What's It Like to Work at Goldman Sachs
Goldman Sachs is one of the oldest investment banks on Wall Street. Its clientele includes everyone from foreign diplomats to large corporations. And its alumni often move on to positions in government, such as William C. Dudley. A former partner, he became president of the Federal Reserve Bank of New York in 2009 amid the global financial crisis.
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No wonder that Goldman Sachs careers are highly sought after by aspiring investment bankers and analysts. It's also known for being a great place to work, ranking 21st on LinkedIn's 2019 list of top companies.
But it's also notoriously hard to get into. In 2016, Goldman Sachs received 250,000 applications from students, yet only a tiny fraction was hired. Don't be discouraged though. We'll walk you through how to get a job at Goldman Sachs.
Goldman Sachs: Company Background
Bavarian school teacher Marcus Goldman started Goldman Sachs in 1869. It became one of the first banks to offer budding entrepreneurs commercial paper financing.
Today, it's a multinational bank with 71 offices spread across the globe. A new office is set to open in Hyderabad, in southern India, in the second half of 2021. The bank offers four types of financial services, including institutional client services, investing and lending, investment banking, and investment management.
The bank incurred huge losses during the global financial crisis, due in part to its involvement in the subprime mortgage scandal. As part of the Troubled Asset Relief Program, it received $10 billion from the US Department of Treasury. The loan was repaid in June 2009.
Since then, Goldman Sachs has gone to great lengths to repair its public image. One internal example of the new and improved Goldman Sachs is their recent move to relax their strict dress code. Employees had been required to wear formal business attire, but as of 2019, suit and tie are optional.
What It's Like to Work at Goldman Sachs
Wall Street's working culture is infamous for grueling hours and lack of work-life balance. But to attract top talent, Goldman Sachs has made it a priority to offer its employees a different take on the traditional investment bank work environment.
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The average bootcamp grad spent less than six months in career transition, from starting a bootcamp to finding their first job.
Inclusivity
Despite a reputation for being hyper-elite, Goldman Sachs fosters an inclusive culture. Minority employees have access to over 80 affinity networks, which includes an LGBT group. On June 26, 2013, the bank raised a rainbow flag at its NYC headquarters to celebrate the Supreme Court's decision to overturn the federal law defining marriage as a heterosexual union.
Family-Friendly Culture
To encourage their employees to start a family, Goldman Sachs gives biological and adoptive mothers four months of maternity leave. Most offices also offer child care, with HQ featuring a small child-friendly rock-climbing wall.
Perks
Employees enjoy a panoply of perks, including regular access to bubble tea, meditation sessions, and pilates classes. They also host a yearly all-night charity scavenger hunt called Midnight Madness, and invite distinguished speakers, such as former New York Yankees shortstop Derek Jeter, to give lectures to employees.
Getting a Job at Goldman Sachs
Contrary to common belief, a major in finance or accounting isn't a must if you want to get a job at Goldman Sachs. A major in history or biology can be equally useful. Goldman Sachs is looking for diverse candidates who have an interesting background and can bring something different. Some GS executives got where they are with a degree in English.
Work experience and community service matter a great deal. It shows that you can handle several responsibilities at the same time and that you are collaborative. While you pursue your university degree, you should work, volunteer, or do a corporate internship. It doesn't need to be at another Wall Street firm, as long as you work for a well-known company.
Of course, an internship with Goldman Sachs is the real golden ticket. Their 10-week summer internship programs feed directly into its associate and full-time employee pool, and a huge part of their recruitment process is to turn interns into employees.
How Hard Is It to Land a Job at Goldman Sachs?
It is said that Goldman Sachs only accepts around three to four percent of all job applicants. The application process is competitive, to say the least.
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There's also a certain law of attraction that applies here. The trick is to really prepare as if you were about to take the SAT or tackle a complicated coding assignment. If you do rigorous research, practice, put your best foot forward and then visualize the best outcome, you may be able to make your own luck.
