Goldman Sachs Asset Management: Analyst Culture

tps58's picture
Rank: Chimp | banana points 8

Im curious about the culture at a Goldman Sachs for an analyst in the Asset Management division (GSAM): Specifically, I'd like to know:

  • How many hours per week they work.
  • If the work is stimulating and exciting (relative to other groups)
  • Salary and bonuses
    • Opportunities for a) exit and b) upward mobility

I've heard a lot of conflicting things, so I wanted to make sure I got my facts straight.

Thanks for your help!

Comments (142)

Jun 13, 2011

curious as well.....

Jun 13, 2011

Can you name a specific group you're interested in? It's very difficult to make a general statement about GSAM, since each group has a very specific role and culture.

Jun 13, 2011

GS recently started an add campaign for one of their mutual funds on national TV, you guys think this a good sign?

Jun 13, 2011
Notepad:

Can you name a specific group you're interested in? It's very difficult to make a general statement about GSAM, since each group has a very specific role and culture.

PMd you

eriginal:

GS recently started an add campaign for one of their mutual funds on national TV, you guys think this a good sign?

Really good point, this warrents a post. See if you can find a youtube clip......

Jun 13, 2011

Tried to pull a clip, couldn't find one unfortunately. It was pretty standard and was playing during the game last night, apparently no one cared enough to record it...

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Jun 13, 2011
eriginal:

Tried to pull a clip, couldn't find one unfortunately. It was pretty standard and was playing during the game last night, apparently no one cared enough to record it...

Something like this is significant....

Jul 18, 2011
UFOinsider:
eriginal:

Tried to pull a clip, couldn't find one unfortunately. It was pretty standard and was playing during the game last night, apparently no one cared enough to record it...

Something like this is significant....

This is getting off track. But IMO it really doesn't signal any weakness on GS's part. If you've noticed, they also launched a 'community outreach' ad campaign. Just because they're becoming more public, as opposed to being viewed as a black box, doesn't signal weakness.

In fact, I'm sure they're reaching out to the public in this manner in a strategic move to improve their public image. There's nothing wrong with being friends with the public, who are friends with the politicians.

The mutual fund ad (I haven't seen it, nor can I find it), that's like saying that Blackrock is in trouble because they advertise their funds publicly. They're not, neither is GS. Nothing wrong with attracting some millionaires and business execs watching a baseball game (or whatever it was, maybe ballet).

Jul 19, 2011
Bankn:
UFOinsider:
eriginal:

Tried to pull a clip, couldn't find one unfortunately. It was pretty standard and was playing during the game last night, apparently no one cared enough to record it...

Something like this is significant....

This is getting off track. But IMO it really doesn't signal any weakness on GS's part. If you've noticed, they also launched a 'community outreach' ad campaign. Just because they're becoming more public, as opposed to being viewed as a black box, doesn't signal weakness.

In fact, I'm sure they're reaching out to the public in this manner in a strategic move to improve their public image. There's nothing wrong with being friends with the public, who are friends with the politicians.

The mutual fund ad (I haven't seen it, nor can I find it), that's like saying that Blackrock is in trouble because they advertise their funds publicly. They're not, neither is GS. Nothing wrong with attracting some millionaires and business execs watching a baseball game (or whatever it was, maybe ballet).

Never said it was bad, just that it was noteworthy.

Jul 19, 2011
UFOinsider:
Bankn:
UFOinsider:
eriginal:

Tried to pull a clip, couldn't find one unfortunately. It was pretty standard and was playing during the game last night, apparently no one cared enough to record it...

Something like this is significant....

This is getting off track. But IMO it really doesn't signal any weakness on GS's part. If you've noticed, they also launched a 'community outreach' ad campaign. Just because they're becoming more public, as opposed to being viewed as a black box, doesn't signal weakness.

In fact, I'm sure they're reaching out to the public in this manner in a strategic move to improve their public image. There's nothing wrong with being friends with the public, who are friends with the politicians.

