Goldman Sachs 2028 superday guide

For
2028 summer analysts
Sources
12 cited

Invited to a Goldman Sachs superday? Here is the format by division, the technical and fit questions each interviewer asks, how to prepare and when you hear back.

A student in a navy suit answering a question across a table from a banker, in a meeting room high above Manhattan.
A Goldman Sachs superday is two to five back-to-back interviews, often three, each with someone from the team you applied to.

Key facts

  • Interviews: Typically two to five interviews for campus hires, depending on the division.1
  • Length: Plan for 30 to 60 minutes each. In investment banking and capital markets, rounds run shorter, at 20 to 30 minutes each.2,4,6
  • Format: Interviews are one-on-one or with two interviewers at once.2
  • Who you meet: People from the group you are interviewing for: some more senior, some peers, sometimes more junior. Goldman Sachs does not share the lineup in advance.1,2
  • In practice: Three interviews in investment banking, capital markets and Transaction Banking: 3 x 30 minutes in San Francisco (2025) and Dallas (2026), 3 x 20 minutes in New York (2025).4,5,6
  • In person or virtual: In person for investment banking in San Francisco (Feb 2025); virtual for Equity Capital Markets in New York (Jan 2025) and Quant Strats in New York (Oct 2025). Virtual interviews run on Zoom.4,6,8,2
  • Hearing back: Goldman Sachs aims to be in touch within two weeks of your interview. If you have not heard by then, check in with your recruiter.2

How technical it gets depends on the desk. San Francisco investment banking asks DCF and deal questions across the phone screen and superday; Transaction Banking in Dallas is "very interpersonal and few technicals"; Operations in Dallas is all behavioral.4,5,7,12

What the Goldman Sachs superday looks like

  1. The invite

    If you are selected after the HireVue, Goldman Sachs invites you to a series of final round interviews. The recruiting team sends your schedule and, for a virtual day, how to sign in. Some processes add a phone screen first: a call with a VP in San Francisco investment banking, after networking, and a phone screen about a month before the superday in Private Wealth Management in Dallas.1,2,4,9

  2. Who you meet

    Expect a cross-section of people you could work with: some more senior, some peers and sometimes more junior members of the team. You will not get the lineup in advance, so speak to your recruiter to be prepared. In Equity Capital Markets in New York, that has meant an associate and two managing directors.1,2,6

  3. Each interview

    Interviews are one-on-one or in pairs and run 30 to 60 minutes. Investment banking and capital markets run three, at 20 to 30 minutes each (back to back in San Francisco); Quant Strats runs two 45-minute interviews.2,4,6,8

  4. What they ask

    The interviews focus on real-world problems: how you have handled, or would handle, different work situations. Questions follow the role, so be ready to talk about your own experience. Investment banking and Quant Strats add technical questions, and many questions start from your resume.2,4,6,8,12

  5. Your questions

    The interview is meant to be a two-way conversation, so ask questions, and prepare a few before each stage. Asking about something an interviewer mentioned shows interest in the team.2

  6. A virtual superday

    Virtual interviews run on Zoom. Keep your camera on at eye level, join early, dress as you would in person and pick a quiet, well-lit room. If the call drops, stay calm, explain what happened and tell your recruiting contact.2

The rounds, by division

Investment Banking, San Francisco (Feb 2025) 3 x 30 min
In person, back to back, after a VP phone screen. DCF and deal questions.
Equity Capital Markets, New York (Jan 2025) 3 x 20 min
Virtual, with an ECM associate and two managing directors.
Transaction Banking, Dallas (Feb 2026) 3 x 30 min
Very interpersonal, with few technicals.
Operations, Dallas (Oct 2025) About 1 hour
All behavioral, plus operations and the markets in your own words.
Quant Strats, New York (Oct 2025) 2 x 45 min
Virtual, back to back. Resume, coding, brain teasers and probability.
Private Wealth Management, Dallas (Feb 2026) Length not given
A phone screen, then the superday about a month later.
Engineering 45 to 60 min
A CoderPad coding session generally takes 45 to 60 minutes. Ask your recruiter whether yours sits in the superday.

