Complete Guide to Finance Graduate Scheme Applications 2027
Everything a final-year student needs to know. Timeline, application strategy, online tests, video interviews, assessment centre preparation and what to expect as a first-year analyst.
Built for students applying to Goldman Sachs, J.P. Morgan, Barclays and other leading firms
In this guide
- 1What a finance graduate scheme is
- 2The 2027 graduate scheme timeline
- 3The application
- 4Free CV checkerFREE TOOL
- 5Online tests
- 6Free psychometric practiceFREE TOOL
- 7The video interview: what to expect at graduate level
- 8Free HireVue practiceFREE TOOL
- 9The assessment centre / final-round interviews: what to expect at graduate level
- 10Firms and deadlines
- 11Frequently asked questions
Section 1
What a finance graduate scheme is
A graduate scheme is an entry-level full-time programme that begins after university. Naming and structure vary by firm: some banks use titles such as New Analyst Programme, Full-Time Analyst Programme or Graduate Programme. You typically join a specific division. Investment banking, sales and trading, asset management, risk, technology, or operations.
Most firms provide formal training at the start of the programme, followed by on-the-job learning. After initial training, you typically join a team and begin supporting live business work relevant to your division.
Career paths after entry-level analyst roles vary by firm and division. Some analysts stay and progress internally, while others later move to different firms, functions or sectors. Investment banking analyst experience is a common route into buy-side roles, but it is not the only one.
If you completed a summer internship and received a return offer, you have already secured your graduate role. This guide is for students applying directly. Either because they did not do a summer internship, did not receive a return offer, or are changing firms or divisions. At many firms, internships are a major pipeline into full-time roles, so direct graduate applications can be highly competitive, but they are far from impossible.
Who can apply
Eligibility varies by firm, but many graduate analyst roles are open to final-year undergraduates and master's students
Start date
Varies by firm and programme, often in summer or early autumn
Compensation
Varies by firm, division and location
Programme structure
Varies by firm and division. Some are rotational, others place you directly into a specific team
Acceptance rate (direct)
Direct graduate applications are highly competitive
Application window
Varies by firm and division. Many recruit on a rolling basis, so applying early can help
Section 2
The 2027 graduate scheme timeline
Graduate-scheme timing often overlaps with internship recruiting, but exact deadlines vary by firm and division. At many firms, internships are an important pipeline into full-time roles, which means direct graduate applications can be more limited.
Develop your technical knowledge: financial modelling, valuation, accounting. If you have not done a summer internship, you need to demonstrate equivalent capability through coursework, personal projects, or society experience. Build a strong set of competency stories.
Some firms open graduate applications around the same time as internship roles, while others vary by division and location. Some firms keep graduate applications open later than others, but timing varies by programme. Many firms recruit on a rolling basis, so applying early can help.
Many firms use a mix of online tests and video interviews, but the exact sequence varies by employer. If you have taken these before, the format may be familiar. Questions may include more technically-oriented prompts at the graduate level.
Depending on the firm, this may include several interviews, technical questions, commercial discussion, and sometimes group exercises or presentations. At the graduate level, technical expectations may be higher.
Offer timing varies by firm. Offers may be conditional on degree completion and meeting stated requirements.
Programmes usually begin with onboarding or training, followed by team placement or role-specific work.
Section 3
How to write a graduate scheme application that stands out
Your CV
Graduate applications are generally expected to show stronger evidence of relevant skills and readiness. If you have banking experience (summer internship, spring week, off-cycle), lead with it. If not, you need to demonstrate equivalent analytical capability:
Lead with relevant experience. A summer internship at a bank, a spring week, an off-cycle placement, or even a relevant placement year should be the most prominent item on your CV.
If you lack banking experience, compensate with evidence of analytical and technical skills: financial modelling projects, equity research for an investment society, a dissertation involving quantitative analysis, or relevant coursework.
Technical skills are more important at this level. Advanced Excel (VLOOKUP, pivot tables, macros), financial modelling, Bloomberg, Python/R for data analysis. List what you can genuinely use.
Quantify achievements where possible. At the graduate level, vague bullet points signal a candidate who does not understand what analysts actually do.
Cover letter
Some applications ask for written motivation questions or a supporting statement; others do not require a cover letter. Where a written response is required, the expectations are higher than for internship-level applications:
Why this career path specifically? At graduate level, "I am interested in finance" is not enough. Explain what draws you to the specific work of an analyst: the modelling, the client interaction, the deal execution, the intellectual challenge of a specific division.
Why now, and why this firm? If you are a direct applicant (not converting from a summer internship), address this head-on. Show that you have thought carefully about the firm and the division, and that your application is deliberate, not a last resort.
What makes you ready? Reference your strongest evidence: an internship experience, a technical project, academic distinction, or a significant leadership role. The response should leave the reader thinking "this person has already done analyst-level work."
Application questions
Some graduate applications include more detailed written motivation or commercial questions, but the format varies by firm. Common themes:
Technical depth: "Discuss a recent M&A transaction and evaluate whether the acquirer paid a fair price.". You need to reference specific multiples, strategic rationale, and market context. This is a test of whether you can think like an analyst.
Career commitment: "Where do you see yourself in 5 years?" The expected answer involves progression within the firm or a thoughtful path that demonstrates genuine career planning.
Problem solving at scale: "Describe a time you managed a complex project with competing priorities.". At the graduate level, the example should demonstrate maturity, stakeholder management, and the ability to deliver under real pressure.
