designations and how you aim to further your education in the next three years.
How to Answer
As a professional in the wealth management industry, you most likely have a variety of professional designations to complement your bachelor's degree, master's degree, or MBA. The most common designation is a Chartered Financial Analyst (CFA) or Chartered Financial Planner (CFP).
Take the time to briefly remind the interviewer of your education and corresponding designations. Show a keen interest in expanding your knowledge for years to come. Your continued education plan could include further developing your expertise in finance, accounting, statistics, or even data analysis.
Written by Rachelle Enns on January 25th, 2023
What You Need to Know
Be sure to mention your awareness of 'Goldman Sachs University.' Although it is not a 'real' university where you can earn more accreditations, it is an internal continuing education/career development division of Goldman Sachs designed to be taken advantage of as a resource by new and current employees who have an interest in further developing their skills, and which are purported to help you move up the corporate ladder and better embody the mission, values, and ideology of their brand.
Written by Kevin Downey on January 25th, 2023
General Example
"I have found that so much of my work includes taking a plethora of data and analyzing it to find trends. These trends then help me to make better predictions. In the next three years, I plan to focus my education on courses that include building my quantitative analysis skills. I believe this will complement my MBA, as well as my CFA designation. Also, if I get hired, I would take full advantage of everything that Goldman Sachs University has to offer."
Written by Kevin Downey on January 25th, 2023
General Example
"I recently earned my CFA designation, and I am happy to add that to my Master's Degree in Finance. I realize that, as a wealth professional, my education should never stop. For that reason, I have enrolled in two courses this year - Advanced Investment Strategies and Growth Investing. I plan to take further courses, including data analysis and statistics."
Written by Rachelle Enns on January 25th, 2023
Education
28. How does your post-secondary education relate to a career in wealth management?
How to Answer
Nearly every high-end wealth management firm will require you to have a post-secondary degree related to finance. If your degree is not related to finance, be prepared to defend your educational background. Your formal education and industry training might be on your resume; however, the interviewer would like you to dig deeper and bring this education to life for them. Discuss how your education has prepared you for this job with Goldman Sachs.
Written by Rachelle Enns on January 25th, 2023
What You Need to Know
Goldman Sachs has several internship programs available to undergraduate or graduate students. They typically require a minimum of a bachelor's degree and, in the past, prioritized those possessing a degree in accounting, business, finance, or management. However, they've more recently expanded their focus to those with Humanities degrees, placing less value on the degree itself and more on intelligence, GPA, ability to think critically, problem solve, be resourceful, demonstrate leadership, etcetera. As they state on their blog, "We hire liberal arts majors as interns and full-time employees in every division. A lot of what liberal arts majors learn, writing skills, communication skills, project management, and research, is applicable across all of our divisions. We also believe someone's career path is determined by their interests."
Written by Kevin Downey on January 25th, 2023
Entry Level Example
"I will never be finished with my education and learning. Although my degree is in business administration and not specifically finance, my school prepared me very well for a career in wealth management. I took courses in economics, finance, management, and marketing, all important facets of wealth management."
Written by Rachelle Enns on January 25th, 2023
General Example
"I earned my master's degree in finance from ABC University. My degree exposed me to the financial world and specific topics such as bonds, econometrics, economics, corporate finance, governmental finance, individual investment, statistics, and portfolio management. I am grateful for my education and how well it has supported me in my career."
Written by Rachelle Enns on January 25th, 2023
Experience
29. What can you do for Goldman Sachs that other candidates cannot?
How to Answer
This question is another way of asking, 'Why should we hire you?' The best way to answer this inquiry is to comb through the Goldman Sachs job description and narrow down the most persuasive skills matches.
You will also want to consider one of your most significant work accomplishments that other candidates may not have. For instance, this could include awards and accolades, your GPA, additional certifications, or designations. Be prepared to deliver a remarkable credibility statement.