Firm-wide, it is two to five interviews depending on the division, 30 to 60 minutes each, one-on-one or in pairs. Each row above is one desk's superday, with the month it ran.1,2,4,5,6,7,8,9,12

Before your superday

  • Three or four stories you can tell in about two minutes each: a challenge, a failure, a team, a time you led.
  • One deal you can explain end to end: who bought what, why, how it was paid for and whether the price made sense.
  • A view on the markets this week, and how it touches the group you are interviewing for.
  • Every line of your resume, ready for a follow-up question two levels deep.
  • A reason for Goldman Sachs and for this division and office that only you could give.
  • Two or three questions for each interviewer, different for an analyst and a managing director.
  • For a virtual day: Zoom installed and tested, laptop plugged in, camera at eye level, dressed as you would be in person.

The questions

Questions are informed by the role and focus on how you handle real work situations. Expect behavioral and fit questions, technical questions that depend on the desk, and follow-ups from whatever you put on your resume.2,4,6,7,12

  • Behavioral: A real moment from your past, often followed up live: what you did, why, and what you would change.
  • Technical: Desk-specific: valuation and deals in investment banking, coding and probability for Quant Strats.
  • Fit and motivation: Why this division, why this office, and what kind of person you are.
  • Markets and firm knowledge: A recent deal, M&A trends, what is moving the markets, what the business does.
  • Resume follow-ups: A question built from something you said, such as a deal you mentioned.

Which division question you get

Investment Banking
San Francisco (Feb 2025): a biotech DCF against a standard DCF, three ways the tax rate affects a DCF, M&A trends and a recent deal, asked across a VP phone screen and the superday.4,12
Equity Capital Markets
New York (Jan 2025): how a buy now, pay later company would react to a recession, asked because the candidate had mentioned the Klarna IPO.6,12
Transaction Banking
Dallas (Feb 2026): "Very interpersonal and few technicals." Why Dallas.5,12
Operations
Dallas (Oct 2025): all behavioral, plus explain operations, and how you understand the markets, in your own words.7,12
Private Wealth Management
Dallas (Feb 2026): what you think the hardest part of wealth management is, asked across a phone screen and the superday.9,12
Quant Strats
New York (Oct 2025): mainly resume questions and data structures and algorithms coding, with some simple brain teasers and probability.8
Engineering
Engineering interviews may include live coding on CoderPad or HackerRank, on data structures and algorithms. Be ready for it in any round.2
Asset ManagementBest guess
Expect why asset management, an investment you would make and why, and what is moving the markets.

The Asset Management line is our best guess from the Wealth Management and markets questions above. The Engineering line comes from the firm's own interview guide.

Using Goldman Sachs's values in your answers

Goldman Sachs names four values: client service, partnership, integrity and excellence. Its interview guide tells candidates to get familiar with them and with its Business Principles before the interview.3,2

Partnership

“We prioritize collaboration and believe in the strength of the collective.”3

Teamwork questions. Show what you did for the team, and be ready for a follow-up on what went wrong.

Integrity

“To breach a confidence or to use confidential information improperly or carelessly would be unthinkable.”3

Judgment questions about a client, a rule or confidential information. Say no clearly and escalate.

Excellence

“We aspire to nothing less than excellence.”3

Failure and challenge questions. Show the standard you set and what you changed.

Client service

“Our clients' interests always come first.”3

Why Goldman Sachs, and division questions such as the hardest part of wealth management.

The quotes are Goldman Sachs' own. Matching them to questions is Intervyo's advice: use one value as the reason your story matters, rather than reciting the list.

Example questions and how to answer them

Technical"How is a biotech DCF different from a traditional DCF?"4,12
  1. 1Start with the standard DCF in one line: project free cash flow, discount it at WACC, add a terminal value.
  2. 2Cash flows: an early-stage biotech often has no revenue yet and burns cash, so value sits in the drug pipeline.
  3. 3Probability: weight each drug's cash flows by its chance of passing each trial phase (a risk-adjusted NPV).
  4. 4Forecast period and terminal value: forecast to patent expiry, when revenue drops, and lean less on a terminal value.
  5. 5Close on the discount rate: higher risk, so a higher rate, and say the risk should not be counted twice.

Tip: Asked in a San Francisco investment banking process with a phone screen and a superday. Keep the answer to about a minute, then stop and let them push.

