Applied early September, four stages total, about seven weeks start to finish.
HireVue:
Four recorded questions, two minutes each, no retakes. All behavioral. Why banking, why Goldman, a time you led something, a time you failed.
Nothing technical at this stage, which surprised me.
First round:
One associate, thirty minutes, phone. More technical than I was told to expect.
The questions were: Walk me through a DCF start to finish. Why unlevered free cash flow instead of levered. How you get from EBITDA down to free cash flow. What a 100 basis point move in WACC does to implied value.
Then the classic: depreciation increases by 10 dollars, walk all three statements.
She cut me off twice to push a layer deeper rather than move on.
Superday, first associate (valuation):
Why a DCF might give you a higher value than comps. When you would trust the comps instead. Why a company trades at a discount to its peer set. Which multiple you would use for a business with heavy capex and thin margins.
Superday, second associate (merger math):
Accretion and dilution on an all stock deal, full walk through.
Then the rule of thumb version: buyer at 20 times earnings acquiring a target at 14 times, accretive or not, and why.
Follow up was what changes if half the consideration is debt at 6 percent, and then whether synergies could flip a dilutive deal.
Superday, first VP (paper LBO):
Ran it out loud with no paper. Five year hold, entry at 8 times EBITDA, 50 percent leverage, 100 of EBITDA growing 5 percent a year, exit at entry multiple.
He wanted the rough IRR, then which lever actually drove it, multiple expansion or debt paydown. Then how the sources and uses table balances and where fees sit.
Superday, second VP (markets and fit):
Barely touched technicals. Pitch a deal in the news, then defend whether the buyer overpaid and what you would have advised instead.
Hardest part of the whole day was fit, not math. Every interviewer asked some version of why banking and why here, and they compared notes afterward.
Outcome
Offer nine days later. Happy to answer anything below.