The mutual fund ad (I haven't seen it, nor can I find it), that's like saying that Blackrock is in trouble because they advertise their funds publicly. They're not, neither is GS. Nothing wrong with attracting some millionaires and business execs watching a baseball game (or whatever it was, maybe ballet).

Never said it was bad, just that it was noteworthy.

Although it isn't NECCESARILY a bad thing, it could definitely be signaling weakness. GS is known for it's exclusivity and public advertising for mutual funds could really undermine the value that investors see in that. For the record, I currently hold a long position in GS so I'm banking on the fact that they will do well in the near term. I agree with UFO, definitely noteworthy - but not a major signal in any way.

It was the NBA finals by the way you dick.

Jun 18, 2011

Sure! I'll be heading into my junior year of college, so I'm looking for something where I can learn quite a bit about a lot of different things. Specifically, I was considering going to Fundamental Equity.

Jul 19, 2011

very nurturing

Jul 19, 2011

curious as well....

Jul 19, 2011

very buttoned-up culture, where employees are expected to selflessly serve the firm. not everyone's cup of tea. and, the claim that they "give Analysts more responsibility" just means that goldman works its analysts harder than other firms.

Jul 19, 2011

when i went to my superday there everyone i met with described how flat the organization is - meaning there's only a few titles but that everyone seems to interact with everyone and being able to tell someone senior to you their possibly wrong is something you should be comfortable doing

Jul 19, 2011
Nyctola:

when i went to my superday there everyone i met with described how flat the organization is - meaning there's only a few titles but that everyone seems to interact with everyone and being able to tell someone senior to you their possibly wrong is something you should be comfortable doing

i would love to see you doing this in any bank.

Jul 19, 2011
Ricqles:
Nyctola:

when i went to my superday there everyone i met with described how flat the organization is - meaning there's only a few titles but that everyone seems to interact with everyone and being able to tell someone senior to you their possibly wrong is something you should be comfortable doing

i would love to see you doing this in any bank.

Bridgewater

If I had asked people what they wanted, they would have said faster horses - Henry Ford

Jul 19, 2011
happypantsmcgee:
Ricqles:
Nyctola:

when i went to my superday there everyone i met with described how flat the organization is - meaning there's only a few titles but that everyone seems to interact with everyone and being able to tell someone senior to you their possibly wrong is something you should be comfortable doing

i would love to see you doing this in any bank.

Bridgewater

Not a bank

Jul 19, 2011

.

Jul 19, 2011

heard it has a lot to do with their people. i know it sounds cliche but their HR staff is trained in searching out only particular types and rejecting all else.

Jul 19, 2011

Very flat. All banks value their people, but at GS it seems to actually be true. They also have a promote from within attitude. A kid I knew started in dcm and was clearly a high flyer- they offered him an accelerated track to associate, but he wanted to be in MBD so they transferred him. You hear stories of people jumping around groups often and it seems rare to meet a VP or MD who didn't do their SA with GS years ago. Also agree with the allegiance to the firm remark above. People are expected and do put GS before their personal lives. While this is commonplace in IBD at any bank, you also see it in other divisions.

Jul 19, 2011
hundge at top rate:

A kid I knew started in dcm and was clearly a high flyer- they offered him an accelerated track to associate, but he wanted to be in MBD so they transferred him.

Huh... I wonder if I know the person you're talking about, sounds really familiar.

I also know someone else who was a top performer, and had the option to transfer groups to something quite different for their 3rd yr before b-school

Jul 19, 2011
Kanon:
hundge at top rate:

A kid I knew started in dcm and was clearly a high flyer- they offered him an accelerated track to associate, but he wanted to be in MBD so they transferred him.

Huh... I wonder if I know the person you're talking about, sounds really familiar.

I also know someone else who was a top performer, and had the option to transfer groups to something quite different for their 3rd yr before b-school

It is a small world... who knows. But I've heard other stories similar to this kid's.

