Goldman Sachs Asset Management (Not pwm)
I just received an interview offer for a sophomore summer internship with GSAM and wanted to know the low down on it. How is it looked upon on the street in comparison with other asset managers or investment banks in terms of prestige or competitiveness. Any responses are much appreciated.
Coming from another current student, don't start questioning the exit pops or prestige of a job when you have been given an interview. Focus on getting the job first. And GSAM is a great place to start, especially as a sophomore. You should be asking about what to expect in the interview.
Seconded. Already considering how to leverage a position you were invited to vie for?
If you work there after your sophomore year you'll get interviews at every bulge bracket and elite boutique for junior year recruiting.
Yeah getting GSAM on your resume is awesome. It's the total opposite of PWM: you will work with really smart people on sophisticated strategies.
@"mbavsmfin" - I'm curious about your implication about PWM. Does PWM have a reputation for having less intelligent employees and/or simplistic strategies? If it is the total opposite of GSAM, and having GSAM on your resume, then is having PWM on your resume less illustrious? I'm considering applying to IMD myself, so I want to ensure I understand the distinctions between the division's two business areas. Thanks!
Wait, you want to apply to IMD but don't know the difference between the two areas. They're quite different.
PWM: you work on portfolio solutions and strategies for high-net worth individuals and families. At Goldman, there is a very large sales component since you're expected to bring in clients fairly early on. In this sense, it's different from JP Morgan Private Bank, where you join a team with a pre-existing book. And yes, the barrier to entry is a lot lower for PWM than GSAM, and the people aren't as talented as GSAM, banking, or trading.
GSAM: a ton of stuff going on here. you are managing money for sophisticated institutional clients. They do everything from bread-and-butter asset allocations to advanced fixed income strategies to long-short equity and everything in between. Very tough to break into, super smart people.
Did GSAM conduct OCR at any school this year? I think they rarely hire
I can't speak for undergrad, but GSAM does not do OCR at any MBA programs that I know of. Insanely hard to get into.
GSAM does distribution for retail clients as well not just institutional
There are many wrong things in this post.
GSAM - Institutional clients PWM - Ultra High net worth individuals
GSAM dividend mostly into - Equities, Fixed Income, QIS(Quant), AIMS (Alternative investment management aka. fof of PE and Hedge funds), and alternatives (GSIP, liberty harbour etc). GSAM - also sells it funds to retail through TPD (third party distribution), but it's not like a GSAM sales person is selling them, they instead deal with Smith Barney, ML, etc etc so they offer GSAM products through their line of distribution, so you mom and grandma can buy some equity mutual funds from Goldman Sachs through their brokerage account (Isn't this great) lol!
The GSAM equities Fundamental group only recruits from MBA - Columbia business school and HBS. I think like 80% of the new research analysts come from those two schools. And yes, there are no undergrad research analyst positions in equities.. QIS I heard is different. Most of the undergrad positions are sales, marketing, strategy etc etc. True - most mba go into pwm, I can think of a few who went to GSAM...
Overall, GSAM is a good place to be, specially if you are a sophomore. I don't think it is the ideal to launch a career, but for a summer is phenomenal. In terms of reputation, within GS you will be a front office guy and will be respected. During internal mobility you will have a shot into IBD, SEC, or other IMD positions if you want to. Clearly a larger shot than 90% of [OPS] and fin who apply to internal mobility thinking they will be the next banker (no offence).
And just to repeat myself, GSAM is a sweet spot for a summer. Still not comparable to a BlackRock, Vanguard, PIMCO, Fidelity if you really want to work in IM, but the GS brand still carries a lot of prestige...
Sorry for my orthographic mistakes, I work until late and I am lazy to make a formal essay like back in college :)
Let me know if you have any questions....... And I already posted many times about the interview, if you cant find it let me know. Good luck!!!
@"taquito 879" Thanks for the in depth response. Where can I find stuff you've posted about the interview? Cant seem to find it.
Sorry I barely go over this website.
The interview is pretty basic: Know about yourself, Why GS, why IMD, which group within imd you like and why, whats going on in the markets, any investment ideas, and your previous experience. Seriously this is all I would prepare for. They look more for personality, they don't really care if you can do differential equations in your head (unless you apply to quant or strats haha). AND please do not pitch Apple, google etc etc Get something NEWWWWW!!! maybe an etf that tracks volatility or an ADR in Brazil....... I mean something interesting nobody cares about IBM, plus 50% pitch the same stocks lol!! OOOooooh one more thing - please dont say I want Goldman because is the best, this answer is just plain stupid and boring.
@"mbavsmfin" - Ha! Re-reading my post, I realize I chose my wording poorly. When I wrote that I "want ensure I understand the distinctions between the division's two business areas," I did not intend that to translate into I "don't know the difference between the two areas." I get the fundamental differences between the two business areas. What I'm looking for clarity in is 1) specifics on what those business areas do, and 2) the professional distinctions/reputation between those areas. I do appreciate you expounding on the differences as you see them, though.
@"taquito 879" - Thanks for getting granular with GSAM...very helpful! I do have some more questions, but I'll PM you since I don't mean to hijack the thread. ;)
Great posts taquito, thanks for the information
I hope the interview went well. As a sophomore, you're lucky to be doing anything - especially at goldman. GS has great mobility opportunities, so if you do well in GSAM you could definitely move to another divisions (IBD, Sec Div, etc.)
GS AM as a Sophomore (Originally Posted: 02/04/2008)
so im interviewing this week for an internship with GS Asset Management (as well as AM groups of other BB firms), and im wondering if this position would make me more competitive for a BB investment banking internship my junior year? ive always felt like IBD of companies dont really value AM/PWM experience, but would the Goldman name on my resume make a significant difference? the opportunity cost of not doing this internship is taking classes instead (the internship is for Spring Quarter at my school, it is through a program sponsored by my university) and graduating a quarter earlier of my senior year
thanks
Go GS. GS name in Sophomore year def helps.
yeah thats better than nothing. Strange how goldman is doing all the interviews on 1 day. mine is friday too at our career center.
hell yes. take it if you get it.
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