David Solomon, CEO, Goldman Sachs, talking on the World Financial Discussion board in Davos, Switzerland, Jan. 23, 2020.
Adam Galacia | CNBC
Final yr, a slide deck made by Goldman Sachs junior bankers detailing harsh working conditions made waves throughout the trade, fueling hypothesis that the trade had misplaced its enchantment for youthful employees.
However that hasn’t precisely transpired, if knowledge from Goldman is any indication. The financial institution mentioned that 236,000 people utilized for internships globally on the financial institution, together with 79,000 within the Americas, in keeping with knowledge offered to CNBC.
As an alternative of dissuading candidates, final yr’s Wall Street boom — which led to overworked bankers, in addition to widespread raises and bigger bonuses — appears to have drawn extra curiosity to the top-ranked funding financial institution. The variety of faculty candidates jumped about 16% from 2021, reaching a document stage, in keeping with an individual with data of Goldman’s figures.
The internships are a ceremony of passage on Wall Avenue and a vital pipeline of expertise for funding banks and the broader monetary universe. College students who can endure the rigorous internships and get picked up for two-year analyst packages after commencement will usually have their alternative of jobs, or “exit opportunities,” from non-public fairness or enterprise capital companies to hedge funds and fintech start-ups.
However Goldman can solely rent so many interns, who’re usually high-performing college students in between their third and fourth years of school. The internship acceptance price is simply 1.5%, in keeping with the individual. Interns who’re provided jobs after commencement grow to be first-year analysts. About 202,000 candidates utilized for analyst jobs, up 27% from the prior yr.
Within the U.S., internships begin June 6 and will likely be absolutely in-person, just like final yr. The agency locations college students throughout its varied operations, from funding banking to buying and selling, asset administration, analysis, technique and client and wealth administration. Goldman CEO David Solomon has been among the many greatest advocates for a return to workplace life, and executives usually cite the necessity for junior employees to be taught from these round them as a purpose.
“Bringing our folks collectively is core to our apprenticeship tradition and client-centric enterprise, particularly as an employer of alternative for younger folks at first stage of their profession,” Vicki Tung, Goldman’s international head of expertise acquisition, mentioned in a press release. “We stay up for welcoming our latest cohort for an in-person expertise this summer season.”