Jul 19, 2011

My friend worked at GS for two years and this is what he had to say about the culture. GS feeds its bankers the Cool-Aid, in other words, everyone is expected to selflessly serve their master. When it comes to models and bottles, people at the firm tend to not care too much about splurging their money on expensive things, and would rather wear a Seiko watch to work instead of a Rolex. According to him, GS leaves the big spending and flashiness to MS bankers. But this maybe because of the people GS tend to hire, he said that he thinks GS hires the nerds, while all the cool people go to JPM and the snobby rich kids go to MS. He also told me that there were a lot of face-time in his group, and that he was worked really fucking hard. But some groups were chill, and some analysts actually enjoyed their groups, but it wasn't a common occurrence. He also mentioned that the partners are worshiped by everyone in the firm.

Jul 19, 2011
Antsman:

My friend worked at GS for two years and this is what he had to say about the culture. GS feeds its bankers the Cool-Aid, in other words, everyone is expected to selflessly serve their master. When it comes to models and bottles, people at the firm tend to not care too much about splurging their money on expensive things, and would rather wear a Seiko watch to work instead of a Rolex. According to him, GS leaves the big spending and flashiness to MS bankers. But this maybe because of the people GS tend to hire, he said that he thinks GS hires the nerds, while all the cool people go to JPM and the snobby rich kids go to MS. He also told me that there were a lot of face-time in his group, and that he was worked really fucking hard. But some groups were chill, and some analysts actually enjoyed their groups, but it wasn't a common occurrence. He also mentioned that the partners are worshiped by everyone in the firm.

Second that. GS likes people who are extremely smart but very humble. I'd say that most of the GS people I have met throughout the networking process are like that, very down to earth.

Jul 19, 2011
humble_dude:

Second that. GS likes people who are extremely smart but very humble. I'd say that most of the GS people I have met throughout the networking process are like that, very down to earth.

I can second the down to earth part through my experience with GS employees.

But this begs the question where this evil GS image has been cultivated from? Is it a byproduct of smart people looking at markets mechanically, seeing an opportunity to be the best and taking it, regardless of the social impact? Or are we all meeting the wrong people at GS?

Jul 19, 2011
humble_dude][quote=Antsman:

My friend worked at GS for two years and this is what he had to say about the culture. GS feeds its bankers the Cool-Aid, in other words, everyone is expected to selflessly serve their master. When it comes to models and bottles, people at the firm tend to not care too much about splurging their money on expensive things, and would rather wear a Seiko watch to work instead of a Rolex. According to him, GS leaves the big spending and flashiness to MS bankers. But this maybe because of the people GS tend to hire, he said that he thinks GS hires the nerds, while all the cool people go to JPM and the snobby rich kids go to MS. He also told me that there were a lot of face-time in his group, and that he was worked really fucking hard. But some groups were chill, and some analysts actually enjoyed their groups, but it wasn't a common occurrence. He also mentioned that the partners are worshiped by everyone in the firm.

i know some okay people at goldman, but i also know some real fucking snakes/tools. overall, my impression is that they take kids who say what they need to say to impress the interviewer and are often times the kids that glorify banking the most while being "humble" about it at the same time. for example, saying something like, "i just work at a bank," and then "accidentally" dropping a Goldman Sachs business card.

honestly, the brandname is great, and i would take goldman over most other banks, but i would absolutely hate working there.

Jul 19, 2011
Antsman:

My friend worked at GS for two years and this is what he had to say about the culture. GS feeds its bankers the Cool-Aid, in other words, everyone is expected to selflessly serve their master. When it comes to models and bottles, people at the firm tend to not care too much about splurging their money on expensive things, and would rather wear a Seiko watch to work instead of a Rolex. According to him, GS leaves the big spending and flashiness to MS bankers. But this maybe because of the people GS tend to hire, he said that he thinks GS hires the nerds, while all the cool people go to JPM and the snobby rich kids go to MS. He also told me that there were a lot of face-time in his group, and that he was worked really fucking hard. But some groups were chill, and some analysts actually enjoyed their groups, but it wasn't a common occurrence. He also mentioned that the partners are worshiped by everyone in the firm.

From what I have heard, I would say this is spot on about GS, except that JPM and MS are all full of nerds too.

