Goldman Sachs

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Company
Goldman Sachs
Headquarters
New York, NY
Employees
10,000 +
Industry
Finance

Representation - Gender Identity

60.2%
Male
39.8%
Female

Representation - Race

6.6%
Black
25.6%
Asian
9.6%
Latinx
0.1%
Native American
55.6%
White
Other

Handling the application process

June 18, 2020

The interview is more personal and qualitative than at other banks. You should have a responses to questions like “why Goldman Sachs?” or “why do you want to work with this specific division?” Obviously you need technical skills, but it is really important to have a compelling reason for why Goldman Sachs and why you want to work in a specific group.

June 18, 2020

Be intentional about doing pre-training work before going into training. Look for online modules on the basics of finance, accounting, modeling, and conceptual topics. Don’t wait until the last minute to do this training.

June 8, 2020

You have to talk to somebody. Just submitting online won’t get you very far. If they recruit at your school, go to the recruiting events and get to know somebody. Find someone that can sponsor you and send your resume to HR.

June 8, 2020

Know what your division does. If you have a really good understanding of what you would do in your role, that will help you in the interview. Utilize all of the investment banking technical interview question lists that you can find online.

June 8, 2020

At Goldman, you have to be really good at your job. Everybody at Goldman is striving to be an expert in whatever they do, and you should try to display that while you might not have all the answers, you are able to learn them, synthesize them, and understand them with assistance. They’re very focused on the amount of data you consume, and how up to date you are on things going on in the realm you are interviewing for. In the longer run, having a network of people that can sponsor you and say that you deserve to be promoted is important. The more senior you get, the more important your network is.

May 26, 2020

It sounds cliché, but just be yourself. It’s easy to tell when people are trying to please us and not being themselves during interviews. Also, do your research. You should be able to answer the question “why do you want to work in Private Wealth Management?” You'd be surprised how many people I interview that don’t know about the role they’re applying to and what they’re getting themselves into.

May 26, 2020

People think they have to fit this cookie-cutter mold to be considered. Not everyone comes from that hardcore financial background. I was a sociology major; others were Humanities or History majors. Goldman really values being able to bring a diverse perspective. If you're looking to get into Goldman early on, start the process as a sophomore in college.

Navigating the company culture

July 2, 2020

Make sure that you set up “catch ups” early in your career with people that you don’t work with all the time. Also, have a mentor that is on your team but also one that isn’t. Goldman accepts feedback from people that you don’t work with everyday, so have a network outside of your team.

July 2, 2020

It’s still a good idea to get there before and leave after your boss when you’re more junior. In general, show up more than anyone else.

Succeeding in the promotion process

July 2, 2020

Nearly the only way to get promoted is to have mentors advocating for you. A lot of the promotions are done by people that you sit by everyday. Goldman keeps its hiring and recruiting information under wraps, and a lot of the promotion work happens behind closed doors

June 10, 2020

Generally, you can tell if you're on track to get promoted at the end of your two years as an analyst based on the feedback you've been receiving and the amount of responsibility you are given on your teams. Even if you don't start off as one of the better analysts in your class, if you show a real effort to absorb early feedback and improve upon your skills, people will appreciate that and trust you more on your work.

Negotiating salary & benefits

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Shaping your career development

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July 5, 2020

Analyst

tenure:

1-3 years

Promotion discussions

For campus hires, there’s a timeline where you’re an analyst for 2-3 years, then the next position for 1-2 years, etc. They recently changed the promotion process in my division and created a new position in between analyst and advisor. I haven’t seen a concrete timeline for the promotion process, but it’s clear that your performance impacts your promotion. It’s also true and worth noting that Goldman usually cuts the bottom 5-10% every year.

Company culture

I work in private wealth management, and we’re slightly more conservative than other divisions at Goldman. You’re more face to face with clients, so things are more conversative. The culture is super apprenticeship heavy. You learn a lot by sitting next to your team and just doing the work. Your experience is heavily shaped by the team you’re on.

Diversity programs

They impact your experience more when you’re in a larger office. In the regional offices, it’s more difficult just because there’s not as many minorities here.

Relationships with manager(s)

My managers have been super available to talk to me anytime. Most analyst programs at Goldman are two years, and it’s not an awkward conversation to talk about rotating out of your group or out of the firm. They’re very aware that a lot of people want to rotate out after their two years are complete. I interned in a finance position before joining. For me to get out of that position and get into investment management, I had to do 14 interviews, but I was heavily supported. Once folks like you at Goldman, they’re all about your success.

Training and career development

There’s this internal website called Goldman Sachs University that you can use to learn skills in your free time. The firm is very interconnected, so even though it’s spread out nationally, it’s very close, and I can call on people in different offices if I have a question or want to know something.