Example answer, written by Intervyo (not a real candidate)

Written by Intervyo as an example. A standard DCF projects free cash flow for five to ten years, discounts it at WACC and adds a terminal value. A biotech is different in three ways. First, many biotechs have no product revenue yet and are burning cash, so the value is in the pipeline, not today's numbers. Second, you weight each drug's future cash flows by the probability it gets through each trial phase and approval, so a Phase 1 asset counts for much less than one that is filed for approval. Third, you forecast out to patent expiry, when generics arrive and revenue falls, so the terminal value matters less than in a mature company. The discount rate is usually higher, but you have to be careful not to count trial risk twice, once in the probabilities and again in the rate.

Technical"Name three ways the tax rate affects a DCF."4,12
  1. 1Free cash flow: unlevered free cash flow starts from EBIT times one minus the tax rate, so a higher rate means less cash.
  2. 2Cost of debt: interest is tax-deductible, so the after-tax cost of debt in WACC is the rate times one minus tax.
  3. 3Beta: unlevering and relevering beta uses the tax rate, which moves the cost of equity.
  4. 4Say the net effect: a higher tax rate lowers cash flows but also lowers the after-tax cost of debt, and the cash flow effect usually wins.

Tip: Asked in a San Francisco investment banking process. Number your three points out loud so the interviewer can follow.

Resume follow-up"How would a buy now, pay later company react if there was a recession?"6,12
  1. 1Say what the business does: lends small amounts at checkout and earns fees from merchants and late payments.
  2. 2Credit: in a recession more customers miss payments, so losses rise and lending gets tighter.
  3. 3Volume: consumers spend less on discretionary items, so transaction volume and merchant fees fall.
  4. 4Funding: these companies borrow to lend, so funding costs and access to capital matter more.
  5. 5Finish with what management would do: tighten approvals, cut costs, lean on more resilient categories.

Tip: Asked in Equity Capital Markets in New York, after the candidate mentioned the Klarna IPO. Anything you name, be ready to go one level deeper.

Behavioral and fit"On a scale from 1 to 10, are you a pessimist or an optimist?"4,12
  1. 1Give a number straight away. Do not dodge it.
  2. 2Explain it with one short, real example of how you act on that view.
  3. 3Tie it to the work: in banking, optimism about the deal and care about what can go wrong both matter.

Tip: Asked in a San Francisco investment banking process. A number with a reason beats a long answer about balance.

Example answer, written by Intervyo (not a real candidate)

Written by Intervyo as an example. I would say a 7. I start from the view that a problem can be solved, but I like to know what could go wrong before I commit. When I led our club's stock pitch for a regional competition, I was confident in the idea, but I spent the last two days arguing against it with a teammate so we had answers ready for the judges' toughest questions. That is how I would want to work on a deal team: believe in the work and still check it.

Markets and firm knowledge"What do you think is the hardest part of wealth management?"9,12
  1. 1Pick one clear answer, such as keeping a client's trust when markets fall.
  2. 2Explain why: a client's goals and fears change with markets and life events, and the adviser has to manage both.
  3. 3Show you know the business: long relationships, advice across investments, planning and lending.
  4. 4Say how you would handle it, with a short example of explaining something hard to someone.

Tip: Asked in a Private Wealth Management process in Dallas that had a phone screen and a superday.

Markets and firm knowledge"Explain operations in your own words."7,12
  1. 1One sentence: operations makes sure every trade and transaction the firm does is completed, recorded and settled correctly.
  2. 2Name two or three things it covers: trade confirmation and settlement, reconciliations, client onboarding, managing risk and controls.
  3. 3Say why it matters: errors cost money and trust, and regulators check the controls.
  4. 4End on why you want that work.

Tip: Asked in Operations in Dallas, alongside explaining the markets in your own words. It can come in the HireVue or the superday, so have it ready for both.

More Goldman Sachs superday questions

Behavioral

  • “Generic behavioral questions about your experience.”7

    Operations, Dallas, Oct 2025; the candidate did not give the wording

  • “How you have handled, or would handle, a difficult work situation.”2

    Goldman Sachs' own description of what its interviews ask, not a candidate report

  • “Tell me about a time you faced a challenge and how you handled it.”

