I don't want to sound like a doomer, but I've recently come to the realisation that the content of our application answers doesn't matter. These answers often just act as a filter for the other parts of your candidate profile.
Obviously I can't share these but, I have an old friend's successful applications from his second year of university. Trust me when I tell you that he essentially copy/pasted the exact same application for every firm he applied to – even down to using the same adjective for each of these firm's cultures. They were absolutely indistinguishable. However, this guy was on track to getting a first, he held multiple executive (society) positions, and he had also secured a large number of first-year schemes. If anybody else had written those applications, they would have been binned. But, his candidate profile was genuinely so impressive that (in my opinion) firms were willing to look past the lack of substance in his application answers.
I disagree with this. In my second year of university, I held some society positions, was on track to get a first at a RG, but did not tailor my applications at all, wasn't sure what kind of firm I wanted and blindly applied to a lot of firms, and also wasn't sure what firms were actually looking for. I did not progress past application stage once.
However, since then, I've tailored my applications, and became more focused on what firms I wanted, and I progressed to interview stage with the exact same firms that rejected me in second year, with the same credentials and have not been rejected at application stage yet.
I do 100% believe that there is an element of luck and certain firms take a chance on you, and maybe if you're a first class Oxford student with loads of commercial awareness and society positions your applications dont matter. But I would say for the vast majority of people the quality of your applications can make or break your chances.
I also believe that once you get past the initial application stage/any first stage tests, it is so much easier to progress.