Goldman Sachs Internship: Types, Positions, Pays & How to Apply

Goldman Sachs is an American multinational financial institution that offers a variety of securities, banking, and investment services.

The company invests and arranges financing for start-up businesses.

If you’re interested in applying at Goldman Sachs, you should brief yourself first.

After all, it’s a top-rated internship opportunity because it’s a leading brand with many talented peers.

To know more about the Goldman Sachs internship, keep scrolling!

Does Goldman Sachs Have an Internship Program?

Goldman Sachs provides internship programs for undergraduate students and those who are graduating with advanced degrees.

It lasts for eight to ten weeks, but others take months.

Before applying at Goldman Sachs, you should understand the definition of an internship position.

Types of Internships Offered by Goldman Sachs

There are Summer, Off-Cycle, and Full-time Internship programs at Goldman Sachs.

• Summer Internships: An eight to ten-week internship for undergraduates who desire to immerse themselves in a specific division of Goldman Sachs.
• Off-Cycle Internships: An internship program that undergraduates or recent graduates can take which lasts up to 12 months. Consumer Wealth & Management, Engineering, Tax, Asset Management, and other programs are available.
• Full-Time Internships: A full-time program offered to undergraduate and graduate students in their final year.

These internship programs aren’t available in all offices of Goldman Sachs. Locations such as Bengaluru offer full-time internships, while branches in America only provide summer internships.

How Many Interns Does Goldman Sachs Have?

In 2021, Goldman Sachs accepted 2,900 students who applied for a summer internship. Almost half of the interns come from the Americas.

However, people from Europe, India, and other Asia Pacific countries managed to get in.

According to CNBC’s report, the company faces more than 200,000 applicants annually.

Goldman Sachs Internship Positions

There are various positions in each internship program at Goldman Sachs. The work ranges anywhere from being an analyst, an associate, or a financial service specialist.

• Summer Analyst: This position includes researching the company’s financials. They also help determine the company’s and its clients’ value.
• Summer Associate: This position works hand-in-hand with the company’s clients so they’ll meet their financial goals. Additionally, associates do research work because it’s a crucial step to support the firm’s investment decisions.
• Financial Service Specialist: This position is for those taking the Off-Cycle internship program. Interns will experience an array of financial service functions depending on their chosen program.

What Does an Intern at Goldman Sachs Do?

The company’s interns usually shadow full-time employees.

The tasks designated to them depend on the department they’re working for.

Typically, their duties include organizing financial documents, digitizing paperwork, and running errands for the company.

What Does an Intern at Goldman Sachs Usually Focus On?

If the intern is an analyst or an associate, they’ll research the current market trends and opportunities.

They also build financial models and prepare presentations for clients.

Plus, those working in the investment banking division are responsible for creating pitchbooks.

They help in executing mergers and acquisition mandates too.

Who Does Goldman Sachs Target for Internships?

Goldman Sachs targets all kinds of undergraduate students.

For Summer internship programs, they accept people who are currently in their second or third year.

They’re also open for those in their penultimate year and those with advanced degrees.

For their Off-Cycle program, they welcome recent graduates.

What Is a Goldman Sachs Internship Like?

Since Goldman Sachs is one of the top-rated internship opportunities, it’s no doubt that the workload isn’t easy.

The company is going to consider you as a full-time employee because it’s their way of exposing you to real working situations.

Before getting hired, you should expect an interview and other rigorous processes.

Goldman Sachs Internship Process

1. Application
2. Initial Resume Screening
3. HireVue Interview
4. In-Person Superday (2-5 Interviews)
5. Orientation
6. Training sessions
7. Working on Real Projects

Is it Hard to Intern at Goldman Sachs?

It’s not hard to intern at Goldman Sachs because you’ll work with people who are on par, if not better than, your skill set.

Your workmates will help you grow as an individual and as an employee.

The tasks aren’t easy considering that the company you’re working for has already established its name globally.

