Working as an analyst on Wall Avenue is famously onerous. Younger bankers work very lengthy hours, have few days off, and are anticipated to be on name always. They have to additionally cope with demanding bosses and purchasers who anticipate particular consideration. Given all this, who would need such a job? Everybody it appears—particularly if the job is at Goldman Sachs.
Goldman is thought to be the perfect of the so-called bulge bracket banks. The 155-year-old-firm is the highest international M&A funding banker in 2024, serving as an advisor on 313 mergers valued at $713.4 billion, in line with funding banking scorecard information as of Oct. 6 from Dealogic. Goldman can be a number one IPO advisor and has essentially the most recognizable model on Wall Avenue, stated Meridith Dennes, managing associate of Prospect Rock Companions, a monetary search agency. “Everybody needs to work at Goldman Sachs,” she says.
The analyst function at Goldman, an entry degree place, is among the most coveted jobs on Wall Avenue. This place, which generally goes to executives of their early 20s, can result in careers in finance, in personal fairness or almost every other subject. So how do you land an analyst gig?
The best solution to get a Goldman analyst job is to intern on the funding financial institution. Each summer season, the financial institution hires about 3,000 summer season interns which can be assigned to its numerous divisions together with funding banking, engineering, and gross sales. For 10 weeks the interns work side-by-side with Goldman’s senior executives to construct data, be taught expertise that may be transferred to different sectors, and acquire business expertise.
“It’s virtually like an prolonged interview,” stated Jacqueline Arthur, international head of human capital administration and company & office options at Goldman. “We are able to assess candidates introduced into the summer season internship and so they can actually perceive what it means to have a profession right here.”
The analyst place is essential to Goldman. Roughly 40% of the financial institution’s associate class began as campus analysts. Some present highly effective Goldman executives who started as interns embody Marc Nachmann, international head of asset & wealth administration and Carey Halio, international treasurer and a member of GS’s administration committee. One of many extra well-known interns is John Winkelreid, who spent 27 years at Goldman and was thought-about a attainable successor to then-CEO Lloyd Blankfein. Winkelreid as an alternative joined personal fairness agency TPG in 2015, the place he’s CEO.
Touchdown a Goldman Sachs internship can be a fast-track to a everlasting function provided that, in recent times, 80% of summer season interns have been employed as full-time analysts. The salaries aren’t shabby. Full-time analysts at Goldman, in funding banking and asset administration in New York Metropolis, usually earn $85,000 to $110,000.
Having Goldman in your resume can be a long-term profession increase that Prospect Rock’s Dennes likens to “getting the golden ticket.” She cites the formal coaching and mentorship program for analysts, but additionally factors out that younger bankers on the agency usually get publicity to essentially the most advanced, attention-grabbing offers available in the market. The funding financial institution additionally promotes from inside, Dennes stated.
“By way of bulge bracket banks, [Goldman is] the perfect in present,” she stated.
Not Simple
Whereas a place at Goldman is extremely regarded, getting employed as an intern at Goldman is not any simple feat. This yr, the financial institution obtained just a little greater than 300,000 purposes and employed about 2,500 folks. This implies lower than 1% of candidates who utilized received the job.
For many who do make the lower for the internship program, Goldman usually selects these of their junior yr of faculty following a typical interview and choice course of.
The financial institution initially evaluations resumes to whittle down its record of candidates, after which makes use of HireVue, a video interviewing platform, to query candidates. Candidates ought to be ready to reply situational-based questions, in addition to behavioral and enterprise particular questions (Goldman additionally makes use of a technical evaluation software for engineering candidates.) Candidates who survive this spherical are then invited to “tremendous day,” the ultimate spherical of interviews. Supply letters then comply with for profitable candidates. The hiring course of can final weeks however could possibly be longer relying on the hiring cycle on the time, Arthur stated.
The funding financial institution’s storied popularity means it attracts candidates from everywhere in the world. And whereas candidates with finance or financial majors would appear to have an edge in making use of to an funding financial institution, Goldman isn’t on the lookout for candidates from a selected subject of research, Arthur stated. “We now have a variety of college students who’ve gotten monetary publicity in faculty. We now have loads who didn’t. We prepare them for the roles they’re doing,” she stated. Candidates for the funding banking roles additionally don’t have to return armed with modeling or Excel expertise, she stated.
Arthur stated she seems to be for an “genuine curiosity” in working at Goldman. This implies candidates ought to be capable of articulate why they need to work at GS, and why the actual alternative is vital to them. She emphasised that candidates ought to analysis the funding financial institution earlier than any interview. Goldman has made accessible “potentialities summits” that are digital applications that intention to assist candidates discover profession choices at GS, in addition to podcasts. College students also can attend on campus info periods, Arthur stated.
Arthur does nonetheless obtain thanks notes after interviews. It makes little distinction if the notes are handwritten or emailed. However Goldman does contemplate the messages which can be despatched by the candidate and their sincerity, she stated. “What resonates with me is the one that takes the time to crop a personalised message,” she stated.
Goldman is presently accepting purposes for the 2025 summer season internship program on-line.