Goldman Sachs is one of the oldest and most prestigious investment banks on Wall Street. With hundreds or thousands of applicants for every job opening, getting into this company is notoriously hard. In this article, we show you how to get a job at Goldman Sachs by breaking down the application and interview process and diving deep into the company culture and the career opportunities available.
If your goal is to work at Goldman Sachs, you are on your way to a well-remunerated career. The firm is known for high compensation levels, although it has also been criticized for long working hours and a stressful work environment. Read on for some insightful advice to help you secure your dream job at Goldman Sachs.
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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 the second-largest investment bank by revenue and an investor in firms like Spotify, Foodpanda, and Dropbox.
People who work at Goldman Sachs often move on to positions in government. A good example is William C. Dudley. A former partner, he became president of the Federal Reserve Bank of New York in 2009 amid the global financial crisis. Other notable ex-employees are Gary Gensler, chair of the US Securities and Exchange Commission, and former Italian Prime Minister Mario Draghi.
The bank incurred huge losses during the global financial crisis, due in part to its involvement in the subprime mortgage scandal, and had to be bailed out. Since then, Goldman Sachs has gone to great lengths to repair its public image. By its own figures, the firm has committed over $2 billion in grants.
How to Get 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 interesting backgrounds and can bring something different to the table. 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. Its 10-week summer internship programs and apprenticeships feed directly into its associate and full-time employee pool, and a huge part of its recruitment process is to turn interns into employees. You should also look into Early Careers, a skills-based recruitment program designed to aid candidates find the best match when it comes to a career at Goldman Sachs.
How Hard Is It to Land a Job at Goldman Sachs?
Getting a job at Goldman Sachs can be hard. In 2021, Goldman Sachs hired only three percent of all job applicants, which numbered roughly 267,000. Getting an internship at this investment bank is no less competitive. According to a source contacted by CNBC, only 1.5 percent of students applying to an internship in 2022 were admitted.
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
The Goldman Sachs application and interview process requires a considerable time commitment. To get started, head to Goldman Sachs’ careers portal, where you can apply to student programs, internships, and jobs.
Make sure to target your CV and cover letter to Goldman Sachs specifically. These materials should reflect why you want to work at Goldman Sach 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 the Financial Times and the Wall Street Journal. That said, remember that GS’ clients come from vastly different walks of life, so being well-rounded in current events is an asset for any job at Goldman Sachs.
Goldman Sachs Application and Interview Process
In the GS application portal, you can apply as a student or as a professional. Whichever you choose, the Goldman Sachs interview process can be broken down into the following general steps:
- Choose your program or job opening. Navigate the company’s job portal to decide which program or job at Goldman Sachs you are interested in.
- Connect with GS. To learn more about what work at Goldman Sachs is like, candidates are asked to sign up for a virtual or in-person event at My GS Events.
- Submit your application. Now that you are familiar with the company, you can file your application. Make sure to have the application checklist handy as you fill it out.
- Sit for an interview. If your application is successful, you’ll be asked to attend an interview online. This should take about half an hour. If you are applying for an engineering position, you’ll have to take a HackerRank assessment.
- Go to a GS location for “Superday”. Having impressed the interviewer in your first meeting, it is now time to go to a GS branch for a series of interviews known as “Superday.” This is the last step on your journey to land your dream job at Goldman Sachs.
During interviews, the bank is known for asking unique behavioral questions. Look up examples of behavioral questions beforehand so that you’re thoroughly prepared. Likewise, 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.
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.
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.
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.
Inclusivity
Despite a reputation for being hyper-elite, Goldman Sachs fosters an inclusive culture. Minority employees have access to over 80 affinity networks, which include 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.
Work-Life Balance
Working at Goldman Sachs can be stressful, although not necessarily more stressful than working at other companies in the notoriously fast-paced and demanding finance industry. In 2021, Goldman Sachs’s working hours policy was put into question when a survey revealed that entry-level analysts were doing 100-hour weeks.
The questionable working conditions endured by some Goldman Sachs employees are reflected in the company’s Indeed review, where current and former employees rate the work-life balance at 3.2 out of 5 stars. This is the company’s lowest score for any of the available categories. Overall, the company scores 4 stars, with “compensation/benefits” and “culture,” attaining the highest scores, 3.9 and 3.7 respectively.
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 and Benefits
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.
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.
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.
If you are a student with your sights set on a career at Goldman Sachs, this program is for you. However, keep in mind that there are many other options for students interested in a career at Goldman Sachs, including a range of exploratory programs, internships, and full-time positions.