June 22, 2020

Analyst

tenure:

1-3 years

Diversity programs

There is the BPN (Black People Network), and then there are sub networks within the BPN. We recognize each other, and if I am going through a moment where I think I am not on track, I can go to people in the group and express myself. I have been open about wanting more feedback, or about how I have not agreed with the way the company has handled race issues.

Relationships with manager(s)

I would say my relationship with my manager is average. I work directly with multiple associates, and my relationship with them is good.

End-to-end

Overall, I’m where I want to be. At this time and age, I am not sure where I see myself long-term but I know that I am in a great position for whatever is next. I’m satisfied with my decision to work here and to stay here.

Promotion discussions

It's an endurance game. If you are here, perform, and want to stay, you will remain on track. Everyone is really on the same track until you become more senior.

End-to-end

When it came to racial injustice in the country, my group was incredibly slow to respond. Our CEO put out a statement, and the division head put out a statement, but where I’m truly impacted is by the people that I work with everyday, and I didn’t hear anything from them until much later. I expressed that I was disappointed with their inaction and ultimately there was a broader group discussion, which was good, but the time it took to get a response was just too slow. I want to know that people are supporting me not just as a Black person in America, but as an individual at Goldman Sachs. Hopefully when the next Black person joins, things will be different.

June 16, 2020

Analyst

New York, NY

tenure:

1-3 years

Promotion discussions

The norm for years has been for analysts to leave their bank after 2 years and go into private equity/hedge funds. There’s a big feedback-based culture at Goldman and in Banking. we had our first feedback discussion in May, but the compensation discussion occurred in August, not May. They don’t rank amongst your classmates like they do at other banks. I got good feedback, and the process was pretty straightforward.

Diversity programs

"Diversity programs helped me get to Goldman. I was in my college’s undergraduate business school, and there’s a program where they bring full-time employees to campus to network with students. The sophomore internship is a big pipeline for getting diverse candidates. There’s a Black Professionals Network that’s firm-wide, and then there are smaller networks for the individual groups. For the full-time roles, those interactions to meet other Black people are sparse. They had a lot of events for interns, but they don't have as many for full-time. I’ve been a little disappointed with the programs since I started. They do more work to get you in the door and recruit you than they do to maintain you."

Relationships with manager(s)

You don’t have one primary manager. There’s a staffer for all of the teams that gathers feedback and does compensation discussions. That staffer is the go-to resource for gathering feedback and managing your career. My staffers have been supportive. The one I currently have has been great about checking in, and he even checked in when I was sick with COVID earlier this year.

End-to-end

Banking takes a certain personality. You need to know that you’re Type A and can be self-motivated. I interned, and I knew that I could be successful in the analyst role, but not everyone has that same experience, and it can be hard to prepare for it without that initial exposure to the job.

Training and career development

We have pretty extensive training. It’s about two month’s worth of training before you hit the desk. It’s pretty comprehensive, and it’s a good overview of finance, accounting, business skills, and stuff like that. For people that are motivated, it’s a good opportunity to learn and grow your skills. Having the internship helps a lot just to give you that initial experience, but for someone that wasn’t able to intern, transitioning to full-time is difficult.

June 11, 2020

Analyst

New York, NY

tenure:

1-3 years

Company culture

Everybody is really smart, so regardless of whether you’re doing work or just talking about things like politics and the news, everyone is really intelligent. It’s competitive for sure, but it’s competitive in getting business from other banks and less competitive in terms of competition between employees. In Sales and Trading, I believe it’s a bit more competitive amongst colleagues than the overall firm, but I’m not certain for sure.

Diversity programs

They’re good at getting people in the door, but the issue is retention. We have a pretty high Black contingent, but that’s more of a product of the Black people at the company recruiting their friends and colleagues.

Diversity programs

We’re not doing anything really innovative in the diversity and inclusion landscape. I think there’s a lot of Black people at Goldman, especially compared to the overall landscape on Wall Street. The diversity programs are OK. I interned at Morgan Stanley in 2015 and I thought that they were very bad with diversity, and Goldman is definitely better.

Diversity programs

Goldman will work you to death for sure, but it’s one of those places where if I’m working long hours, the rest of the team is well. We have that “we’re all in this together” mentality.

Training and career development

I think that they have a lot of programs as you get more senior; they don’t have as many at the junior level. There are personal development classes available, but you have to do them on your own time. It’s available, but it’s a question of how much time you want to dedicate to learning new things aside from your day job.

