There’s too much demand for any one job position. It doesn’t matter whether you are applying for a job as a barista at Starbucks, or as a marketing director at a tech company. If you get the job, it’s like winning the lottery. When demand is too great, companies deploy very quick and easy screening mechanisms to whittle down the pool. At Goldman, unless you were the son or daughter of a client or high level employee, you had to have at least an A- GPA to be considered for an interview. At least that was the case with my class in 1999.
Goldman hired roughly 60 Equities financial analysts total around the world my year. Somewhere around 8,000 candidates applied. By screening schools, GPA, and legacy, HR told me they culled the pool down to about 600 potential candidates for phone interviews, alumni interviews, and Super Day in NYC. Without screening mechanisms, the hiring process would take even longer than it already takes (my interview process took eight months).
Given the post, “Why It’s So Hard To Get A Mortgage According To A Loan Officer” was such a hit, I’d like to share with you some candid feedback I’ve received from several HR managers during my time.