David Solomon, CEO, Goldman Sachs, speaking at the World Economic Forum in Davos, Switzerland on January 23, 2020.
Facebook Facebook Logo Sign up for Facebook to connect with Adam Galacia
Last year, a slide deck created by Goldman Sachs junior bankers made waves across the industry with descriptions of hard work conditions, sparking speculation that the industry had lost its appeal to young workers.
But if Goldman’s data gives any indication, it’s not right. The bank said 236,000 people have applied for internships at the bank worldwide, including 79,000 in the United States, according to data provided to CNBC.
Instead of discouraging applicants, last year’s Wall Street boom – which led to overworked bankers as well as massive growth and big bonuses – seemed to attract more interest from top investment banks. According to a person with knowledge of Goldman’s statistics, the number of college applicants has increased by about 16% since 2021, reaching record levels.
Internships are a transition to Wall Street and an essential pipeline of talent for investment banks and the wider financial universe. Students who can afford a rigorous internship and opt for a two-year analyst program after graduation will often have the job or “exit opportunity” of their choice, from private equity or venture capital firms to hedge funds and fintech start-ups.
But Goldman can only hire so many interns, who are usually high-performing students between the third and fourth year of their college. According to the individual, the internship acceptance rate is only 1.5%. Interns who are offered a job after graduation are first year analysts. About 202,000 applicants applied for analyst jobs, up 27% from the previous year.
In the United States, internships begin June 6 and will be completely private, as they were last year The firm engages students in a variety of activities, ranging from investment banking to trading, asset management, research, strategy, and consumer and asset management. Goldman CEO David Solomon is one of the biggest advocates for a return to office life, and executives often cite the need for junior staff to learn from those around them.
“Bringing our people together is a key element of our apprenticeship culture and client-centric business, especially for young people as early employers of choice,” said Vicki Tung, Goldman’s head of global talent acquisition, in a statement. “We look forward to welcoming our new team for a personal experience this summer.”