Good morning, Term Sheeters. Finance reporter Luisa Beltran here.
I remember applying for internships in college and for that first big job out of school. I sent what seemed like a million resumes for several different jobs, many of which I knew nothing about. Luckily, by the time I graduated, I had four different internships under my belt, a good-but-not-spectacular GPA, and knew a little of what I could do and thought I could handle just about anything the world threw at me. But looking back at my 22-year-old-self, I don’t think I could’ve endured the Blackstone interview process—or that I would have even made it past the first round.
In reporting my latest feature, I unearthed an amazing stat: Getting a first-year analyst job at Blackstone is twelve times as tough as getting into Harvard. You read that right.
This year, Blackstone had 169 first-year analyst positions available and received 62,000 unique applicants from all over the world. This translates to a selection rate of less than 0.3%. That’s all according to Stephen Schwarzman, Blackstone’s cofounder and CEO, who spoke during a July 20 conference call to discuss BX’s second quarter earnings. (And it turns out I’m in good company—Schwarzman said he doesn’t think he would get hired at BX today.)
To dig deeper into the hiring process and what makes one 22-year-old stand out from the other 61,999, I interviewed Paige Ross, global head of human resources at Blackstone. She explained that the easiest way to get a Blackstone analyst job is to be a BX summer intern. The window for applying for the 10-week internship begins in January and extends until March, Ross told me. During an interview, candidates should come prepared to speak about their experiences with teams or clubs, and their leadership roles, Ross said. There will be hypothetical interview questions like, “What advice would you give your younger self?” Emailed thank you notes after the interview are also acceptable, but Ross appreciates the handwritten version. “I don't really get [handwritten notes] anymore. When I do get one, I'm like, ‘Oh, that's so nice,’” she said.
Interviewing for the Blackstone analyst position is rigorous. As I wrote in my piece: “One former Blackstone analyst said they completed 13 interviews, including meeting with the head of the team they were applying to, as well as with a senior managing director, over a three-week period. The former Blackstone analyst, an economics major who attended a New York City college and had a 3.8 GPA, said they were quizzed on what was happening in the market, given ethical problems to solve that had no clear solution, and questioned on two case studies. The former BX analyst even gave a presentation, that included Excel modeling, to executives. The interview process culminated with a team lunch, where candidates were judged on whether they were a good overall fit, the exec said.”
This former BX analyst recommends that candidates do more than just reading up on topics on the subway ride to the Blackstone interview. Candidates should know what is happening in the world and in their particular sector, the executive said. The ex-Blackstone analyst, who has since started their own firm, also offered up a few insider tips to help candidates stand out. Frankly, it’s good advice whether you’re applying at Blackstone or anywhere else. You can read the full story here.
Separately, Goldman Sachs has come under lots of criticism this year for its foray into consumer banking, which the bank revealed in January had resulted in roughly $3 billion in losses since 2020. Part of this push was buying GreenSky, which helps consumers get home improvement loans. The acquisition closed in March 2022, when GreenSky was valued at $1.7 billion. Less than two years later, in April, Goldman put the unit up for sale. The auction has been inching along, but there does look to be an end in sight. Here’s my story on who is still standing and who’s not.
See you tomorrow,
Luisa Beltran
Twitter: @LuisaRBeltran
Email: luisa.beltran@fortune.com
Submit a deal for the Term Sheet newsletter here.
Joey Abrams curated the deals section of today’s newsletter.