Jul 19, 2011

It is very clear that all the people who have posted in this thread have never worked at GS and are just regurgitating hearsay. I guess goldman's PR and HR teams are doing their job.

Jul 19, 2011
<span class=keyword_link><a href=//www.wallstreetoasis.com/finance-dictionary/what-is... rel=nofollow>alpha</a></span> mail:

It is very clear that all the people who have posted in this thread have never worked at GS and are just regurgitating hearsay. I guess goldman's PR and HR teams are doing their job.

Please enlighten me then :)

Jul 19, 2011
<span class=keyword_link><a href=//www.wallstreetoasis.com/finance-dictionary/what-is... rel=nofollow>alpha</a></span> mail:

It is very clear that all the people who have posted in this thread have never worked at GS and are just regurgitating hearsay. I guess goldman's PR and HR teams are doing their job.

I have interned at 2 out of GS/MS/JPM and have many friends from school and elsewhere that have interned/will work fulltime/are already fulltime at GS...

Jul 19, 2011
<span class=keyword_link><a href=//www.wallstreetoasis.com/finance-dictionary/what-is... rel=nofollow>alpha</a></span> mail:

It is very clear that all the people who have posted in this thread have never worked at GS and are just regurgitating hearsay. I guess goldman's PR and HR teams are doing their job.

i agree that some of these posts are just echoes of gs propaganda. but, if you really don't believe that any of these descriptions of goldman's culture are accurate, then you're clearly the one who has no idea what he's talking about.

Jul 19, 2011
<span class=keyword_link><a href=//www.wallstreetoasis.com/finance-dictionary/what-is... rel=nofollow>alpha</a></span> mail:

It is very clear that all the people who have posted in this thread have never worked at GS and are just regurgitating hearsay. I guess goldman's PR and HR teams are doing their job.

It is my experience through talking to analysts, associates, VPs and MDs at GS.

Jul 19, 2011

sorry double post

Jul 19, 2011

Another thing that I forgot to mention was the fact that even though the people don't splurge on brand name things, the culture is very elitist to the point where which High School someone went to is very much discussed. There is also a constant comparison with your peers on who is smarter, very cut throat I guess. Another thing is that my friend felt he was short changed, the reason is because he got a 20k bonus in his first year around December time frame, then he got his regular bonus of 70k in his second year in July. Other banks pay their analysts regularly so they get their full bonus. It might be 50k 1st yr and 70k 2nd yr, instead of what GS does with 20k 1st yr and 70 2nd yr (this is the famous GS discount). In summary, it's a terrible environment for anyone to work in, however, there are a lot of buyside opps and it has the brand name that everyone is killing themselves for.

Jul 19, 2011

Another thing to note is that it doesn't say "Goldman Sachs" anywhere in the offices (at least in the building at 200 West). The only places where you can find the GS logo are on notepads and pens. I found that interesting...

Jul 19, 2011
design:

Another thing to note is that it doesn't say "Goldman Sachs" anywhere in the offices (at least in the building at 200 West). The only places where you can find the GS logo are on notepads and pens. I found that interesting...

I don't recall seeing "Goldman Sachs" in 85 broad as well, indeed very interesting.

Jul 19, 2011

GS is the def the nerdiest bank and cultish, shit culture is sacrifice for gs brand name

Jul 19, 2011

Winning.

That's all.

Jul 19, 2011

division cultures aside, i think GS teams spend an inordinate amount of time together outside of work. pound for pound they run leaner than everybody else so the people work more, which explains partially why employee payout remains the highest per employee (skewed towards top hitters aside). the culture of 'oh we're the best/how can we keep on sustaining this aggressively' is the famous mixture of self-fulfilling prophecy (if they are the best they can afford to hire only the best etc.), nimbleness, paranoia, and what some deem arrogance and others call masked insecurity. i have a lot of respect for the guys there who are not caught up in the entire flaming bullshit of the firm and industry in general

Jun 18, 2011

That would be like the "bottoms-up" research type division...my ultimate goal is to go to Blackrock PMG so I thought this would be a good place to start.