Written by Rachelle Enns on January 25th, 2023
What You Need to Know
In Goldman Sachs' Blog, a Goldman Sachs recruiter is asked, "What's the number one thing you look for on a resume?" The recruiter answers, "I look for candidates who can demonstrate an interest in the industry. It's worth mentioning that cover letters have varying levels of importance to different recruiters, so make sure your resume stands on its own in telling your story."
Written by Kevin Downey on January 25th, 2023
Entry Level Example
"On your Goldman Sachs careers page, you describe your people, capital, and reputation as your biggest assets. In addition to the experience I bring in wealth management and the 3.94 GPA I bring from my post-secondary degree, I promise to help you uphold these business principles every day. I am dedicated to fully complying with laws, regulations, and the overall spirit of your organization."
Written by Rachelle Enns on January 25th, 2023
General Example
"In addition to meeting your requirements for education, experience, and career accomplishments, I will also compliment Goldman Sachs's efforts in diversity and inclusion. I understand that Goldman Sachs believes gender equality is an economic imperative. I will complement Goldman Sachs by supporting women's economic empowerment and leadership opportunities. These efforts will help drive growth for your clients and shareholders."
Written by Rachelle Enns on January 25th, 2023
Experience
30. Please define CAPM.
How to Answer
CAPM (Capital Asset Pricing Model) is a widely used term in finance that describes the relationship between systematic risk and expected return. We can utilize CAPM when pricing risky securities and calculating expected yields. Although CAPM is a widely accepted model, there are some imperfections. Briefly show the interviewer that you are familiar with CAPM.
Written by Rachelle Enns on January 25th, 2023
Entry Level Example
"CAPM stands for Capital Asset Pricing Model. CAPM has been helpful to me in the past in determining if security is fairly valued. Although there can be issues with CAPM, the method can help investors understand the relationship between expected risk and reward. This understanding can, in turn, help investors to make better decisions when adding securities to their portfolio."
Written by Rachelle Enns on January 25th, 2023
General Example
"I understand CAPM to be short for Capital Asset Pricing Model. Although I have not gained a lot of exposure to the model, I understand that the formula is ERi = Rf + ?i (ERm - Rf). I learned a bit about this and believe it has to do with the expected return of investment, risk-free rate, the beta of the investment, expected return of the market, and market risk premium."
Written by Rachelle Enns on January 25th, 2023
Experience
31. Tell me about a stock you follow. Why should I buy them?
How to Answer
This question is hypothetical, so there is no right or wrong answer. The interviewer would like to know more about the type of stocks you follow and, more importantly, how you would present them to a client. Think of a stock you are diligently following and make a compelling argument as to why the interviewer should invest!
Written by Rachelle Enns on January 25th, 2023
What You Need to Know
This question is more about your professional advice than what stocks are trending. Warren Buffett once said, "If you aren't willing to own a stock for ten years, don't even think about owning it for ten minutes." So when discussing your long-term views on stocks worth watching, and your approach to wealth management, back it up with data and your industry knowledge. Demonstrate that you are a valuable resource and take advantage of this opportunity to advertise your professional worth. If you can generate some conversation or talk shop with your interviewer, you'll be able to make yourself a more memorable candidate.
Written by Kevin Downey on January 25th, 2023
General Example
"I am always in tune with the 'best of' and 'must-watch' stock lists. Most recently, Canopy Growth, the world's largest cannabis producer, has caught my eye. As cannabis becomes legalized in many areas of the world and is used medically more often, the company is expanding to Germany, Spain, Denmark, and Australia. Canopy Growth is in partnership with an alcoholic beverage company, which ups the ante. This partnership gives them a significant advantage when cannabis-based beer and other alcoholic beverages become mainstream."
Written by Rachelle Enns on January 25th, 2023
General Example
"I am interested in medical and pharma, and I believe looking into Gilead would be very lucrative. The drugmaker helped turn HIV from a fatal disease into a manageable chronic ailment and developed a cure for Hepatitis C. They have become a $100B company along the way, and there is a lot of buzz surrounding a change in leadership, which is sure to produce even bigger results in the years to come."
