David Solomon, CEO of Goldman Sachs, speaking at the World Economic Forum in Davos, Switzerland, January 23, 2020.
Adam Galacia | CNBC
Last year, a slide deck made by junior bankers at Goldman Sachs detailing harsh working conditions made waves in the industry, fueling speculation that the industry had lost its appeal for young workers.
But that didn’t exactly happen, if Goldman’s data is any indication. The bank said 236,000 people had applied for internships globally at the bank, including 79,000 in the Americas, according to data provided to CNBC.
Instead of deterring applicants, last year’s Wall Street boom – which led to overworked bankers, as well as widespread raises and bigger bonuses – appears to have sparked more interest in the bank. top-ranked investment. The number of college applicants jumped about 16% from 2021, hitting an all-time high, according to a person with knowledge of Goldman’s figures.
Internships are a rite of passage on Wall Street and a vital talent pool for investment banks and the broader financial world. Students who can endure the rigorous internships and be selected for two-year analyst programs after graduation will often have the choice of jobs or “exit opportunities”, private equity firms or venture capital to hedge funds and fintech start-ups.
But Goldman can only hire a limited number of interns, who are usually high-achieving students in their third to fourth year of college. The internship acceptance rate is only 1.5%, depending on the person. Interns who are offered jobs after graduation become first-year analysts. About 202,000 candidates applied for analyst positions, up 27% from the previous year.
In the United States, internships begin June 6 and will be entirely in-person, like last year. The firm places students in its various operations, from investment banking to trading, asset management, research, strategy, and consumer and wealth management. Goldman CEO David Solomon has been one of the biggest advocates for a return to office life, and executives often cite the need for young workers to learn from those around them as the reason.
“Bringing our people together is central to our learning culture and our customer-centric business, especially as the employer of choice for young people starting their careers,” said Vicki Tung, global head of talent acquisition at Goldman, in a statement. “We look forward to welcoming our newest cohort for an in-person experience this summer.”