Final yr, a slide deck made by Goldman Sachs junior bankers detailing harsh working situations made waves throughout the business, fueling hypothesis that the business had misplaced its enchantment for youthful staff.
However that hasn’t precisely transpired, if information from Goldman is any indication. The financial institution stated that 236,000 people utilized for internships globally on the financial institution, together with 79,000 within the Americas, based on information offered to CNBC.
As a substitute of dissuading candidates, final yr’s Wall Road increase — which led to overworked bankers, in addition to widespread raises and greater 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 record degree, based on an individual with data of Goldman’s figures.
The internships are a ceremony of passage on Wall Road and a necessary pipeline of expertise for funding banks and the broader monetary universe. Students who can endure the rigorous internships and get picked up for two-year analyst packages after commencement will usually have their selection 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 sometimes high-performing students in between their third and fourth years of faculty. The internship acceptance fee is simply 1.5%, based on the individual. Interns who’re supplied jobs after commencement turn out 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 can be totally in-person, much like final yr. The agency locations students throughout its numerous operations, from funding banking to buying and selling, asset administration, analysis, technique and shopper 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 staff to be taught from these round them as a cause.
“Bringing our people together is core to our apprenticeship culture and client-centric business, especially as an employer of choice for young people in the beginning stage of their career,” Vicki Tung, Goldman’s international head of expertise acquisition, stated in a press release. “We look forward to welcoming our newest cohort for an in-person experience this summer.”