Written by Rachelle Enns on January 25th, 2023
Leadership
32. Would you rather be captain of a losing team or the regular member of a winning team?
How to Answer
This is a tricky question to evaluate your personality and what drives your work. It all boils down to your choice of words. A captain of a losing team may be driven by his ego, making it all about themselves. But ego translates to "I," which has no place in a team. A regular member of a winning team is humbled by being part of something bigger than themselves. They choose to learn from those around them. Use these points to frame your answer.
Written by Kevin Downey on January 25th, 2023
General Example
"I'd rather be a regular member of a winning team. Leadership rises from developing a greater understanding of all the pieces at play and how they all come together. Understanding all the components and every contribution at play will help you understand how to succeed. If you are the captain of a losing team, you're driven by your ego, commanding everyone, believing you can do what no one else can. I'd rather be a regular member of a winning team. I want to learn from them so I can be the captain of the next winning team."
Written by Kevin Downey on January 25th, 2023
General Example
"That's a challenging question. On one hand, there's a lot to learn from that winning team. Innovation comes from collaboration and the exchange of information. However, some of the best lessons come from our failures. If I had to be the captain of a losing team, I suppose it would be worth gaining a deep understanding of what drove that team to fail. I could use it as an opportunity to evaluate how to drive that collaboration and steer that team to a more innovative and encouraging environment and turn them around into success. If it ends up as a no-win scenario, I suppose there are also lessons to be learned from that."
Written by Kevin Downey on January 25th, 2023
Leadership
33. A team member isn't contributing. You confront them. They still don't contribute. What next?
How to Answer
Situations like this can be sensitive and affect the attitude and performance of a team. The interviewer wants to know how you handled such situations and your reasoning for bringing attention to them. The aim is to work in the interest of all involved parties. Mention the welfare of your coworker, the needs of the team, and your course of action. Distinguish yourself from employees whose motives for bringing a mistake to the attention of management might be self-gain (making someone look worse to make themselves look better).
Written by Kevin Downey on January 25th, 2023
What You Need to Know
On their website, they post a quote from John Weinberg, a former partner of Goldman Sachs. It says, "The point of this team thing, the cooperation, teamwork, and our culture was developed not because someone was a great genius and woke up in the middle of the night when the little electric light popped. It really came from the needs of the moment. It's good, solid business. You want to have people working together to achieve an objective."
Under Goldman Sachs' Code of Conduct, as part of Goldman Sachs' Business Integrity Program, they also offer several options where "the firm provides its people with various channels through which integrity concerns can be raised without reprisal." Be sure to thoroughly read through their code of conduct and familiarize yourself with what they expect from their employees before your interview. Cover all your bases, from trying to exhibit a team mentality to protecting the company's assets.
Written by Kevin Downey on January 25th, 2023
General Example
"I had a co-worker who seemed to be struggling. They seemed sleep-deprived, and their attention to detail wasn't what it once was. They weren't forthcoming about what was going on when I tried to talk to them. I reviewed their work to help them out and fixed many of their mistakes. I let them know, and they didn't lash out but displayed no appreciation either. Eventually, it got so bad that I decided it was time to bring it to the attention of my supervisor. They pulled us both outside and gave me a chance to speak first. It turns out they had some pretty serious health issues. They didn't want to miss work because they needed to maintain their hours to continue getting their health benefits. That's when our supervisor told us they had a program for situations like this and that they wouldn't lose their benefits for missing work."
Written by Kevin Downey on January 25th, 2023
General Example
"One summer in college, I took a non-profit construction job helping with low-income housing. I was interested in the project management side of things. I worked with a person who wanted to learn how to refurbish old windows. The problem was that they kept breaking the glass panes. After a while, they were on a 100% shattering rate, and it was costing the project money. I suggested trading tasks with them, but they refused. They refused help and refused to take on any other task. They said they wanted to keep at it until they got it right. I decided it wasn't my choice or theirs to determine if they were the best fit for that task. I brought it to the attention of the project leader. They put that person on installing doors instead, and they did a great job. In the end, they had a more rewarding experience and took pride in their contribution, and doors are harder to break."
