Australia — 2026 Guide

Macquarie Group Aptitude Test 2026: Complete Guide

SHL tests, cut scores, recruitment stages, division breakdown, and expert preparation strategies for the Macquarie graduate programme.

SHLPrimary test platform

~75th–80thEst. cut score (percentile)

5Recruitment stages

2026Fully updated

Section 01

Overview: Macquarie Group Graduate Recruitment

Macquarie Group is one of Australia's most competitive graduate employers, receiving thousands of applications for a small number of graduate programme places each cycle. Like all major Australian banks, Macquarie uses SHL TalentCentral for its online aptitude testing — the same platform used by the Big Four accounting firms and most large Australian employers.

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SHL preparation for any Australian bank prepares you for all of them

CBA, Westpac, ANZ, NAB, and Macquarie all use SHL TalentCentral. A single block of focused SHL preparation works across every application simultaneously. Start with our free timed practice tests before any bank application window opens.

Section 02

Recruitment Stages

Stage 1

Online Application

CV, motivational questions, and division selection. Macquarie hiring is highly division-specific — you apply to a specific team, not to a generic graduate pool. Research your target division's actual business before applying. Generic 'I love finance' applications perform poorly.

Stage 2

Online Aptitude Tests (SHL)

SHL TalentCentral battery. Macquarie applies a higher cut score than the retail banks — estimated 75th–80th percentile — reflecting its investment banking and asset management talent profile.

Numerical Reasoning: ~25 min — priority test for all finance and markets roles
Verbal Reasoning: ~25 min
Inductive Reasoning: ~20 min
OPQ32 personality questionnaire for some divisions

Stage 3

HireVue Video Interview

Pre-recorded video. Questions mix motivation (Why Macquarie? Why this division?), commercial awareness (current markets/deals), and competency. Macquarie specifically probes entrepreneurial thinking and accountability — their 'Opportunity and Accountability' culture is a direct assessment lens.

Stage 4

First Round Interview (Phone or Video)

Live interview with an HR business partner or junior team member. Competency, motivation, and initial commercial awareness check. Typically 30–45 min.

Stage 5

Superday / Final Round

2–4 back-to-back interviews with divisional staff from analyst to MD level. Each interviewer probes a different dimension — technical, commercial, behavioural, cultural fit. Technical depth varies by division (see below).

Section 03

Online Aptitude Tests in Detail

The SHL tests used by Macquarie are identical in format to those used across the Australian banking sector and by the Big Four accounting firms. The estimated cut score is approximately the ~75th–80th percentile on a graduate norm group.

Test	Priority	Notes
Numerical Reasoning	Very High	Priority test. Macquarie's finance/markets context and higher cut score make this the most important preparation focus. Target 80th+ percentile.
Verbal Reasoning	High	Standard SHL format. True/False/Cannot Say.
Inductive Reasoning	High	Standard sequences, higher threshold than retail banks.

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Use our free practice tests — same format as the real SHL tests

Our timed practice tests replicate the SHL Numerical, Verbal, and Inductive format. Track your percentile across sessions and target consistent performance above ~75th–80th before your application window opens.

Section 04

Divisions & Streams

Macquarie Capital (MacCap)

Investment banking — M&A advisory, ECM, DCM. Technical interviews: DCF, LBO rationale, EV bridge, accounting linkages. Closest to bulge-bracket IB profile in Australia.

Commodities & Global Markets (CGM)

S&T, FX, energy, agriculture markets. Brain teasers, probability, market views. Australia's most prominent commodities trading platform.

Macquarie Asset Management (MAM)

Infrastructure, real estate, private equity, credit. Valuation methodologies for real assets. Portfolio construction concepts.

Banking & Financial Services (BFS)

Retail banking, wealth management, mortgages. Less technical than MacCap/CGM but commercial awareness essential.

Macquarie Technology

Engineering, cloud, data, cybersecurity. Technical screens (coding, system design) supplement SHL.

Risk Management Group (RMG)

Independent risk, compliance, and governance. Risk framework knowledge — VaR, credit risk, Basel concepts.

Section 05

Preparation Strategy

SHL practice first (3–4 weeks before applying): Complete multiple timed SHL practice sessions and track your percentile. Target ~75th–80th+ percentile consistently before sitting your real tests.
Research Macquarie's current strategy: Read Macquarie's most recent annual report, investor day presentation, and any recent media coverage. Know their key strategic priorities, current challenges, and how your target division fits into the broader group strategy.
Prepare commercial awareness talking points: Have 2–3 current themes you can discuss intelligently — Australian housing market, RBA rates cycle, major deals or transactions Macquarie has been involved in, or sector trends affecting their business.
Prepare 6–8 STAR examples: Covering leadership, teamwork, problem-solving, working under pressure, initiative, and customer focus. Make sure at least 2–3 examples demonstrate genuine commercial awareness or financial acumen.
Know Macquarie's values: Values alignment is assessed throughout — application form, video interview, and assessment centre. Know the values by name and have concrete examples ready that demonstrate each.

Section 06

Frequently Asked Questions

Is Macquarie Group an investment bank or a retail bank?+

Both, but its identity is firmly as a global investment bank and asset manager. Macquarie Capital and Commodities & Global Markets are pure investment banking and trading divisions. Banking & Financial Services is its retail banking arm (previously Macquarie Bank). Macquarie is Australia's largest investment bank and competes globally — particularly in infrastructure finance and commodities — with bulge-bracket firms. The culture, talent, and compensation profile are closer to Goldman or JPMorgan than to CBA or ANZ.

How hard is the Macquarie aptitude test compared to CBA/ANZ/Westpac?+

Significantly harder in practice. The SHL test questions are the same format, but Macquarie's estimated cut score of 75th–80th percentile is 10–15 percentile points above the major retail banks. Macquarie calibrates against a financially sophisticated applicant pool and a higher-performance norm group for finance roles. Treat Macquarie SHL preparation more like investment bank preparation — target 80th+ percentile.

What technical knowledge do I need for Macquarie Capital interviews?+

For MacCap, you need to be able to explain a DCF verbally in under 4 minutes, walk through an LBO rationale, define enterprise value and equity value, and discuss at least 2–3 live M&A transactions or capital raises with your own view on rationale and structure. Rosenbaum & Pearl's Investment Banking is the standard preparation resource. You should also have a current market thesis — rates direction, sector trends, a deal you'd pitch.

Does Macquarie hire internationally?+

Yes — Macquarie is one of the more internationally minded Australian employers and has significant operations in London, New York, Hong Kong, and Singapore. Graduate programmes in Australia typically require work rights, but Macquarie's global offices hire locally. If you're an international student in Australia, check the specific visa requirements for the division and location you're applying to.

When does Macquarie graduate recruitment open?+

Macquarie's summer analyst internship applications (for penultimate-year students) typically open in March–April for December–February programmes. Graduate applications open in February–March for January start roles. Macquarie moves quickly — rolling review means the best candidates are identified well before the stated deadline closes.

Ready to Prepare for Macquarie?

Start with our free SHL practice tests — the primary screen for every Macquarie graduate application.

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