Jul 19, 2011
  1. FIG -- at pretty much all banks -- is a brutal shop. TMT is brutal as well.
  2. "Matching" system: candidates submit their preferences, and groups submit their preferences. These preferences are then matched. How groups decide who they want is a combination of networking and the quality of the resume. If someone in the firm pulls for you, that's obviously ideal.
  3. NR, like pretty much any GS group, places pretty well. It's harder to get into a KKR or Carlyle from NR because it isn't as storied as TMT or HC. The latter two groups are traditional megafund feeders, and that doesn't change in the span of a few years.
  4. HC as a sector is still quite hot. GS HC, however, is cooling off. MS is taking them--and to be fair, everyone else--to town. MS has been on pretty much every big HC deal of the past 1-2 years. That said, GS HC is still a great place to go. If I were to work for GS IBD, I'd submit my top 3 preferences as: 1. TMT 2. FIG 3. HC. Top 3 groups imo, but others like NR are nasty as well.
Jul 19, 2011

I am also curious. Honestly, if I had my top choice I would pick NS, but somehow in the back of my mind I get the feeling (maybe just from this board) that it will be harder to get into a KKR or Carlyle from it. Isn't Industrials considered to be a good feeder?

Follow up question: why is FIG and TMT so good for private equity? The type of companies PE looks at is almost always consumer, industrial or NS. I feel like those would give the best prep for the actual work of a PE shop.

Jul 19, 2011

TMT and FIG have fantastic dealflow. As an analyst, you learn much less about the industry than you do finance, which is applicable to all sectors. The more dealflow, the better trained you are for the next job.

In addition, because TMT and FIG are known to have great dealflow, they tend to attract the best of the analyst class. Why wouldn't megafunds target the best analysts, most of whom are concentrated in a few groups?

Jul 19, 2011

Tech is a huge PE market. Not like Groupon or Facebook, but more business services oriented. I think a lot of VC backed companies are beginning to get flipped to more financial buyers once they hit a developed stage since IPOs haven't been hot.

Media is starting to develop as a PE market with deals like GoDaddy, Endurance, and Alliance Films. Haven't seen that many deals in Telecom, however.

Jul 19, 2011
HarvardOrBust:

Tech is a huge PE market. Not like Groupon or Facebook, but more business services oriented.

Not just business services - software sector was huge for PE last year.

Jul 19, 2011

What is NR?

Jul 19, 2011
15xEBITDA:

What is NR?

Natural Resources

Jul 19, 2011

What about consumer & retail? I know the current economic outlook is not the best for consumer & retail groups, but from my research, they do well in the space.

I would like to know if someone has something to say about industrials or public finance/infra also...

Jul 19, 2011

NRG exit opps on average aren't as "good" as other groups because the skill set is pretty esoteric/specialized (aka pigeonholed) and most generalist PE funds don't invest in the space (occasionally you'll see some pretty big deals such as KKR buying Samson, Apollo buying Noranda aluminum etc, but it's not very often).

Of course there are Natres focued PE firms (First Reserve, Limerock, Riverstone, Natural Gas Partners etc), but they tend to recruit associates from the more active energy groups in Houston (CS, Barcap etc)

Jul 19, 2011

In what way is the nr skillset specialized, do they only model a few ways or something?

Jul 19, 2011

I think he means that NR has a very technical component to project evaluation, at least that's what I perceive, in some way similar to FIG but focused in the operational aspect of the industry instead of the financial.

Jul 19, 2011

one thing to note about GS nat res is that most oil & gas is run out of houston, while new york also covers things like chemicals, power, metals, cleantech, etc.

So just because goldman has been killing it in O&G deals lately, doesn't mean that translates to the new york experience. On the flip side, things like chemicals are pretty popular in the PE space and lets you avoid some of the "pigeonhole" issues associated with solely doing energy deals. Ex: Goldman was very recently sellside on the Apollo/Taminco LBO (largely run out of london though).

Jul 19, 2011

That makes sense, thanks everyone! Can anyone comment on the culture and exit opps in c/r, Industrials?