Written by Kevin Downey on January 25th, 2023
Operational
34. Goldman Sachs wants to ensure that you are a strategic fit. Tell me more about your investing strategy.
How to Answer
Some investment styles include Value Investing, Income Investing, Growth Investing, Small-Cap Investing, and Socially Responsible Investing. There is a chance that you have utilized all types of investment strategies! There's value in showcasing your skill sets and experience level when answering questions like this. With that said, the interviewer would like to know if there is one in particular that you lean toward the most often. Your answer should align well with the core strategies and values of Goldman Sachs. There are a variety of investment strategies, and when you and your client are on the same page, and even more so, you and Goldman Sachs are on the same page, that is when you can see a lot of success.
Written by Kevin Downey on January 25th, 2023
What You Need to Know
Every question in your interview has a purpose. With this question, it is worth familiarizing yourself with Goldman Sachs' Investment Strategy Outlooks, which they put out consistently. For 2023, they state, "2022 was a tumultuous year. Equity markets dropped precipitously, interest rates rose at the fastest pace in decades and commodity prices gyrated in response to high inflation and geopolitical tensions. The Investment Strategy Group within Goldman Sachs Wealth Management expects 2023 to be less turbulent for markets, with inflation moderating and major central banks approaching the end of their tightening cycles. Yet there is still a fog of uncertainty facing investors."
A fun fact about their Strategy Outlooks is that they often apply nautical themes. 2022's had the title "Piloting Through," and 2023 was titled "Caution: Heavy Fog."
Written by Kevin Downey on January 25th, 2023
Entry Level Example
"I greatly admire Peter Lynch. He introduced me to the art of Growth Investing, a strategy focused on capital appreciation. First, I seek companies that show above-average growth through revenues and profits. Even if the share price doesn't seem low, I believe it's worth a look. I understand that Growth Investing is riskier and not for everyone; however, it can pay off well when we look at companies within emerging markets."
Written by Rachelle Enns on January 25th, 2023
General Example
"I am a big Warren Buffett fan and learned a great deal from him about the principles behind Value Investing. This investing style focuses on buying undervalued stocks. This approach takes a great deal of research, but research is one of my strongest suits as a portfolio manager. It is often a waiting game when it comes to rising prices, so Value Investing also requires a lot of patience, which I refer to as 'buy and hold.' This investment style is not for everyone, but the payoffs can be excellent if the investor is patient."
Written by Kevin Downey on January 25th, 2023
Operational
35. Goldman Sachs wealth managers work independently. What makes you an entrepreneurial-minded professional?
How to Answer
Goldman Sachs wants to know that you will run your client portfolio as though it is your own business. You will be responsible for building your client list, maintaining relationships, and adjusting your business to the ever-changing economic environments and trends we face today. Share with the interviewer what an entrepreneurial mindset means to you and how you exercise that mentality in your day-to-day work.
Written by Rachelle Enns on January 25th, 2023
General Example
"To me, having an entrepreneurial mindset means continually seeking new challenges and thinking about my career vision every day. Also, I am an exceptional problem solver. I think quickly and can get myself out of most situations by looking at the issue from various angles. I willingly accept feedback and criticism, then take that feedback to find new ways of working. These are just some of the entrepreneurial qualities I will bring to Goldman Sachs and my clients."
Written by Rachelle Enns on January 25th, 2023
General Example
"For me, it's important that I continue to manage my portfolio of clients as though it's my own business. To do this, I pay for and attend industry conferences regularly. Rather than running straight to management, I reverse engineer problems and conduct research when an issue arises. Also, I take the opportunity to read as much as I can. I absorb myself wholly in topics related to finance, investments, and wealth management."