Check your CV before you apply
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Section 5
The online tests: common formats and how to prepare
Graduate-scheme assessments often use similar test types to internship recruiting, but the format and provider vary by firm. If you have taken these before, the format may be familiar. If this is your first time, practise at least one full test before the real thing.
Numerical reasoning
20–25 minutes, 15–20 questionsProviders: Various providers
Data interpretation under time pressure. Tables, charts and datasets with questions requiring calculation of percentages, ratios, growth rates and comparisons. Calculator usually permitted.
Verbal reasoning
17–20 minutes, 15–20 questionsProviders: Various providers
Read a passage and determine whether statements are True, False, or Cannot Say. Strict reading comprehension. Do not use outside knowledge.
Situational judgement
25–35 minutes, 20–30 scenariosProviders: Various providers
Workplace scenarios where you rank responses. Scored against the response patterns the employer considers most effective.
Game-based assessments
25–30 minutesProviders: Various providers
Some firms use game-based assessments designed to evaluate cognitive and behavioural traits.
Preparation tips
Check the firm's instructions carefully, as retake rules and prior-assessment rules vary.
Practice under timed conditions even if you have done the tests before. Speed and accuracy degrade over time without practice.
Graduate applicants who have not done these before should complete at least 2 practice tests across numerical and verbal formats before their first live assessment.
Practice a psychometric test
If you have not done a psychometric test before, the single most valuable thing you can do is complete one practice test so the real thing is familiar. If you have done them before, use this to check your speed and accuracy are still sharp.
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Section 7
The video interview: what to expect at graduate level
Some firms use an on-demand video interview. The number of questions, preparation time and answer time vary by employer. At the graduate level, questions may include more technically-oriented or commercially-focused prompts.
HireVue no longer uses facial analysis. This was discontinued in 2021. Evaluation criteria depend on the employer's process. Your presentation still matters. Good lighting, a quiet background, steady eye contact with the camera, and a confident pace all contribute to how your recorded interview is perceived.
Common question types
Motivation with depth
"Why do you want to be an analyst in investment banking?" Go beyond surface-level interest. Reference specific aspects of analyst work and explain why they appeal to you.
Technical prompt
"Walk us through how you would value a company.". Know DCF, comparable company analysis, and precedent transactions at a conceptual level. Be clear and structured.
Commercial awareness
"What is the most significant market development of the past quarter?" Pick something substantive. Show you understand the implications for the firm and the broader industry.
Leadership and maturity
"Tell us about a time you managed a difficult situation.". The example should demonstrate the kind of composure and judgement expected of a professional.
How firms score your answers
Technical understanding. Can you discuss financial concepts with clarity and accuracy?
Commercial awareness. Do you follow markets and understand the business environment?
Professional maturity. Do your answers reflect someone ready to work with clients and senior colleagues?
Structure and specificity. Clear, organised answers with concrete examples.
Communication. Confident, clear, measured delivery.
Practice a HireVue question
Practice a timed video-interview question in a format similar to those used by many firms. Scored report immediately.
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Your question
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Section 9
The assessment centre / final-round interviews: what to expect at graduate level
Graduate-level final rounds often cover similar themes to internship recruiting, but the structure and difficulty vary by firm and division. Common elements can include technical questions, behavioural questions, commercial discussion and, at some firms, additional interviews or exercises.
Technical questions
VariesTopics may include valuation (DCF, comparables, precedent transactions), accounting (walk me through the three financial statements), and deal-related concepts. The depth expected may be greater than at internship level.
Fit / behavioural questions
Varies"Walk me through your CV", "Why this firm?", "Why not [competitor]?", competency questions. At graduate level, expect probing follow-up questions.
Market / deal discussion
VariesA current deal, a stock pitch, or a macro view. Come prepared with 2–3 discussion topics at deeper-than-newspaper level.
Senior interview
VariesConversational. Senior interviewers want to assess culture fit, curiosity, and maturity. Ask thoughtful questions.
How to stand out during the week
Technical preparation is important at this level. Know the core valuation methods, the three financial statements, and key accounting relationships well.
Have a prepared stock pitch: a company you would invest in, with a clear thesis, supporting data, and awareness of risks.
If you are a direct applicant without a summer internship, be ready to explain your path positively. Frame it as a deliberate choice, not a missed opportunity.
Ask every interviewer a question that shows you have thought about what working at the firm actually involves.
Section 10
Typical application windows by firm
Graduate-role timing often overlaps with internship recruiting, but application windows vary by firm and division. Always check the firm's careers site for the latest information.
| Firm | Programme | Opens | |
|---|---|---|---|
| Goldman Sachs | New Analyst Programme | Applications may open early. Check careers site regularly | Get alerted |
| J.P. Morgan | Full-Time Analyst | Timing varies by programme. Check careers site regularly | Get alerted |
| Morgan Stanley | Full-Time Analyst | Timing varies by programme and division | Get alerted |
| Barclays | Graduate Programme | Graduate applications reviewed on a rolling basis | Get alerted |
| Deutsche Bank | Graduate Programme | Timing varies by division and year. Check careers site | Get alerted |
| HSBC | Graduate Programme | Timing varies. Check careers site | Get alerted |
| UBS | Graduate Talent | Timing varies by division and year. Check careers site | Get alerted |
| Citi | Full-Time Analyst | Timing varies by division and year. Check careers site | Get alerted |
| Rothschild | Full-Time Analyst | Timing varies. Check careers site | Get alerted |
| Lazard | Financial Analyst | Timing varies. Check careers site | Get alerted |
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