Keep in mind that Goldman Sachs values authenticity. Recruiters can instantly tell when candidates are trying too hard or offering boring, rehearsed answers instead of genuine responses.
Applying for a Job at Goldman Sachs
Through Goldman Sachs' careers portal, you can apply to internships and other student programs.
For starters, make sure to target your CV and cover letter to Goldman Sachs specifically. These materials should reflect why you want to work at GS as opposed to another big investment bank.
Do as much research as you possibly can about the bank and all the financial services it offers. Get in the habit of reading top-tier business magazines, such as Financial Times and Wall Street Journal.
That said, remember that GS' clients will come from vastly different walks of life, so being well-rounded in current events and topics outside of the finance industry will be an asset.
Goldman Sachs Application and Interview Process
Before the pandemic, Goldman Sachs conducted a majority of interviews onsite and involved several interviewers in the hiring process. But because of COVID-19, the bank has moved all interviews to a virtual setting for the time being.
The bank is known for asking unique behavioral questions. Look up examples beforehand so that you're thoroughly prepared. Your technical knowledge is equally important. If you're up for a financial analyst position, for example, you should be prepared for all the financial analyst interview questions that will be coming your way.
Make sure that you are on top of anything having to do with finance, investment banking, and Goldman Sachs, and keep your eye on how GS stock is trading.
Goldman Sachs cherishes interesting candidates so be sure to highlight any experience and skills that make you stand out, and explain why will be an asset for the particular role that you are applying for.
Goldman Sachs Career Opportunities: Job Titles and Descriptions
Goldman Sachs offers a wide variety of roles and programs, many of which are tailored to students and employees at the beginning of their careers.
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Venus, Software Engineer at Rockbot
New Analyst
- Salary: Approx. $85,000
- Benefits: Medical and healthcare insurance, vacation and retirement planning, flexible and remote working options, on-site fitness centers or reimbursed fitness club membership
- Level: Entry
- Required Experience: Suited to those with little or no work experience
- Required Education: Open to final year undergraduate and graduate students from any field of study
GS' full-time New Analyst Program is for undergraduate and graduate students in their final year of study. The summer program offers the students an opportunity to learn about the firm, work with internal and external clients, and build career-enhancing skills and their professional network.
Full-Stack/Back-End Software Engineer
- Salary: $80,000 – $110,000
- Benefits: Medical and healthcare insurance, vacation and retirement planning, flexible and remote working options, on-site fitness centers or reimbursed fitness club membership
- Level: Associate
- Required Experience: Up to six years of work experience
- Required Education: Bachelor of Science, Master of Science in Computer Science, or a degree in financial engineering
This job is part of the Early Careers skills-based program, which GS developed for professionals with a maximum of six years of work experience. The idea is that by applying to a skill instead of to a department, candidates will be able to better navigate the different career paths within GS. Whether you want to be a software engineer or a developer, this could be the track for you.
Tech Risk – Lead Application Design and Architecture Reviewer
- Salary: $58,000 – $125,000
- Benefits: Medical and healthcare insurance, vacation and retirement planning, flexible and remote working options, on-site fitness centers or reimbursed fitness club membership
- Level: Management
- Required Experience: 5+ years' experience in one or more technical roles (focusing on application security)
- Required Education: Master of Science in Computer Science, System/Computer Engineering, Cyber Security, or Information Security
Goldman Sachs Technology Risk is the name of the threat, data science, and risk analysis initiatives that help protect the bank and its clients from cyber security and IT threats. This role reviews software architecture designs and identifies flaws.
What Does It Take to Get a Job at Goldman Sachs?
In an interview with Bloomberg TV in June 2020, Goldman CEO David Solomon said that the bank hires between 2,000 to 3,000 graduates every year. From one angle, that seems like a pretty small group. But with the right combination of skills, such as long-term planning and a strong work ethic, you just might find yourself in a Goldman Sachs career.
What's It Like to Work at Goldman Sachs
Source: https://careerkarma.com/blog/how-to-get-a-job-at-goldman-sachs/