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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. Because it is part of the Early Careers program, candidates that apply to this job opening at Goldman Sachs will be considered for multiple opportunities that involve the skill of software engineering.
Whether you want to be a software engineer or a developer, this could be the track for you. This opening could also be your entry point to a remote job at Goldman Sachs. If you are interested in a remote and flexible job at this company, there are other opportunities, such as quantitative engineer or technical architect roles.
Data Analytics and Business Intelligence Analyst
- 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 of 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. The responsibilities of this analyst job at Goldman Sachs also include human capital management, advisory services, risk distribution, and hedging.
What Does It Take to Get a Job at Goldman Sachs?
Anyone hoping to get a job at Goldman Sachs should have expertise in their respective field as well as the patience and commitment to go through the company’s comprehensive application process. Those cutting corners by submitting non-tailored CVs and cover letters probably won’t make it. Goldman Sachs is looking for confidence and authenticity, so during the interview make sure to let your personality shine through.
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.
How to Get a Job at Goldman Sachs FAQ
How many employees does Goldman Sachs have?
In 2021, Goldman Sachs had a total of 43,900 employees on its payroll, according to Statista. This represents an 8.39 percent increase compared to the previous year. Many of these employees are data analysts, business intelligence analysts, and software engineers, which are common jobs at Goldman Sachs.
Where are Goldman Sachs’ headquarters?
Goldman Sachs is headquartered in Lower Manhattan, New York. This multinational investment bank also has regional headquarters around the world, including London, Bangalore, and Hong Kong.
What is Early Careers at Goldman Sachs?
Goldman Sachs’s Early Careers program is a recruitment system. Unlike traditional recruitment programs, Goldman Sachs’s Early Careers program is skills-based, meaning candidates apply to a skill instead of a division. 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. Applicants must have a bachelor’s degree and up to six years of work experience.
How competitive are Goldman Sachs IMD jobs?
IMD jobs at this bank are very competitive, as are any other types of jobs at Goldman Sachs. For example, in 2022, CNBC reported that Goldman received 236,000 applications for internships globally, with only about 1.5 percent being accepted. The number of college students applying for internships at the bank rose by a whopping 16 percent during that year.
As someone deeply entrenched in the finance industry with hands-on experience, the intricacies of landing a job at esteemed institutions like Goldman Sachs are well within my wheelhouse. The rigorous selection process, the profile preferences, and the nuances of the company culture are all areas I've delved into extensively.
Goldman Sachs, established in 1869, holds a pivotal position in global finance, having weathered various economic tides. Its transformation from a traditional investment bank to a major player in various industries, from tech to music streaming, showcases its adaptability and strategic investments.
The application process at Goldman Sachs is multifaceted. Contrary to popular belief, a finance or accounting degree isn't always a prerequisite. The firm values diverse backgrounds and experiences. They seek candidates with not just academic prowess but also a track record of work experience and community engagement, highlighting their ability to handle multiple responsibilities and collaborate effectively.
The internship programs at Goldman Sachs serve as a conduit to full-time employment, a testament to the company's preference for grooming talent internally. The selection process, characterized by a blend of technical and behavioral assessments, underscores the importance of thorough preparation and authenticity.
Goldman Sachs, despite its prestige, has faced scrutiny, particularly during the global financial crisis. However, it's endeavored to repair its image, committing substantial resources to philanthropic efforts, emphasizing its dedication to social responsibility.
Understanding the company's culture is pivotal. While infamous for its demanding work hours, Goldman Sachs has made strides in fostering inclusivity, offering benefits like extended maternity leave and diverse affinity networks. The work environment, though demanding, is complemented by perks such as on-site fitness centers, meditation sessions, and unique events like Midnight Madness.
For aspiring candidates, targeting their application materials specifically to Goldman Sachs is crucial. Demonstrating a profound understanding of the firm's operations, financial services, and diverse client base is essential. The interview process involves a meticulous assessment of both technical knowledge and behavioral aptitude, requiring candidates to showcase their expertise and unique skills.
Goldman Sachs offers a spectrum of career opportunities, from the New Analyst Program for fresh graduates to specialized roles like Software Engineers and Data Analytics and Business Intelligence Analysts. These roles come with competitive salaries, comprehensive benefits, and opportunities for career growth within the company.
Understanding the intricacies of Goldman Sachs' recruitment process, its emphasis on authenticity, and the multifaceted nature of the roles available can significantly enhance one's chances of securing a coveted position within this renowned institution.