Written by Rachelle Enns on January 25th, 2023
Operational
36. If hired at Goldman Sachs, how will you show our clients that you are a trusted resource?
How to Answer
Clients trust Goldman Sachs with billions of dollars, so they need to know that you are a good fit for their team.
As a professional in the wealth management industry, you must be capable of quickly instilling a feeling of confidence in your clients. Your clients will trust you to be armed with the most up-to-date information, protect their money, and help them grow their financial situation. Discuss what you do to show potential clients that you should be their go-to source concerning their financial future.
Written by Rachelle Enns on January 25th, 2023
What You Need to Know
Client Service, one of Goldman Sachs' core values, centers around building trust with their clients. It states, "We lead with a service mindset, enabling us to anticipate and adapt to the needs of our clients and customers by delivering thoughtful, innovative solutions. Acting with empathy and building trust. Seeing around corners and proactively identifying opportunities to help. Prioritizing relationships Ingenuity in developing products, advice, and solutions." Consider how you would integrate this core value into your answer according to your nature and way of conducting yourself as a professional.
Written by Kevin Downey on January 25th, 2023
General Example
"Building client trust begins long before the client officially hires me. Every month I provide my prospects and clients with a free, in-depth market report. I research and write the report myself, ensuring that I am considered a thought leader and someone they can trust. If big news comes out, I aim to be the first person in their inbox, offering them tips on how to max out their investments. If hired by Goldman Sachs, I will provide immense value to everyone you serve."
Written by Rachelle Enns on January 25th, 2023
General Example
"The fastest way to show Goldman Sachs clients that I am a trusted resource is to listen to them. Once I come from a place of complete understanding, knowing exactly their situation, only then will I begin to make recommendations. Then, it's imperative to make recommendations that empower them to make wise decisions."
Written by Rachelle Enns on January 25th, 2023
Scenario Based
37. If you advised a client to hedge against risk in their portfolio, but they wanted to take an alternate action that could hurt their long-term goals, what would you do?
How to Answer
The interviewer wants to see that you take things such as a difference of opinion as an opportunity to dive into your clients' needs. If you disagree with their approach, this could be a sign that you need to revisit long-term goals with your client. Discuss how you carefully go over the pros and cons of these competing approaches.
Show Goldman Sachs that you are not afraid to be bold when necessary. This boldness may include telling your client that their approach is not a good idea. Maybe you bring in a second opinion, which will show the interviewer that you are only doing what is best for your client.
Written by Rachelle Enns on January 25th, 2023
What You Need to Know
Another of Goldman Sachs' Core values is Integrity, which addresses this question. They define this core value as, "We hold ourselves accountable to the highest ethical standards, insisting on transparency and vigilance from our people as we learn from our experiences and make decisions in a manner that safeguards our reputation." They live according to this value by "Doing the right thing. Being accountable to ourselves, our clients, and our colleagues. Escalating potential violations of law, regulation, policy, or this Code." Keep this in mind when exploring your answer to this question.
Written by Kevin Downey on January 25th, 2023
General Example
"A difference in opinion may cost me a client; however, I would rather lose a client than be a 'yes person' as the financial ship sinks. If a client wants to take a risk that I know will hurt them, I will flat-out tell them that it's a bad idea. I will present a case using pros and cons, and if needed, bring in a specialist on the issue to help the client see the bigger picture."
Written by Rachelle Enns on January 25th, 2023
General Example
"If a client wanted to take a bad risk against their portfolio, I would present as much compelling data as possible to convince them otherwise. I am aware that I could lose the client. However, it's more important to me to help my client refrain from an action that could hinder them, no matter how much we disagree."
Written by Rachelle Enns on January 25th, 2023
Situational
38. How do you handle a client who goes against a company policy?
How to Answer
The interviewer wants to know how far you would go to deliver excellent customer service while protecting the company's assets. Some customers might not respect the company's policies or feel entitled to special treatment. Making exceptions without paying proper respect to the reasons a policy is in effect could compromise a company's resources or assets. Additionally, that same customer might not accept this as a one-time exception to the rule but will try to use it as a precedent to justify a second and third request against the policy.