    Best guess

    Our wording for the generic behavioral questions asked in Operations in Dallas

Technical

  • “Explain the three financial statements and the key links between them.”11

    A prep site's list of candidate-reported questions, region not stated

  • “Describe how you would value a company with a DCF. How does accelerated depreciation change it compared with straight line?”11

    A prep site's list, region not stated

  • “Why do you subtract cash, and add minority interest, when moving from equity value to enterprise value?”11

    A prep site's list, region not stated; reworded to the standard bridge

  • “Company A, with a P/E of 10x, buys Company B, with a P/E of 3x, in an all-stock deal. Is it accretive or dilutive?”11

    A prep site's list, region not stated

  • “Coding on data structures and algorithms, with brain teasers and probability.”8

    Quant Strats, New York, Oct 2025; a topic, not exact wording

Fit and motivation

  • “Why Dallas?”5,12

    Transaction Banking, Dallas, Feb 2026

  • “Why Goldman Sachs, and why this group?”11

    A theme: a prep site says interviewers look for a specific reason, such as a group, a product or a deal the firm advised on

Markets and firm knowledge

  • “Tell me about a recent deal.”4,12

    Investment Banking, San Francisco; stage not stated

  • “Explain how you understand the markets, in your own words.”7,12

    Operations, Dallas; stage not stated

  • “If interest rates rise, what happens to the US dollar?”11

    A prep site's list, region not stated

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How long to hear back after the superday

Goldman Sachs aims to be in touch within two weeks of your interview. Decisions come anywhere from a few days to a few weeks after, and the wait for the superday invite itself varies more by business.2,4,7,8,11

  1. Feb 2025

    Investment Banking, San Francisco

    Offer a few days after an in-person superday. The whole process took less than a month.4

  2. Early 2026 (summer 2027)

    Investment Banking, New York

    A few TMT offers had gone out, in the same cycle as the January HireVue links.10

  3. Oct 2025

    Quant Strats, New York

    Virtual superday invite about three weeks after the HireVue. The whole process took one to two months.8

  4. Feb 2026

    Private Wealth Management, Dallas

    Superday about a month after a phone screen. The whole process took one to two months.9

  5. 2025

    Operations, Dallas

    Heard about the superday four months after the HireVue.7

  6. 2026

    Investment banking, a prep site

    Same day to three weeks from superday to decision, batched by region, with offers by phone from your recruiter.11

If you have not heard after two weeks, check in with your recruiter.2

Best guessInvestment banking decisions tend to come within days to two weeks. If two weeks pass, send your recruiter one short, polite email and keep preparing for other firms while you wait.

What happens after the superday

  1. Online application

    Apply on Goldman Sachs' careers portal. Applications are reviewed through the recruiting season, so different roles hear back at different times.1

  2. HackerRank (Engineering, Quant Strats)

    Engineering applicants take a HackerRank assessment. For Quant Strats in New York (Oct 2025), a HackerRank came first and the HireVue about two weeks later.1,8

  3. HireVue video interview

    Done. A recorded video interview of about 30 minutes.1

  4. Phone screen (sometimes)

    Not every process has one. San Francisco investment banking (a VP, after networking, Feb 2025, summer 2026) and Private Wealth Management in Dallas (Feb 2026, summer 2027) have both used one. Engineering also runs phone interviews of its own, coding on CoderPad with an engineer.4,9,2

  5. SuperdayYou are here

    This page. Two to five interviews depending on the division, 30 to 60 minutes each, with a cross-section of the team.1,2

  6. Offer

    Goldman Sachs aims to be in touch within two weeks. In San Francisco investment banking, an offer has come a few days after the superday.2,4

Investment banking vs other divisions

The firm-wide shape is the same: two to five interviews of 30 to 60 minutes. What changes by desk is the length of each round and how technical it gets.