June 3, 2020

Associate, Wealth Management

tenure:

3-5 years

Promotion discussions

"In the earlier stages, the promotion process is “fair,” but it can be frustrating. You find yourself asking how much of it is time-based vs. performance-based. You have to hit certain time hurdles before you can be eligible. My situation was a bit different, as I took a non-traditional route into Goldman Sachs. Despite the lack of a traditional finance background, I was able to land 2 promotions within my first 2.5 years with the firm. Upward-mobility is not an issue as long as you are performing well in your role. "

Relationships with manager(s)

My first manager was great; she really helped me get my foot in the door and make the transition into full-time Wealth Management. She also gave great career advice and helped pull me along. My second manager wasn’t as good. I didn’t get any advice or suggestions from him on how to progress my career. Now, we have another manager in place that’s been better than the last; she’s been open to having conversations.

Diversity programs

"As far as being a minority, race isn’t something that’s addressed as much as I would want it to be. Goldman has announced initiatives around getting to a certain % of minorities by a certain date. Since I've been here, there’s been a fluctuating number of either 2 or 3 African- Americans in the office. There are affinity networks that are nationwide, but there's not a lot happening with them. There’s a conference for Black VP’s, but as you trickle down to the associates, there’s not much happening for them. What about the lone Black analyst in Seattle? Who’s thinking about her experience? We get these people in the door, but then there’s not much of a network of minorities to keep them around. Thankfully, I work with a few on my team, but there isn’t a strong network of minorities. There’s only been one social event in the three years I've been here. "

End-to-end

"There’s always some code-switching in place. I’m more tenured, so I'm naturally more comfortable in the office. But overall, it’s hard to be yourself in these environments because who we are isn’t the status quo. I’ve been asked “why are you so loud?” and I respond by saying “it’s cultural.” It’s like a lot of other places where it’s hard to be your full self in the workplace. As you get more tenured, you can bring it out a bit more, but there’s still a line you have to walk to be seen as capable/intelligent. The experience as a minority can feel somewhat lonely. It can be frustrating because a lot of people don’t come from your background; a lot of people come from privilege, so it’s different. It can be a daunting experience. "

May 28, 2020

(Former) Investment Banking Associate

Northeast Region

tenure:

Relationships with manager(s)

Generally good - the senior team is full of people who are excited about getting to know you on a personal level. Since you work with a variety of teams, you can get some managers that are tough to work with but that is few and far between.

Training and career development

You get exposure to very high-quality client services (analysis, presentations, transaction management etc.) and you get a shot to contribute no matter your experience or background.

Training and career development

If you come into the job still needing to learn (which is true of most Analysts and Associates) and it shows up in your performance, you can fall behind your peers and quickly get a reputation as a poor performer. There isn't much time or space for you to course-correct and the company doesn't groom managers to support professional development.

July 3, 2020

Overall

Salary

Analyst

tenure

1-3 years

Diversity

Representation

Recruiting and retention

Diversity programs

role transparency

Accuracy of job requirements

Accuracy of job description

opportunity

Promotion and upward mobility

Training and career development

Contribution to work

environment

Work-life balance

Work flexibility

Work inclusiveness

June 18, 2020

Overall

Salary

$85,000

Analyst

tenure

1-3 years

Diversity

Representation

Recruiting and retention

Diversity programs

role transparency

Accuracy of job requirements

Accuracy of job description

opportunity

Promotion and upward mobility

Training and career development

Contribution to work

environment

Work-life balance

Work flexibility

Work inclusiveness

June 16, 2020

Overall

Salary

Analyst

New York, NY

tenure

1-3 years

Diversity

Representation

Recruiting and retention

Diversity programs

role transparency

Accuracy of job requirements

Accuracy of job description

opportunity

Promotion and upward mobility

Training and career development

Contribution to work

environment

Work-life balance

Work flexibility

Work inclusiveness

June 8, 2020

Overall

Salary

95000

Analyst

New York, NY

tenure

1-3 years

Diversity

Representation

Recruiting and retention

Diversity programs

role transparency

Accuracy of job requirements

Accuracy of job description

opportunity

Promotion and upward mobility

Training and career development

Contribution to work

environment

Work-life balance

Work flexibility

Work inclusiveness

May 27, 2020

Overall

Salary

$145,000

Associate, Wealth Management

tenure

3-5 years

Diversity

Representation

Recruiting and retention

Diversity programs

role transparency

Accuracy of job requirements

Accuracy of job description

opportunity

Promotion and upward mobility

Training and career development

Contribution to work

environment

Work-life balance

Work flexibility

Work inclusiveness

March 13, 2020

Overall

Salary

$150,000

(Former) Investment Banking Associate

Northeast Region

tenure

Diversity

Representation

Recruiting and retention

Diversity programs

role transparency

Accuracy of job requirements

Accuracy of job description

opportunity

Promotion and upward mobility

Training and career development

Contribution to work

environment

Work-life balance

Work flexibility

Work inclusiveness

No items found.