Written by Kevin Downey on January 25th, 2023
What You Need to Know
Under their code of conduct, they state, "Any activity, investment, or relationship that raises a potential conflict of interest should be avoided. If you become aware of an actual or potential conflict, discuss the matter promptly with your supervisor, compliance, legal, or other appropriate group within the firm. Our commitment to doing the right thing and treating clients fairly means we do not seek competitive advantages through unethical or illegal practices or take advantage of anyone through manipulation, concealment, abuse of information, or misrepresentation."
Written by Kevin Downey on January 25th, 2023
Entry Level Example
"The customer might not understand what they're asking or why the policy is in effect, lacking the big-picture. So I'd do what I could to educate them, break down the full scope of the situation, dig deeper to determine their needs, and try to find an amicable solution that would fulfill their request by some other means."
Written by Kevin Downey on January 25th, 2023
Experienced Example
"I'd try to persuade them to respect company policy, explaining the full impact of their request and how it could affect things in a broader sense. I'd break down the policy, explaining why it is in place. Then I'd mirror their point of view, validate their concerns and needs, and find a similar solution that might provide something close to what the customer hopes to gain. If I could do that, I'd satisfy their needs with no conflicts of interest, and everyone wins."
Written by Kevin Downey on January 25th, 2023
Situational
39. When is a good time to withhold information?
How to Answer
This is a tricky question that relies on your interpretation. It reveals more about you, your integrity, and your regard for the chain of command.
Written by Kevin Downey on January 25th, 2023
Entry Level Example
"When I'm ordered to. I look to our senior management to make the big decisions. I'm working for them, after all. They're running the business and hold their positions for a reason. If they say to keep it quiet, that's what I'll do. If I come upon sensitive information, I'll withhold it from everyone aside from my superiors. How that information is handled should be their call, not mine."
Written by Kevin Downey on January 25th, 2023
Experienced Example
"I'd say when the information is incomplete, depending on its gravity. I'm pretty good at anticipating the needs of my employers and managing up. So, unless I have the complete picture and can take the course of action I know I should take, I won't bring it to my superior's attention until I have something worthy to present. Otherwise, they'll ask me questions I should already have the answers to. If I'm going to distract them from the pressing concerns they face, I will make sure I've lightened the load as much as I can first."
Written by Kevin Downey on January 25th, 2023
Technical
40. What factors most significantly impact the wealth management industry today?
How to Answer
Goldman Sachs needs to see that you understand the factors that impact their business, industry, and clients. As a professional in the wealth-management industry, you keep up to date with what's happening in global news and turn to reputable resources for the latest information. Discuss what you believe to be the most significant factors impacting the wealth management industry today.
Written by Rachelle Enns on January 25th, 2023
What You Need to Know
Goldman Sachs CEO David Solomon does a lot of public speaking; over the last year, he has been very vocal on this topic, from fears of an impact of an oncoming recession to the U.S. debt ceiling to inflation and the war in Ukraine. So read up on any recent news about his personal views as the CEO of Goldman Sachs, and use that media coverage to inform you on how to approach this question.
Written by Kevin Downey on January 25th, 2023
Entry Level Example
"According to a very intriguing report released recently by Deloitte, there are ten primary factors that impact the wealth management industry. These factors include a higher intensity of competition, increased regulatory burdens, a new generation of investors who think entirely differently, and the introduction of artificial intelligence, to name a few. It's important to keep up with these rising trends as they directly impact my career in wealth management and the financial success of my clients."
Written by Rachelle Enns on January 25th, 2023
General Example
"I follow many blogs and publications from companies such as your own, Goldman Sachs, and Morgan Stanley. The factors and topics touched on the most often include previous financial crises, adapting to quickly changing market environments, shareholder expectations, strict regulations that change often, and milestones in tech. I believe that together, all of these topics shape the wealth management industry in a sometimes unpredictable way."
Written by Rachelle Enns on January 25th, 2023