Goldman Sachs Internship: Requirements and Application Process

A Goldman Sachs internship presents a valuable opportunity for students to gain firsthand experience in the financial services industry. This article provides a comprehensive guide to the Goldman Sachs internship program, covering eligibility, the application process, and tips for success.

Introduction

Goldman Sachs is a leading global investment banking, securities, and investment management firm. Its internship programs are highly competitive, offering students a chance to learn from experienced professionals and explore various career paths within the financial industry. Securing an internship at Goldman Sachs can be a life-changing opportunity, providing invaluable experience.

Understanding Goldman Sachs and Its Culture

Before applying, it's essential to understand Goldman Sachs' culture and the various divisions within the firm. The company actively seeks to recruit talented individuals from all academic backgrounds into its university programs and entry-level positions.

Exploring Different Divisions: Goldman Sachs provides a range of investment banking, investment management, and securities services for its clients. These services are delivered by teams working across multiple divisions. Some of the key divisions include:

Asset Management: This division focuses on Goldman’s primary investment activities.
Controllers: This division focuses on financial and regulatory compliance.
Corporate Treasury: This division manages the firm’s overall financial strategy.
Corporate and Workplace Solutions (CWS): This team manages commercial real estate, office security, and facilities management.
Engineering: Engineers at Goldman Sachs solve complex problems for clients and innovate global business and financial markets.
Executive Office: Located in New York City, this division drives the company’s culture and corporate strategy.
FICC (Fixed Income Clearing Corporation) and Equities: Professionals in this department work directly with clients to help them raise funds, buy and sell financial instruments, and manage investment risk.
Planning and Analysis Finance: This team handles firm-wide strategic planning.
Global Compliance: This division deals with risk management and reputational awareness across the globe.
Global Investment Research: This team performs and produces research for clients in commodities, currencies, fixed income, and equity markets.
Human Capital Management (HCM): This team provides resources to employees to help them thrive at the firm, including aiding both professional and personal growth and development.
Internal Audit: Interns experience how auditors test financial statements and reports for accuracy and completeness.
Investment Banking: Investment bankers facilitate large-scale client transactions and provide advisory services on mergers and acquisitions (M&A), risk management, and raising capital.
Legal: This division provides legal advice to the investment banking, asset management, corporate real estate, and human resources teams.
Operations: This team manages the minutiae surrounding every transaction the firm facilitates or completes.
Platform Solutions: Students learn the ins and outs of the digital platforms that Goldman and its clients use.
Risk: This team evaluates the risks that the firm faces in both financial and business functions.
Tax: This program allows students to gain experience managing the global taxes of a major investment banking institution.
Wealth Management: This team helps clients of all sizes and individual consumers meet financial goals.

Understanding the Culture: We invite you to explore and learn more about the firm and its culture. Goldman Sachs emphasizes continuous learning, development, and apprenticeship to help its people achieve their full potential. The firm also values diverse teams, believing they drive stronger results by convening people with diverse backgrounds and perspectives to deliver sharp thinking and solutions for clients.

Read also: Advancements by Jonathan Goldman

Eligibility and Program Overview

Most Goldman Sachs internship programs are either summer analyst or summer associate positions.

Summer Analyst Internships: These are for students in their second or third year of college or a fifth-year master’s program.
Summer Associate Programs: Students in advanced degree programs, such as Master of Business Administration (MBA) or law school, are eligible for these programs.

While Goldman Sachs does not give a specific minimum GPA requirement, some sources suggest a GPA of at least 3.6 is preferred. Additionally, you may need to show relevant coursework and hard skills for certain programs.

The Application Process: A Step-by-Step Guide

The application process for Goldman Sachs internships is rigorous and requires careful preparation. Here's a detailed breakdown of the steps involved:

Plan Your Timeline: Applications for the summer internship program are now open. Be mindful of deadlines, as Goldman Sachs makes hiring decisions on a rolling basis.
Choose Your Path: Our programs range from one-week spring internships to full-time positions. Learn more about our firm and our people to help you explore what it’s like to work at Goldman Sachs and to choose the divisions and locations that align with your skills and interests. You’ll need to make an account with Goldman Sachs to see all available programs, subdivisions, and locations available.

