Goldman Sachs to drop on-campus interviews

gordonmwu · 发表于 2016-6-24 10:49:56

Goldman Sachs is abandoning the time-honoured practice of on-campus interviews for undergraduates at elite schools and will now ask students to use pre-recorded interviews to pitch for a job at the bank. The Wall Street bank announced the new initiative on Thursday along with a range of other innovations it says will make its recruitment more consistent and rigorous.

“The number one priority is how do we find more terrific people that are potential candidates for the firm,” said Edith Cooper, global head of human capital management at the bank. “Leveraging technology will help you get to more places.”
Goldman attracts more than 250,000 applications from students annually, including almost 225,000 from undergraduates. But more than half of the undergraduates it traditionally hires comes from a group of less than 50 “target” schools, including prestigious Ivy League colleges.
Under the new approach, candidates from any school will instead use a pre-recorded interview programme called HireVue, which JPMorgan uses in its retail bank. The bank will then invite second-round candidates to a ‘structured interview’ where questions will be more prescriptive to allow for candidates responses to be more easily benchmarked against each other.
Mike Desmarais, who heads the Goldman global recruiting, said the new approach should “highlight people that we might otherwise miss”, giving the bank a more diverse group of candidates to choose from for the 2,500 summer graduates it hires annually.
Russell Horwitz, co-chief operating officer of the securities division at Goldman, said the bank’s new approach was better than the current ones where bankers are hired “based on instinct and feel that at times does not produce the best outcome”.
Ms Cooper insisted that the new system would not be something candidates could learn to game. “If you go in there with a script because that’s what everyone says you’re supposed to say it doesn’t take long for people to figure out what it is.”
Goldman is also piloting a personality questionnaire that would “evaluate several different personality characteristics and experiences” that the bank believes are “predictive of long-term success”, Mr Horwitz said.
The bank insisted the new approach was not being taken in response to difficulties it faced in hiring and retaining talent.
Investment banks on both sides of the Atlantic have been fighting an uphill battle to stem the flow of their younger talent to industries seen as more lucrative or fulfilling, such as hedge funds, private equity and technology.
Goldman last year promised junior bankers faster promotions, more diverse experiences and less drudgery. More recent initiatives include Morgan Stanley’s introduction of four week sabbaticals for newly-promoted vice-presidents.

Alistairzhou · 发表于 2016-7-2 01:19:17

But still, about 250,000 applications last year alone, with an upward in the far north of it in the coming years, I guess.
And one more thing : just really really grateful for your time and efforts spent on talking sense to the younger generation like me in here :"十年回归CD 从今天起每天回答大家一个问题 (美国本科-商院-银行，纽约-香港-大陆)". All I can thank say is thank you, sincerely.

nicole03 · 发表于 2016-7-2 21:18:52

Alistairzhou 发表于 2016-7-2 01:19
But still, about 250,000 applications last year alone, with an upward in the far north of it in the ...

what motivates you to do i-banking? Thx?

Crystal_Chai · 发表于 2016-7-2 21:31:41

顶楼主！

Goldman Sachs to drop on-campus interviews

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