Goldman Sachs Asset Management: Analyst Culture
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!
curious as well.....
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.
GS recently started an add campaign for one of their mutual funds on national TV, you guys think this a good sign?
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...
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).
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.
GS Culture (Originally Posted: 06/01/2011)
I was curious what people knew about Goldman's culture that geniunely sets them apart from other banks. It's been claimed they give Analysts more responsibility than other firms but could this really be true? What would this even mean?
What else? What is different about Goldman?
very nurturing
curious as well....
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.
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.
.
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.
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.
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
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.
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.
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...
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.
It is my experience through talking to analysts, associates, VPs and MDs at GS.
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.
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.
GS is the def the nerdiest bank and cultish, shit culture is sacrifice for gs brand name
Winning.
That's all.
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
Diff GS Groups, Cultures/Exit Opps (Originally Posted: 01/14/2012)
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.
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.
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.
Not just business services - software sector was huge for PE last year.
What is NR?
Natural Resources
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...
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)
In what way is the nr skillset specialized, do they only model a few ways or something?
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.
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).
That makes sense, thanks everyone! Can anyone comment on the culture and exit opps in c/r, Industrials?
ALso interested
I'd think the hrs are long, but I was going more towards whether anyone knows if there's face time in those groups.
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.
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?
GNR isn't too big on facetime, whereas Industrials tends to be.
TPG and KKR all recruit NRG associates? ...
Ny Post article about GS culture. (Originally Posted: 05/02/2010)
http://www.nypost.com/p/news/business/gold_men_inside_sachs_culture_g1S…
blah..
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.
"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
We'll see. The tables could yet turn if the SEC and the justice department botch the case or fail to prove anything definitive.
It's the NY Post...
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.
" 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.
So is anyone going to answer the initial question? If is depends by department, then give some department examples...
Goldman culture? (Originally Posted: 08/16/2006)
How would you describe the Goldman culture from an insider or outsider perspective?
I think I would describe it in my own words as a culture of success
or slave-itude...easier life at one of the European BB firms like CS, UBS, DB (ugh!) etc.
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.).
would you consider goldman bankers to be more aggressive than the norm?
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.
GS AM - Which position? (Originally Posted: 03/15/2011)
Have a interview tomorrow within these areas.
Which section would be most helpful to eventually jump to IBD? Most of them seem like back office positions.
-The Investment Center responds directly to client inquiries, facilitates account opening and trading, and promotes automated services (on-line trading and reporting). They manage client relationships and act as the point-person for any client-related transactional or project-based issue, working closely with the Sales teams & Portfolio Managers to provide high quality service to our clients. The U.S. Investment Center is a leader in the client service experience and quality programs.
Distribution Services is a team of channelized operational and industry experts who differentiate GSAM through a consultative approach to developing innovative technology solutions and tailored service models. The goal of this team is to partner with other internal GSAM departments and our clients to more effectively distribute GSAM products.
The Global Business Support team provides system support, ad-hoc reporting and data analytics. They spearhead technology based process improvement and cost-savings opportunities and provide project and process quality assurance, consulting and testing services.
The Vendor Oversight team is responsible for managing the relationships with business partners who are external to Goldman Sachs. These vendors supplement our client service offerings and the Vendor Oversight team reviews regulatory, service, or operational risks at these firms to protect Goldman Sachs & our Fund clients.
Thanks.
global business support
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.
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
what location are you interviewing at?
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
Which might make sense if GSAM were easy to get into or BlackRock didn't recruit from undergrad.
Goldman Sachs Asset Management (Originally Posted: 03/09/2008)
Some people were telling me that it was similar to a hedge fund. I don't think its the same,how similar is it? If it isn't, Is it common and possible to go from an Asset Management (analyst) position to a good Hedge Fund?? (Is it harder than coming from positions like research,S&T,banking. Is sales or trading better to get into a hedge?
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?
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.
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.
GS Asset Management? (Originally Posted: 03/15/2007)
This is where GS's hedge fund is, correct? Do they hire out of undergrad? Would it be a good job?
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?
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?
i don't want to do quant work. i'm not scared of numbers, but it doesn't appeal to me.
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...
most of GSAM is not the quant...its like any other investment management division at ML or MS or Lehman etc.
GS Asset Management (Originally Posted: 11/19/2009)
Is anyone familiar with GS's asset management group? What sorts of responsibilities do you have as an analyst, along with hours/comp?
Thanks in advance
So did anyone actually have any info on the range of hours worked at week as GSAS?
Bumpy bump
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.
peg is known as middle office though
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?
is this based out of chicago?
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?
GS AM Location (Originally Posted: 01/10/2011)
Hi,
I'm applying to an Asset Management Internship at GS and I have 3 choices for location.
-Paris -Chicago -Berlin
I don't speak French/German and don't live in Chicago. Right now, I'm leaning towards Paris, though my dad says I'd be better of in Berlin, since French people are lazy and Berlin's closer to the American thinking/work ethic.
Which would be the least competitive place to get into?
Which would be best place if I want to do IB/PE/HF in the future, I'm a college sophomore rite now?
Which has the best night life/ hottest girls/most fun?
Thanks.
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) ?
Uh.....your in the US so Chicago.
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.
.
But don't they do business in English or are all the interns in Berlin/Paris national citizens and not foreigners?
mostly nationals. Almost impossible to get in if you dont speak the language.
Then how do foreigners even work in Europe if its strictly for nationals?
Attending local Universities helps A TON. GS AM for Paris will be tons of HEC, ESSEC, ESCP kids etc...
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.
GSAM (Originally Posted: 09/28/2015)
I just interned at GSAM and have an offer to return full time. What do people think of GSAM? Thanks.
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.
What is the compensation structure like for internal wholesalers?
Shouldn't the question be around what you thought of it?
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.
Goldman Sachs Asset Management (GSAM) (Originally Posted: 03/25/2011)
Hi guys,
I was just wondering if you all know what exactly is the role of salespeople in an Asset Management firm? What do they do? Do they analyze stocks? Or do they pitch to potential investors based on the recommendations of the analysts?
I have been offered a Summer Analyst position with Goldman Sachs Asset Management and they are mostly going to put me in the sales department because that's what I asked for.
Please let me know.
Thank you.
Close to all commission I would imagine. They'll let you visit and listen in on their calls if you're nice.
GSAM is getting raped. Read the news idiot.
Don't feed the trolls.
I'd be interested in this too.
Yeah they're getting raped really bad right now.
can someone clarify how they're getting raped ty
Can someone please answer my question first, please? :D
do pwm at a firm that's actually good at what they do. UBS or CS for starters
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.
dont go to GSAM
get money
What about the hours worked as a equity research analyst/ moving up to a pm? Roughly market hours or much more?
GSAM group? (Originally Posted: 10/05/2010)
how is their QIS group regarded?
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