Jul 19, 2011

ALso interested

Jul 19, 2011

Both are solid, but industrials is typically considered the more desirable group. Culture, like the rest of Goldman, is to work your ass off

Jul 19, 2011
LeoMessi:

Both are solid, but industrials is typically considered the more desirable group. Culture, like the rest of Goldman, is to work your ass off

I'd think the hrs are long, but I was going more towards whether anyone knows if there's face time in those groups.

Jul 19, 2011

The GS NR office in Houston is one of the best, without a doubt. Like a previous poster said though, the NY office doesn't get any of those big Oil & Gas deals, so its probably a different story up there.

Jul 19, 2011

FWIW, I know a guy who worked at GS NR who got a KKR offer. I also know another guy who worked for a regional office at ML who also got a KKR offer. May I suggest, that the group doesn't really matter?

Jul 19, 2011

GNR isn't too big on facetime, whereas Industrials tends to be.

Jul 19, 2011

TPG and KKR all recruit NRG associates? ...

Jul 19, 2011
DebunkingMyths:

TPG and KKR all recruit NRG associates? ...

it doesnt happen as often as other groups, but it does happen. Even the NRG at GS Toronto sent an analyst to TPG San Fran this past year

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Jun 18, 2011

If your ultimate goal is BlackRock, then you should probably consider working at BlackRock.

Jun 18, 2011
buybuybuy:

If your ultimate goal is BlackRock, then you should probably consider working at BlackRock.

If your goal is to sleep with Jessica Alba (pre-pregnancy), is Jessica Alba the first girl you sleep with? No. You build up by working at a smaller level and getting good enough to be with the best.

Remember that I'm going into my sophomore year now....I need some time to build the PM skills to get good enough to make a contribution to Blackrock.

Jul 19, 2011

"The headline damage is so severe, in fact, that some are wondering if that famed low-key culture and sterling reputation are irreparably damaged"

I would agree with that

Jul 19, 2011

We'll see. The tables could yet turn if the SEC and the justice department botch the case or fail to prove anything definitive.

Jul 19, 2011

It's the NY Post...

Jul 19, 2011

Another former Goldman employee, looking back at a social gathering of young, up-and-coming employees, noted that it looked like it was cut from an Abercrombie & Fitch advertisement. "Everyone was six feet tall and model-esque."

Lol. Yeah, I'm sure goldman is full of guys and chicks who look like models. The NY Post is a total joke.

Jul 19, 2011

" Goldman, unlike other firms on the Street, is famous for their 360-degree reviews of your performance as an employee -- gathering input about you from your colleagues, managers, subordinates and peers."

Goldman is the only firm on the Street that does this? What a joke.

Jun 18, 2011

So is anyone going to answer the initial question? If is depends by department, then give some department examples...

  •  Jul 19, 2011

I think I would describe it in my own words as a culture of success

  •  Jul 19, 2011

or slave-itude...easier life at one of the European BB firms like CS, UBS, DB (ugh!) etc.

  •  Jul 19, 2011

I feel like everyone looks up to them to set the bar. They work very, very hard, but I feel that fewer people consider them a sweatshop than say, JP Morgan.

They are huge on developing their own culture. The few lateral hires they take must have great fit or the willingness to take on the GS culture. You'll find alot of their junior bankers become "cheerleaders" for the culture sometimes, even if their lives are hell. Unlike the usual corporate website BS about "teamwork," GS is extremely team oriented and most people tell you that it's definitely a valid statement of their corporate culture.

Also, lately they have been bucking the trend in regards to letting talent leave. They are encouraging analysts to stay on for a 3rd year, possibly do direct promote to associate. If they are interested in buyside opps, they highly encourage pursuing opps within the firm (GS PIA, Alpha fund, etc.).

  •  Jul 19, 2011

would you consider goldman bankers to be more aggressive than the norm?

Jun 18, 2011

And I agree with Go Illini, does anyone have the knowledge to answer my original question? Consider the Fundamental Equity group first within GSAM: I'm not looking for info about any of the in-house hedge funds or private equity stuff.

