Goldman Sachs keeps intern pay at $85,000 as Wall Street rivals raise salaries (2024)

FAQs

Goldman Sachs keeps intern pay at $85,000 as Wall Street rivals raise salaries? ›

Goldman Sachs has decided not to up pay for its interns, despite hiking salaries for other lower-level roles as an intense battle for talent continues. Incoming summer interns at the bank can expect a pro-rata salary of $85,000, according to a letter seen by Financial News.

The estimated total pay for a Intern at Goldman Sachs is $92,089 per year.

Goldman, for example, increased base pay for its entry-level employees—first-year analysts—to $110,000, a nearly 30% increase from the previous starting salary of $85,000. At senior levels, pay is largely in the form of stock awards and can stretch into the millions.

Interns Are Making Over $16,000 a Month as Wall Street Talent Wars Heat Up. Top global investment banks boosted intern compensation by 37.2% this year.

Goldman estimates that wage growth will slow to about 4.5% on a year-over-year basis by the end of 2022 and will likely drop below 4% next year. From there, pay will likely rise at a pace of about 3.5%, which Briggs calls “compatible” with the Federal Reserve's 2024 inflation target of 2%.

The Salary Difference

The National Association of Colleges and Employers (NACE) studies show that students with internship experience have higher starting salaries. Students with at least one paid internship made $15,000 - $20,000 more in their starting salary than those with no internship experience.

The estimated total pay for a Internship at Goldman Sachs is $148,551 per year. This number represents the median, which is the midpoint of the ranges from our proprietary Total Pay Estimate model and based on salaries collected from our users. The estimated base pay is $107,890 per year.

All internships at the EOP will pay a stipend of $750 per week for full-time participation (minimum of 35 hours per week) and $375 per week for part-time participation (15 – 34 hours per week). See details below from each office for more information on full-time and part-time opportunities.

What is the average bonus at Goldman Sachs? ›

Last year, the average analyst bonus was $95,000, while those at the vice president level got an average bonus of more than $500,000. The bonus bummer comes just a week after Goldman cut 3,200 employees from its ranks.

Salaries. Of the top 3 common jobs between the two companies, Goldman Sachs salaries averaged $1,667 higher than J.P. Morgan.

Total Pay Estimate & Range

The estimated total pay for a Vice President at Goldman Sachs is $331,308 per year. This number represents the median, which is the midpoint of the ranges from our proprietary Total Pay Estimate model and based on salaries collected from our users. The estimated base pay is $174,152 per year.

Negotiating salary can be a great idea in certain cases!

Even though students rarely negotiate, you might be surprised to discover that negotiating is actually a great idea, even as an intern! Many companies view interns like any other position they are trying to fill; they want the best talent at a reasonable price.

Ideally, you will request a meeting with the hiring manager to discuss the salary face to face. Practice your arguments before the meeting so you can speak with confidence. Present your research data and calmly explain why you think you deserve a specific salary, and be ready to compromise when necessary.

Negotiating is an option if you wish to take an internship position but need to make more money—but it is kind of tricky. It is important to remember that you do not have any experience when applying for non-standardized internship programs, so you have to think about how you will bring value to this business.

The competition will be steep: About 236,000 people around the world applied for a Goldman Sachs internship in 2022, but just 1.5% made the cut — which equals to about 3,540 people. Goldman Sachs just opened applications for its coveted summer investment banking analyst program.

At Goldman Sachs, summer interns are typically paid about $15,000 for 10 weeks of work, which includes a stipend of $2000 for housing for interns.

Very hard indeed. A recent article in The Time exploring the Big Four (and KPMG, especially) revealed that PwC had an acceptance rate in 2022 of approximately 2.5%, based on the 304,000 applications it received to its 7,500 roles (including 2,000 entry level ones).

What is the best paid internship in America pays almost $10000 a month? ›

Online game platform Roblox offers the highest-paying internships this year, with median monthly pay for interns reaching nearly $10,000, according to research by jobs website Glassdoor. Roblox knocked graphics chip maker NVIDIA, which had the highest-paying internship company for 2021, off the top spot.

Where are the highest-paid internships? Fintech company Stripe offered the highest average paid internship at $9,064 a month, or more than $108,000 annually, Glassdoor said. Online gaming platform Roblox came in second with monthly pay of $9,017, and semiconductor company Nvidia rounded out the top three at $8,280.

Rich Products pays Internships $42,375 per year on average. This is 20% more than the national average salary for Internships.

A good desired salary for an internship is $15 to $20 an hour. The range in how much an internship may pay can start from as little as $12 an hour to as much as $29 an hour. Factors such as industry and location Influence how much an intern can make.

70% of all interns are offered a position at the same company they interned for, and only 20% decline that offer. Approximately 70% of interns across the nation are given a job offer at the same company they interned with after completing their training period.

Employees at Goldman Sachs earn an average of $178k, mostly ranging from $136k to $549k based on 1450 profiles.

Great place to work

Goldman Sachs maintains an open door policy which makes freshers, interns and employees at all levels feel welcomed, cherished and valued. It has great work culture with a fun atmosphere.

The investment bank's new policy, announced in April and rolled out a few weeks ago, gives senior employees unlimited vacation days and requires all employees to take 15 days off, a move that firm leadership has framed as an attempt to scale back on norms that have left bankers depleted and exhausted.