12 The Final Hurdle
The gruelling days that will seal your fate
If you’ve made it through investment banks’ initial screening processes – the online applications and psychometric tests, telephone interviews and, in some cases, a face-to-face grilling – then you’ll be invited to the final hurdle, the assessment centre.
Not all banks have them – Goldman Sachs doesn’t, for instance. Nonetheless, it’s the preferred way of deciding which students to hire in EMEA and Asia. Here’s what you should expect.
1. More numerical tests
The online numerical tests were easy – the ones you’ll face during the assessment centre will step up a gear. However, to ensure that you didn’t Google your way through it, or pay a maths whizz to take the exam for you, many banks will ask you to re-sit the tests again first thing in the morning. Some banks will set harder numerical tests throughout the day.
How to excel: Just make sure you’ve continued to practise. numerical tests are relatively simple – addition, subtraction, percentages, graph – reading.
2. Individual presentation
Some banks are kind and send you the topic a week before, others present you with documents on the day and expect you to digest the information and come up with a cohesive argument. It’s usually a problem relevant to your field – your opinion on a potential M&A deal in the news, the future of the bank you’re working at, how to value a company. This will be assessed by senior people in your business line, so it’s really your chance to shine…or sink.
How to excel: Construct a cohesive argument with a set number of points and a conclusion. Don’t simply regurgitate the information back without giving a concrete opinion, and be prepared to have it questioned – managing directors will attempt to rip it to shreds. Keep it concise and clear – don’t tie yourself up in knots by creating an overly complex argument you can’t present in time.
3. Group exercise
You’ll be separated into groups of four or five, given an information pack about a particular topic and asked to work together to come up with a discussion on its contents, usually followed by a presentation that will be assessed by a group of managing directors. It’s not just about the presentation though, graduate recruiters will usually stroll through the discussions, trying to assess your behaviour in a group environment and how you interact in a team.
How to excel: most people assume the best way to impress is to dominate the proceedings, making their leadership qualities clear. banks generally frown on this. Instead you want to focus on actively participating without either taking over or being sidelined. Taking time to consider, communication, analysing and interpreting the information, team working and influencing others are also key.
the STAR approach Task
T S R result 4. Interviews
Depending on the bank, you could have anything from three to seven interviews on the day. Usually, they are with senior bankers on the team you’re applying to, but other firms also include HR. Some will be competency-based – assessing your behaviour in a given scenario – others will be technical, testing your banking know-how.
How to excel: remember the sTAr (situation, Task, Action, result) approach to interviewing, helping maintain structure to your answers. Know your Cv, because you will be questioned on everything. And above all stay calm – brainteasing questions designed to make you think on your feet will be used extensively.
5. E-tray/In-tray
Peter Harrison CEO,
Harrison Careers
Expect experienced interviewers to test what you don’t know and to find the limits of your knowledge, whether about current affairs, markets, technical knowledge, brainteasers or whatever.
Because it emulates a real working environment, this is often considered the most difficult element of the assessment day. You’ll be presented with documents related to a particular scenario you are ‘working on’ – financial information on a company, the structure of the firm, the bank’s stance on it.
A
Action
situation
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