Jul 19, 2011

global business support

Jul 19, 2011

To be completely honest, probably none of these will get you into IBD. However, distribution services and global business support are the best options of those listed.

Jul 19, 2011

Thanks for the input guys. I realize it is a far cry from IBD, but does it change anything that I am a sophomore? Just to get the name brand on my resume. Or would you go with a boutique or regional Ibank

Jul 19, 2011

what location are you interviewing at?

Jul 19, 2011

Goldman BO/MO is a lot better than most other things you would be able to get as a sophomore. However, junior summer is a different story.

Without reading the descriptions of each position, I would say networking opportunities with people in your desired division (i.e. IBD) should be a major factor if you end up having your pick.

Jul 19, 2011
PSH2:

Goldman BO/MO is a lot better than most other things you would be able to get as a sophomore. However, junior summer is a different story.

Without reading the descriptions of each position, I would say networking opportunities with people in your desired division (i.e. IBD) should be a major factor if you end up having your pick.

Thanks for the advice

Jun 18, 2011

Which might make sense if GSAM were easy to get into or BlackRock didn't recruit from undergrad.

Jun 18, 2011

What about the internal wholesaler desks? They seem like an oddball group and I can't seem to find any information on them. What do they do?

Jul 19, 2011

There are different funds within GSAM. GSAM is just the buy side business (for the most part). There are hedge funds (like the Alpha fund) within GSAM along with PWM etc.

Jun 19, 2011

Internal wholesalers are responsible for pitching/selling internal products (in this case Goldman Sachs products) to GS financial advsiors (institutional and private client). The internal wholesalers need to be product experts and be prepared to answer questions from advisors and in some cases clients.

Jul 17, 2011
tan86:

Internal wholesalers are responsible for pitching/selling internal products (in this case Goldman Sachs products) to GS financial advsiors (institutional and private client). The internal wholesalers need to be product experts and be prepared to answer questions from advisors and in some cases clients.

completely wrong. the group you are describing is channel marketing. internal wholesalers sell their products to anyone that manages assets, not just advisors within their own firm.

Jul 17, 2011
Chris_Marlin:
tan86:

Internal wholesalers are responsible for pitching/selling internal products (in this case Goldman Sachs products) to GS financial advsiors (institutional and private client). The internal wholesalers need to be product experts and be prepared to answer questions from advisors and in some cases clients.

completely wrong. the group you are describing is channel marketing. internal wholesalers sell their products to anyone that manages assets, not just advisors within their own firm.

......this makes more sense. PM'd you.

Jul 17, 2011
Chris_Marlin:
tan86:

Internal wholesalers are responsible for pitching/selling internal products (in this case Goldman Sachs products) to GS financial advsiors (institutional and private client). The internal wholesalers need to be product experts and be prepared to answer questions from advisors and in some cases clients.

completely wrong. the group you are describing is channel marketing. internal wholesalers sell their products to anyone that manages assets, not just advisors within their own firm.

I have someone who works at my firm who used to be an internal wholesaler at MS. This is how he described his job. Perhaps it's different depending on the firm?

Jul 19, 2011

It's an awesome job. Quant-heavy, plenty of work, plenty of money. Not as high in status as Goldman Sachs IBD, but who really needs status if you love quant work?

Jul 19, 2011

i don't want to do quant work. i'm not scared of numbers, but it doesn't appeal to me.

Jul 19, 2011

There has to be other areas of Asset Mgmt that isn't as quant heavy such as value and growth funds that emphasize fundamentals and emerging trends...

Jul 19, 2011

most of GSAM is not the quant...its like any other investment management division at ML or MS or Lehman etc.

Jul 5, 2011

So did anyone actually have any info on the range of hours worked at week as GSAS?

Jul 5, 2011
suchdark:

So did anyone actually have any info on the range of hours worked at week as GSAS?

Bumpy bump

Jul 19, 2011

There are so many different groups in GSAM that it's impossible to generalize. If you're in PEG, you're going to be working banking hours, if you're in third party distribution and institutions, your hours are going to be much better to the tune of 8am-6pm. Not sure about the portfolio management groups, but if you're just coming out of college, you will most likely not be in those groups anyway.