As such, learning to adapt to the environment is necessary.

What Notable Projects Can Interns Potentially Work On?

All of the projects that they’ll assign to you are notable. Goldman Sachs doesn’t assign intern-level tasks.

Instead, they give work that the company utilizes, such as workflows, training plans, weekly reports, and other paperwork.

Even though you’re an intern, Goldman Sachs highly values your contributions, and your creations have an immense impact on the company.

How Many Hours Do Goldman Sachs Interns Work?

Goldman Sachs is compassionate towards its employees and interns.

As such, the company implemented a rule that the workers shouldn’t stay on the office’s premises from midnight to 7am the next day.

The usual working hours for Goldman Sachs are 9 a.m. to 6 p.m., with weekends as days off. You’ll work for at least 45 hours a week.

Goldman Sachs Internship Benefits

When working at Goldman Sachs, you’ll gain an impeccable firsthand experience in the finance and investment banking industry.

If you’re an intern that’s well-performing, there’s a chance that you’ll get a return offer.

The company will help you establish new networks, which is helpful for your career.

You’ll learn more about finance and investment throughout your eight to ten-week stay at Goldman Sachs.

What Do You Learn in an Investment Banking Internship?

Since you’ll work with full-time employees of Goldman Sachs, you’ll learn how to adapt to the ever-competitive industry.

During your stay, you’ll know how to create pitch books for deals and how to do market and industry research.

As an intern, you’ll get used to taking meeting minutes, compiling PIBs, and sharing broker research.

Are Goldman Sachs Interns Paid?

Yes, Goldman Sachs pays their interns.

The company tends to give bonuses throughout your stay.

Along with the salary, you’ll get housing and transportation stipends.

They’ll cover your plane ticket costs if you’re living in a different country.

How Much Are Goldman Sachs Interns Paid?

The rate of Goldman Sachs interns per hour ranges from $45 to $55. The price depends on what position you’ve applied for.

There’s a $5,000 housing stipend that the company gives monthly. They’ll give you a $750 relocation budget if you’re from a different state or country.

An intern could get $8,000 to $9,500 per month, depending on how many work hours you’ve accomplished.

Requirements for Getting an Internship at Goldman Sachs

Aside from an outstanding GPA, you should prepare yourself.

You should prioritize your soft skills because you won’t be able to express yourself if you’re not confident in communicating.

Building a network by meeting peers and professionals makes you an impressive applicant as you’re starting to establish yourself in the industry.

Goldman Sachs Internship Acceptance Rate

The acceptance rate is rather low, with hundreds of thousands of applicants vying for a spot in the Goldman Sachs internship program.

During the first quarter of 2022, more than 200,000 people globally turned in their resumes to the company.

Goldman Sachs only accepted about 1.5% or 3,000 of them.

Suggested Areas of Study for Goldman Sachs Interns

When applying for an internship at Goldman Sachs, students in an Ivy League school have an edge.

Harvard University and Cornell University are a few of the frontrunners.

The company also hires interns from other countries. In the United Kingdom, Goldman Sachs recruits from Oxford and Cambridge University.

Does Goldman Sachs Care About GPA?

Goldman Sachs cares about one’s GPA. The minimum is 3.5, but it doesn’t mean those with lower GPAs don’t stand a chance.

The company looks at the student’s extracurriculars too.

The activities you’ve done outside of the academic scene aid you in making your resume stand out.

Recommended Skills for Goldman Sachs Interns

Regarding technical skills, you should have a solid knowledge of Windows and Linux operating systems.

Of course, your research skills should be well-polished because you’ll do lots of research work.

You also need to equip yourself with fantastic logical and strategic thinking.

Lastly, you should be well-versed in the finance and investment banking industry.

Does Goldman Sachs Background Check their Interns?

As part of the Goldman Sachs internship, applicants will undergo a background check before getting hired.

The company will check your grades and if you have criminal convictions.

It’s not as extensive as a regular employee would experience because you’re only staying for a few weeks.

