Question about Background/Reference Check

I have progressed in the interview process (1st round: phone screen, 2nd round: interview, 3rd round: excel test, 4th round: interview with head of research dept) and was asked mid-week last week to fill out forms for a background check and to provide references. My references were contacted between 1 to 2 days after I submitted the forms (so last Thursday).

How common is it for a bank to reach out to multiple candidates regarding their references/background check? During the final interview, I found out that I was being evaluated alongside 2-3 other candidates. Is it possible that the bank has also reached out to the other candidates and also contacted their references?

My previous experience with background checks/reference checks in finance is that they typically happen when you already have the offer in hand.

I know that this comes across as me being impatient to let the process play itself out over the next 1-2 weeks. I'm curious to see what you guys think the typical timeline is. My theory is that I'm not the first choice since I didn't hear back right away after my references, and someone else has fielded the offer.

 

Not speaking from experience with your direct situation, but I think it would make sense for an employer to contact the references for its top few candidates rather than waiting till it has selected one, because the quality/content of the references could only helping in making an informed decision...again, haven't been in the same situation so take that for what you will.

 
notthehospitalER:

Not speaking from experience with your direct situation, but I think it would make sense for an employer to contact the references for its top few candidates rather than waiting till it has selected one, because the quality/content of the references could only helping in making an informed decision...again, haven't been in the same situation so take that for what you will.

Thanks for your thoughts! I talked to my references and they definitely didn't hurt me in the process, so I guess I just need to be patient and wait to hear back.

 

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