Jul 19, 2011

peg is known as middle office though

Jul 19, 2011

it all depends in which group you are but they focus on interns to discover diff aspects of the job
Is Portfolio Management that hard?

"What we can, we must; and because we can, we must"

Jul 19, 2011

is this based out of chicago?

Jul 19, 2011

Under GSAM, I'm being offered:
1. Investment Partners (IP)
2. Global Solutions Partners (GSP) - Portfolio Management
3. Private Equity Group (PEG)

and I'm being told if I start in one, I'll be able to laterally transfer to the other. Not sure if this actually possible??
Which would be most enjoyable since I can do all three?

Jul 5, 2011

and whilst we're at it did anyone have any info on the culture of other asset managment places (i.e Blackrock, MS or Threadneedle) ?

Jul 19, 2011

Uh.....your in the US so Chicago.

Jul 19, 2011

Another "I'm a freshman/sophomore how can I get into PE/HF now" thread . . .

Look, you have the opportunity to intern at GS and you're quibbling over location? Stay in the US if you don't want a language barrier. Go out of the country if that appeals to you. It's fairly simple.

Jul 19, 2011

Paris and Berlin offices almost always require the native language. If you don't speak the language, you're staying in the US.

Jul 19, 2011

But don't they do business in English or are all the interns in Berlin/Paris national citizens and not foreigners?

Jul 19, 2011

mostly nationals. Almost impossible to get in if you dont speak the language.

Jul 19, 2011

Then how do foreigners even work in Europe if its strictly for nationals?

Jul 19, 2011

Attending local Universities helps A TON. GS AM for Paris will be tons of HEC, ESSEC, ESCP kids etc...

Jul 19, 2011

If you can't speak French or German then it might hurt when you are trying to network. People in Chicago also might have better contacts in the US, while those in Europe should have better contacts in Europe. If you want to work in the US then you might want to take Chicago.

In terms of nightlife, it's going to be a much bigger adjustment for you to live in Paris or Berlin, but you'll be old enough to drink too. Tough call. It would be a good experience though.

Jul 16, 2011

Hours will be similarly shitty at Blackrock and MS.

I'm not sure what it's like at other places, but I think you have to spend lots of time doing inbound calls before you can be an internal wholesaler.

Jul 16, 2011

What is the compensation structure like for internal wholesalers?

Jul 19, 2011

Shouldn't the question be around what you thought of it?

Jul 19, 2011

I think his question is "what will people think of me if I'm working at GSAM?"

If that's truly something you are worried about it blows my mind you got a return offer. If you enjoyed interning and liked the work take the offer. While not the uber elite IB, it is still Goldman.

Jul 17, 2011

Close to all commission I would imagine. They'll let you visit and listen in on their calls if you're nice.

Jul 19, 2011

GSAM is getting raped. Read the news idiot.

Jul 19, 2011

Don't feed the trolls.

The answer to your question is 1) network 2) get involved 3) beef up your resume 4) repeat -happypantsmcgee

WSO is not your personal search function.

Jul 19, 2011

I'd be interested in this too.

Jul 19, 2011

Yeah they're getting raped really bad right now.

People like Coldplay and voted for the Nazis, you can't trust people Jeremy

Jul 19, 2011

can someone clarify how they're getting raped ty

Jul 19, 2011

Can someone please answer my question first, please? :D

S18H01D06

Jul 19, 2011

do pwm at a firm that's actually good at what they do. UBS or CS for starters

Jul 19, 2011

Institutional relationship mgmt at large asset mgmt firms often involves pitching outside money. It is asset gathering/ capital introduction based work. Your products are your firm's funds and the pitch could be how your products could help improve the risk return of an institution's portfolio if such an institution were to outsource that particular strategy/focus. I've seen some of these guys do well.

Jul 19, 2011

dont go to GSAM

Jul 19, 2011

get money

Jul 17, 2011

What about the hours worked as a equity research analyst/ moving up to a pm? Roughly market hours or much more?

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