Working as an analyst on Wall Street is famously hard. Young bankers work very long hours, have few days off, and are expected to be on call at all times. They must also deal with demanding bosses and clients who expect special attention. Given all this, who would want such a job? Everyone it seems—especially if the job is at Goldman Sachs.
Goldman is regarded as the best of the so-called bulge bracket banks. The 155-year-old-firm is the top global M&A investment banker in 2024, serving as an advisor on 313 mergers valued at $713.4 billion, according to investment banking scorecard data as of Oct. 6 from Dealogic. Goldman is also a leading IPO advisor and has the most recognizable brand on Wall Street, said Meridith Dennes, managing partner of Prospect Rock Partners, a financial search firm. “Everyone wants to work at Goldman Sachs,” she says.
The analyst role at Goldman, an entry level position, is one of the most coveted jobs on Wall Street. This position, which typically goes to executives in their early 20s, can lead to careers in finance, in private equity or nearly any other field. So how do you land an analyst gig?
The easiest way to get a Goldman analyst job is to intern at the investment bank. Every summer, the bank hires about 3,000 summer interns that are assigned to its various divisions including investment banking, engineering, and sales. For 10 weeks the interns work side-by-side with Goldman’s senior executives to build knowledge, learn skills that can be transferred to other sectors, and gain industry experience.
“It’s almost like an extended interview,” said Jacqueline Arthur, global head of human capital management and corporate & workplace solutions at Goldman. “We can assess candidates brought into the summer internship and they can really understand what it means to have a career here.”
The analyst position is very important to Goldman. Roughly 40% of the bank’s partner class started as campus analysts. Some current powerful Goldman executives who began as interns include Marc Nachmann, global head of asset & wealth management and Carey Halio, global treasurer and a member of GS’s management committee. One of the more famous interns is John Winkelreid, who spent 27 years at Goldman and was considered a possible successor to then-CEO Lloyd Blankfein. Winkelreid instead joined private equity firm TPG in 2015, where he is CEO.
Landing a Goldman Sachs internship is also a fast-track to a permanent role given that, in recent years, 80% of summer interns were hired as full-time analysts. The salaries aren’t shabby. Full-time analysts at Goldman, in investment banking and asset management in New York City, typically earn $85,000 to $110,000.
Having Goldman on your resume can also be a long-term career boost that Prospect Rock’s Dennes likens to “getting the golden ticket.” She cites the formal training and mentorship program for analysts, but also points out that young bankers at the firm typically get exposure to the most complex, interesting deals in the market. The investment bank also promotes from within, Dennes said.
“In terms of bulge bracket banks, [Goldman is] the best in show,” she said.
Not Easy
While a position at Goldman is highly regarded, getting hired as an intern at Goldman is no easy feat. This year, the bank received a little more than 300,000 applications and hired about 2,500 people. This means less than 1% of candidates who applied got the job.
For those who do make the cut for the internship program, Goldman typically selects those in their junior year of college following a standard interview and selection process.
The bank initially reviews resumes to whittle down its list of applicants, and then uses HireVue, a video interviewing platform, to question candidates. Candidates should be prepared to answer situational-based questions, as well as behavioral and business specific questions (Goldman also uses a technical assessment tool for engineering candidates.) Candidates who survive this round are then invited to “super day,” the final round of interviews. Offer letters then follow for successful applicants. The hiring process can last weeks but could be longer depending on the hiring cycle at the time, Arthur said.
The investment bank’s storied reputation means it attracts candidates from all over the world. And while applicants with finance or economic majors would seem to have an edge in applying to an investment bank, Goldman isn’t looking for candidates from a particular field of study, Arthur said. “We have a number of students who have gotten financial exposure in college. We have a lot who didn’t. We train them for the roles they are doing,” she said. Candidates for the investment banking roles also don’t have to come armed with modeling or Excel skills, she said.
Arthur said she looks for an “authentic interest” in working at Goldman. This means applicants should be able to articulate why they want to work at GS, and why the particular opportunity is important to them. She emphasized that candidates should research the investment bank before any interview. Goldman has made available “possibilities summits” which are virtual programs that aim to help candidates explore career options at GS, as well as podcasts. Students can also attend on campus information sessions, Arthur said.
Arthur does still receive thank you notes after interviews. It makes little difference if the notes are handwritten or emailed. But Goldman does consider the messages that are sent by the candidate and their sincerity, she said. “What resonates with me is the person who takes the time to crop a personalized message,” she said.
Goldman is currently accepting applications for the 2025 summer internship program online.