Rounds

Investment banking and capital markets

Three: 3 x 30 minutes back to back in San Francisco (2025), 3 x 20 minutes for Equity Capital Markets in New York (2025).4,6

Other divisions

Transaction Banking, Dallas: 3 x 30 minutes. Quant Strats, New York: 2 x 45 minutes. Operations, Dallas: about an hour.5,8,7

Who

Investment banking and capital markets

ECM, New York: an associate and two managing directors. Expect analysts, associates and VPs, sometimes a managing director.6,11

Other divisions

People from the group, some more senior, some peers and sometimes more junior, one-on-one or in pairs.2

How technical

Investment banking and capital markets

Valuation and deals: a biotech DCF, the tax rate in a DCF, M&A trends and a recent deal (San Francisco).4,12

Other divisions

Varies. Transaction Banking: "few technicals". Operations: all behavioral. Quant Strats: coding, brain teasers and probability. Engineering: live coding.5,7,8,2

Follow-ups

Investment banking and capital markets

From your resume: mention the Klarna IPO in ECM and you may be asked how a buy now, pay later company would handle a recession.6,12

Other divisions

Quant Strats: mainly resume questions. Private Wealth Management: the hardest part of wealth management.8,9,12

In person or virtual

Investment banking and capital markets

Both: in person in San Francisco (2025), virtual for ECM in New York (2025).4,6

Other divisions

Virtual for Quant Strats in New York (2025).8

FAQ

How many interviews are in a Goldman Sachs superday?

Typically two to five for campus hires, depending on the division. Investment banking, capital markets and Transaction Banking run three; Quant Strats in New York runs two.1,4,5,6,8

How long is each Goldman Sachs superday interview?

30 to 60 minutes each, firm-wide. By desk: 30 minutes in San Francisco investment banking and Dallas Transaction Banking, 20 minutes in New York Equity Capital Markets, 45 minutes for Quant Strats.2,4,5,6,8

Is the Goldman Sachs superday in person or virtual?

Both. San Francisco investment banking has been in person (February 2025); Equity Capital Markets in New York (January 2025) and Quant Strats in New York (October 2025) have been virtual. Virtual interviews run on Zoom.4,6,8,2

Who interviews you at a Goldman Sachs superday?

A cross-section of people from the group: some more senior, some peers and sometimes more junior, one-on-one or in pairs. You will not get the lineup in advance. In ECM, that has meant an associate and two managing directors.1,2,6

Does the Goldman Sachs superday have technical questions?

It depends on the desk. San Francisco investment banking asks about things like a biotech DCF, the tax rate in a DCF, M&A trends and a recent deal. Transaction Banking in Dallas had "few technicals", Operations in Dallas was all behavioral, and Quant Strats included coding and probability.4,5,7,8,12

When do you hear back after a Goldman Sachs superday?

Goldman Sachs aims to be in touch within two weeks; if you have not heard by then, check in with your recruiter. In San Francisco investment banking, an offer has come a few days after the superday.2,4

Should I ask questions at the end?

Yes. The interview is meant to be a two-way conversation, so ask questions, and prepare a few before each stage.2

Do I need finance experience for the superday?

No. Goldman Sachs people come from all kinds of backgrounds. The questions are informed by the role, so learn the basics of the desk you are interviewing for, and be ready to talk about your own experience.2

Superday at other firms

Sources

Firm pages first, then dated candidate reports. Last checked Nov 4, 2026.

  1. 1Goldman Sachs: Prepare (students)
  2. 2Goldman Sachs: Interview Preparation
  3. 3Goldman Sachs: Our Purpose and Values
  4. 4Candidate report on a public forum: Investment Banking Summer Analyst interview, San Francisco (Feb 2025)
  5. 5Candidate report on a public forum: Summer Analyst interview, Transaction Banking, Dallas (Feb 2026)
  6. 6Candidate report on a public forum: Summer Analyst interview, Equity Capital Markets, New York (Jan 2025)
  7. 7Candidate report on a public forum: Operations Summer Analyst interview, Dallas (Oct 2025)
  8. 8Candidate report on a public forum: Quantitative Strategist Summer Intern interview, New York (Oct 2025)
  9. 9Candidate report on a public forum: Private Wealth Management interview, Dallas (Feb 2026)
  10. 10Candidate discussion on a public forum: Goldman Sachs Mega Thread, 2027 SA (Jan 2026)
  11. 11Aced: Goldman Sachs IB Summer Analyst Interview Guide · prep site
  12. 12Candidate reports on a public forum: Goldman Sachs interview questions (company database)

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