Does Goldman Sachs Drug Test their Interns?

The New York State Department of Labor prohibits drug testing because cannabis is legal in the state.

An employer can only drug test an employee if it’s mandatory for the position.

For the Wall Street office, it’s not necessary. It’s good noting that Goldman Sachs has offices worldwide.

As such, it may vary according to your state’s laws.

Do Goldman Sachs Interns Get Hired?

Yes. The students who participated in a Goldman Sachs internship have a high chance of getting a return offer.

The company prefers recruiting full-time analysts only after they’ve witnessed their performance.

You should also consider that incoming interns are preparing themselves.

Preparation, along with an astounding performance, is the key to a return offer.

How Likely Will an Internship at Goldman Sachs Turn Into a Full-Time Job?

As an intern, You don’t always have a golden ticket toward a full-time job at Goldman Sachs.

Creating a positive impact is crucial.

One negative comment by an Analyst or an HR representative will make or break your future career at the company.

You can convert your internship into a full-time job if you have the right attitude and the appetite for hard work.

How Do I Get an Internship at Goldman Sachs?

You can find Goldman Sachs internship applications at your school or conferences

 If you’re living abroad, you can also apply online.

Goldman Sachs’ website updates its internship opportunities every year.

Where to Find Goldman Sachs Internship Opportunities?

The quickest way to find a Goldman Sachs internship opportunity is through your university.

You can check your school’s career development center to see if applications are open.

Attending conferences where Goldman Sachs recruits, such as SWE, SHPE, and NSBE, is an excellent alternative.

If you can’t apply in person, you can do so through their website.

Interview for a Goldman Sachs Internship

The first interview is through HireVue. You’ll get at least three questions in this phase.

Once you’ve heard back from Goldman Sachs, you’ll proceed to a super day, which is an in-person interview.

What Should I Wear to a Goldman Sachs Interview?

Now that you know how to get an internship at Goldman Sachs, you should consider the outfits for your interview.

Wear professional clothing, such as a suit and tie for men or business blouses and skirts for women.

It’s vital to look confident and professional when going to an interview.

How Do I Prepare For a Goldman Sachs Internship?

You should start looking at the annual and quarterly financial reports of the sector you’ll work for.

One of your tasks requires you to review the files.

Analyzing pitch books will help you determine how you can create them yourself.

If you can, you should familiarize yourself with Excel sheets and models since you’ll use the software a lot.

Is Goldman Sachs a Good Internship?

A Goldman Sachs internship will positively impact your resume because it’s an established company.

You’ll feel like a regular employee throughout the program because you’re doing the tasks hands-on.

As such, it’ll familiarize you with how the industry works daily.

Is an Internship at Goldman Sachs Worth It?

The internship programs at Goldman Sachs are challenging but worth it.

The company pays the interns well, and you’ll get a plethora of benefits.

Goldman Sachs is compassionate towards its employees because they allow working in a remote set-up.

Similar Internships to Check Out

Even though you want to intern at a specific company, you should consider other firms.

You should also apply to other businesses during the internship search to have more options.

• Northwestern Mutual Internship: A Northwestern Mutual internship equips college students with superior skills in the financial services industry. The company offers education, retirement, estate, and financial planning consultation. Consider this program if you want to expand your insurance and investment knowledge.
• JP Morgan Internship: A JP Morgan internship is open for college undergraduates in their penultimate year. Throughout your stay, you’ll develop investment banking skills to help support your clients’ businesses.
• Deloitte Internship: You should consider a Deloitte internship if you’re interested in audit, tax, and advisory services. You’ll learn how to create business solutions for your clients in this company. You’re going to get a glimpse of professional life.

Wrapping Up

Securing a Goldman Sachs internship isn’t easy because you have to undergo a rigorous interview process.

The acceptance rate is also low.

Once you get in though, it’s rewarding because you’ll work with exceptional colleagues who’ll help you develop your skills further.