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Investment Bank — 2026 Interview Guide

Goldman Sachs Interview Questions 2026: Complete Guide

Competency and strengths questions with model answers, commercial awareness, technical content, and what Goldman Sachs interviewers are actually assessing at every stage.

4Competency questions
3Commercial questions
4Technical questions
2026Fully updated
Section 01

Goldman Sachs Interview Process Overview

The Goldman Sachs recruitment process moves candidates through aptitude testing, one or more interviews, and an assessment centre. Understanding each stage — and what it specifically assesses — lets you allocate preparation time correctly.

Stage 1

SHL Tests

Numerical, Verbal, Inductive + OPQ32. ~80–85th percentile threshold.

Stage 2

HireVue

Pre-recorded video. Motivation, commercial awareness, light technical.

Stage 3

First Round

Phone or video. 1–2 interviewers. Technical + competency.

Stage 4

Superday

5–8 back-to-back interviews. Analysts to MDs. Full day.

💡
Aptitude tests come before interviews — pass those first

No matter how strong your interview preparation is, you won't reach the interview stage without passing Goldman Sachs's online aptitude tests. See our Goldman Sachs aptitude guide and free practice tests before focusing on interview prep.

Section 02

Competency & Behavioural Questions

These questions ask you to evidence past behaviour as a predictor of future performance. Use the STAR framework — Situation, Task, Action, Result — and keep answers to 2–3 minutes unless probed further.

Question 1Motivation
"Why Goldman Sachs specifically — not just investment banking?"
What they're assessing & how to answer
The most important question in your Goldman interviews. Generic answers ('market leader', 'brand') lose against specific ones: a specific transaction Goldman advised on and why the structure interested you, a specific team or desk's market position, a publication or research piece from Goldman you found compelling, or a Goldman alumni you spoke with and what they told you. Have 4–5 distinct, genuine reasons ready — you'll be asked this by multiple interviewers.
Question 2Resilience / Performance
"Tell me about a time you worked under extreme pressure and delivered."
What they're assessing & how to answer
Goldman expects high performance under pressure — it's core to the culture. Be specific about the stakes, the constraints, and your actions. Quantify outcomes. Don't undersell the difficulty of the situation.
Question 3Judgment / Analytical thinking
"Describe a situation where you had to make a decision with incomplete information."
What they're assessing & how to answer
This is about your decision-making framework under uncertainty — how you structure the problem, identify what you know vs need to know, make a reasoned call, and manage the risk of being wrong. Goldman values rigorous thinking even when certainty isn't available.
Question 4Initiative / Intellectual curiosity
"Tell me about a time you identified an opportunity that others missed."
What they're assessing & how to answer
Goldman values intellectual sharpness. Pick an example where you acted on an observation proactively — and where the outcome justified it. This is an opportunity to demonstrate commercial thinking, not just task completion.
Section 03

Commercial Awareness Questions

Commercial awareness questions assess whether you understand the business environment Goldman Sachs operates in. There are no single correct answers — interviewers reward structured thinking, genuine views, and specific knowledge over generic talking points.

Commercial Awareness Question 1
"Walk me through a deal or transaction you've been following and give me your view on it."
Strong answer framework
Essential for IBD and markets roles. Pick a live or recently completed M&A deal, IPO, or capital markets transaction. Know: the parties involved, the strategic rationale, the structure (cash/stock, leverage), the valuation implied, and — critically — your own view on whether it was a good deal and why. Don't just summarise the news article.
Commercial Awareness Question 2
"What's your view on where equity markets go from here?"
Strong answer framework
For S&T and markets roles. Have a structured macro view: rates cycle, earnings trajectory, sector rotation. Be willing to take a position and defend it. 'It depends' is not an acceptable answer in a trading interview.
Commercial Awareness Question 3
"How would you pitch a stock to me right now?"
Strong answer framework
For Equities and Research roles. Pick a stock you genuinely find compelling. Know the business, the investment thesis, the key risks, and a rough valuation. A two-minute pitch: business overview → why now → valuation → key risks → catalyst.
Section 04

Technical Questions

Technical questions at Goldman Sachs test domain knowledge relevant to the role. For consulting firms, this means frameworks and structured problem-solving. For audit and advisory, this means accounting and financial analysis concepts.

Technical Question 1Technical
"Walk me through a DCF."
Model answer
Revenue forecast → EBIT → NOPAT (tax-adjusted) → add back D&A → subtract capex and change in working capital = FCFF. Discount at WACC. Sum PV of forecast period + terminal value (Gordon Growth or exit multiple). Subtract net debt to get equity value. Divide by shares outstanding for implied share price. Know the key assumptions and their sensitivity.
Technical Question 2Technical
"What is the difference between enterprise value and equity value?"
Model answer
Enterprise value = total value of the business (equity + debt − cash). It's what you'd pay to buy the whole company debt-free. Equity value = what's left for shareholders after paying off net debt. EV is used for operating multiples (EV/EBITDA, EV/EBIT) because operating metrics are pre-debt. Equity value is used for P/E since net income is post-interest.
Technical Question 3Technical
"Walk me through an LBO at a high level."
Model answer
A financial sponsor acquires a company using a mix of debt (60–70%) and equity (30–40%). The debt is serviced by the company's cash flows. The sponsor seeks to improve EBITDA (operational improvement), pay down debt (deleveraging), and exit at a higher multiple than entry (multiple expansion). Returns are amplified by leverage — small EBITDA growth creates large equity returns because the debt base is fixed.
Technical Question 4Technical
"If interest rates rise, what happens to bond prices?"
Model answer
They fall — inverse relationship. Duration quantifies the sensitivity: a bond with duration 5 loses approximately 5% of price for every 1% rise in rates. Longer-duration bonds (long-dated, low-coupon) are more sensitive than short-duration bonds.
Section 05

Preparation Tips

  • Read Goldman's earnings calls, published research, and the GS Institute publications before your HireVue. Reference them specifically — 'I was reading GS's recent analysis on...' is a strong signal.
  • For IBD: practise DCF and LBO walkthroughs out loud until they take under 4 minutes each. Technical questions at Goldman are asked in a conversational format — you need to be fluent, not just correct.
  • For S&T: have a current macro view on at least three asset classes (equities, rates, FX or commodities). Practise probability and mental arithmetic daily — brain teasers and quick calculations feature prominently.
  • Superday stamina is a real performance factor. Run 4–5 consecutive 30-minute mock interview sessions before your superday — the 6th or 7th interview of the day is where fatigued candidates underperform.
  • For every Goldman interviewer, have 2 specific questions ready about their team's current work. Generic questions ('what do you enjoy about your role?') are forgettable. Specific questions about recent deals, market themes, or team structure are memorable.

Prepare for the Full Goldman Sachs Process

Strong interview performance starts with passing the aptitude screen. Make sure you're ready.

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