Read also: Goldman Sachs Legal Opportunities
Connect With Us: Register at My GS Events to sign up for our virtual and in-person events including information sessions, skill building workshops, conferences, panel discussions, networking events and more. Don’t worry if you’re not able to meet us in person. We offer a range of opportunities to learn about our firm both online and via virtual events. Your school careers office can help you connect with alumni working at Goldman Sachs. There may also be campus ambassadors at your school who can share their experiences as former interns. Networking with a Goldman Sachs recruiter on campus or at an in-person or virtual networking event can also help improve your chances.
Submit Your Application: Now that you’ve learned more about Goldman Sachs, it’s time to submit your application. We evaluate applications throughout the recruiting season, which means you may hear back regarding different roles at different times. Check your application status anytime by logging into the application portal. Whether or not we are able to offer you an interview, you’ll hear from us shortly after you submit your application to confirm we’ve received it, later on in the season with a status update, and at the end of the season. Remember, you can only apply to three locations or divisions total in each recruitment cycle. Goldman Sachs makes all hiring and advancement selections on a rolling basis, so applying early is crucial. The first applications submitted are the first to be reviewed.
First Interview: If your application is selected, you will be asked to participate in a video interview, which will take approximately 30 minutes to complete. Technical role applicants may need to complete an assessment in addition to a one-way interview. For instance, engineering applicants must complete a coding and hard skills assessment through HackerRank. You can take the evaluation in C, C++, Java7, Java 8, JavaScript, Python 2 or 3, or Scala.
Superday: If selected following your HireVue interview, you’ll be invited to a series of final round interviews. Typically, we conduct between two and five interviews for campus hires, depending on the division. You can expect to meet a cross-section of people whom you could possibly work with. At Goldman Sachs, Superday is a day of in-person interviews for all internship roles.

Preparing a Standout Application

Resume Building: Having a great resume is vital to getting noticed. Your resume should explain your work and internship experience, and any leadership roles or extracurricular activities you participate in. Remember to prove your relevant skills through your experiences.

Read also: Launching Your Finance Career
Tailoring Your Skills: Interns should tailor their skills to their desired specialization. For instance, marketing and communications interns need written communication and marketing analysis skills. Interns interested in FICC and equities should have a general understanding of financial markets, sales and trading, and tradable financial instruments.

Excelling in the Interview Process

Video Interview: If your application is selected, you’ll need to participate in a video interview.
Superday Preparation: If selected following your HireVue interview, you’ll be invited to a series of final round interviews.
Interview Skills: In your interviews, you need concise and clear responses, especially for questions about your background and why you want to work for Goldman Sachs. Rehearsing your answers to common interview questions can help.

Programs and Initiatives for Underrepresented Groups

Goldman Sachs is committed to diversity and inclusion and offers several programs to support students from traditionally underrepresented backgrounds:

The Emerging Leaders Series: A two-part program for first-year Black and Hispanic/Latinx students in NYC.
Virtual Insight Series: A 4-week online experience for undergraduate students, regardless of their grade.
MBA Symposium: A one-day symposium in New York City for first-year MBA students from traditionally underrepresented backgrounds.
Market Madness Program: A semester-long program for students from certain historically Black colleges and universities.
Possibilities Summits: Virtual, two-week professional development programs geared toward specific groups and traditionally underrepresented students.

In these summits, students receive resume and interview tips, learn how to craft personal narratives, and gain technical skills. Students also learn more about Goldman’s recruitment and application process and are invited to networking opportunities.

Financial Support and Scholarships

Undergraduate students applying for summer analyst internships can also apply for the Scholarship for Excellence. With this scholarship, students earn up to $15,000 toward tuition and academic costs on top of their summer analyst salary. Associate internship applicants enrolled in MBA programs can apply for the MBA fellowship.

Tips for Success

Apply Early: Goldman Sachs makes all hiring and advancement selections on a rolling basis, so applying early is crucial.
Network: Networking with a Goldman Sachs recruiter on campus or at an in-person or virtual networking event can also help improve your chances.
Tailor Your Application: Once you’ve decided which programs and locations you’re interested in, you’ll need to submit your application online. Remember, you can only apply to three locations or divisions total in each recruitment cycle.
Prepare for Interviews: If you’re selected to interview, your first step is a 30-minute video meeting.

tags: #Goldman #Sachs #paid #internship #requirements #and