GS wesbite profile section...
http://www2.goldmansachs.com/careers/inside_goldm…
Apparently the majority are not from top 20 schools and they hold various position within the bank. So is GS just putting up these profiles up in order to make non-targets apply, knowing they're going to meet their number ivy/T20 applicants? I mean some came in from Pace, Texas Christians and even St. Johns. So what gives? While I am asking, what are some of the non-competitive positions(if there is such) that are usually given to grads from non-targets?
A lot these are back-office operations/technology jobs...not the most attractive positions at an ibank
they are not front office positions where the traditional investment banking salaries are found.
That being said xistguru, what is GS's motivation? Does GS like having 50K applications (targets, non-targets, non-non-non targets to sort through?
I figured they were working back office positions. So what does a position like that entail? Whats the salary like and the hours? And like bryan asked..what is the motivation for GS to do that?
Goldman needs people who are willing to work the long hours and deal with the pressure in the front office. These are people who obviously sacrifice family life, etc..
You also need back office people that have other goals such as their families, kids or lifestyle and they are willing to to take lower pay in order to make sure their other needs get met.
The salary is not close to that of Investment Banking. With that in mind, your not going to be a multimillionaire even if you reach the top, but at the same time you won't be broke either. Think of it as a good way to live a nice middle class lifestyle making a few hundred thousand per year but not being able to afford exotic vacations, multiple expensive cars, million dollar mansions etc.
Through all of this your work/life balance will obviously be much better than what one experiences in front office for investment banking.
Well, contrary to the whole purpose of this forum, I like the second option. So around what kind of starting salary are we looking at atleast? Plus hours?
You can start with $40-50K easily. Hours are a regular 40 hours week doing the 9-5 deal.
If you hit Managing Director level you can expect to clear $500K per year and approach the higher 6 figures ($600-800K) annually.
It really isn't that bad. Just don't expect to work in the back office or middle office and make $1.5-3 million as an ibanking MD would.
That sounds like a plan to me. So basically what is it that I have to do to land one of these gigs? I mean if people from Pace and St. Johns can land one, I can assume it's not THAT competitive.
It's not a walk in the park, but don't expect to have competition coming from the top schools.
These positions should be attainable if you come from a decent university with a good knowledge of finance and decent gpa.
Probably the same way IT, administrative, and other ops positions are filled at every other F500 company.
I'm sure the banks recruit on campus for some non-banking positions, and they alsop probably look at online apps. I mean, the selection criteria for the IT and ops positions are definitely not as high as the banking positions, so it's a more even playing field.
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